Latest India Tax News 22nd October 2016

[Alka Thakur]

• Under GST every advance receipt against supplies shall get a transaction id which is to be mentioned against invoice issued later in GSTR-1.
• CBEC mission zero has been launched there with the objective of sharply reducing the pendency of adjudications, refunds, rebates and drawback in a time bound manner.
• MCA is expected to revise the version of e-Forms: Form CHG-8, Form AOC-4 and Form 20-B w.e.f. 22.10.2016.
• Taxability- compulsory acquisition of capital asset.
• More than one business & filing of tax audit report with return.