"05 July 2017" Archive

Format of Tax Invoice Under GST

Download Format of Tax Invoice Under Goods & Services Tax (GST) in Excel Format...

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All about Exports under GST

Export will be treated as zero-rated supply. Under zero-rated supply, IGST paid on export goods or the input tax credit proportionate to the goods and services consumed in goods exported under bond /LUT would be refunded....

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Analysis of Section 234 of Companies Act, 2013 notified on 13.04.2017

The provisions of Section 234 and that of Rule 25A of the Companies (Compromise, Arrangements and Amalgamation) Rules, 2016 are effective from 13 April 2017....

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Duty on Import of gifts / other goods for personal use through Courier

Instruction No. 09/2017-Customs (05/07/2017)

Reference has been received in the Board that seeking clarification as to whether the above concessional duty @ 10% is applicable to goods imported through courier (heading 9804) where the value of the said goods is above Rs. 2000/-. It has been further mentioned that there is no uniformity of practice in the field formations on this issu...

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GST- KI- Master Class

PRESS RELEASE GST-KI-Master Class to be held on six days covering issues relating to Registration & Migration Transition & Invoice Making, Composition and Record Keeping; To be telecast Live on DD National and other Channels. Department of Revenue, Government of India and the Central Board of Excise & Customs (CBEC) are organi...

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Meaning of registered brand name in context of GST rates

Meaning of registered brand name in the context of GST rates; CGST rate of 5% will not be applicable on the supply of goods unless the brand name or trade name is actually on the Register of Trade Marks and is in force under the Trade Marks Act, 1999....

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33 FAQs on Composition Levy under GST

Q.1 What is composition levy under GST? Ans. The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs ( Rs. 50 lakhs in case of few States). The objective of composition scheme is to bring simplicity and to reduce the compliance cost […]...

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18% IGST on Rental services of transport vehicles with or without operators

CORRIGENDUM to Notification No. 8/2017-Integrated Tax (Rate) / G.S.R. 838(E). (05/07/2017)

Government of India in the Ministry of Finance (Department of Revenue), No. 8/2017-Integrated Tax (Rate), dated the 28th June, 2017 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 683 (E), dated the 28th June, 2017, in the Table, in Sl No. 10, in column (3) and column (4), for...

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IGST exemption to SEZs on import of Goods by a unit/developer in an SEZ

Notification No. 64/2017-Customs (05/07/2017)

Central Government exempts all goods imported by a unit or a developer in the Special Economic Zone for authorised operations, from the whole of the integrated tax leviable thereon under sub-section (7) of section 3 of the Customs Tariff Act, 1975 (51 of 1975) read with section 5 of the Integrated Goods and Service Tax Act, 2017 (13 of 20...

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Amendment in Notification No. 12/2012-Cus dated 17.03.2012

Notification No. 63/2017-Customs (05/07/2017)

G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance...

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GST Guide for Jewellers

There has been a lot of confusion and multiple interpretations are doing rounds over the past few weeks in respect of the taxability of Jewellery. In the ensuing paragraphs, an effort has been made to clear the air around this issue...

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Reverse Charge under GST

Section 9(3) of CGST/SGST acts provides that, Government may specify categories of supply of goods or services which shall be paid on reverse charge basis i.e. tax shall be paid by the recipient of such goods or services. In this regards two notifications have been issued providing the list of goods and services, wherein the purchaser/re...

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Tax liability on AC Restaurants under GST regime

As per clause 6(b) of Schedule II, Restaurant services are specified as composite supply and have been defined as follows:- Supply by way of or as part of any service or in any other manner whatsoever, of goods, being food or any other article for human consumption or any drink...

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How to bequeath wealth to our legal heirs using nomination, joint accounts and will?

However, other than writing and registering a Will, there are other ways to pass on the wealth without any hassles is by having joint accounts with the person whom you want to pass on the wealth (namely, one’s spouse). Joint accounts are more hassle free even compared to a Will....

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Property, Plant and Equipment – Proceeds before Intended Use (Proposed amendments to IAS 16) – (03-07-2017)

In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 16 Property, Plant and Equipment. The amendments would prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary fo...

