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Showing posts from September, 2016

SC on Service Tax Audit

Apex Court stays Delhi HC's judgment of 'Mega Cabs' on service tax audit September 30, 2016[2016] 73 taxmann.com 402 (SC) Service Tax : Judgment of Delhi High Court quashing rule 5A(2) of Service Tax Rules, 1994 and holding service tax audits as invalid, has been stayed by Supreme Court; hence, for time being, service tax audits may continue■■■ [2016] 73 taxmann.com 402 (SC) SUPREME COURT OF INDIA Union of Indiav.Mega Cabs (P.) Ltd.Madan B. Lokur AND DR. D. Y. CHANDRACHUD, JJ. Petition(s) for Special Leave to
Appeal (C) no(S). 26675 of 2016SEPTEMBER  26, 2016  Rule 5A , read with rule 5 of the Service Tax Rules, 1994 and sections 72, 72A, 73, 82 and 94(2)(k) of the Finance Act, 1994 - Audit - Service Tax - Submission of Records - Rule 5A(2) was amended w.e.f. 5-12-2014 authorising officers of Service Tax Department or audit party to seek production of documents on demand and Circulars 181/7/2014-ST a…

GST Council

Press Information Bureau
Government of India
Ministry of Finance
12-September-2016 19:01 IST Cabinet approves creation of GST Council and its Secretariat ; First Meeting of the GST Council to be held on 22nd and 23rd September, 2016 in national Capital.

The Constitution (One Hundred and Twenty-second Amendment) Bill, 2016, for introduction of Goods and Services Tax (GST) in the country was accorded assent by the President on 8th September, 2016, and the same has been notified as the Constitution (One Hundred and First Amendment) Act, 2016. As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A. The notification for bringing into force Article 279A with effect from 12th September, 2016 was issued on 10th September, 2016. As per Article 279A of the amended Constitution, the GST Council will be a joint forum of the Centre and the States. This Council shall …

CBDT extends 30st September-2016 Returns Filing Due Date to 17th October-2016

Dear Sir / Madam,CBDT extends 30st September-2016 Returns Filing Due Date to 17th October-2016Order Under section 119 of the Income tax Act 1961The last date for making declaration under the income Declaration scheme 2106 is 30th September which coincides with the last date of filling income tax by the tax payers whose accounts are audited and who are required to furnish the returns of income tax for assessment year 2016-2017 by 30th September, 2016 as per provisions of the section 139(1) of income tax Act,1961.In order to remover inconvenience and to facilitate ease pf compliance, the Central board of Direct Taxes, in exercise of the powers conferred under section 119 of the income tax Act, 1961, hereby extends the due date for furnishing such returns of the income from 30th September, 2016 to 17th October 2016 in case of the tax payers through out India, who are liable to furnish their income tax return by the said due date Deepshikha Sharma
Director to the Government of IndiaCopy t…

GST Bill- President's Assent

Dear Professional Colleague,GST Bill gets President's assent – Now becomes a lawThe Government's plan to roll out Goods and Services Tax ("GST") from April 1, 2017, has moved an inched closer to the reality with the Hon'ble President Shri. Pranab Mukherjee signing the Government's flagship Constitution (122nd Amendment) Bill, 2014 on GST ("GST Bill"), just a while ago. The much-awaited GST now becomes a law with President signing the GST Bill after more than 16 States (BJP-ruled Assam being the first one) ratified it.After being assented by the President, the GST Bill will be enacted as the Constitution (101st  Amendment) Act, 2016, to pave the way for much-awaited roll out of the landmark tax reform that will create a common national market of 1.25 billion people. GST, the biggest indirect tax reform since independence, is aimed at dismantling Inter-State barriers to trade in goods and services by subsuming a slew of around 17…

CBDT Circular on Foreign Shipping Companies

Streamlining the process of No Objection Certificate (NOC), Port Clearance Certificate (PCC), voyage return and voyage assessment in the case of Foreign Shipping Companies (FSCs) The CBDT vide Circular No. 30/2016 dt. 26 Aug. 2016 has streamlined the process for 'Port Clearance/ No Objection Certificates and Voyage Return/ Assessment' in the case of Foreign Shipping Companies. CBDT has received representations regarding procedural difficulties faced by foreign shipping companies in issuance of Port Clearance Certificate (PCC) required as per S. 172 of Income-tax Act, 1961, i.e. a self contained code for assessment of shipping business of non residents. it has been represented by the FSCs before the CBDT that no uniform practice is being followed by the port Assessing Officers in giving NOC for each voyage and also in making the voyage assessment in this regard. Further it is represented that at some of the ports, annual NOC issued by the jurisdicti…

Form 15G-H -Date Extended

CBDT extends due date for quarterly furnishing/ uploading of 15G/ 15H declarations The due date for quarterly furnishing of 15G/ 15H declarations received by the payer from 1 April, 2016 onwards and the manner for dealing with Form 15G/15H received by the payer during the period from 1 Oct. 2015 to 31 Mar. has already been specified by CBDT in Notification No.9/2016 dated 9June 2016. The CBDT has extended the due dates for uploading of Form 15G/ 15H received during the period 1 Oct. 2015 to 31 Mar. 2016 and also for the period from 1 April 2016 onwards, based on representations of stakeholders. as under: Sl. NoScenarios Original Due Date Extended Due Date 1 Form 15G /H received during the period from 1.10.2015 to 31.3.2016 30.06.2016 31.10.2016 2 Form 15G/15H declarations received during the period from 1.4.2016 to 30.6.2016 15.07.2016 31.10.2016 3 Form 15G/15H declarations received during the period from 1.7.2016 to 30.9.2016 15.10.2016 31.12.2016 However, the due dates for …