"19 August 2017" Archive

Date to file GST Return in Form 3B & Payment extended to 25th August 2017

LAST DATE FOR PAYMENT OF GST AND FILING OF RETURN FOR JULY 2017 EXTENDED BY 5 DAYS- Since it is the first Return to be filed under GST, the tax payers and the tax practitioners have requested for few more days to file their Return. Also there have been requests from States which are hit with floods to extend the last date for filing of GS...

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State Code List Under GST

GSTIN is a unique tax identification number assigned to every GST registered dealer. The first two digit of the GSTIN are represented by the State Code. The list of States along with the State Codes is provided below: State Code List Under G.S.T Sr. No. State Code 1 JAMMU AND KASHMIR 1 2 HIMACHAL PRADESH […]...

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U S Taxation – S Corporation – Useful information to be learnt and cherished

What is a S Corporation? Quoting directly from irs.gov, our well known American federal government website for income tax purposes, “S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.”...

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Which approach is better in managing Mutual Funds? Top Down Vs Bottom Up

Mutual Fund managers are like gardeners who use different techniques to ensure that the money entrusted to them by the investors, grow and blossom well. Investors may not know what such techniques are, but may be keen to get an overview of the methods applied to manage Mutual Fundss....

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How to be financially fit?

On the face of it the above question may appear to you as contradictory. You may feel that I am putting yourself into a corner and asking you to make a choice between remaining fit but not rich or vice versa. If you have got in this way, you have got me wrong...

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Governance Reforms Bring Big Relief to Working Class

Reforms in governance have completely changed the scenario for the working class in the country. Till few years back workers had to make endless trips to Employees Provident Fund (EPF) offices to get their EPF savings at the end of their career....

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GST Website Crashes before last date of Filing GSTR 3B tomorrow

The GST Website, GSTN Portal gst.gov.in is expecting errors since today morning and is down consistently resulting in users not able to file GSTR 3B , make payments. Notable that tomorrow is the last date of filing GSTR 3B for the month of July 2017. ...

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Draft Customs Brokers Licensing and Revocation Regulations, 2017

Notification No. ___/2017-Customs (N.T.)

CBEC released on 19th August 2017- Draft Customs Brokers Licensing and Revocation Regulations, 2017 which will be apply on approval to shall apply to a Customs Broker who has been licensed under these regulations or regulations preceding thereto and also such other persons who have been employed or engaged by the said Customs Broker unde...

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GST on Gems & Jewelery- 8 FAQs

Question 1: Whether advertising and communication material (banners/hoardings/posters) provided to distributors would be treated as supply in the course of business by the company thereby not requiring any reversal of ITC. Answer: (a) Where the material is provided free of cost: This would not amount to a supply and hence no tax is payabl...

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GST on IT Services / ITES Sector – 26 FAQs

Question 1: Whether software is regarded as goods or services in GST? Answer: In terms of Schedule II of the CGST Act 2017, development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or enjoyment of any intellectual p...

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