Latest Tax News & Updates

Top 150 asked questions on GST- Twitter

Goods and Services Tax - Tweets received by askGST_GOI handleh have been scrutinized and developed into a short FAQs of 100 tweets. GST tweeter account- GST@GOI has issued set of top 100 asked questions on GST along with answers. Those asked questions/tweets along with replies are as below...

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Stock market and guaranteed NAV never goes together

Finance - Whenever there is a statement about anything in this world, regardless of who has said it, do not believe it. But to analyse it and know the truth is wisdom (Kural: 423): Thiruvalluvar, a celebrated Tamil poet....

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How to Export under GST

Goods and Services Tax - With the implementation of GST, trade and exporters are eager to know how will our exports be treated under the Goods and Services Tax (GST) regime? In this article an attempt is made to guide step by step procedures for export under GST....

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How is a Marine Insurance Claim Settled?

Finance - Irrespective of the transportation mode chosen, lots of risks prevail in transporting goods from one place to the other. Unpredictable potholes and turbulent seas are always there to disrupt your otherwise smooth journey....

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Analysis of sec 9(4) CGST Act: Supply by Unregistered person to registered person

Goods and Services Tax - Subject to the provisions of sub-section (2), there shall be levied a tax called the central goods and services tax on all intra-State supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption, on the value determined under section 15 and at such rates...

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Number of Registration of GSTN crosses 77.5 lakhs

Goods and Services Tax - Till 18th July 2017, the total number of GSTIN registrations is 77,55,416. No major problems have been reported post Goods and Services Tax (GST) from the field offices across the country Internet is not required for doing / conducting business. It would be required only for the purpose of filing of returns under GST. The […]...

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Government has constituted a Committee to monitor impact of GST

Goods and Services Tax - Government has constituted a Central Monitoring Committee headed by the Cabinet Secretary to monitor the impact of GST.Three meetings of the Central Monitoring Committee have been held on 2nd July, 11th July and 18th July. The reports include the details of feedback received from various Ministries and Departments regarding the following ...

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Relief Measures for the Farming Sector Post Demonetisation

Corporate Law - The Government decided that an additional grace period of 60 days for prompt repayment incentive @ 3% will be provided to such of the farmers whose crop loans dues fall due between 01/11/2016 to 31/12/2016 and if such farmers repay the same within 60 days from their due date in this period....

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Government constitutes a GST Feedback and Action Room (FAR)

Goods and Services Tax - Government constitutes a GST Feedback and Action Room (FAR) w.e.f. 26-06-2017 to review the information, calls, media inputs etc received from Ministries, State Governments, field formations, social media, news channels, emails etc To reply the queries of the taxpayers and tax officials and to deal with issues related to the implementatio...

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Demonitization: 1100 searches, 5100 verification notices and detection of Rs. 5400 crore undisclosed Income

Income Tax - Demonitization: From 9th November 2016 to 10th January 2017, more than 1100 searches and surveys were conducted by the ITD; more than more than 5100 verification notices issued; The undisclosed income detected in these actions was more than Rs. 5400 crore.  Disclosure of information regarding law flouters/specific taxpayers is prohibited...

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PIL challenges 12% GST on Sanitary Napkins: [Read Petition]

Zarmina Israr Khan Vs Union of India & Anr. (Delhi High Court) -  Petitioner is filing this Public Interest Litigation before this Hon’ble Court seeking recourse against the patently discriminatory and illegal treatment being meted out to the women of India by the unconstitutional and illegal imposition of a Goods and Services Tax at a high rate of 12% on sanita...

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Legal Services continued to be governed by reverse charge mechanism in GST: Delhi HC

J K Mittal & Company Vs. Union Of India & Ors. (Delhi High Court) -  On Further hearing in the case of J K Mittal & Company Vs. Union Of India & Ors. on 18th July 2017, Delhi High Court has held that till further orders, all legal services provided by advocates, law firms of advocates, or LLPs of advocates will be continued to be governed by the reverse charg...

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Allowing more time to deposit Old Notes would lead to illegal trading of these SBNs

Victory Logitrans Pvt Ltd & Anr Vs Union of India & Ors (Supreme Court of India) -  In a new affidavit filed before Supreme Court on 17th July 2017 Central Government  made it clear that it cannot give more time to deposit old currency notes, as  in case a fresh opportunity is offered for exchange of SBNs, it would lead to rampant illegal trading of these SBNs (that is, the SBNs ...

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Government Subsidy: Whether Of Revenue Or Capital In Nature?

CIT vs. Bhushan Steels and Strips Ltd. (Delhi High Court) -  Whether the ITAT was correct in law in holding that the amount received by the assessee by way of exemption of sales tax payments was not a trading receipt but was a capital receipt, hence not liable to tax?...

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In absence of Original WhatsApp Forward Can’t be treated as Document

National Lawyears Campaign Vs Union of India & ORS (Delhi High Court) -  What they believe to be information is a post circulated on WhatsApp platform or an alleged translation in a website. The alleged information is not claimed to be true to their knowledge. It is not even stated in the petition as to how the petitioners have formed a reasonable belief that the alleged...

