Important Clarifications about LUT by CBIC
Official twitter handle of the GoI for queries on GST has clarified that A taxpayer is not required to submit hard copy of LUT to jurisdictional officer in case he has filed LUT through online mode. Following are…

CBIC releases Final Monthly collection figures of GST upto March 18
The Central Board of Indirect Tax & Customs (CBIC) has today released the monthly collection of GST upto March 2018 since start of GST in July 2017 via a Press Release. 
The revenue collection…

90% of IGST Refund eligible claims have been approved says FinMin
Finance Ministry today issued a Press Release saying total Rs 17,616 crore of Refunds have been issued under GST; 90% of IGST eligible claims have been approved. 
During the period, all field…

Inspirational Story of a CA who lost Weight, got rid of Blood Pressure and medication  Hello Friends I am Amol Deshmukh, a chartered accountant working as finance controller at Konecranes, Pune.
Nagpur is may native and I am  staying in Pune since 2009.…

CBIC to set up IT Grievance Redressal Mechanism. to address the grievances of taxpayers due to technical glitches on GST Portal Central Board of Indirect Taxes and Customs have issued a Circular No. 39/13/2018-GST dated e 3rd April, 2018 highilighting important…

Pensioners also eligible for Standard Deduction of Rs 40000 - CBDT The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”. The Finance Act, 2018 has amended…

New Income Tax Returns ITR 1 to ITR 7 for FY 2017-18 / A.Y. 2018-19 notified by CBDT The Central board of Direct Taxes have notified the new Income Tax Return forms for Financial year 2017-18 , assessment year 2018-19 vide Income Tax (Second Amendment) Rules…

GST Audit Report format circulating on Social Media is incorrect- ICAI The Indirect Tax committee have issued a Clarification regarding Circulation of Draft Form 9-C of GST Audit on Social Media as below
Dated : 5th April, 2018 This is to inform that ICAI…

GST E-Way Bill system for Intra-State movement of goods in the States of Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh from 15th April, 2018 As per the decision of GST Council, e-Way Bill system for all inter-State movement of goods has been…

Two months after the Rs 13,000 crore fraud at Punjab National Bank rocked the nation, its chief executive officer Sunil Mehta exonerated external auditors saying they cannot be blamed as they inspect data only in core banking software, where the entries for…

Income Tax Dept makes ITR 1 for AY 18-19 available for E Filing
The Income Tax Department have made ITR 1 for Financial Year 2017-18 (Assessment Year 2018-19) available for E -filing from today. ITR 1 is to be filed by individuals being a resident other…

PAN and TAN mentioned in the Certificate Of Incorporation issued by MCA is sufficient proof of PAN and TAN
Press Release - Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees  In case of a company, an application for…

Many types of reimbursements — home rentals, telephone charges, medical premiums, health check-ups, even the re-issue of i-cards — could face GST.

ICAI issues Revised “E-publication on E-way Bill under GST”  
In erstwhile VAT regime, for movement of goods, there was need of continuous monitoring of borders by States due to practices of goods moving without bills or multiple movements under the same…

ICAI issues Guide on ‘Compliances of Service tax/ GST in Banking Sector’ helpful for Statutory and Concurrent Auditors Foreword
The banking system is also highly regulated considering its importance within the financial system in channelizing resources and…

Composition dealers need not furnish point 4 A of Table 4 of Form GSTR -4
CBIC have issued a press release clarifying about filling of details in GSTR 4 for January to March 2018 and subsequent tax periods as below 

I have lodged an RTI with respect to collection of Late Fees and Interest on account of GST return filing so as to co-relate with the proces