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Archive: 07 August 2017

Posts in 07 August 2017

GST Council Recommends Increase in Compensation Cess on Motor Vehicle

August 7, 2017 2295 Views 0 comment Print

GST Council Recommends Increase in Maximum Ceiling of Cess Leviable on Motor Vehicles Falling Under Headings 8702 and 8703 to 25% Instead of Present 15%

25% growth in number of Income Tax Returns filed

August 7, 2017 1806 Views 0 comment Print

Press Information Bureau Government of India Ministry of Finance 07-August-2017 17:13 IST 25% growth noin number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns (ITRs) […]

Last Chance to Join Online Certification Course on GST?

August 7, 2017 72048 Views 50 comments Print

Join our most intensive and comprehensive Online Certification Course on GST – January 2019 Batch, organised jointly by,  GST Professionals & MSME across India. Batch will start from 20th January 2019.  TaxGuru and GST Professionals announces its January’ 2019 batch and most comprehensive Online GST Certification Course after successfully completing its previous 9 batches […]

Guidelines regarding cross checking of Input Tax Credit (ITC)

August 7, 2017 9501 Views 0 comment Print

During the service cell meeting dated 15th July 2017, some of the dealers and sales tax practitioners had brought to my notice that in cases of issue based case where there is mismatch of J2111, the officers insist for the ledger confirmations for the mis-match of small amounts which causes the great hardship to the trade and most of the time these mis-matches are on technical ground.

Change in date of birth of employees’ Pension Fund Members

August 7, 2017 1761 Views 0 comment Print

As per Head Office letters/circulars under reference, the procedure of change of date of birth has been elaborated and systematized and needs to be adhered to by the field offices. A member, having a systematically verified and linked Aadhaar with EPFO database will not be allowed to change date of birth again.

“Rakshabandhan” of GST

August 7, 2017 2226 Views 0 comment Print

Arjuna (Fictional Character): Krishna, Today is Rakshabandhan. This festival is celebrated in whole India. On this holy occasion what information about GST you can give? Krishna (Fictional Character): Arjuna, very good subject you have started. Yes, today is rakshabandhan. It means sister bind the Rakhi to her brother and brother gives promise to protect his […]

Bottling of Gas Into Cylinder Amounts to Production for Section 80HH, 80I and 80IA: SC

August 7, 2017 1794 Views 0 comment Print

Whether Bottling Of Gas Into Cylinder Amounts To Production For Claiming Of Deduction Under Sections 80HH, 80-I And 80-IA Of The Income Tax Act, 1961. Whether an activity constitutes production or manufacture for the purposes of sections 80HH, 80-I and 80-IA of the Income Tax Act, 1961 (hereinafter referred to as the ‘Act’) has remained point of dispute in many cases.

Payment Methodology in GST

August 7, 2017 23466 Views 1 comment Print

Section 49 provides for the following: 1. Methodology or mode of payment of tax, interest, penalty, fee or any other amount by a taxable person, 2. This Section prescribes three kinds of ledgers to be maintained by the taxable person.

Summary of 20th GST Council Meeting

August 7, 2017 20784 Views 3 comments Print

Union Finance Minister Arun Jaitley on Saturday chaired the 20th meeting of the GST Council which has decided: Final Drafting of E way bills Job work of all kinds of textiles will be taxed at 5%. Earlier some types of jobwork were taxed at 18% Rates on tractor parts brought down to 18% Government given work contracts like roads bridges canals will now be taxed at 12% with credits. Earlier this was 18%. Anti profiteering mechanism will get kick started by appointing state wise committees

Gear up for the first GST Return (GSTR-3B)

August 7, 2017 43929 Views 19 comments Print

After filing of Income tax return by August 05, 2017 now comes in the period of GST Return for the very first time, Anything for the first time creates a chaos due to limited knowledge among various businessmen over how to file the returns and hence this article is being shaped to try to make GST return filing easier than filing any return.

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August 2017