Powerd By SAG INFOTECH
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The Gujarat High Court has allowed the transition of excise duty credits on purchases made before 30th June 2016. However, the GST law don’t allow the facility of credit of invoices for more than one year that means the invoices which were issued before 30th June 2016.
Income Tax Returns can now be filed online without entering the UIDAI based Aadhaar number, as cleared by the Central Board of Direct Taxes (CBDT).
The upcoming 29th GST council meeting is going to take place on 4 August and the ongoing discussion is to put the proposals related to old tax matters in the meeting.
The much-awaited Goods and Services Tax Appellate Tribunal (GST-AT) has been given approval from the GST Council. The GST-AT will be set up in the form of a higher judicial forum which is going to look into the redressal disputes of businesses under the new Goods and Services Tax regime.
Speaking during the seminar held by Chhattisgarh Chamber of Commerce and Industries (CCCI), Finance Minister Piyush Goyal said that the past one year of GST was quite good and the government managed to get sufficient revenue from the indirect tax.
According to the Authority for Advance Ruling (AAR) for GST in Maharashtra it is stated that the engineering, procurement and construction (EPC) activities are understood as ‘work contract’ and therefore liable to be taxed at 18 percent GST, and according to the ruling, it may hike the cost of setting up of solar plants.
New Delhi, the National Capital, and Mumbai, the Financial Capital, are now recording an unprecedented increase in petrol and diesel prices.
It is the matter of confusion that why there is GST on the renewable energy certificates and no tax on the power itself. The trade industry found it very weird that there is a GST on the RECs and there is no provision of GST on the electricity so far.
The GST law defines strict penalty rules and offences guidelines for Indian taxpayers to follow and ensure frictionless intrastate or interstate goods movement, reduce corruption and efficient tax collection system.
