Wednesday, 4 October 2017

Govt. extends date for registration cancellation, furnishing transitional information to October 31

Govt. notifies CGST (Eighth Amendment) Rules 2017, thereby amending Rules 24, 118, 119, 120 and 120A of CGST Rules and Form GST REG-29; Accordingly, allows cancellation of GST registration for migrated taxpayers not liable to be registered, by October 31 under Rule 24(4); Transitional information in Form GST TRAN-1 with respect to supplies on which VAT / service tax was paid before appointed day, stock held by principal and agent, and goods sent on approval basis shall be furnished within the period specified in Rule 117 or such period as extended by Commissioner; As per Order No. 3/2017-GST, period for submitting Form GST TRAN-1 has been extended till October 31 : CBEC Notification 

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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...