"13 July 2017" Archive

POEM guidelines – more clarity or ambiguity?

The increase in globalization and technological advancement has resulted in the international expansion of several multinational and Indian corporations. Over the years, these corporations have used their global presence to enter low-tax jurisdictions, primarily to reduce the overall effective tax costs. ...

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GST Invoicing / Billing Excel Utility

Download GST Invoicing Excel Utility will help you generating Bill as per GST Rules and GST Act 2017 easily in a minute. Bill Contains Column for all the disclosures which are required to be made or informations which are required to provided under the current GST Regime....

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Alcohol Industry Under GST

Legally speaking, alcoholic beverages meant for human consumption are out of the scope of Goods and Services Tax (GST) net and anybody who knows this would understand that there can not be any new impact, whatsoever, on alco- beverages in GST regime. However, this may not actually happen. Let's look at how and why this may not hold good....

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Posted Under: Income Tax |

Export Procedure Under GST Law

Section 16 of the IGST Law defines zero rated supply which means export of goods or services or both and it includes supply of goods and services to Special Economic Zone (SEZ). Regarding zero rated supply the procedures are prescribed and according to which the goods can be exported either without payment of IGST and the unutilized Input...

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Posted Under: Income Tax |

Who Else Wants More Returns and a Simple, Hassle-free Investment Method?

What is the best investment strategy to earn more return on investments? Is there a simple, hassle-free, proven, sure-fire investment method available? Having a routine on investing, yield more rewards. Is this a true statement? How can we set a routine, that too, on investments? Is it really possible? Confused with lots of things spinnin...

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Posted Under: Income Tax |

What you need to know for exporting under GST

Quoting PAN (Permanent Account Number), which is authorized as Import Export code by DGFT, would suffice if the exporter exclusively deals with products which are either wholly exempt from GST or out of GST regime....

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Posted Under: Income Tax |

Designation of officers under Maharashtra GST Act, 2017

Trade Circular No. 30T of 2017 (13/07/2017)

Government of Maharashtra has issued a notification cited at Ref. (2) above. Vide said notification, for carrying out the various purposes under the MGST Act, the Government of Maharashtra has appointed officers working under Maharashtra Value added Tax Act, 2002 to be the officers under the MGST Act....

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Govt Creates two new Directorates DIC & DGARM

The Central Government has decided to constitute two new Directorates, namely, 1. The Directorate of International Customs (DIC) & 2. The Directorate General of Analytics and Risk Management (DGARM), e.f 1st July 2017...

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Posted Under: Income Tax |

GST Valuation of Supply and its Rules – simplified

Section 15: Value of Supply: When the Supplier and Recipient are not related & The price is the sole consideration for the supply, then Transaction value = the price paid or payable for the supply of goods/services/both....

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Posted Under: Income Tax |

GST on legal services lacks clarity and creating doubts: Delhi HC

J K Mittal & Company Vs. Union Of India & Ors. (Delhi High Court)

In this case Delhi High Court held that as of date there is no clarity on whether all legal services (not restricted to representational services) provided by legal practitioners and firms would be governed by the reverse charge mechanism. ...

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GST on Sale of jewellery / gold ornaments under reverse charge

NA (13/07/2017)

Further clarification on tax in reverse charge on gold ornaments; Sale of old jewellery by an individual to a jeweler will not make the jeweler liable to pay tax under reverse charge mechanism on such purchases; However, if an unregistered supplier of gold ornaments sells it to registered supplier, the tax under RCM will apply....

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Rolling out of GST presents great opportunities : Kalraj Mishra

He also informed the gathering that by rolling out GST, cascading of taxes will be overcome and this will significantly reduce the tax burden. Furthermore, this will pave the way for a formal economy hence will give a fillip to growth and employment generation. Therefore, MSMEs should see this as an opportunity rather than a challenge. ...

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Posted Under: Income Tax |

GST on Services provided by Housing Society

Services provided by the Housing Society Resident Welfare Association (RWA) not to become expensive under GST; There is no change made to services provided by the Housing Society (RWA) to its members in the GST regime. There are some press reports that services provided by a Housing Society [Resident Welfare Association (RWA)] will become...

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Posted Under: Income Tax |

No GST on lodging/boarding charges by hostels on students

No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation; Services provided by an educational institution to students, faculty and staff are fully exempt from GST. ...

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Posted Under: Income Tax |

How Can You Increase Your Working Capital?

The last few years have seen a spurt in the number of start-ups in India. Many people are actually fascinated with the idea of being their own bosses. It might even sound like a piece of cake for few. But that is not true. It takes a lot of efforts, hard work, thinking, and of course, capital to sustain a business....

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Posted Under: Income Tax |

Celebrate Mutual Fund Day on 7th of each month with Reliance Mutual Fund

India is an emerging economy and is considered as a bright investment destination, riding on its high growth and savings rate. According to a report by United Nations Population Fund, more than 50 percent of the country’s population is below the age of 25, with most of them joining the workforce for the very first time....

