https://goo.gl/4NHdup
*GST Portal has announced that now the Taxpayers can submit Application for Amendments in Core Fields of Taxpayers’ Registration Particulars, as the functionality for such Amendment Application has been enabled on the GST portal. Option for Amendments in Non-core fields is already available to Taxpayers.*

PM Modi asks officers to handhold traders grappling with GST

http://toi.in/TrUeDa/a19ai

Taxmen slap big penalty to check evasion of GST

http://www.ecoti.in/2W926Z
via The Economic Times App(Download Now):
http://ecoti.in/etapps

ICAI submits 4th set of 122 Suggestions on Critical GST legal and Implementation Issues to Finance Ministry – Tax Updates by CA Atul Modani
https://atul.caclub.in/icai-submits-4th-set-of-122-suggestions-on-critical-gst-legal-and-implementation-issues-to-finance-ministry/

https://atul.caclub.in/important-cbec-clarification-on-payment-of-service-tax-in-transitional-period/

Important CBEC Clarification on Payment of Service Tax in Transitional Period

IT : Where search was conducted at business premises of holding company, since name of assessee subsidiary company was not mentioned in search warrant, issue of notice under section 153A and consequent assessment framed against assessee were void ab Initio

[2017] 85 taxmann.com 281 (Mumbai - Trib.)

IN THE ITAT MUMBAI BENCH 'D'

Dorf Ketal Chemicals LLC

v.

Deputy Commissioner of Income-tax, Central Circle-45, Mumbai

30th September is last date for paying your ICAI Membership fees

You can pay online via card or netbanking at

💠🌀🔰
http://memfee.icai.org/memfee.html

*Update by CA Madhukar Hiregange, IDT Committee ICAI Chairman on today's meeting with FM over GST concerns on his Facebook account*


💠🌀🔰

FM Interactions with Trade/ Industry/ Professionals- 28th September 2017

The interaction was to seek solutions for matters posing difficulty for trade & industry especially the SMEs and small businesses. FM stated that the decision making process is smooth and sought solution to issues on rate fixation, drafting anomalies, legal issues, fitment issues, return filing challenges, long term impact on industries, procedures how to improve. Various sectors made suggestions which were being recorded diligently. Listening was very high. Some suggestions captured by me are enumerated below:

1. Export sector- While rate of Re is encouraging, the high logistic costs in India, credit accumulation, import without IGST, faster refunds, drawback to be continued till petroleum + electricity are got into GST, 5% for job work across sectors were suggestions

2. Tally – Tax on advance not to be continued, RCM- only beyond limit, GSTR manual filing would be very challenging, offline tools not integrating with gstn.
3. Laghu Udyog- Quarterly returns for those under 150 lakhs, no RCM for those under 150 L, delay in payment of monies by government organisation- working capital not possible to be borne by smaller businesses, allow composition to job work- 150 l.

4. GST suvidha providers felt they got no time to link and interconnect to the offline utilities due to very shirt time lines. They wished to get some time to test, they felt that other than payment, compliance could be deferred for 6 months by which time well integrated system would be in place. GSTN explained that they can take 3 lakh concurrent user and planned to increase that as most smaller assessees coming in late. Larger entities filing early.

5. Independent firms- to intimate due dates well in advance, credit across state & centre, advance ruling authority faster, integrating GSTN with ERP a challenge, State wise registration for TDS can be avoided, existing contracts getting impacted, transfer of money in sgst to igst , C form for petroleum products, EPC contracts, tax holiday – alternative scheme etc.

6. Advocates – Allow revision of return, remove URS 9 (4), payment to vendor within 180 days not necessary. Most govt concerns would be in this category.

*7. Institute of Chartered Accountants of India* -

Compulsory registration due to interstate supplies against 1 nation 1 tax, small businesses impacted, coverage under 9(3) should not trigger 9(4), RCM only above 1.5/ 2 crores, composition to be extended to services, credit allowed to buyer/ receiver, 40% disputes in credit, credit blockages/ restriction to be removed, transitional credit for manufacturers. Service providers, traders for inputs and CG to be even and uniform as increased tax being borne, exempted supply includes RCM- ridiculous, non taxable supplies not be included, the next stage of matching would create double the difficulty that has been caused till now and provisional credit to be allowed to all sme with reconciliation to be completed by june 2018 and then only credit denied, help desk responsiveness needed, definition of aggregate turnover for 20l to be only on taxable and not on non taxable asn exports as it was in the past in CE/ ST, instruction to govt concerns/ govt dept to pay in time. The 122 suggestion booklet from ICAI shared. Hosted on web site of IDTC of ICAI
Hoping that many of the above issues noted by the senior officers of revneu as well as GSTN see a relaxation of the rigours faced and simplification of the tax rates as well as rules.

A very concise and thorough Coverage GST manual by WIRC of ICAI.

Must have ready reckoner with you, priced at only ₹ 300

Photo from CA Atul Modani ✨

CBDT chief tells tax officers to target Rs 3 lakh crore unexplained cash deposits during note ban
http://www.ecoti.in/-t38Na

There is a copy of Dainik Bhaskar newsitem doing rounds of social media that those with turnover of 1.50 Crores have been exempted from filing monthly returns under GST.

Please keep in mind that the news item is WRONg and don't believe on the same. No such directions have been issued by Fin Min as yet.

Today's Lokmat

https://atul.caclub.in/cbec-to-allow-exporters-facility-of-furnishing-letter-of-undertaking-in-place-of-a-bond/


*CBEC to allow exporters the facility of furnishing Letter of Undertaking in place of a bond under GST. No need of Furnishing Bank Guarantee*

https://goo.gl/aFgRwU
*In the case of pending ‘Scrutiny’ or ‘Limited Scrutiny’ cases which are getting time barred due to limitation on 31 Dec. 2017, IT Deptt is giving a choice to assessees to opt for migration from e-mail based assessment/ manual assessment to ‘e-proceedings’ through ‘e-filing’ facility on Income Tax Business Application (ITBA) of Income-tax Department.*