CBDT:
The Central Board of Direct Taxes, has extended the ‘due date’ from 30th September, 2017 to 31st October,2017 in respect of all Assessees’ covered under of Section 139(1)(a) of the Income Tax Act i.e Tax Audit Returns. The ‘due-date’ prescribed therein for filing the return of income as well as various reports of audit prescribed under the Income-tax Act. The CBDT has extended the date to allow sufficient time to the assessees’ and tax professionals, and thus, facilitate their ease of compliance with statutory responsibilities under various fiscal laws like Goods and Services Tax (‘GST’) which has come into effect on 01.07.2017. In recent days, dates for filing various returns and forms under GST have been extended by the Government.
GST
The Schedule to the Goods and Service Tax (GST) (Compensation to States) Act 2017, specifies the maximum rate at which Goods and Service Tax Compensation Cess may be collected. In respect of motor vehicles, the maximum rate, at which Goods and Service Tax Compensation Cess may be collected, is 15%. Consequent to the GST Council’s recommendation, the Cabinet on 30th August, 2017 has approved promulgation of an ordinance to suitably amend the Goods and Services Tax (Compensation to States) Act, 2017, so as to increase the maximum rate, at which the Compensation cess can be levied from 15% to 25% on motor vehicles (SUV) for transport of not more than thirteen persons, including the driver. However, there is no change in the effective rates of Compensation cess on specified motor vehicles.
Speak Your Mind