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CESTAT passes Strictures against Advocate for making frivolous arguments

Clarion Power Corporation Ltd Vs Commissioner of Customs (CESTAT Chennai)

This as a fit care where the Bench may recommend to Tamilnadu Bar Council to take appropriate action against him. But, by keeping a lenient view in mind, we adjourn the case at the cost of Rs. 1,000/-(Rupees on thousand only) which will deposited by the counsel toward Prime Minister’s Relief Fund within three days from today. On the nex...

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The Nagaland Goods and Services Tax Act, 2017

Act No. 4 of 2017

The Nagaland Goods and Services Tax Act, 2017 An ACT to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the State of Nagaland and the matters connected therewith or incidental thereto...

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Service Tax Exemption vs GST exemptions

Article Compares Tax Exemption under Service Tax Regime and under GST Regimes. Article discusses exemption which was there in Service Tax Regime but been deleted under GST Regime and also the exemptions which were not there in Service tax Regime but been added in GST regime.  Service Tax exemptions which has been segregated in multiple [...

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Conditions to get Entitlement of Input Tax Credit under GST

You can be entitled for Input Tax Credit if you satisfy the below mentioned conditions: To get the benefits of ITC, you must satisfy the following conditions:...

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Procedure for drawing of samples and testing during Export – Reg.

Standing Order No. 19/2017 (05/07/2017)

Attention of all officers posted in the CFSs for clearance of the export cargo is invited to the Board Circular Nos. 34/95, dated 06.04.1995; 1/2011-Customs, dated 04.01.2011; along with the S.O. No. 41/2007, dated 10.10.2007; 42 /2011, dated 13.05.2011; and Standing Order No.17/2009, dated 21.04.2009; as amended vide Standing Orders No. ...

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National Company Law Tribunal (NCLT) (Amendment) Rules, 2017

G.S.R. 840 (E) (05/07/2017)

"87A. Appeal or application under sub-section (1) and sub-section (3) of section 252. - (1) An appeal under sub-section (1) or an application under sub-section (3) of section 252, may be filed before the Tribunal in Form No. NCLT. 9, with such modifications as may be necessary....

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Companies (Appointment and Qualification of Directors) Amendment Rules, 2017

G.S.R.839(E) (05/07/2017)

Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, namely: - 1. (1) These rules may be called the Companies (Appointment and Qualification of Directors) Amendment Rules, 2017....

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Procedure for amendment/ conversion of free shipping bills to Export Promotion shipping bills

Public Notice No. 88/2017-JNCH (05/07/2017)

Procedure for amendment/conversion of free shipping bills to Export Promotion shipping bills and amendment/conversion of shipping bills from one scheme to another scheme-...

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Amendment in Sch. IV of Companies Act 2013

G.S.R. 584 (E) (05/07/2017)

Central Government hereby makes the following amendments to Schedule IV of the said Act, namely:- 2. In the Companies Act, 2013, in Schedule IV, -(i) in paragraph III, in sub-para (12), for the words acting within his authority, the words act within their authority shall be substituted;...

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IGST exemption to SEZs on import of Services by a unit/developer in an SEZ

Notification No. 18/2017-Integrated Tax (Rate) (05/07/2017)

Central Government hereby exempts services imported by a unit or a developer in the Special Economic Zone for authorized operations, from the whole of the integrated tax leviable thereon under section 5 of the Integrated Goods and Service Tax Act, 2017 (13 of 2017)....

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Rescinding N/No. 15/2017-Integrated Tax (Rate) dated 30.06.2017

Notification No. 17/2017-Integrated Tax (Rate) (05/07/2017)

Central Government, on being satisfied that it is necessary in the public interest so to do, hereby rescinds, except as respects things done or omitted to be done before such rescission, the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 15/2017- Integrated Tax (Rate), dated the 30th June, ...

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ATTENTION! Tobacco Product Manufacturers, Distributors & Retailers!

Circular No. 27/2017-Customs (05/07/2017)

As per the Rules, during the rotation period of twenty four months, two images of specified health warning as notified in the Schedule, shall be displayed on all tobacco product packages and each of the image shall appear consecutively on the package with an interregnum period of 12 months....

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Proper officer relating to provisions other than Registration and Composition under CGST Act, 2017–Reg.

Circular No. 3/3/2017-GST (05/07/2017)

CBEC hereby assigns the officers mentioned in Column (2) of the Table below, functions as proper officers in relation to the various sections of Central Goods and Services Tax Act, 2017 or rules made there under given in corresponding entry in Column (3) of said Table:-...

