"18 August 2017" Archive

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

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...

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

Notification No.19/2017-Union Territory Tax (Rate) [G.S.R. 1034 (E)] (18/08/2017)

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...

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

Notification No. 19/2017-Central Tax (Rate) (18/08/2017)

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 ...

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

Notification No. 19/2017- Integrated Tax (Rate) [G.S.R. 1033(E)] (18/08/2017)

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 ther...

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

Notification No. 80/2017-Income Tax [G.S.R. 1028(E)] (18/08/2017)

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 y...

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

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)....

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GST- Refund Process

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...

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

Spectrum Coal & Power Ltd Vs ACIT (ITAT Mumbai)

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...

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Leviability of GST on High Seas Sale Transactions

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....

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How to lodge GST related complains with Higher Authorities

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 ...

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SEBI Advisory on Curbing misuse of bulk SMS in Share Market

Press Releases No. 54/2017 (18/08/2017)

It had come to the notice of the Securities and Exchange Board of India (SEBI) that there are increasing instances of bulk SMSs being sent to investors and the general public inducing them to invest in or purchase the stocks of certain listed companies, indicating target prices and giving fraudulent misleading/false information....

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CBEC gives effect to renewed MoU on India-Bangladesh border haats

Notification No. 73/2017- Customs (18/08/2017)

Seeks to further amend notification no. 60/2011-customs dated 14th july 2011 to give effect to renewed MoU on India-Bangladesh border haats- Notification No. 73/2017-Customs...

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Anti-dumping duty on Textured Toughened (Tempered) Glass import from China

Notification No. 38/2017-Customs (ADD) (18/08/2017)

CBEC imposes Seeks to impose anti-dumping duty on TexturedToughened (Tempered) Glass , originating in or exported from China PR -Notification No. 38/2017-Customs (ADD)...

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MGST: Distribution of GST Provisional Id & Access Token of Phase 10 dealer

Trade Circular No. 36T of 2017 (18/08/2017)

Provisional Ids and Access Token of Phase 10 dealers, are now made available by GSTN. Dealer can obtain their Provisional Ids from department's portal www.mahavat.gov.in, using their login credentials. The list of all such dealers is published under GST Tab on Mahavat portal....

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Maharashtra GST- Reduction in tax rate of Tractor Parts

Notification No.19/2017-State Tax (Rate) (18/08/2017)

No. MGST-1017/C.R.139/Taxation-1.—In exercise of the powers conferred by sub-section (1) of Section 9 of the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017), (hereinafter referred to as said Act), the Government of Maharashtra,...

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Due Dates for submission of return in Form GSTR-3B in Maharashtra

Notification No. 34/2017- State Tax (18/09/2017)

Commissioner of State Tax, Maharashtra State, on the recommendations of the Council, hereby specifies that the return for the month as specified in column (2) of the Table below shall be furnished in FORM GSTR-3B electronically through the common portal on or before the dates as specified in the corresponding entry in column (3) of the sa...

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Submit note in respect of each high-pitched assessment case: Revenue Secretary

F.No. 225/ 287 /2017/ITA.II- Income Tax Notification (18/08/2017)

In April, 2017, Board had called for all India information regarding functioning of Regional Committees to deal with Tax Payer Grievances from High Pitched Assessments. Some of the charges had reported that the Committees had identified some cases as 'High-Pitched'....

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Format for Authorisation of Repayment o Housing Loan out of PF Account

No: WSU/39(1)2017/Housing Scheme/10420 (18/08/2017)

Cash Branch should ensure that generation and disbursal of EMIs in respect of the all claims under para 68-BD(4) of EPF Scheme, 1952 on the 1st working day of the month. The Cash Branch should also generate the forwarding letters for intimation for disbursal of EMIs to the lending agency as well as to the member, on the first working day ...

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All about New ₹ 50 banknote issued by RBI

Press Release: 2017-2018/481 (18/08/2017)

RBI Introduces ₹ 50 banknote in Mahatma Gandhi (New) Series The Reserve Bank of India will shortly issue ₹ 50 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has motif of Hampi with Chariot on the reverse, depicting the country’...

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Due Date for payment of GST for July, 17 is 15/09/17!!!

Article explains Due Date for filing GST Returns, Due Date for Payment of GST, Due Date for Payment of GST: Legal Analysis...

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Filing of Enrolment application is necessary to file GSTR-3B Return

All taxpayers registered under existing laws (for taxes subsumed under GST), who have not completed the enrolment procedure on the Common Portal, are required to complete it immediately. Otherwise various benefits under the GST regime will not be available to them....

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Warning: Don’t fall for “Sure-shot Investment Tips – Trial Package”

We provide sure-shot stock market investment tips. Enjoy the free trial for 6 months. If you are satisfied, you can enroll for the premium investment tips package anytime...

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GSTR 3B extended, till 28th August! Transitional Credit allowed to be taken in GSTR 3B!! A deeper look..

Around 72 hours before the deadline earlier prescribed, Government yesterday came up with another circular & notification which was in the air for last couple of days & quite needed. Thankfully at least it came to give some relief to a number of taxpayers. Let’s find out, what exactly the circular or notification is prescribed. ...

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Decoding Extension in GSTR 3B Return Filing Date

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. Accordingly, the Central Government vide notification No. 21/2017-Central Tax dated 08.08.2017 had notified the last date for filing of return in FORM GSTR-3B for the month of July, 2017 as 20.08.2017 [&he...

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Customs – Provisional Release of Seized Imported Goods Latest Guidelines

The Central Board of Excise & Customs (CBEC), vide Circular No. 35/2017 – Customs, dated 16th August 2017 issued guidelines for provisional release of seized imported goods pending adjudication under Section 110 of the Customs Act, 1962 Section 110A  Any goods, documents or things seized under Section 110, may, pending the order of...

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Due date of filing GSTR-3B extended only for those claiming transitional credits before 28.08.2017

Ministry of Finance recently issued a clarification regarding availability of credit on Transitional stock held as on the appointed date in FORM GSTR-3B, highlights of the clarification are as follows:...

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Video : GSTR 3B due date extended till 28-8-2017 to claim transitional credit on stock held on 30-6-2017

As you all know transitional credit was not available in GSTR 3B. The company were facing working capital challenge. GSTN was not ready with TRANS 1 form. Good news is that TRANS 1 form will be available for filing from 21-8-2017. Watch the full video of how this decision shall be executed....

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Extension of Filing of Form GSTR-3B in Case Where Transitional Credit is to be claimed

As per Press Release and Via notification No. 23/2017 dated 17th August, 2017, extension has been granted for filing of first monthly summary return for the month of July, 2017 i.e. FORM GSTR-3B upto 28th Aug, 2017. Let’s analyse the same further: Ques. 1 What is the due date of filing FORM GSTR-3B in case […]...

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