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
According to GST law, every registered taxable person is required to furnish details of Inward Supply for a tax period.
1. What is GSTR-2?
Every registered taxable person is required to give details of Inward Supply, i.e.,
purchases for a tax period in GSTR-2.
The GST Council in its 21st meeting in Hyderabad on 9 September 2017 has recommended various measures to ease the compliances for the taxpayers in the GST regime. Below is a gist of decisions taken by the GST Council:- Continue reading
The 20th meeting of GST council was held in New Delhi on August 5, 2017. The below information is uploaded on the basis of GST Council’s decision and it will be subject to further vetting during which the information may undergo some changes. Key takeaways from such meeting are as under:- Continue reading
Since exports under GST would be zero rated, this would give a competitive edge to textile exports from India which is facing a strong competition from Bangladesh, Pakistan etc. Hence, integrated textile companies should see this as an opportunity, as the advent of GST will spur the textile sector with major capital investments bringing the cost of capital down. Continue reading