"17 July 2017" Archive

Understanding GST Invoicing Provisions (supplemented by FAQs)

Through this article, we have tried to put together a summary of all the invoicing rules and provisions into one thread and help everyone in implementing GST invoicing into their accounting systems....

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Preparation For GSTR 3B

Govt has deferred dates for GSTR 1 & GSTR 2 for the month of July 2017, from 10th Aug & 15th Aug 2017 to 5th Sep & 10th Sept respectively but at the same time it has introduced for 2 months only a New Form GSTR 3B which needs to be filed on or before 20th Aug 17 for July 17 working. Therefore it is prerequisite to start effort...

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Job Work Procedures in the GST Acts

Role of job workers in manufacturing sector are being more and more influential on passage of time. Big companies in manufacturing sector are getting their products done by job workers. It will not be wrong to say that today big organizations are busy to build and retain image of their Brands. Therefore, it is very important to frame flex...

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GST Guide for Sub Brokers/ Agents/ Intermediaries

Earlier, under the service tax law sub brokers were not liable to pay service tax as liability of sub broker was discharged by main broker. They were not liable to get registered....

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Composition Scheme of GST : Boon to small Tradres

The GST tax system has provided a big relief for those small traders, who trade goods locally and most of them are one man army, who in the course of business procure the goods for sale, do marketing and look after all affairs of their business venture himself. The Central Board of Excise and Customs have issued certain Notifications on...

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Thin capitalisation – impact on future debt raising

The taxation regime in India seems to be undergoing crucial changes to negate the above quote from one of the greatest philosophers of all times. On this backdrop, the principles of thin capitalisation as prescribed in the Organization for Economic Cooperation and Development (‘OECD’) Base Erosion and Profit Shifting (‘BEPS) Action ...

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Liability of GST Registrations & GST Payments thereof with Expert Analysis & Case Studies.

Under existing laws for Computation of Turnover limit for the purpose of SSI exemption of Rs 10 lakhs vide Notification No.33/2012-ST dated 20.06.2012, exempted or export turnover has to be excluded but same is not the case in GST as there is no exclusion for Exempted or export turnover for calculation of Threshold limit of 20/10 lac fo...

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When a supplier is liable to register under GST

As per section 22 and 24 of CGST ACT, 2017 following kinds of supplier shall be required to get register : (1) Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a...

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Job Work Provisions in Simple Manner

GST in India has provided a special procedure for removal of products from the principal manufacturer to job worker and return work from job worker to principal manufacturer subject to some terms, conditions, and limitations. Presently, excise duty is levied on the activity of ‘manufacture of goods’, whereas the VAT or central sales t...

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5 Issues SMEs Faced After GST Implementation

Exports in GST is a zero-rated supply i.e. supply can be done even without payment of tax. However, the procedural aspects were not clear to many. People struggled with questions like whether ARE-1 was required or not? Whether bonds entered into in excise regime will be sufficient?...

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Secret reference fees paid by diagnostic centre to Doctors is liable to TDS

M/s. Parco Diagnostics & Research Centre Pvt. Ltd. Vs The Deputy Commissioner of Income-tax(TDS), (ITAT Cochine)

he payment made by the assessee as referral fees is directly proportionate or percentage of an amount received by the assessee for providing CT scan and MRI scan and such payment comes within the term 'Commission or Brokerage'....

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Mere Rejection of a Claim would not attract Penalty

Commissioner of Income Tax-Vododara-2 Vs ORG Informatics Limited (Gujarat High Court at Ahmedabad)

The Department further initiated penalty proceedings against the assessee under section 271(1)(c) of the Income Tax Act on ground that the assessee failed to offer explanation for making such a claim. It was noted that once the claim was rejected the onus was on the assessee to dislodge the revertible presumption of the claim of concealme...

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CIC criticises Casual Approach of I-T Dept. in responding RTI application

Mr. Arun G Jogdeo Vs CPIO ITO, (Central Information Commission)

The Court directed the department to form a Vigilance Cell to ensure that there is a monitoring authority, which would monitor various policy decisions which are taken. It also directed the setting up of a self auditing mechanism to ensure that the income tax assessees are not made to run from pillar to post for the purpose of redressal o...

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Why BCCI not been made Public Authority Under RTI Act?: CIC

Subhash Chandra Agarwal Vs PIO, Department of Sports (Central Information Commission)

Central Information Commissioner, Prof. M Sridhar Acharyulu, in the case of Subhash Chandra Agrawal Vs. PIO, Department of Sports, declared the BCCI to be a public authority and directed the Board to disclose information sought by the RTI applicant....

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Goods and Transport Services under GST Act 2017

As we are aware that Goods and Service Tax Law implemented on 01st July 2017. the services which provided under existing law same also applicable in the GST with new rates and some relaxation....