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GST Composition application due date extended to 16th August 2017

CBEC hereby extends the period for filing an intimation in FORM GST CMP-01 under sub-rule (1) of rule (3) of the Central Goods and Services Tax Rules, 2017 upto 16th August, 2017....

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Promote officers of IRS (CBEC) to grade of Principal commissioner of customs, GST & CX

Office Order No. 123/2017 - (20/07/2017) -  The President of India is pleased to promote the following officers of the Indian Revenue Service (Customs and Central Excise) to the grade of Principal commissioner of customs, GST & CX in the Pay Scale of ₹ 67,000-79,000/- (pre- revised) (HAG) against the vacancies for the panel years 2015-16 an...

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Allocate charges amongst the Members of CBEC

Office Order No. 122/2017 - (19/07/2017) -  Consequent upon appointment of Shri S.K. Panda and Ms. Ameeta Suri as Member of Central Board of Excise and Customs(CBEC), with the approval of the Competent Authority, it has been decided to allocate the charges amongst the Members of the Central Board of Excise and Customs as under until further o...

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Advisory on GST for Pharmaceuticals dealers

C1-24614/16/CT Eoffice11137/17 - (15/07/2017) -  As many Pharmaceutical Dealers and their association represented various matters the following advisory is issued for information and awareness generation. 1. In earlier VAT system, importers and Manufacturers in Medicines and drugs are entitled for composition. The rate of compounding is 5% of MRP....

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CBDT Revises Instruction on handling Internal Audit Objections

Instruction No. 07/2017 - (21/07/2017) -  The Instruction No 9 of 2006 dated 7/11/2006 as supplemented by Instruction No 16 of 2013 deal with revenue / receipt audit. In spite of a comprehensive instruction with well-defined role & responsibilities of various authorities, the pendency of outstanding objections has not abated. ...

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FAQs

If I buy raw material from a supplier unregistered under GST, do I have to pay GST in RCM and can I avail ITC of the same? Reply :- Yes, you have to pay GST via Reverse Charge Mechanism (RCM). You can avail ITC of the GST so paid if you are otherwise eligible....
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Question 1: How are exports treated under the GST Law?  Answer: Under the GST Law, export of goods or services has been treated as: i) inter-State supply and covered under the IGST Act. ii) ‘zero rated supply’ i.e. the goods or services exported shall be relieved of GST levied upon them either at the input stage or at […]...
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Does the buyer of raw cotton (who is a registered person) from the farmer need to pay GST on Reverse Charge basis? Answer: Yes. As the cotton under heading 5201 and 5203 has been placed under 5% rate and the cotton farmer is not liable to registration, the buyers of raw cotton (who are registered persons) from the farmers are required to...
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Who will pay GST? Answer: GST is generally paid by the supplier, i.e. the one who makes the supply after collecting it from the recipient. The supplier collects GST from the recipient of the supply as part of the consideration. However, in a few exceptional cases, the recipient, would be liable to pay GST to the Government on reverse ch...
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Through this article, we have tried to put together a summary of all the invoicing rules and provisions into one thread and help everyone in implementing GST invoicing into their accounting systems....
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Income Tax Planning

A new way to do tax planning and why hardly anyone “gets it”

It really hurts to see a large pie of the salary cut towards tax. So the obvious question in everyones mind is How do I reduce my tax?. Every year we are forced to invest in s...

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Top 5 Legal ways to Save Tax

The Income Tax Act allows a salaried individual to claim certain deductions in order to save on taxes. However, to avail the benefits of such deductions, the individual must e...

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It’s Not Too Late To Save tax!

The deadline for making tax saving investments is 31 March. But, there is still time to adopt last minute tax saving tips to claims tax benefits offered by the Government. Thi...

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Income Tax Deductions

Changes in Income Tax Return Forms AY 2017-18, Deduction limits & TDS rates

Introduction of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simp...

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100% Deduction in Respect of Profits from Housing Projects

Who can claim deduction under this section? Any assessee (may be an individual, HUF, firm, company or any other person) can claim deduction under this section....

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Income Tax Deduction Under section 80CCC and 80CCD

As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in forc...

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Calculators

Download GST Financial Impact Calculator

Please find attached GST – Financial Impact Sheet / Calculator, which can be used for evaluating Financial Impact of GST on a business. ...

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Download Income Tax Calculator for Financial Year 2017-18

Salient features of the Tax calculator. 1. Useful for the salaried employees of government and private sector. 2. Private sector employees can use to do their Flexi allocation...

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Download Automatic TDS Delayed Payment Interest Calculator

Sometimes Deductor deposit TDS after the due date without Interest, hence when return processed, demand notice raised by TRACES and penalize heavy interest on late payment. Bu...

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Rate Charts

Rate of GST on Services updated till 03.07.2017

The e-book contains Rate of Tax on Services as applicable after considering all Notifications, Circulars etc issued by CBEC from time to time till 3rd July 2017 and includes S...

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Ready Reckoner – GST Service Rates

Right before the roll out of GST, let’s have a quick recap of the list of rate of services, approved by the GST Council in its 14th Meeting with related amendments, so far c...

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GST Rate Card for Services

Right after the GST rates for goods, another meeting held on May 19, 2017 at Srinagar, Jammu & Kashmir, headed by Finance Minister Arun Jaitley, approved the GST rates for...

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