The GST continues to throw up awkward anomalies, despite the government claim that it has softened the rough edges in the new tax regime. Take this one, for instance, which pinches people in their most trying moments: the food consumed by a patient admitted in hospital has been exempted from GST. But if the patient’s attendant orders the same meal, GST will be added in the bill.
Plan and Policy
Plan & Policy
The acquisition of stressed steel assets by their healthier peers under insolvency auction could land companies under the lens of the Competition Commission of India (CCI), experts have said.
Around 64 per cent of Indians surveyed are of the view that the Goods and Services Tax (GST) rollout led to a disruption among the businesses community across the country, says an IFAC survey.
The online survey, with a sample size of 1,200, was conducted by Harris Poll on behalf of the International Federation of Accountants (IFAC) from October 30 to November 2, 2017. It was done to assess public perception on key issues facing the accounting profession.
Retirement fund body EPFO is expected to keep interest rate unchanged at 8.65 per cent on provident funds for its about 5 crore members for 2017-18 at its trustees’ meet on February 21, 2018, sources said.
The Employees Provident Fund Organisation (EPFO) has already sold exchange-traded funds (ETF) worth Rs 2,886 crore earlier this month to bridge the gap to maintain 8.65 per cent for this financial year, they said.
The EPFO had announced 8.65 per cent rate of interest on deposits for 2016-17, a tad lower than 8.8 per cent in 2015- 16.
Further tightening the screw on shell companies, the government has proposed removing exemption available to firms with tax liability of up to Rs 3,000 from filing income tax (I-T) returns.
The new rule would come in effect from next financial year. The budget has rationalised the I-T Act provision relating to prosecution for failure to furnish returns. Accordingly, the managing director or director in charge of a company during a particular financial year could be liable for prosecution in case of any lapse in filing I-T returns.
The India Metrological Department (IMD) has warned farmers about bad weather and advised them to start harvesting early.
Questioning the pomp and show around GST launch last year, the Bombay High Court has said it means nothing if the indirect tax regime is not assessee-friendly and riddled with technical glitches.
With countervailing duty and special additional duty of customs merging with the Goods and Services Tax (GST), the Centre’s revised estimate for collection on account of customs for the current fiscal has been pegged at Rs 1.35 lakh crore, nearly 45 per cent down from the budget estimate for FY18.
The government had estimated to collect Rs 2.45 lakh crore from customs, the duty levied on export and import of various goods, in the current financial year.
The increase in custom duty in budget 2018 would, however, make up for part of the custom revenue loss.
The government is planning a series of incentives, including lower tax liability, cess waiver and higher share of profit petroleum for exploration and production (E&P) companies.
The move is aimed at facing the Herculean challenges of reducing country’s oil and gas dependence by 10 per cent by 2022. It plans to do so by propping up domestic production and enhanced output from local ageing fields.
The Supreme Court has held that the limitation period for filing an appeal under provisions of the Companies Act, 2013, cannot be extended beyond what is provided for in the statute.
This is yet another blow to companies seeking to buy time for completing resolution of bad assets under the new bankruptcy law. Section 421(3) of the Companies Act provides that appeals may be filed to the National Company Law Appellate Tribunal (NCLT) within a period of 45 days from the date of the NCLT order.