Suggestions for Improvement under GST

With the implementation of GST, India took a step towards unified common national market. It aims to bring in increased efficiency and compliance and also boost government’s ‘ease of doing business’ initiative. However, being a new, evolving law, there are certain improvements required. Few areas that need consideration are as given below: Continue reading

Posted in GST |

Quick Guide to file GSTR-2

Every registered taxable person is required to give details of Inward Supply, i.e., purchases for a tax period in GSTR-2. GSTR-2 contains details of all the purchases transactions of a registered dealer for a month. It will also include purchases on which reverse charge applies. Continue reading

Posted in GST |

CBDT – POEM clarification for India based regional HQ operations

CBDT issues clarification (Circular dt. 23 Oct’ 17) on POEM applicability to multinational companies with regional headquarter structure wherein certain employees having multi-country responsibility or oversight over the operations in other countries of the region are working from India; Continue reading

Posted in Direct Tax |

Outcome of 22nd GST Council meeting

Decision taken in GST Council Meeting on 06.10.2017

The GST Council, in its 22nd meeting held on October 06, 2017 has recommended following changes to facilitate ease of doing business & trade: Continue reading

Posted in GST |

CBDT has launched e-assessment pilot in 7 cities for time-barring cases; Gives taxpayers ‘opt-out’ choice

CBDT has launched e-assessment pilot in 7 cities for time-barring cases; Gives taxpayers ‘opt-out’ choice

IT department has issued order covering various aspects of conducting scrutiny assessments electronically in cases which are getting barred by limitation during FY 2017-2018; The e-assessments will be conducted using the Income-Tax Business Application (ITBA); Asst proceedings in the 2 categories of time-barring scrutiny cases, pending as on Oct 1, 2017, where hearings have not been completed, would be carried out through ‘e-Proceeding’ facility on  ITBA; Continue reading

Posted in Direct Tax |