Jaydip Desai

In order to review the income tax act and to draft new direct tax law in consonance with economic needs of country, the government has constituted a Task Force for drafting New Direct Tax Legislation. The Terms of Reference of the Task Force is to draft an appropriate Direct Tax Legislation keeping in view:  (i) The direct tax system prevalent in various countries, (ii) The international best practices. (iii) The economic needs of the country and (iv) Any other matter connected thereto.  The Task Force shall set its own procedures for regulating its work and shall submit its report to the Government within six months.  http://www.incometaxindia.gov.in/news/misccom-constitution-task-force-drafting-new-direct-tax-legislation-22-11-2017.pdf www.cajd.co.in

All Taxpayers are exempted from payment of tax on advance received in case of supply of goods Taxpayers who are supplying goods are not required to pay tax on advance received for supply of goods rather they are required to pay tax at the time of outward supply of goods. Notification No. 66/2017 – Central Tax Suppliers of services through an e-commerce platform are exempted from obtaining compulsory registration Taxpayers supplying services through an e-commerce platform are exempted from obtaining compulsory registration provided aggregate turnover does not exceed Rs. 20 lakh in financial year & Rs. 10 lakh in case of special category states. Notification No. 65/2017 – Central Tax Fee for late filing of Form GSTR-3B reduced Fee for late filing of return in Form GSTR-3B is limited to Rs. 50 per day (for Central Tax Rs. 25 & for State Tax Rs. 25) for the month of October 2017 onwards. Provided that total amount of tax payable in said return is N