"15 July 2017" Archive

Advisory for issues related to GST Migration & New Registrations

Trade Circular No. 31T of 2017 (15/07/2017)

In relation to the enrollment and registration process, some queries were raised by the trade. The resolution received for these queries from GSTN is brought to the notice of the trade through this circular....

Read More

Analytical Note on Registration under GST

GST registration process is a online process through a online portal provided by Central Government of India. Government also appoint GSPs (GST Suvidha Providers) to help businesses with the registration process. Facilitation Center are also available for assisting taxpayers for getting registration under GST....

Read More

How to transform mis-buying /selling into a smart buying?

Are you completely satisfied with the financial products you have bought or investments sold to you? If your answer is No, is it because of mis-selling or mis-buying? Mis-selling means that you were given unsuitable advice, the risks were not explained to you or you were not given the information you needed, and ended up […]...

Read More

GST: What you Know & What it Means

If I buy raw material from supplier unregistered in GST, do I have to pay GST in RCM and can I avail ITC of the same ? Ans:- Yes, you have to pay GST via RCM. You can avail ITC of the GST so paid if you are otherwise eligible....

Read More

Insurance Surveyors under the new GST Regime

Most of the insurance surveyors’ gross receipts are less than Rs. 20 Lakhs only and those who are getting more than Rs. 10 Lakhs have already registered under the erstwhile Service Tax and as such they are already collecting Service Tax from the Insurance Companies and paying the same quarterly at due dates and of course filing half yea...

Read More

Transitional Provision Under GST

Whenever a new levy or new scheme / Law of taxation is introduced, it may completely overwrite the existing tax laws and rewrite rules of the game. That's what will happen when GST is introduced. Entire scheme of Indirect Taxation will undergo radical overhaul. So to cope up with that change, transitional provisions are created in new law...

Read More

Provisions Related To Registration In GST Regime- As per Press Statement dated 15th July, 2017

If a person carrying out any business and have an annual aggregate turnover in the preceding financial year exceeding Rs. 20 lakhs (Rs. 10 lakhs in Special Category States), you need to register in all States/Union Territories from where you are making taxable supplies....

Read More

Accounting Entries in GST Regime

Since GST is in place and has replaced old indirect taxation from 1 st July, 2017, new concept of RCM (Reverse Charge Mechanism) for buying from unregistered dealer and GST on advance received from the customer has made difficulties for most of the accountant. ...

Read More

No Change in Tax on Legal Services by Advocates including Senior advocates in GST regime

There are points being raised about the applicability of GST on legal services provided by advocates — whether it is in forward charge or reverse charge. It may be mentioned that there is no change made in taxation of legal services in the GST era....

Read More

Margin scheme under GST on old & used bottles

Position regarding applicability of the Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular. Doubts have been raised regarding the applicability of the Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and […]...

Read More

Timeline to apply for GST registration / Migration / Cancellation

Provisions related to registration under GST regime; Traders are requested to register now without waiting for the last date i.e. 30th July, 2017.   As per the GST laws, one is required to take registration on or before 30thJuly, 2017. All traders are requested to register now without waiting for the last date. If one […]...

Read More

How to make payment in GST regime and how to track status

FAQs on Create the Challan Q.1 How do the new payment systems benefit the taxpayer and the Commercial Tax Department? Ans: No more queues and waiting for making payments as payments can be made online 24 X 7 Instant online receipts for payments made online GST Practitioners can make payments on behalf of the clients. […]...

Read More

Amendment Companies Act, 2013- June-July, 2017

In this Flash editorial, the author referring amendment (i.e. in Rules, Sections, Circulars, Notifications) issued by Ministry of Corporate Affairs in the Month of June – July, 2017. This is article no. 246 of the series of editorials written by the author on corporate laws...

Read More

FAQs on Filing Application to Register as GST Practitioner

What are the steps involved in applying for Registration as a GST Practitioner (GSTP) on the GST Portal? 1. Access the https://www.gst.gov.in/ URL. The GST Home page is displayed. ...

Read More

GST FAQs on Registration Application by Normal/ New Taxpayer

I am a normal taxpayer. How can I register with GST? For registering yourself as a normal taxpayer, perform the following steps: 1. Access the https://www.gst.gov.in/ URL. The GST Home page is displayed. 2. Click the Services > Registration > New Registration option. Alternatively, you can also click REGISTER NOW link....

