The Union Finance Minister Sh. Arun Jaitley today has written a letter to the Chief Minister of the State of Jammu and Kashmir, Mehbooba Mufti Sayeed urging for introduction of the goods and services tax in Jammu and Kashmir from 1st July, 2017 along with the rest of the States.
1) Central Excise and Service taxpayers migrating to GST- a) Provisional ID which can’t be used to migrate as they are showing ‘RC cancelled’, are being reactivated. Please use these to enroll on GST portal beginning 25 June. Once enrolled, you get three months to submit your registration form.
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 covering the Services under Reverse Charge and Services Exempted under GST.
Any Services provided by way of job work in relation to Textile Manufacturing classifiable under Service Tax Code 998821 will attract GST @ 5%.
How the liabilities in respect of Tax , interest, penalty and other dues under the GST shall be paid, have been summarized hereunder. Same shall be entered in various register etc. All this is prescribed in Section 49 to 50 of the GST Law and GST Payment Rules ,2017.
Most of us tend to think that planning on investment portfolios for attainment of goals is a one time job. However it is not true; we all need to review our investment portfolios on a regular basis and also take the help of professional financial planners.
Pending proceeding relating to voluntary winding up.- All proceedings relating to voluntary winding up of a company where notice of the resolution by advertisement has been given under sub-section (1) of section 485 of the Act but the company has not been dissolved before the 1st day of April, 2017 shall continue to be dealt with in accordance with provisions of the Act.
Tax on supply of goods or services. ,Tax on Transaction value of supply i.e. the price actually paid or payable., GST applies to all gods & Services except ALCOHOL, ELECTERCITY, PETROL, NATURAL GAS and DIESEL for human consumption.
Procedure of intimating AADHAAR number to Income Tax Department by Permanent Account Number (PAN) holder and quoting of the same in PAN applications in compliance of Section 139AA of Income Tax Act.
GST would be implemented from 1st July, 2017. It is proposed to wind up Large Taxpayer Units (LTUs) in the new regime as the concept of state wise registration applies in GST. In this regard, reference has been received on the issue of handling of legacy work of the present LTUs in the GST regime.
