"18 June 2017" Archive

Recommendations Regarding Composition Levy and GST Rate on Certain Goods

The GST Council, in its meeting held on 11th June, 2017, had recommended increase in the turnover limit for Composition Levy for CGST and SGST purposes from Rs.50 lakh to Rs.75 lakh for all eligible registered persons. However, no clear view was taken as to whether or not this increased turnover limit will apply in case of Special Categor...

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17th GST Council meeting- Decisions on rates for Services & on Lottery

. It has been decided in respect of the service of transport of goods by a vessel that GST rate of 5% will be available with ITC in respect of input services and GST paid on ships, vessels including bulk carriers and tankers....

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GST from 1st July 2017 with Relaxation in return filing first 2 months

With the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime, it has been decided that, for the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outwar...

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Transitional Provisions Under Goods and Services Tax: A detailed analysis vis a vis rules declared on 6th June 2017

The statutory provisions relating to transitional phase under GST is governed by Chapter XX of the Central Goods and Services Tax Act 2017. The following sections have been referred in the said chapter...

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Change of Financial Year to Calendar Year as well as Assessment Year and Financial Year as the same

Government of India is thinking of change of Financial Year(April to March) to Calendar Year(January to December). Prime Minister, Mr. Narendra Modi has given a proposal in this respect in a NITI Aayog’s meeting. If this is done, it will close the chapter of Financial Year of April to March introduced by Britishers, 150-year ago....

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Comparison chart on recent Exemption to Private Companies

Provision of Section 72(2) clause (a-e) shall not applicable on following Companies: 1) Which accept from its members monies not exceeding 100% percent of aggregate of the paid up share capital, free reserves and Securities Premium account; or 2) Which is a start-up, for fiv...

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Analysis of recent Exemption notification for Section 8 Company

Section 149(1) of the Act, 2013- Every company shall have a Board of Directors consisting of individuals as directors and shall have- a minimum number of three directors in the case of a public company, two directors in the case of a private company, and one director in the case of a One Person Company; and a maximum of fifteen directors...

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Composition Levy under Goods and Service Tax

Where more than one registered persons are having same permanent account number (PAN), the registered person shall not be eligible to opt for Composition Levy unless all such registered persons opt to pay tax under the said composition levy....

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Basics of GST – Part 1 – Overview of GST

Dear Reader, this document is solely intended for the beginners of GST, this helps to have basic understanding of GST. I made this discussion as Question and Answer type. I had put all the basic questions possible and answered the same. Happy learning....

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Assessment Under Goods & Service Tax (GST)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II ASSESSMENT IN GST  Type of Assessment under GST Self Assessment Provisional Assessment Scrutiny Assessment Summary Assessment in special cases Assessment of Non Filers of return Assessment of unregistered Dealer Self Assessment  When A...

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