CBDT activates seven ITR forms for FY 2018-19 (See 'TOG News')GST e-Way bill - States tally rises to 27 (See 'GST News')Govt ties up with foreign labs to promote NIFTEM-made products (See 'TOG News')Mumbai Police to operate UAVs to enhance women's safetyGovt adopts cloud technology to boost e-governance (See 'TOG News')Govt prioritizes state-run DISCOMs for allotment of coal (See 'TOG News')TP - Without any agreement between assessee & its AEs, AMP expenses incurred by assessee cannot be termed as 'international transaction' & do not attract TP adjustment: ITAT (See 'TOG Latest')I-T - AO cannot make disallowance u/s 14A r/w Rule 8D when determining receipt of exempt income without examining a scheme in which assessee had invested: ITAT (See 'TOG Latest')Customs - The issue of determining classification of imported products, where involving appreciation of facts, does not warrant interference of writ court: HC (See 'TOG Latest')Central Excise - Exemption under Notfn No 89/95-CE can be claimed on waste generated during manufacture of Fatty acids, Wax, Gums & Spent earth: CESTAT (See 'TOG Latest')A Basic Primer on GDPR and its Relevance to the Indian Context (See 'TOG INSIGHT')India-CLMV business meet held in Cambodia to boost trade ties (See 'TOG News')TP - Order passed to reopen assessment where based on existing information, can be construed as 'change of opinion' & so non est in law: ITAT (See 'TOG Latest')I-T - An order of release passed u/s 132B is required to consider existing liabilities only & not those arising in future: HC (See 'TOG Latest')Central Excise - Partial exemption from duty cannot be interpreted as a complete exemption from duty: CESTAT (See 'TOG Latest')Service Tax - An officer of Additional Commissioner rank is empowered to rectify an error apparent from record in an Order-in-Original, within 2 years of it being passed: HC (See 'TOG Latest')Bring Diesel & Petrol under GST to cut prices: Fadnavis (See 'TOG News')
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Budget 2015
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THE INSIGHT

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.