"03 July 2017" Archive - Page 2

What happens after 3 months of implementation of GST

Friends as you all know GST has been made effective w.e.f 1-7-2017. GST has been welcomed by all and specially Chartered Accountants for a simple reason that it will create biggest opportunity of all time for them. CA's are most enthusiastic and they should be....

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Amendment by Taxation Laws (Amendment Act)

A new Section 108A and 108B inserted which cast responsibility on Banking Company, Stock Exchange, Financial Institution, Register, Co Operative Bank etc to Furnish information to Proper Officer. Penalty Rs 100 per day will be imposed in case of failure to Furnish Information....

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Constitution of GST Facilitation Cell of MCA

F. No. 32/1/2017- R&A 03/07/2017

The Undersigned is directed to state that a GST Facilitation Cell has been constituted under Dr. Mohan Chutani, Economic Adviser, Ministry of Corporate' Affairs (MCA). The GST Facilitation Cell will aim to ensure smooth and successful roll out of GST and will be in touch with all stakeholders as well as professional institutes and industr...

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Clarifications in respect of section 269ST of Income-tax Act, 1961

Circular No. 22 of 2017-Income Tax 03/07/2017

Circular No. 22 of 2017 F.No.370142/10/2017-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) (TPL Division) *** Dated 03rd July, 2017 Clarifications in respect of section 269ST of the Income-tax Act, 1961 With a view to promote digital economy and create a disincentive against cash economy,...

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CBDT amends form 3CD to revise reporting U/s. 269SS & 269T

Notification No. 58/2017-Income Tax [G.S.R. 821(E)] 03/07/2017

In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, for serial number 31 and the entries relating thereto the following shall be substituted, namely: 31. (a) Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year :‑...

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Transaction on which provision of section 269ST shall not apply

Notification No. 57/2017-Income Tax [S.O. 2065(E)] 03/07/2017

Central Government hereby specifies that the provision of section 269ST shall not apply to the following, namely: (a) receipt by a business correspondent on behalf of a banking company or co-operative bank, in accordance with the guidelines issued by the Reserve Bank of India;...

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Download offline utility to file Form GSTR-1

The Offline tool comes bundled with MS Excel Template and a java tool. This Excel workbook template has 11 data entry worksheets, 1 master sheet and 1 Help Instruction sheet i.e. total 13 worksheets....

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Clarification on legislative changes related to Customs Act, 1962

Standing Order No. 17/2017- JNCH 03/07/2017

Attention of all officers and concerned staff is invited to the Board’s Circular No. 12/2017- Customs dated 31.03.2017 and Public Notice No. 66/2017 dated 26.05.2017 of JNCH, regarding legislative changes relating to the Customs Act, 1962 proposed in the Finance Bill, 2017 issued vide Board Circular No. 12/2017 –Customs dated 31.03.20...

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Review of RBI directive regarding provisioning on debts referred to NCLT under IBC 2016

Code will facilitate early, transparent and fair resolution of liquidity problems. Hence, the position of lenders under the Code is much better compared to earlier laws as discussed above. Therefore, there is no justification whatsoever in RBI directive to banks to create provision of 50% of the outstanding debt at the time of application...

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Rate of Interest under Goods and Service Tax Regime

Article compiles Rate of Interest under the provisions of provisions of CGST/IGST Act, 2017 and takes into account  Notification Numbers – 13/2017 – Central Tax, dated 28th day of June, 2017 and 06/2017 –Integrated Tax, dated 28th day of June, 2017 issued by CBEC. Interest Rates are Effective from – 01/07/2017. Check HSN Code lis...

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