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Posted Under: Income Tax |

Banks to Record Transactions details in Passbook/Statement of Account

RBI/2017-18/24 DCBR.BPD.(PCB/RCB).Cir.No.02/12.05.001/2017-18 (13/07/2017)

It has come to our notice that many banks still do not provide adequate details of the transactions in the passbooks and / or statements of account to enable the account holders to cross-check them. ...

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Investment in plant and machinery for classification as MSME not depreciated value

RBI/2017-18/21 FIDD.MSME & NFS.BC.No.10/06.02.31/2017-18 (13/07/2017)

Ministry has clarified that for the investment in plant and machinery for the purpose of classification of an enterprise as Micro, Small or Medium, the purchase value of the plant and machinery is to be reckoned and not the book value (purchase value minus depreciation)....

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ROC Shillong SCN to 37 LLP for striking off names

Public Notice No.:RoC/Shill/LLP/Sec 75/ (13/07/2017)

That the following LLPs in List A (List of 37 Nos. of LLPs) have not been carrying on any business or operation for a period of two immediately preceding financial years....

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Office Order-04/2017: Constitution of Review Committees of Commissioners of Central Excise & Service Tax

Office Order-04/2017-CX & ST (13/07/2017)

OFFICE ORDER-04/2017-CX & ST- Constitution of Review Committees of the Commissioners of Central Excise and Service Tax...

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Office Order-03/2017: Review Committees of Commissioners of Central Excise & Service Tax

Office Order-03/2017-Cus (13/07/2017)

OFFICE ORDER-03/2017-CX & ST- Constitution of Review Committees of the Commissioners of Central Excise and Service Tax dated: 13/07/2017...

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Office Order- 02/2017: CBEC constitutes Review Committees of Chief Commissioners of Central Excise and Service Tax

Office Order- 02/2017-CE& ST (13/07/2017)

In exercise of powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944) and sub-section (1A) of section 86 of the Finance Act, 1994 (32 of 1994), read with Notification No. 13/2017-Central Excise (NT) dated 09.06.2017 and Notification No. 17/2017-Central Excise (NT) dated 19.06.2017,the Central Board...

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Office Order No. 01/2017: Constitution of Review Committees of Chief Commissioners of Customs- Regd.

Office Order No. 01/2017-Customs (13/07/2017)

In exercise of powers conferred by sub-section (1B) of section 129A of the Customs Act, 1962 (52 of 1962), read with Notification No. 13/2017-Central Excise (NT) dated 09.06.2017 and Notification No. 17/2017-Central Excise (NT) dated 19.06.2017...

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Anti-dumping duty on imports of ‘O-Acid” from China

Notification No. 35/2017-Customs (ADD) (13/07/2017)

NOTIFICATION No. 35/2017-Customs (ADD) Seeks to Impose provisional anti-dumping duty on imports of 'O-Acid" originating in exported from China PR...

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Companies (Meetings of Board and its Powers) Second Amendment Rules 2017

F. No.1/32/2013-CL-V-Part (13/07/2017)

(e) Any director who intends to participate in the meeting through electronic mode may intimate about such participation at the beginning of the calendar year and such declaration shall be valid for one year :...

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Anti- dumping duty on imports of ‘ Grinding Media Balls’

Notification No. 34/2017-Customs (ADD) (13/07/2017)

Seeks to extend levy of anti- dumping duty on imports of ' Grinding Media Balls' (excluding Forged Grinding media Balls), originating in, or exported from, Thailand and people's Republic of China imposed vide Notification 36/2012- Customs (ADD) ,dated 16th July, for one year i.e. up to and inclusive of the 15th July, 2018....

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Processing of BEs during transition phase of GST roll out in Customs

Standing Order No. 23/2017-JNCH (13/07/2017)

It has been observed that Trade is still facing problem difficulties and delays in processing of import declarations due to system related issues. 2. Earlier Standing Order No 21/2017, dated 10.07.2017 was issued to extend the validity of Standing Order No-18/2017 dated 06.07.2017 till 12.07.2017....

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Entrenchment of Article of Association under Section 5 of CA 2013

Entrenchment of Article of Association is required in case where we want to specifically enforce the applicability of certain actions, which cannot be overridden until and unless supported by supermajority or a referendum or in order to protect the interest of minority shareholders, where the consent of minority party is required to overr...

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Posted Under: Income Tax |

Migrants under GST Composition Scheme

The last date for submission of intimation of composition scheme in on or before 21st July, 2017. The motto is to issue the registration certificate, called Goods and Services Tax Identification Number (GSTIN), to taxpayers who have already been issued provisional ID for registration (PID) as well as to the new taxpayers....

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Goods and Services Tax on Transportation of Goods by Road

Transportation of goods by road are done by transporter or courier agency. Here, we are discussing about transporter. Transporter can be of two types: Goods Transport Agency (GTA) - like VRL Logistic or TCI XPS and Transport (i.e. Vehicle) Owners...

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Analysis of GST Compensation to states Act, 2017

Provisions relating to GST Compensation to states which are relevant from the practice point of view have been dealt with in this Article....

