Articles

Summary of 18th GST Council Meeting

Previous Council Meeting (17th) –June 18, 2017 (Delhi) Today’s Council Meeting (18th ) –June 30, 2017 (Delhi) Next Council Meeting (19th) –August 5, 2017 GST IMPLEMENTED FROM JULY 01, 2017 Agenda of meeting: the meeting was originally called just to thank the council members for helping in the implementation of GST. There was no f...

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Accidental Insurance: Stitch in time Saves nine!!

What do we do to show our love to our loved ones? We buy property, gold, vehicles etc. Then to secure or protect that love we keep insuring that property, gold and vehicles too. Not only that we cover our lives too! However,if you are a bread-earner of the family then you miss insuring the very important entity of the family – that is y...

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GST and Cooperative Federalism

Were you aware that in addition to being a radical indirect taxation reform initiative, GST (Goods and Services Tax) is also a shining example of co-operative federalism? Let us see how....

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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 10

Issue 1: A Ltd. has given an interest free loan to its subsidiary company B Ltd. Both companies are covered under Phase I of Ind AS roadmap. B Ltd. has recognised the differential of present value of loan amount and its carrying amount as per previous GAAP as ‘Equity’ in its standalone financial statements prepared as per Ind AS. A Lt...

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5 % GST under RCM on Goods Transport Agencies with full Input Credit

Goods transport agencies (GTAs) are unable to claim the input credit on major of their costs. Keeping this in mind, the GST Council has ,decided that the GST payable at 5% on GTA service will be payable by the service receiver under RCM and the input credit will also be taken only by the service receiver....

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GST Officials & Their Functions – Other Than Registration & Composition CGST Act – 2017

GST Officials & Their Functions – Other Than Registration & Composition CGST Act – 2017 Sl. No. Designation of the officer Section FUNCTION 1. Principal Commissioner/ Commissioner of Central Tax 67 (7)   > To return of Seized Goods – 6 Months or extended 6 months Proviso to 78 > To initiate recovery pr...

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Critical Analysis on Insolvency and Bankruptcy Code, 2016

NCLT i.e. Adjudicating Authority (Section 5(1)) has recently held that after admission of petition, nature of petition changes to representative suit and the lis doesnt remain only between operational creditor and operational debtor. ...

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Understanding TCS Mechanism under GST

Various E-commerce Operators display on their Website/Portal, various products and services that are actually supplied by some other suppliers. Consumers purchase the products from such portals and the Supplier supplies the product to the Consumers....

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Input Tax Credit on Stock of Goods held on 30.06.2017 & Anti-Profiteering Measures

It is mandatory to pass on the benefit due to reduction in rate of tax or from input tax credit to the consumer as an anti-profiteering measure....

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Gist of Various GST notifications at one place

We are summarising herewith gist of the various Notifications at one place. 1. The Government has eased out requirement to mention HSN code of items in tax invoice under GST as mentioned in a table below:- 12/2017-Central Tax,dt. 28-06-2017...

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