News Update

I-T - Evidence found during search proceedings is not restricted to tangible material: HCI-T - Without break-up of payment made by employer to NRI employees for boarding & lodging, such payments will not fall within exception of Sec. 10(14): HCI-T - So as to be called 'substantial', a question of law must be debatable and not governed by binding precedent: HCI-T - Allotment of Stock Appreciation Rights is distinct from allotment of shares, so not taxable as Capital Gains: SCBlack Money Act - Court cannot direct Revenue to pass final order earlier than maximum time limit given in statute: HCI-T - Bifurcation of lease rental income can be done as per Guidance Note & accounting standards prescribed by ICAI when there is no express bar in I-T Act regarding use of such guidelines: SCDoctrine of Umbilical Cord puts onus on Executive to protect Supreme Court for own survival!UGC releases list of 24 self-styled fake universities; Delhi & UP top tallyI-T - One time membership fees paid to National Stock Exchange for getting registered as broker, is capital expenditure: HCCSIR, DoT join hands to set up Time Stamping & Synchronisation NetworkACC clears elevation of Ms Indu Malhotra as SC Judge but plays possum over Justice K M JosephST - When review order and appeal of revenue has not disputed portion of order dropping demand, revenue cannot, in hearing, before Tribunal dispute same: CESTATDelhi DRI seizes 41 kg foreign-marked gold + Rs 48 lakh cash + 213 kg silver worth Rs 13 CroreI-T - Direct debit of commission by foreign agents before transferring sale considerations, makes exporters ineligible for benefit of Section 80HHC(2): HCISRO reschedules launch of GSAT-11ST - Agreement is for supply of materials and cannot, by any stretch of imagination, be considered as an agreement for rendering services - amount of advance received cannot become part of value: CESTATMSME Ministry to set up Digital Trade DeskKolkata DRI seizes 14.4 lakh foreign cigarettes from container misdeclared as Facial TissueCentral Staffing Scheme - Govt notifies Rs 9000 hike in deputation allowance'Innovate in India' gets USD 125 millionI-T - Payment made to acquire trade mark which facilitates entry into a particular market is revenue expenditure: HCI-T - Interest income earned from deposit of share application money statutorily required to be kept in separate account is incidental in nature and assessee is entitled to set it off against expenses relating to public issue: SCCabinet approves MSP for Raw Jute for 2018-19 seasonI-T - While making invocation of Sec 147 conditional, Legislature does not intend to allow Revenue to adopt liberal interpretation of expression 'reason to believe': SCCabinet okays MoU with BRICS medicine regulatory agenciesJodhpur Court convicts Asaram in Rape CaseCabinet okays declaration of Schedules Areas in Rajasthan under Fifth ScheduleConstruction of GST on Residential Flats (See ' JEST GST on GST Home Page')I-T - Infra companies having exposure to substantial risk connected with construction projects, are eligible for Section 80-IA benefits: ITATWhen Domestic Tax Laws Reach Beyond Customs Frontiers
 
Modi Cabinet gives nod to four GST Bills; Govt gears up to table Bills in House this week itself

By TIOL News Service

NEW DELHI, MAR 20, 2017: THE Union Cabinet chaired by the Prime Minister Mr Narendra Modi has approved the following four GST related bills:

1. The Central Goods and Services Tax Bill 2017 (The CGST Bill)

2. The Integrated Goods and Services Tax Bill 2017 (The IGST Bill)

3. The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill)

4. The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill)

The above four Bills have been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months.

The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government.

The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both.

The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.

Background:

The Government is committed to early introduction of GST, one of the biggest reforms, in the country as early as possible.  GST Council has decided 1 st July as the date of commencement of GST.  The Finance Minister in his Budget Speech has mentioned that country-wide outreach efforts will be made to explain the provisions of GST to Trade and Industry.

GST RO(W)AD AHEAD | Episode 8 | Panel Discussion | simply inTAXicating

GST RO(W)AD AHEAD | Episode 7 | Panel Discussion | simply inTAXicating

Also See : TIOL TUBE Videos on GST

 


POST YOUR COMMENTS