Read More

Delhi HC admits Petition challenging Constitutional Validity of ICDS

Chamber of Tax Consultants & ANR. Vs Union of India & Ors. (Delhi High Court)

Mr Ganesh states that although at this stage he is not pressing for any ad interim directions, the requirement for compliance of the impugned ICDS would arise at the time filing of returns and therefore it is important that the petition be heard at an early date after completion of pleadings....

Read More

Complete NRI Guide to Property in India

This article attempts to dispel the doubts in the minds of such prospective NRI investors by addressing key issues pertaining to property dealings in India....

Read More

4 Bad Behavioral Biases Investors need to Avoid

When the heart speaks, the mind finds it indecent to object feels author Milan Kundera. Yet, people like Warren Buffet, have followed their mind and won handsomely in the stock market. This is perhaps explained by William Blake’s statement A fool does not see the same tree that a wise man sees....

Read More

RBI rules on customer’s liability on unauthorized electronic banking transactions (Frauds)

On 6th July , 2017, RBI has come out with a new circular capping the liabilities of Bank customers in the event of unauthorized electronic banking transactions (put simply, frauds). The guidelines given in the circular is applicable for all Commercial banks, Small banks and payment banks in India....

Read More

1.32 Lakh Student appeared in May 2017 CA Final Exam and 93K in CPT June 2017

Placed below is the data of the students that were admitted in Final Examination held in May 2017 and Common Proficiency Test (CPT) held in June 2017. Final Examination- No. of Students admitted in the Final Exams - 1,32,007. No. of Final Exam Centres across the globe - 372...

Read More

ICAI postpones Eligibility Test Paper Scheme for CA Final Exam

The students of Final Course may please note that the Eligibility Test Paper Scheme which was to be implemented for the Final Course students from November 2017 attempt, stands postponed to a later date. In other words...

Read More

5.56 lakh new persons in 2nd phase of Operation Clean Money identified

Income Tax Department has used information received under Statement of Financial Transactions to identify 5.56 lakh new persons in second phase of Operation Clean Money....

Read More

Scheme of FM Award on the occasion of Income Tax Day

The Government hereby sanctions the following scheme of awards to be conferred upon the Officers and Staff of the Income Tax Department in consideration of their rendering exceptional or meritorious service, or displaying outstanding devotion to duty....

Read More

GST: Input Tax Credit- When allowed & when not allowed- simplified

If the goods and/or services are taken to deliver the same category of services or as a part of a composite supply, credit will be available....

Read More

GST a simple study in Hindi for general information

वस्तु एवं सेवा कर या जी एस टी एक व्यापक, बहु-स्तरीय, डेस्टिनेशन (गंतव्य) आधारित कर है जो वस्तु व् सेवा कर बढ़ते हुए मूल्य पर लगेगा. यह क...

Read More

Advisory on GST for Pharmaceuticals dealers

C1-24614/16/CT Eoffice11137/17 (15/07/2017)

As many Pharmaceutical Dealers and their association represented various matters the following advisory is issued for information and awareness generation. 1. In earlier VAT system, importers and Manufacturers in Medicines and drugs are entitled for composition. The rate of compounding is 5% of MRP. The MRP means maximum price printed on ...

Read More

13 FAQ’s On Merger and Amalgamation

Which companies are allowed to merge? Companies Act, 2013 does not prescribe any eligibility requirements of companies for the merger. However, it prescribes several questions which will be answered in further lines. ...

Read More

Whether Jewellers Comes under the Ambit of GST or Not??

Pre- GST there was buzz that as per section 9(4) of the Central GST Act, 2017, jewellers also falls under the Reverse Charge Mechanism. Revenue Secretary Hasmukh Adhia’s, right before a day before press release said that purchase of old gold jewellery by a jeweller from a consumer will be subject to GST at the […]...

Read More

Function & Duties of Promoter (i.e Builder / Developer) under RERA

This article discusses about Promoters, their functions and duties under Real Estate (Regulation and Development), 2016. A person who develops land into a project for the purpose of selling to other persons all or some of the plots in the said project, whether with or without structures thereon; or...

Read More

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031