"07 August 2017" Archive

GST Council Recommends Increase in Compensation Cess on Motor Vehicle

GST Council Recommends Increase in Maximum Ceiling of Cess Leviable on Motor Vehicles Falling Under Headings 8702 and 8703 to 25% Instead of Present 15%...

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25% growth in number of Income Tax Returns filed

Press Information Bureau Government of India Ministry of Finance 07-August-2017 17:13 IST 25% growth noin number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns ...

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Last Chance to Join Online Certification Course on GST?

Join our most intensive and comprehensive Online Certification Course on GST – Batch 3, organised jointly by TaxGuru.in & GST Professionals across India. Due to overwhelming response of the first and introductory session on 6th Aug’17 and request from public, the registrations for Batch 3 has been extended. The detailed batch wil...

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“Rakshabandhan” of GST

Arjuna (Fictional Character): Krishna, Today is Rakshabandhan. This festival is celebrated in whole India. On this holy occasion what information about GST you can give? Krishna (Fictional Character): Arjuna, very good subject you have started. Yes, today is rakshabandhan. It means sister bind the Rakhi to her brother and brother gives pr...

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Bottling of Gas Into Cylinder Amounts to Production for Section 80HH, 80I and 80IA: SC

CIT vs. Hindustan Petroleum Corporation Ltd. (Supreme Court)

Whether Bottling Of Gas Into Cylinder Amounts To Production For Claiming Of Deduction Under Sections 80HH, 80-I And 80-IA Of The Income Tax Act, 1961. Whether an activity constitutes production or manufacture for the purposes of sections 80HH, 80-I and 80-IA of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') has remained p...

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Payment Methodology in GST

Section 49 provides for the following: 1. Methodology or mode of payment of tax, interest, penalty, fee or any other amount by a taxable person, 2. This Section prescribes three kinds of ledgers to be maintained by the taxable person....

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Summary of 20th GST Council Meeting

Union Finance Minister Arun Jaitley on Saturday chaired the 20th meeting of the GST Council which has decided: Final Drafting of E way bills Job work of all kinds of textiles will be taxed at 5%. Earlier some types of jobwork were taxed at 18% Rates on tractor parts brought down to 18% Government given work contracts...

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Gear up for the first GST Return (GSTR-3B)

After filing of Income tax return by August 05, 2017 now comes in the period of GST Return for the very first time, Anything for the first time creates a chaos due to limited knowledge among various businessmen over how to file the returns and hence this article is being shaped to try to make GST return filing easier than filing any retur...

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