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CBDT clarifies that the Rumors Spreading Across in Social Media regarding Extension in Due Date for Non-Tax Audit Cases is fake. The Income Tax Dept further clarified that there are no such plans to extend this deadline beyond 31st July, 2018.

    2. The GST Council decided to reduce the biggest niggle for businesses by allowing Quarterly Filing of returns by those with Annual Turnover of up to Rs 5 crore, a move that will benefit nearly 90% taxpayers.

    3. GST Council approved the proposal to open the GST migration window for taxpayers, who received provisional IDs but could not complete the migration process. The taxpayers who filed Part A of FORM GST REG-26, but not Part B of the said FORM are requested to approach the jurisdictional Central Tax/State Tax Nodal Officers with the necessary details on or before 31st August, 2018.

    4. After Big Rate Cuts by GST Council, Only 35 Goods Left in 28% Tax Bracket. There were around 226 Goods in the 28% category when GST was implemented on July 1, 2017.

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