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Export of Sandalwood oil moved from ‘Free’ to ‘Restricted’ category

Notification No. 15/2015-2020-DGFT (05/07/2017)

Central Government hereby makes the following amendments in Notification No. 37/2015-2020 dated 27.01.2017 on (Export policy of Sandalwood oil at Sr. No. 185, Chapter 44 of ITC(HS) Classification - Schdule 2 (Export Policy), with immediate effect:...

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A simple and comprehensive study on GST

What is a GST actually?? GST is a short form from words Goods and Services Tax. It also can be known as a multi-stage consumption tax on goods and services. This kind of tax covering all sectors of the economy including export and import activities except goods and services which are categorized under zero rated supply and exempt supply o...

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Free Samples & Promotional Items under GST

Section 16(1) of the CGST ACT Provides that every registered person entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used, in the course of furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person....

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GST Due Dates and Returns

What Are the Returns and due dates Applicable Under GST? In the table below, we have provided details of all the returns which are required to be filed under the GST Law....

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Goods and Services Network (GSTN)

In the third article of the series on GST, we will tell you about GSTN. The Goods and Services Tax Network (GSTN) is a not-for-profit, non-government company promoted jointly by the Central and State Governments, which will provide shared IT infrastructure and services to both central and state governments including tax payers and other s...

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Cases in which GST registration is compulsory

In the fourth article of our series on GST, we will explain the situations under which registration under GST is mandatory. As you will recall from the previous articles, under GST as a general rule, a person whose turnover exceeds Rs.20 Lakhs (10 Lakhs in special category states) need to take registration under GST....

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GST for Simplicity

Hello… as you must have read by now in our previous articles, GST is all about simplifying the complicated maze of the indirect tax structure, rates, administration and compliance requirements. Let us see how GST goes about simplifying the complicated structure which it replaces....

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Practising Chartered Accountant under GST Regime

At first the Practising Chartered Accountants can be classified into two categories viz. Subject to Service Tax and not Subject to Service Tax, whether they are practising in their Individual capacity or in Partnership with others either as a Partnership Firm or as Limited Liability Partnership Firm (LLP)....

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New reporting requirement in Auditor‘s Report

What need to be disclosed- Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period 08/11/2016 to 30/12/2016 as provided in the Table below:-...

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How to protect yourself from credit card frauds?

I received a call recently from a close friend of mine in a hurried voice saying that someone had purchased a jewelry from a famous jewelers in Bangalore for Rs.1,15,000 using his credit card. That too, when he is having his card safely in his purse. I consoled him and asked him to talk to the bank immediately. Even though he was not char...

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Understanding the concept and transactional nature for undertaking the supply with execution of work “With In The Premises Of Customer Or At Their Project/ Work Site”

Q.1 If the premises / work site not registered under GST Act. Either it should be registered by the customer as their additional place or it may treated or it has to be registered as work / project site of the supplier on the basis of acceptance of work order....

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All about Advance Pricing Agreement (APA)

The CBDT, with Central Government’s approval, enter into APA with the applicant assesse determining the ALP and/or methods for determining ALP which is to be followed notwithstanding anything contained in section 92C / 92CA of the Act...

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POEM – Tracking the evolution of new Residency Norm

Place of Effective Management (PoEM) has been one of the most deliberated aspects under the Indian Income Tax regime since its introduction vide Finance Act, 2015, especially for Indian transnational groups....

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Talks on Invoice in GST Regime

1. Issue of tax invoice in case of supply of taxable goods by a registered person (a) Where supply involves movement of goods Tax invoice shall be issued before or at the time of removal of goods for supply to the recipient. (b) Where supply involves other than movement of goods Tax invoice shall be […]...

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Import, High Sea sale & supply of goods after Clearing from Ports under GST

In case of import credit cannot be availed unless goods are received by registered person in the registered state or you have to take registration in the state from where you are willing to supply directly without receiving the goods to registered place of business....

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All about Imports under GST

IGST and GST Compensation cess will be levied on imports by virtue of sub-sections (7) & (9) of Section 3 of the Customs Tariff Act, 1975. Majority of imports would attract levy of IGST except a few commodities such as pan masala, certain petroleum products which attract levy of CVD....

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December 2020