River inter-linking - Gadkari proposes diverting surplus water to needy areas (See 'TOG News')Vice Prez donates one month's salary for Kerala relief; urges MPs to follow suit (See 'TOG News')Japanese defence minister meets Modi to boost defence cooperationSC judges to contribute to Kerala flood relief fund: CJIDTAA - Rendering of repair work by assessee outside India will not satisfy 'make available' condition as contemplated under Article XII(3)(g) of India-Australia DTAA: ITAT (See 'TOG Latest')I-T - Penalty is unsustainable where additions forming basis for imposing such penalty are themselves set aside: ITAT (See 'TOG Latest')Customs - 'Aluminum Composite Panels' in form of sheets cannot be termed as structures or parts used for construction & so are classifiable under CTH 7606: CESTAT (See 'TOG Latest')Central Excise - Cenvat credit is available on input service used for raising height of tailing dam where used for disposing of hazardous waste in compliance with environmental laws: CESTAT (See 'TOG Latest')UK authorities confirm NiMo's presence - CBI seeks extradition (See 'TOG News')UK authorities confirm NiMo's presence - CBI seeks extraditionGST - New Indirect Tax Regime - Transition, Transformation and Way forward (See 'TOG INSIGHT')Govt lays down specific hours for re-filling ATMs (See 'TOG News)DTAA - Reimbursement of expenses incurred by Indian assessee company for rendering service to non-resident payee will attract TDS provisions in hands of assessee: ITAT (See 'TOG Latest')I-T - 'JCIT' also includes rank of Additional Commissioner of Income Tax within its scope & both ranks can sanction issue of notice u/s 148: HC (See 'TOG Latest')Central Excise - Cenvat credit cannot be denied on duty paid inputs used to manufacture final products which got damaged & were cleared as scrap: CESTAT (See 'TOG Latest')Service Tax - Incentives received from liners by logistics operators will not be taxable under 'Business Auxiliary Services': CESTAT (See 'TOG Latest')Kerala floods - boats & life-saving material to be provided (See 'TOG Latest')Global symposium held on advancements in food processing (See 'TOG News')
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.