Subramanian Panel on goods and services tax (GST)

[neharani]

Reopening based on retrospective amendment after 4 years not permissible in absence of failure in disclosure of material facts by assessee. [ITAT Mumbai: Golden Tobacco Limited (Formerly GTC Industries Limited) vs. The JCIT]

Interest income on NPA need not to be accrued in books of account in case of Bank and NBFCs.[ ITAT Ahmadabad : West Bengal Infrastructure Development Finance Corporation vs. ACIT]

Subramanian Panel on goods and services tax (GST) is likely to recommend a revenue-neutral rate of about 18% GST Rate .

MCA has notified the new version of E-Form 3 LLP (Information with regard to limited liability partnership agreement and changes, if any, made therein) is likely to be modified w.e.f 24th Nov 2015 between 09:00 PM to 10:00 PM and the same have been uploaded on MCA21 Portal.

[SwatiSood]

The Goods and Services Tax (GST) will replace the current indirect tax system in India when it comes into effect from July 1, 2017. The main objectives of the GST are to harmonize the tax system, reduce tax compliance costs, and to make the tax system more efficient. To achieve these objectives, the GST will have a single national rate, a single indirect tax base, and a single destination of taxation.