The GST Council, vide notification no. 18/2017, 19/2017, 20/2017 and 21/2017, has formally extended the date of filing of GST-1, GST-2 and GST-3 and has introduced a monthly return called GSTR 3B, which need to be filed for the months of July’ 2017 and August’ 2017.
Under Section 12 of IGST – This section helps to determine the place of supply of services where both the supplier and recipient are located in India. General provisions – Under section 12(2) in relation to determination of place of supply of services
Not liable for registration earlier but liable for registration now Manufacture of exempted goods and provision of exempt services earlier but taxable now Works contract service availing the benefit of notification No. 26/2012 First stage dealer or second stage dealer or registered importer
Tax runs the society and the legislature always outreach to make the levy and collections of the tax in a broader base i.e. include as many persons as possible in the taxable net. The government always encourage small tax payers to come voluntarily within the taxable net and try to make the procedure simplified for them.
The administration of tax is run through a mechanism there by maintaining a fine balance between the revenue collection and cash follow available to the business. In every tax statute there has to be a provision of refund for any amount which was not levy and collected properly or for the amount which by the process of law is required to be refunded.
Government on 11-08-2017 vide Circular No. 5/5/2017 – GST, provided some clarifications on applicability of LUT’s/Bonds in case of exports of goods and services, major clarifications provided in this circular are as follows:
In income tax parlance, individuals who are permanent residents of India are known as resident individuals. It is the duty of all such citizens to pay taxes on the income that they earn and file income tax return each year.
When the Indian Prime Minister visited Israel recently and eulogies were written about Israel, my thought process needed more research on the tax aspect of Israel Vis – a – Vis U S taxation since both have been intertwined since its creation and a large number of Israelis do have twin citizenship from both the countries. For an Indian professional, it is important to know the current tax system in Israel so that when he would visit it as an expert engineer, scientist, capitalist or collaborator on defense projects, he is well prepared for his asset/wealth/income creation. It is not unusual to compare Indian brain with the best ones from Israel since both stimulate curious queries from others about their brilliance though both have no comparison in any other thing except their glorious civilizations.
