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File GSTR-3B return before Diwali: Government

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GST

New Delhi, Oct 13, 2017: Having ruled out further extension of the date for filing Goods and Services Tax Returns (GSTR), the government on Friday said the October 20 deadline to file the GSTR-3B would not be extended.

It also said that real estate, a major area of tax evasion and black money generation, could soon be brought under GST.

“No extension of time will be given for filing GSTR-3B for September 2017. Please file this by October 20, 2017,” the Central Board of Excise and Customs (CBEC) said through notices issued in several national dailies.

“Please file your return at the earliest (positively before Diwali),” CBEC said, referring to the major festival coming up next week, which is also observed as the start of the accounting year by many in the trading community.

The GSTR-3B return is a self-assessment by businesses of their sale and purchases during the period concerned.

“The one sector in India where maximum amount of tax evasion and cash generation takes place and which is still outside GST is real estate. Some of the states have been pressing for it.

“I personally believe that there is a strong case to bring real estate into the GST,” Finance Minister Arun Jaitley said on Thursday, while delivering the Annual Mahindra Lecture at Harvard University in the US.

He said, the issue would be taken up at the next meeting of the GST Council scheduled for November 9.

Petroleum products, alcohol and real estate are three sectors which are still outside the GST since several states are opposing their inclusion in the new pan-India indirect tax regime.

 

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Cabinet nod to amend Specific Relief Act for ease of business

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Ravi Shankar Prasad( Law Minister)

New Delhi, Dec 15: In a move to further ease procedures for doing business in the country, the cabinet on Friday approved a bill proposing to amend the Specific Relief Act, 1963, Law Minister Ravi Shankar Prasad announced here.

Briefing reporters here after a cabinet meeting, the Minister said that with the concerned bill slated to be tabled in the winter session of Parliament, he was unable to elaborate any further on the proposed legislation apart that it was for “ease of doing business.”

“Among the significant decisions, the cabinet approved the proposal to introduce amendments to the Specific Relief Act, 1963, as part of ease of doing business,” Prasad said.

“The Specific Relief Act, 1963, is being changed substantially..being modernised for promoting growth and investment,” he added.

The government has been contemplating amendments to the Specific Relief Act to limit the compensation and relief that courts can give in cases involving execution of infrastructure and development projects.

According to official sources here, the proposed changes seek to introduce guidelines for reducing the discretion granted to courts and tribunals while granting performance and injunctive relief.

The government constituted a five-member expert committee last year, to review the Act and suggest changes needed to remove bottlenecks in execution of contract-based infrastructure development, public private partnerships and other public projects.

In its report, the committee recommended changes in the law to limit the powers of courts to award relief.
“Any publi” work must progress without interruption. This requires consideration whether a court’s intervent’on in public works should be minimal. The role of courts in this exercise is to interfere to the minimum extent so that public works projects will not be impeded or stalled,” the committee “aid in its report.

IANS

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CBEC hikes customs duty on mobile phones, TVs and other electronic items

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New Delhi, Dec 15: The Ministry of Finance on Friday increased customs duty on import of mobile phones and other electronic devices such as televisions, mobile projectors, microwave and water heaters.

In a notification issued by Central Board of Excise and Customs (CBEC), the customs duty on certain sections of mobile phones has been raised from 10% to 15%.

While customs duty on television sets has been scaled up to 15 per cent from the existing 10 per cent.

Similarly, the customs duty on monitors, microwave ovens, projectors has been doubled to 20 per cent, as per the notification.

The Custom duty on push button telephones or mobile phones has been raised to 15 per cent from nil.

The changes will impact tech and electronic titans such as Apple, Sony which have been planing to set up manufacturing units in India.

WeForNews 

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Manish Dawar to become Vodafone India CFO

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New Delhi, Dec 15: Vodafone India on Friday announced that Manish Dawar will take over as its Chief Financial Officer (CFO) with effect from January 1, 2018.

Based in Mumbai, he will report to Sunil Sood, Managing Director & CEO, Vodafone India.

Dawar will take over from Thomas Reisten.

Manish joins Vodafone from Den Networks Limited where he was Group CFO.

IANS

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