Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

ICAI Chief enumerates Influence of ICAI in Recent Developments in GST

The Goods and Services Tax (GST) was rolled out in July 2017. The complex and not so ‘simple’ tax is now running without many glitches due to the active participation of compliance professionals. Recently, the President of the Institute of Chartered Accountants of India ( ICAI ), CA. Prafulla P. Chhajed has enumerated the recent developments in the Goods and Services Tax (GST) influenced by the involvement of the Institute.

The following are the recent developments where the Institute had a major role in contributing,

Testing of Software for Taxpayers: GST Council has mandated the Goods and Services Tax Network (GSTN) to provide free software to taxpayers having a turnover of less than 1.5 crores, with features of invoicing, accounting, trial balance and return filing. Responding to their request, ICAI has helped the GSTN in testing the software for the aforesaid application.

GST Portal: Based on GSTN’s request for suggestions for improving the GST portal, ICAI submitted 38 suggestions to improve various forms/ interfaces available on the Portal including filing the return, making payment and login.

Taxation in Infrastructure: GST Council had proposed to impose tax at the rate of 1% and 5% on affordable housing properties and for the residential properties outside the affordable segment respectively, at its 33rd meeting. Now, favourably responding to ICAI’s eight suggestions in that regard, the GST Council at its 34th meeting held on 19th March 2019 has decided that these new rates would be mandatory only for new projects that would start from 1st April 2019 and taxpayers have been given freedom to opt for the new scheme in the running project, if they so desired.

Updated e-Learning Modules on Customs and FTP: ICAI has come up with an updated series of e-Learning on Customs and foreign trade policy (FTP) comprising recorded video sessions, which cover almost all relevant topics in that regard.

7th Edition of Background Material on GST: Seventh edition of the Background Material on GST has been published, which is in line with the changes brought about in the month of April 2019. Containing clause-by-clause analysis of the GST laws, this explains with the help of flowcharts, diagrams, MCQs and FAQs. The publication may be downloaded from www.idtc.icai.org.

Read more at: https://www.taxscan.in/icai-developments-gst/35708/

Share This!



No comments:

Post a comment