The 23rd GST council meeting was held on 10 November 2017 at Guwahati. The following are the key highlights of said meeting:
- Proposed revised GST rates for certain goods
- Proposed revised GST rate for restaurants.
- Relaxation in GST return filing
- Certain other aspects
In a path breaking judgment, the Hon’ble Delhi High Court on 8 November 2017 has ruled that certain clauses of various Income Computation and Disclosure Standards (ICDS) are unconstitutional and also suffers from the vice of excessive delegation.
We are pleased to release our newsflash on the captioned subject.
The 22ND GST council meeting was held on 6 October 2017 at New Delhi. The following are the key highlights of said meeting:
- Proposed revised GST rates for certain services
The Prevention of Money-laundering Act, 2002 (PMLA) aimed at combating money laundering in India came into force with effect from 1st July 2005.
Under the PMLA, the reporting entities inter-alia, included dealer in precious metals, precious stones and other high value goods, as may be notified by the Central Government.
Under the Finance Act 2016, the Central Board of Direct Taxes (CBDT) had inserted section 286 in the Income Tax Act, 1961 to implement the recommendation of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project.
A Resident taxpayer (Individual, Companies, Partnership firms, etc.) who have already paid tax in another country on amounts of foreign income and gains, may claim Foreign Tax Credit Relief in India to avoid being taxed twice on the same income.
In one of the recent developments, it is proposed by the Central Board of Direct Taxes (CBDT) (released for public comments) to create a mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by certain taxpayers viz. companies and tax audit cases, on voluntary compliance basis.