Tax Updates // CBDT // GST ..

Tax Updates:
Date 12 June 2017

  1. CBDT notifies Transfer Pricing Tolerance Limit for Asstt Years 2017-18 and 2018-19. 
  2.  AO could enquire into unexplained credit found in books even under unamended provision of sec. 68:  High Court OF CALCUTTA- Pragati Financial Management (P.) Ltd. v. CIT -II. 
  3. In GSTR 1, club Supplies with same rate in invoice. Give HSN wise summary if turnover more than Rs 1.5 cr in last year & description for others.
  4. No need to give details of Advances in GST Returns if invoice issued in same tax period in which advance received.
  5. After considering the recommendations, the GST Council on 16th meeting has reduced the tax level in 66 out of 133 items on which representations were made by the industries.