Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: TDS
 
 
Indirect Tax »
 Indirect taxes collection could fall short of target due to GST
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory

Simplification of procedure to deal with audit objections raised in indirect taxes by the office of by CAG
April, 18th 2016

Central Board of Excise and Customs (CBEC) has issued a circular to simplify the procedure of dealing with audit objections raised in indirect taxes by the office of CAG. The Circular rescinds all the past circulars and instructions and prescribes a new simplified and consolidated procedure. The Circular No. is 1023/11/2016 CX dated 08/04/2016.

Taking note of the fact that revenue and audit have agreement on large proportion of the audit objections, the revised Circular provides that demand notice, in cases of agreement on audit objection, should be issued and decided expeditiously. However, where revenue does not agree with the objections, no demand notice would be issued. Thus, where it is not necessary, an assessee would not be taken through the litigation cycle, stated the press release issued by union ministry of finance.

The Council will be advisory in nature, which will help the Government in identifying key policy decisions for taxation.

SEE ALL COMMENTSADD COMMENT
The Circular also highlights that adjudicating authority is a quasi-judicial authority and is expected to decide the case independently and judiciously. Regular coordination meeting between Revenue and CAG officers has also been prescribed for faster resolution of issues.

These revised guidelines have been issued in an effort to make the indirect tax administration assessee friendly and non-adversarial by bringing the audit objections to closure in an expeditious and fairer manner.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions