Tuesday, 5 June 2018

Govt. allows provisional settlement of IGST funds through adjustment in subsequent period

Govt. amends Rule 11(3) of GST Settlement of Funds Rules 2017 to allow provisional settlement of any sum of IGST collected in a particular FY and remaining unsettled so far, through adjustment in subsequent month(s) / year(s) based on returns filed by taxpayers : Finance Ministry Notification 

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ITAT Special Bench allows deduction for provisioning made by banks on standard assets

  This Tax Alert summarizes a Special Bench ruling of the Chandigarh Income-tax Appellate Tribunal (ITAT) in the case of Malwa Gramin Bank [...