New Automotive policy to curb emissions & boost R&D (See'TOG News')Six working groups formed to implement proposed National Health Policy (See 'TOG News')Govt proposes opening more school for tribal kids & giving MSP to tribal products (See'TOG News')Rajnath Singh urges constant vigilance to curb crime (See'TOG News')Railways to halt pasting reservation charts on train coaches for 6 monthsTP - Assessment of non-existing entity is a nullity, cannot be improvised u/s 292B: HC (See 'TOG Latest')I-T- Notice issued to parties regarding impact of including excise duty in value of closing stock: SC (See 'TOG Latest')GST - Detained goods be released if Rule 140(1) of Kerala GST Rules are complied with: HC (See 'TOG Latest')Customs - Bank account of assessee cannot be frozen without issuing SCN or other concrete evidence: HC (See 'TOG Latest')PNB fraud fallout - Enforcement Directorate summons jeweller Nirav Modi (See 'TOG News')DTAA - Reimbursement of IT costs from group companies, based on usage & incurred for shipping operations business, is not FTS: ITAT (See 'TOG Latest')I-T - Reopening invalid where neither reasons for reopening nor re-assessment order show omission to disclose all material facts: ITAT (See 'TOG Latest')GST - Goods cannot be detained for any reason not mentioned in SCN: HC (See 'TOG Latest')Central Excise - Assessee entitled to rebate or refund of excess duty paid during period when packing machine was inoperative: CESTAT (See 'TOG Latest')Adopting electric vehicles would reduce oil imports & pollution: Gadkari (See 'TOG News')During January 2018, Indian exports rise by 1.95% in INR value (See 'TOG News')Agro fairs & organic farming to help increase farmer's income in Andamans: Radha Mohan Singh (See 'TOG News')Govt to procure 320 lakh tonnes of wheat in current Rabi seasonGovt to procure 55 lakh tonnes of Rice & Paddy in previous Kharif seasonJeweller's stocks plunge in aftermath of PNB fraudBudget failed to meet the expectations of taxpayers (See 'TOG Insight')
Tax on Go
Budget 2015
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Budget failed to meet the expectations of taxpayers
By Ramesh Chandra Jena, Taxpayers Advisory Forum, Bhubaneswar
Feb 14, 2018

THE Union Budget presented by the Hon'ble Finance Minister does not have any implication on Goods and Services Tax. Even though it is the first Budget after introduction of GST but nothing has been proposed in the Finance Bill for reforms or simplifications of GST.

Trade and industry had suggested a number of reforms and simplifications in their Budget memorandum but they were left untouched in the Budget proposals. Taxpayers were expecting a lot of simplification, removal of lacunas and reforms in the GST regime like -

1. Simplification and modification of GST returns filing.

2. Making provisions in IT infrastructure on GSTN portal for rectification of mistake in returns after submission.

3. Clarification on "aggregate turnover" and "adjusted total turnover" for sanctioning refund of the claimant.

4. Removal of GST liability on job work charges.

5. Tax rate modification on Hotel Services and allowing ITC on foods / beverages.

6. Introduction of Centralized registration for certain service sectors such as banks and insurance sectors.

7. Accessibility of Advance Rulings in every State Capital to sort out GST issues even for un-registered person.

8. Implementation of Procedures for Anti-profiteering Act for availment of benefit by a normal consumer.

9. It was expected to bring natural gases, petrol, diesel, petroleum products and aviation fuel under the purview of GST.

Perhaps the taxpayers have to wait for the next GST Council meeting for further reliefs on the GST front. And it is also possible that the amendments to the GST Acts may be introduced when Phase 2 of the Budget session is held from March 5th to 6th April 2018.