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Archive: 02 April 2017

Posts in 02 April 2017

Foolproof Password changing system & e-filing of Returns needed

April 2, 2017 4971 Views 2 comments Print

The continued emphasis on e-filing of ITRs & TDS Returns has given successful response to the electronic era in Income Tax system. As per Section 139D of the Income Tax Act, 1961, CBDT may make rules providing for:

Dr Hedgewar, the Prophet of Resurgent India

April 2, 2017 1827 Views 3 comments Print

Everybody has heard about Rashtriya Swaymsevak Sangh (RSS). For many it is the inspiration behind the ruling party of India, Bharatiya Janata Party. But very few people in India are familiar with the name Dr Keshav Baliram Hedgewar who founded the RSS, 92 years ago.

FAQs on Goods and Services Tax updated as on 31st March, 2017

April 2, 2017 34626 Views 1 comment Print

The compilation of frequently asked questions on GST brought out by the apex training institute under the Central Board of Excise & Customs (CBEC) the National Academy of Customs, Excise & Narcotics (NACEN), has been extremely well received.

Draft GST Transition Rules as Released on 31.03.2017

April 2, 2017 7704 Views 0 comment Print

1. Application in respect of tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day (1) Every registered person entitled to take credit of input tax under section 140 shall, within sixty days of the appointed day, submit an application electronically in FORM GSTTRAN, duly […]

Draft GST Determination of Value of Supply (Valuation) Rules as Released on 31.03.2017

April 2, 2017 5622 Views 1 comment Print

1. Value of supply of goods or services where the consideration is not wholly in money Where the supply of goods or services is for a consideration not wholly in money, the value of the supply shall, (a) be the open market value of such supply; (b) if open market value is not available, be […]

Draft GST Registration Rules as Released on 31.03.2017

April 2, 2017 7869 Views 0 comment Print

1. Application for registration (1) Every person (other than a non-resident taxable person, a person supplying online information and data base access or retrieval services from a place outside India to a non-taxable online recipient referred to in section 14 of the Integrated Goods and Services Tax Act, a person required to deduct tax at […]

Draft GST Refund Rules as Released on 31.03.2017

April 2, 2017 2697 Views 0 comment Print

1. Application for refund of tax, interest, penalty, fees or any other amount (1) Any person, except the persons covered by notification issued under section 55, claiming refund of any tax, interest, penalty, fees or any other amount paid by him, may file an application in FORM GST RFD-01 electronically through the Common Portal either […]

Draft GST Payment of Tax Rules as Released on 31.03.2017

April 2, 2017 4125 Views 0 comment Print

1. Electronic Tax Liability Register (1) The electronic tax liability register specified under sub-section (7) of section 49 shall be maintained in FORM GST PMT-01 for each person liable to pay tax, interest, penalty, late fee or any other amount on the Common Portal and all amounts payable by him shall be debited to the […]

Draft GST Tax Invoice, Credit and Debit Notes Rules Dated 31.03.2017

April 2, 2017 8157 Views 1 comment Print

1. Tax invoice Subject to rule 7, a tax invoice referred to in section 31 shall be issued by the registered person contaning the following particulars:- (a) name, address and GSTIN of the supplier; (b) a consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and […]

Draft GST Input Tax Credit (ITC) Rules as Released on 31.03.2017

April 2, 2017 6072 Views 0 comment Print

Input Tax Credit 1. Documentary requirements and conditions for claiming input tax credit (1) The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely:- (a) an invoice issued by the supplier of goods or services or both in accordance […]

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