We are pleased to attach our Newsflash on “The US Tax Cuts & Jobs Law - Certain Key Aspects” for your reference and perusal. The US economy is the largest economy in the world and India’s largest trade partner.
Government of India has introduced certain measures to toughen its stance on the anti-profiteering provisions by introducing certain measures. We are pleased to release newsflash on the captioned subject.
The key highlights are
Due to the non-availability of the refund module on the common GST portal, the GST Council has recommended the applications/documents/forms pertaining to refund claims on account of zero-rated supplies to be filed and processed manually till further orders are issued. In this regard, notification no.
Section 143 (1) of the Income Tax Act, 1961 (‘the Act’) provides for prima facie adjustments to a return of income filed by the assessee, while processing the return of income. The ambit of prima facie adjustment was expanded by the Finance Act, 2016.
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.