Thursday, 17 August 2017

Govt. extends GSTR-3B/Form TRANS 1 filing deadline till Aug. 28

Finance Ministry issues press release, announces extension of deadline till August 28, for submission of GSTR-3B & Form TRANS 1; Govt. acknowledges concerns regarding form for claiming transitional input tax credit not being available on the GSTN website, says the form will be available from August 21st; Extension of deadline only for those taxpayers who want to claim transitional credit, however with caveat that they have to make full settlement of the tax liability after adjusting the transitional input tax credit before August 20th: PIB Release

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GAAR Not Applicable to Genuine Capital Market Transactions: Telangana High Court

In a significant ruling, the Telangana High Court held that General Anti-Avoidance Rules (GAAR) cannot be invoked merely because a transacti...