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Transitional Issues in GST on Textiles – Deemed Credit of CGST on Textile Cloth and other items

There have been certain doubts as to admissibility of deemed credit of CGST on in-hand stocks of Textiles Cloth (and many other items which are related the genre of Textiles) for those person registered under GST which were not registered under Central Excise except the Manufacturers, i.e. the traders....

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Are you up for these 3 Financial Challenges?

Kin Hubbard is right in saying that if we do not spend money unnecessarily we would be able to save money and double it. However most of us like to spend and would find it difficult to not spend at all. We feel that it could stress us further....

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Rights and Duties of a Buyer i.e. Allotte under RERA and Model AFS

Introduction: This article discusses in detail the rights and duties of a buyer / allottee under RERA and model agreement for sale (Model AFS)....

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GST Model Overview

What is Goods and Services tax ? GST is a Value added Tax (VAT) and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian Central and […]...

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Vacancy for CA / MBA having experience in Project Financing

Vacancy for CA or MBA having experience in Project Financing of 8 to 15 Years for Vadodara (Gujarat) Location in a Company engaged in the Business of Power, Chemicals and Pharmaceutical for the Role of Finance Manager....

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Operational problems being faced by EOU in GST regime

Circular No. 29/2017- Customs (17/07/2017)

EOUs are allowed duty free import of goods under notification No.52/2003-Custom dated 31-3-2003. However, in view of GST the said notification has been consequently amended by notification No. 59/2017-Customs dated 30-6-2017....

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Govt. notifies 7.8% interest rate for 2nd quarter on non-Govt. PF, Superannuation and Gratuity Fund

Notification No. 5(4)-B(PD)/2017 (17/07/2017)

It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st July, 2017 to 30th September, 2017, bear intere...

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Foreign Business Tour by Non-Employee Director/Shareholder of Company not taxable as Perquisite

Mrs Kinty Suri Vs ITO (ITAT Delhi)

Assessee was a non-employee director and share holder in the company and no salary or director’s fees was paid to her by the company during the year under consideration....

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GST Service Invoice Utility Demo Version

This utility is based on Ms Excel and provides a very simple way to generate the invoices as per the guidelines under GST regime....

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How to Track Payment Status with and without Login

If Payment status is PAID, then the VIEW RECEIPT button is enabled and Taxpayer can view the receipt and also download the receipt after clicking on the VIEW RECEIPT button. In case of any other Status of challan (other than PAID), Taxpayer will be able to View the Challan....

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What Taxpayer can view on GST Portal / Dashboard after Login with FAQs

To view your complete profile on the GST Portal, perform the following steps: Access the www.gst.gov.in URL. The GST Home page is displayed. Login to the GST Portal with valid credentials. On the top right corner of the page displayed, click the down arrow appearing next to your username, and then click on the My Profile option....

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Fast Track Insolvency Process of Corporate Person (Chapter IV of Part II of the Code)

Fast Track Insolvency Process of Corporate Person (Chapter IV of Part II of the Code) SECTION 55 -58 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, READ WITH IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 CHAPTER II, PART II OF THIS CODE (Procedural Manner) CHAPTER VII, PART II OF THIS CODE (Offence...

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20 FAQs on export and FTP related issues of GST

What are the GST refund options available to the exporters? Answer: An eeporter would be eligible to claim refund under one of the following two options, namely –(a) He may export under bond, without payment of IGST and claim refund of unutilized input tax credit in;...

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Win- Win Situation For Retail Sectors Under GST

As most of the taxes paid by the retailers are not eligible for input tax credit in the current regime as stated above, cascading of taxes results in cost going up for the retailer. Ultimately the consumer bears the tax burden by paying higher price for the product....

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P&H HC directs subordinate courts to record Aadhaar No. of Parties

No. 1588 1588/Spl. C.B.2 (17/07/2017)

Directions be issued to all the District And Sessions Judges In the States of Punjab, Haryana and U.T. Chandigarh for directing the officials concerned to start capturing/ entering the Aadhar Number of the parties while entering the cases in CIS 2.0. The members of the Bar may be requested to provide the Aadhaar number for the aforesaid P...

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The Last exam of School of VAT

Krishna, GST Law came into force from 1st July 17. It means the school of GST is started and the last exam of school of VAT have to be given. So please tell about how to do the preparation of this last exam....

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Maintenance of Accounts and other Record in GST Law

Rule 56,57 and 58 of Central Goods and Services Tax (CGST) Rules, 2017 specifies the book to be maintained by registered persons, Generation and maintenance of electronic records and Records to be maintained by owner or operator of godown or warehouse and transporters....

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