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Archive: August, 2017

Posts in August, 2017

MGST: Due date extended for submission of GSTR-3B with TRAN-1

August 17, 2017 1803 Views 0 comment Print

Maharashtra Goods and Services Tax Rules, 2017 – Specifying Conditions for submission of GSTR-3B with TRAN-1-extension of date upto 28th August 2017.

All you should know while filing GSTR – 3B Return

August 17, 2017 78147 Views 13 comments Print

Filing of GSTR-3B return is the first formal communication of business transactions with the government machinery in the GST era. It holds lot of importance especially in the current scenario where many businesses are still struggling with the basics of this new law i.e. obtaining provisional id’s, issues in logins, interpretation issues in law, dealing […]

How to create and submit / File GSTR 3B Return

August 17, 2017 17289 Views 2 comments Print

A normal taxpayer is required to file GSTR 1, 2, & 3 returns for every tax period. In case of extension of due dates for filing of GSTR 1 and GSTR 2, GSTR 3B needs to be filed in addition to the GSTR 3.

Changes in Tax Audit Report – Form 3CD (AY 2017-18)

August 17, 2017 76923 Views 1 comment Print

I. Changes in Tax Audit Report – Form 3CD for AY 2017-18 relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reporting Adjustments thru […]

7 shabby situations when you shouldn’t use your credit card

August 17, 2017 3120 Views 0 comment Print

Life just seems to be getting simpler by the day, remarked 22 year Swati, a software developer with a leading MNC. She was referring to the convenience provided by modern-day living aids like plastic money, online shopping, e-payments, deferred payments and the like.

India @ 70 And Tax Reforms

August 17, 2017 1311 Views 0 comment Print

As India celebrates its 71st year of independence from British raj, the country also celebrates the independence from even older tax laws. Goods and Services Tax (GST) which turns just 45 days, has freed us from old tax laws including the one in existence even prior to country’s independence, viz, Central Excise Act of 1944.

Whether Amortization is to be Included for Valuation in GST?

August 17, 2017 10224 Views 4 comments Print

Section 15(1) of CGST Act, 2017 stipulates, the value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply.

Taxability on Warranty Supply made during warranty period subsequent to original supply free of cost

August 17, 2017 65247 Views 2 comments Print

The definition of goods is borrowed from Sale of Goods Act, 1930 with the exception that goods under GST includes actionable claim and excludes securities whereas definition under Sale of Goods Act, 1930 includes securities and excludes actionable claims.

Taxability on Receipt of Services covered under Reverse Charge prior to 30th June 2017 but accounted after 30th June 2017

August 17, 2017 11313 Views 4 comments Print

There is lot of confusion for tax ability of receipt of services covered under reverse charge prior 30th June 2017 but accounted after 30th June 2017. In such cases, whether Service tax is liable to be paid and taken the credit under the Transitional Provisions and what will be the situation when such invoices are accounted after 30 days of appointed day i.e. 30th July 2017 and paid subsequently.

Extend Due Dates for Composite scheme & GST Return filing

August 17, 2017 26364 Views 16 comments Print

There are many assessees who are still in the process of migration & many files have not been yet converted at the GST portal as final due to some technical and procedural problems. Also, there are problems in respect of claim of ITC in filing of GST Returns.

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