News Update

Aadhaar & GST glitches should trigger IT Infrastructure Protection ReviewJaitley launches National CSR Data Portal & Corporate Data PortalGovt appoints Amardeep Singh Bhatia as Director of Serious Fraud Office till March, 2020Turmoil in AAP - Election Commission favours disqualification of 20 MLAs for holding office of profitMauritius continues to be key source of FDI in India; followed by USA & UK: RBII-T - Discretionary waiver of interest charged u/s 234A to 234C by Settlement Commission, will not negate corresponding right for refund of interest to assessee: SCIntl Customs Day: 20 persons, including 17 officers, to get WCO Certificate of MeritGST - Coffee beans processing units in trouble; seek exemptionGST Council also approves several amendments in CGST RulesGST Council grants mega relief to healthcare services & clarifies rates for many ServicesCX - Claim of assessee that as soon as they paid tax, same became credit in their account is misplaced - Law as it existed at time of taking credit would be applicable: CESTATI-T - Finance cost incurred on overdraft obtained from bank, which is advanced to sister concern for no business purpose, is not allowable business loss: ITATCX - If insurance cover in respect of which credit has been claimed is exclusively in respect of injuries or damages to factory employee, then credit would be admissible: CESTATSteering clear of Anti - Profiteering chargesIssues affecting Credit Card Industry Budget 2018 should provide solutionsGovt amends Passport Rules to substitute certain documents to be attached under Tatkal & non-Tatkal schemesGST Council extends last date for migrated taxpayers to surrender registration upto March 31, 2018 + reduces penalty for late filing of GSTRs + decides to amend e-Way Bill rulesGST Council reduces tax rate from 28% to 18% on used motor vehicles + from 18% to 12% on sugar boiled confectionary, drinking water packed in 20 litre bottles, bio-diesel and bio-pesticides + from 18% to 5% on components required for satellite launch + LPG supplied for domestic consumption + from 12% to 5% on velvet fabric + from 3% to 0.25% on diamonds & precious stonesGST Council decides to exempt RTI-related services + reduces rate on construction of metro projects to 12% + 5% without ITC on housekeeping service through ECO + 5% rate on tailoring service + 18% rate now on entry ticket to water parks or theme parksGST Council shifts focus on anti-evasion measures; Tax rates reduced on 29 goods & 53 ServicesGST Council decides to divide Rs 35000 Crore IGST collections between Centre & States, provisionally17 lakh Composition taxpayers paid only about Rs 307 Crore; Council expresses disappointmentLegislative changes - Council receives demand to introduce Sec 9(4) only for Composition taxpayersGST Council accepts Fitment Committee recommendations to reduce rates on 29 goods + 53 services; New rates to come into force from Jan 25GST Council accepts Sarna Committee report on handicraft items; Fitment Committee to decide tariff for 40 such itemsFinancial Year should roll out on Jan 1 rather than on April 1: Sushil Modi

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