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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

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 furni

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

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

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

'Accommodative Stance Must To Revive Sentiment' Market players and economists may be betting on 25-basis-point (100bps 1 percentage point) rate cut by the RBI next week, but an influential section within the government believes that nothing less than a 50-bps reduc tion with an “accommodative“ stance will revive investment. Differences between the RBI and the government over the extent of an interest rate cut have come out in the open in the past few months with the chief economic adviser in the finance ministry Arvind Subramanian expressing disappointment with the central bank's move not to cut rate as well as the monetary policy committee's (MPC) reading of the inflation situation. Several private sector economists have also criticised MPC's inflation estimates. While efforts have been made to play down the differences, a wide gap in views between the central bank and the finance ministry over the direction of interest rates remains. Multiple sources i

The new tax regime addresses the issues of multiplicity of taxes, higher compliance costs, and improving the overall investment climate Billed as India's biggest reform independence taxsince in 1947, GST replaced more than a dozen federal and state levies and was initiated with an intention to unify the country into a single market. However, nearly a month on, many are finding that doing business is quite complicated now. For the man on the street, the impact will be seen in the form of slightly higher fees for banking transactions like funds transfer and ATM transactions as these have been put under the 18 per cent tax bracket in the new GST regime, from the earlier 15 per cent.Nevertheless, it is expected that GST will have a positive impact on India's growth and would reduce the prices in the medium and long term. A MONTH AFTER IMPLEMENTATION It is almost a month since GST was rolled out. Broadly speaking, it is going to impact in the following way: Unified tax