Gaurav Ramesh Bansal & Company

Gaurav Ramesh Bansal & Company Local business

06/04/2018

The form ITR 1 this time seeks an assessees salary details in separate fields and in a breakup format such as allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under section 16

15/12/2017

To understand the Anti-Profiteering measures, let first understand what is profiteering?

Profiteering means increasing the business profit illegally by not passing the benefit of input tax credit or reduction of tax rates or any tax incidence relaxation announced by Government.

The 'anti-profiteering' measures enshrined in the GST law provide an institutional mechanism to ensure that the full benefits of input tax credits and reduced GST rates on the supply of goods or services flow to the ultimate consumers.

On activation of Anti Profiteering Authority, we are hoping businesses will pass on the tax reduction benefits to the ultimate customers.

13/12/2017

Filing of Correct Form TRAN-I to avail Input Tax Credit

The last date for filing and revision of Form TRAN-1 is 27th December, 2017. Transition to GST provided for trust based transition of input tax credit of the existing taxpayers. A tax payer could file Form TRAN-1 and avail input tax credit on the basis of closing balance of the input tax
credit declared in the last return under the pre GST regime.

However, it has been noted that high transitional credit has been claimed in many cases for which perhaps no bonafide explanation exists. Analysis to identify such units is underway. Such behaviour leads to breach of trust between the taxpayer and the tax-administration, which is the bed-rock of self-assessment regime in GST.

Taxpayers who have claimed transitional credit erroneously are advised to avail of the opportunity to revise Form TRAN-1 by 27th December, 2017 and ensure that only correct and bonafide credit is availed in transition, failing which the tax administration would be constrained to initiate audit and enforcement action against the identified units.

Address

VIP Road
Chandigarh
140603

Opening Hours

Monday 11am - 8pm
Tuesday 11am - 8pm
Wednesday 11am - 8pm
Thursday 11am - 8pm
Friday 11am - 8pm
Saturday 11am - 8pm

Telephone

+919988314802

Website

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