"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) (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) (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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