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Archive: 06 May 2017

Posts in 06 May 2017

Taxpayers to be rated for GST Compliance

May 6, 2017 3969 Views 0 comment Print

GST law provides for Goods and Services Tax Compliance Rating which is a new concept in India. Presently, there is no system of compliance rating under any tax laws in India. GST compliance rating is a concept which will be experimented as a legal provision for the first time in our country. Accordingly, every taxable person shall be assigned a GST compliance rating score based on his record of compliance with the provisions of the GST Act. Every taxable person irrespective of its nature or size or turnover shall be assigned a GST compliance rating.

Payment of Tax under GST Regime

May 6, 2017 34659 Views 0 comment Print

In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into the account of the concerned State Government). For any inter-state supply, tax to be paid is Integrated GST (IGST) which will have components of both CGST and SGST. In addition, certain categories of registered persons will be required to pay to the government account Tax Deducted at Source (TDS) and Tax Collected at Source (TCS).

Transitional Provisions under GST Law

May 6, 2017 8943 Views 4 comments Print

Under Section 143 of GST Law, the CENVAT or Input Tax Credit carried forward in the last return prior to GST under earlier law be available as ITC under GST. The registered taxable person shall be entitled to such credit and it will get credited to his electronic credit ledger.

Tax Credit available on Dividend received from Company based in Oman

May 6, 2017 1464 Views 0 comment Print

Up to the tax year 2011 dividend has been first included in the total income and thereafter deduction has been granted. The facts mentioned above clearly establish that the Assessee Society is entitled to getting credit for the deemed dividend tax by virtue of the provisions of DTAA read with Section 90 of the Income Tax Act, 1961

Then Deputy Commissioner of Customs Jailed and Fined

May 6, 2017 1716 Views 0 comment Print

The investigation revealed that Shri K.S. Chandrasekhar while working as Deputy Commissioner of Customs, Air Cargo Complex, Nedumbassery Airport, Ernakulam entered into a criminal conspiracy with Shri Raju Mathew & Shri George Bastin, Partners of M/s Mars Cargo Agencies, Cochin and favoured M/s Mars Cargo Agencies without any public interest, in the matter of clearing of goods without imposing applicable Customs Duty.

How GST is going to affect E-Commerce businesses

May 6, 2017 5568 Views 0 comment Print

Collection of Tax at Source: Every electronic commerce operator shall, collect the tax at the time of credit of any amount to the account of the supplier of goods and / or services or at the time of payment of any amount towards the supply of goods and / or services made through it.

Understanding Composition Scheme under GST in Simplified Manner

May 6, 2017 6333 Views 0 comment Print

Another important provision under GST (Goods and Service Tax) which is all set to roll out in July 1, 2017 is composition Scheme. The main aim of composition Scheme is to minimize the compliances of Startups & small and medium Enterprises (SMEs), unlike Regular dealer.

Draft Airline policy on Handling of unruly & disruptive passengers

May 6, 2017 729 Views 0 comment Print

The Airlines will maintain a database of such passengers which will form a National No-fly List of unruly/disruptive passengers. Individuals identified by MHA as national security threats will also form part of the National No-Fly List.

Ingredients of Invoice, debit and credit notes under CGST Act,2017

May 6, 2017 6162 Views 0 comment Print

Invoice is basic document for supply of goods or service. There are circumstances where Taxable Invoice need not be raised only Bill of Supply will be issued .what are circumstances where Taxable Invoice as well as Bill of supply need not be raised and instead Delivery Challan will be sufficient.

Draft rules on valuation of ‘unquoted shares’ for Sec. 56(2)(x)/50CA

May 6, 2017 12390 Views 1 comment Print

CBDT has released the draft rules prescribing ‘unquoted shares’ valuation for purposes of Sec. 56(2)(x)/50CA (an important development impacting corporate restructuring) inviting comments from public.

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