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Archive: 18 August 2017

Posts in 18 August 2017

GSTR-3B date extended for those opting to avail transitional credit

August 18, 2017 6459 Views 3 comments Print

The GST Council had earlier decided to defer the filing of return in Form GSTR-3 and had recommended the filing of return in Form GSTR-3B for the month of July and August, 2017. Accordingly, the Central Government vide Notification No. 21/2017-Central Tax dated August 8, 2017 had notified the last date for filing of return in Form GSTR-3B for the month of July, 2017 as August 20, 2017.

UTGST rate on specified parts of tractors reduced from 14% to 9 %

August 18, 2017 765 Views 0 comment Print

CBEC reduces UTGST rate on specified parts of tractors reduced from 14% to 9 % which includes Silencer assembly for tractors and parts thereof, Clutch assembly and its parts thereof for tractors, Steering wheels and its parts thereof for tractor, Hydraulic and its parts thereof for tractors

CGST rate on specified parts of tractors reduced from 14% to 9 %

August 18, 2017 1602 Views 0 comment Print

CBEC reduces CGST rate on specified parts of tractors reduced from 14% to 9 % which includes Tyre for tractors, Tube for tractor tyres, Agricultural Diesel Engine of cylinder capacity exceeding 250 cc for Tractor, Hydraulic Pumps for Tractors, Bumpers and parts thereof for tractors, Brakes assembly and its parts thereof

IGST rate on specified parts of tractors reduced from 28% to 18 %

August 18, 2017 4050 Views 0 comment Print

CBEC reduces IGST rate on specified parts of tractors reduced from 28% to 18% which includes Brakes assembly and its parts thereof for tractors, Gear boxes and parts thereof for tractors, Transaxles and its parts thereof for tractors, Road wheels and parts and accessories thereof for tractors, Radiator assembly for tractors and parts thereof, Cooling system for tractor engine and parts thereof, Silencer assembly for tractors and parts thereof

CBDT notifies revised Form no. 29B for MAT audit with Annexures

August 18, 2017 124791 Views 5 comments Print

Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB- [Applicable only where the financial statements of the company are drawn up in compliance with the Indian Accounting Standards specified in Annexure to the Companies (Indian Accounting Standards) Rules, 2015 for the previous year or any part thereof]

Reduce VAT burden on Petroleum Products used for manufacturing: FM to State CMs

August 18, 2017 963 Views 0 comment Print

The Union Minister of Finance, Defence and Corporate Affairs, Shri Arun Jaitley has written to State Chief Ministers urging the States to reduce burden of Value Added Tax (VAT) on Petroleum Products used as inputs in making of goods after the introduction of Goods and Services Tax (GST).

GST- Refund Process

August 18, 2017 8730 Views 1 comment Print

Sections 54 to 58 of GST Act makes the provisions for granting refund. Situations leading to GST refunds are explained below. Export of goods/ services under claim of rebate or refund of accumulated input credit when goods/ services are exported

USA is not a person or authority under the Indian Income Tax Act

August 18, 2017 1404 Views 0 comment Print

USA is not a person or authority under the Indian Income Tax Act, subsidy or grant received from it does not attract Explanation 10 to section 43(1), extraction of coal from mines and processing thereof tantamounts to production

Leviability of GST on High Seas Sale Transactions

August 18, 2017 12156 Views 2 comments Print

Levy of GST on high seas sale transactions is a much debated topic these days. This article attempts to analyse the leviability of GST or otherwise on the high seas sale transactions.

How to lodge GST related complains with Higher Authorities

August 18, 2017 44229 Views 21 comments Print

Technical difficulties and failure of GSTN to address the same in a time bound manner is creating various legal, operational as well as technical hassles for taxpayers. Over and above technical difficulties and non-availability of solutions to address the issue is giving sleepless nights to taxpayers as well as various GST consultants as it will affect them via burden of late fee, penalty and Interest as well as legal hassles in future.

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