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Posted Under: Income Tax |

How to Track GST Registration Application Status

How to Track GST Registration Status? How to Track GST Application Status without logging into GST portal, after logging to the GST Portal using TRN?...

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Posted Under: Income Tax |

GST: Liability of Registration & Payments thereof

As per Sec 22 of the CGST Act 2017 every supplier (including his agent) who makes a taxable supply i.e. supply of goods and / or services which are leviable to tax under GST law, and his Aggregate turnover in a financial year exceeds the threshold limit of 20 lac/10 lac rupees shall be liable to register himself in the State or the Union ...

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Posted Under: Income Tax |

FAQs on Login, Forgot Username / Password, Change Password on GST Portal

I am a new Taxpayer. How can I login first time to the GST Portal with Provisional ID/ GSTIN and password? Migrated taxpayers need to login first time to the GST Portal with Provisional ID and password. New taxpayers need to login first time to the GST Portal with GSTIN and password....

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Posted Under: Income Tax |

Input Tax Credit will not be lost in transition to GST

Are you worried about what will happen to the input tax credit [ITC) on your inputs (held as input/ semi-finisbed goods/ finished goods]/capital floods upon transition to GST?:- The law allows you to carry forward your input tax credit and ensures that no ITC is lost while migrating into the new regime. The following table provides the de...

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Posted Under: Income Tax |

Un-Registered Persons are bound to get registered under GST Laws

Un-Registered Persons are bound to get registered under GST Laws even when their aggregate turnover is less then Rs. 20 Lakhs or Rs. 10 Lakhs in case of non special category states and special category states respectively due to the provisions of RCM....

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Posted Under: Income Tax |

Goods sold in existing laws & return by purchaser before GST Laws

Goods sold in existing laws and return by the purchaser before GST Laws but goods received on or after implementation of GST Laws i.e. 01 July 2017 (goods return were in transit)...

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Posted Under: Income Tax |

GST: FAQs on Register / Update DSC & Troubleshoot DSC Issues

I am facing the error Sorry Digital Signature Certificate Missing Please plugin the token & click on process to proceed with signing. What should I do? If you are facing the below error, ensure that the DSC is installed or token is plugged in your system....

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Posted Under: Income Tax |

33 FAQs on Filing GST Enrollment Application

For the first time login to the GST Common Portal, you need to provide the username and password that you received from the State VAT or Center Tax Department. For subsequent login, you need to create a username and password during enrollment at the GST Common Portal. You can then use the username and password that you created to login at...

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Posted Under: Income Tax |

Transfer/disposal of goods or right in goods, Gift to employee, free sample, Buy one get one free, replacement under warranty, GST on motor vehicle, under GST act 2017

NA (NA//)

Transfer/disposal of goods or right in goods, Gift to employee, free sample, Buy one get one free, replacement under warranty, GST on motor vehicle, under GST act 2017. 17(5) notwithstanding anything contained in sub-section (1) of section 16 and subsection (1) of section 18,...

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Posted Under: Income Tax |

How to be Savings Friendly in today’s world?

India, unlike many developed countries of the west, is more savings friendly. By being savings friendly we yearn to save more out of our disposable income, irrespective of the level of our earnings. Warren Buffet advocates that one should focus on savings first and then whatever is left should be spent....

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Posted Under: Income Tax |

Brief Overview of Secretarial Audit

Secretarial audit defined under Companies Act, 2013. It is Compliance of various applicable laws under companies act or any other act, rules, regulation and Procedure. Secretarial audit will be helpful to the Promoters, Independent & Non- Independent Directors, government authorities & regulators, Investors, stakeholders, Creditors and ma...

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Posted Under: Income Tax |

TDS Under GST, Tax Deduction at Source under GST Regime

TDS Deductor will account for such TDS in the following ways: 1. Such deductors needs to get compulsorily registered. 2. They need to remit such TDS collected by the 10th day of the month succeeding the month in which TDS was collected and reported in GSTR 7....

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Posted Under: Income Tax |

ASSOCHAM seeks review of GST rates for specific agriculture inputs

ASSOCHAM urged union government to review GST rates for select agriculture inputs viz., bio fertilizers, bio pesticides/bio control agents (BCA), organic manures/vermicompost/farmyard manure (FYM) and others....

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Posted Under: Income Tax |

PIL seeking to defer GST Roll out dismissed by Bombay HC

Dr. Kanagasabapathy Sundaram Pillai Vs Union Govt. of India (Bombay High Court)

Petitioner cannot urge and/or seek directions to the respondents to postpone the decision to implement GST with effect from 1.7.2017, for simple reason that herein levy and collection of taxes on goods and services has sanction of law....

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Discussion Paper on Growth and Development of Equity Derivatives Market in India

Derivatives market in India has been growing rapidly in recent years. Orderly growth, development and alignment of both cash and derivatives markets is important. Keeping this objective in mind, the discussion paper has been prepared to undertake an assessment of the derivatives market in India so as to evaluate whether there is a need to...

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Posted Under: Income Tax |

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