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Showing posts from July 31, 2017

File ITR by July 31, no extension proposed

The last date for filing of Income Tax Returns (ITRs) for the financial year 2016-17 will not be extended beyond tomorrow's deadline, a top official today said.  "The last date for filing of ITRs remains July 31. There are no plans to extend this deadline. The department has already received over 2 crore returns filed electronically. The department requests taxpayers to file their return in time," the official said.  On reports of the e-filing website facing some glitches, the official said that no major glitches have been reported with the department's e-filing website--  The department has also issued advertisements in leading national dailies in the last few days stating that taxpayers should disclose their income "correctly" and file their ITRs on or before July 31.  The linking of Aadhaar number with the PAN (Permanent Account Number) of a taxpayer has also been made mandatory for filing of an ITR, beginning July 1.  The department has also asked taxpayers …

Export Norms Changed To Clear Procedural Mess After Gst

In a move to sort out the procedural mess that exports have got stuck into after the roll-out of the goods and services tax (GST), the Customs department has notified that currency exchange rates for drawback purposes would be announced on a fortnightly basis, as was the case earlier. “Customs duty is payable only in the rupee, and GST norms had stipulated that foreign exchange conversions should be according to the Reserve Bank of India’s reference rate, which is updated on a daily basis. Traders had complained that it made processing large volumes of payments difficult,” said Abhishek Jain, tax partner, EY. Now, traders can go back to paying the free-on-board (FOB) value of exports based on the rupee value according to the exchange rate notified by the Customs department for drawback purposes, Jain said. For services exports, any generally accepted accounting basis is allowed. The circular also allowed self-certification for higher duty drawback. “Being asked to furnish a certificate …

IT dept may soon have a CPC for scrutiny cases

The IT department is considering setting up a centralised cell for scrutiny of income tax cases as part of efforts to reduce a personalised interface between the taxmen and taxpayers with a view to curb corrupt practices. The proposed cell will be on the lines of the Central Processing Centre that the department currently has in Bengaluru for processing income tax returns. The Business Standard, New Delhi, 31st July 2017

FM: GST was not easy reform to implement

The goods and services tax (GST) was not an “easy reform to implement” but it has evoked “great” public support with the government deciding not to blink in the face of Opposition to the new taxation measure, Finance Minister Arun Jaitley said on Sunday. “We have today reachedastage of history where there isagreat amount of popular support behind reforms because people have become restless. They are not willing to be satisfied withasituation wherein India cannot reach up to its potential,” he said in Chennai, while addressingaGST Conclave organised by various industry bodies. “Ican say withareasonable expectation for the future that it (GST) was notavery easy reform to implement. Occasionally, there are people who try and prevent any reform from happening.” Jaitley said he had learnt in the last few years that one should not blink if convinced thatareform was in the national interest. “If you pause, blink, go intoareconsideration mode, then those who want to trip you will never allow those…

GST produced a big positive effect on economy, says Modi

Prime Minister Narendra Modi says implementation of the Goods and Services Tax (GST) has produced “a big positive effect” on India’s economy and instilled “a new sense of confidence” in the country. During his ‘Mann Ki Baat’ monthly radio address, he expressed satisfaction with the implementation of the new tax regime in the country, saying the “lofty dream” of ‘One Nation–One Tax’ has “finally” been fulfilled. “It has been one month since GST was implemented and its benefits can be seen already. I feel very happy and satisfied when a poor person writes to say how because of GST prices of various items essential for him have come down, and commodities have become cheaper,” he said. One overriding priority for “every government” has been to ensure that there is no burden on the plate of the poor on account of GST, he said. Using the GST app, one can know as to how much an item cost before the rollout of the GST and how much it is now post-GST, he said. “This is a historic achievement. And t…