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The Goods and Services Tax ( GST) Constitutional amendment Bill crossed an important landmark on Thursday with Odisha becoming the 16th state to ratify the Bill, paving the way for it to get Presidential assent. Aware of the challenges that still lie ahead before the GST regime could be rolled out by April 1, 2017, Finance Minister Arun Jaitley and senior bureaucrats were measured in their response. The Bharatiya Janata Party (BJP), lest it is yet again painted as ‘ suit- boot ki sarkar’, or a government of moneybags, as Congress vice- president Rahul Gandhi termed it when he criticised the government’s land Bill, was wary of extolling the virtues of the GST regime as a boon for ease of doing business. Instead, the BJP spokespersons insisted that the reform will be poor friendly since it will reduce corruption. The BJP line is consistent with Prime Minister Narendra Modi who recently implored party chief ministers, leaders and Members of Parliament to showcase the Union governm

Small traders having an annual turnover up to Rs.25 lakh will be exempted from goods and services tax and the Centre and states are likely to agree to this limit, Revenue Secretary Hasmukh Adhia said on Thursday. “There will be an exemption limit for small traders and the limit is likely to be fixed at Rs. 25 lakh. The states and the Centre are now involved in an intense discussion on this. More or less, we have reached an understanding that the limit will be up to Rs. 25 lakh,” Adhia said in a post on the finance ministry’s YouTube channel. States have been demanding that GST should not be imposed on businesses with an annual turnover of less than Rs.10 lakh. The same limit should be Rs. 5 lakh for special category and Northeastern states. Currently, the threshold for value- added tax is Rs. 10 lakh in most states. Adhia said GST will ensure ease of doing business for traders, and compliance will be better as tax evasion would be difficult. He said the incidence of tax on most items

www.caonline.in News... 1. Last date for MEF 2016-17 is 10/09/16. Members are requested to apply at www.meficai.org. 2. SEBI has directed Commodity Exchanges to offer price dissemination facility to subscribers through SMS or any other electronic comm. facility for all commodities on a daily basis. 3. Use latest version of e-Forms DIR-3, INC-2, SH-11, CHG-4 and INC-4 which are likely to be revised on MCA21 portal W.e.f. 2nd SEP 2016. 4. Extension of due dates of Form 15G/H received during 1.10.2015- 31.3.2016 & for Q1 of 2016-17, to 31.10.2016; & for Q2 of 2016-17, to 31.12.2016. CBDT notification no 10/2016. 5. Income Tax Authorities must mention official e-mail Ids & phone/fax no in all notices/letters issued to taxpayers. F No 225/214/2016/ITA.II of 30-8-2016.

www.caonline.in News... 1. CBDT Extends due date for quarterly furnishing of Form 15G/155H. 2. NCLT has issued an order under the provisions of the Rule 89 of NCLT Rules, 2016 has approved the format of daily cause list. 3. COM VAT issued the notification: a) Order dated.31/8/16 enhancing DVAT Refunds jurisdiction of AO's, Addl. Com/JC's & Spl.Com. b) Notification. No.658 dated 24/8/16 reg. Withdrawal of mandatory requirement of filing DVAT return with Digital Signatures. c) Circular No.13 dated.31/08/2016 extending the Q1 2016-17 DVAT returns up to 10/09/2016. 4. Goa has become 15th state to ratify the GST Bill after Assam, Bihar, Jharkhand, Himachal Pradesh, Chhattisgarh, Gujarat, Madhya Pradesh, Delhi, Nagaland, Maharashtra, Haryana, Telangana, Mizoram, Sikkim. 5. Under GST, refund of ITC allowed at end of Tax Period for exports & where ITC accumulated due to input tax rate higher than output tax rate.

The Goods and Services Tax (GST) has been heralded as India's biggest reform since the 1991 liberalisation but one aspect of it has made certain small businesses nervous. Given that it will be virtually impossible to escape the tax net once the new levy is implemented, will this make them fair game for authorities investigating evasion in previous years? That fear is pushing many to make use of the government's black money window that closes at the end of the month. Prime Minister Narendra Modi, in fact, pointed to abuse of the current system in his Lok Sabha speech on GST. "We all know how the system of kacha bill and pakka (fake and real) bills operate. But GST will bring an end to the fake bills as traders will provide the real bills and accounts so that they benefit (in getting input tax credit)," Modi had said on August 8. All businesses — manufacturers, distributors, retailers — will have to register on the GST network. The levy is expected to be in plac

The Securities and Exchange Board of India (Sebi) has come across fresh evidence indicating that as many as five brokers might have used the 'exchange mechanism' to launder money in the Rs 5,574-crore National Spot Exchange (NSEL) scam, according to the audit report submitted to it. The third-party auditor appointed by Sebi has submitted its audit finding to the regulator, said a person with direct know of the matter. The market regulator had on April 4 given brokerages 60 days' time to have their books vetted by them. "We are examining the audit report we received in the matter. Accordingly, we would issue showcause notice to the respective entities," said a Sebi official. According to the audit findings, these five brokers have allegedly sold the products of NSEL with the promise of assured returns of 16 per cent. The report contains the fund flow analysis, which apparently shows a clear nexus between brokers, NSEL and defaulting clients, said the pers

The CBDT has issued an order endorsing the legal validity of the e-declarations made under the ongoing domestic black money window, known as the Income Declaration Scheme (IDS). With only a month left for the IDS to close on September 30, the Central Board Of Direct Taxes(CBDT) said for those entities who make declarations of their domestic untaxed assets in the online mode, the Commissioner rank officer of its Central Processing Centre (CPC) in Bengaluruwill be "deemed" as the authority for receiving such declarations under the relevant sections of the I-T Act. Business Standard New Delhi,01th September 2016