"06 September 2017" Archive - Page 2

Sample Disclosure for ICDS un 3CD Report– Applicable for FY 2016-17

ICDS have been a talking point between a tax fraternity since last one year.An effort has been made to provide sample disclosures which may serve as base for chartered accountants to draft their own disclosures.Request you to provide your comments and suggestions. Happy Tax Audit Time !!!...

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Posted Under: Income Tax |

Video : Demo of GSTR 1 ver 1.3 master excel sheet to create instant b2b, b2cl and b2cs sheet

Govt has release an offline utility tool to upload b2b, b2cl and b2cs sheet in GSTN portal. But challenge is how to generate data into these sheets. What values shall correspond to which sheet. For this user have to have knowledge of GST Act. Most of the users are new to GST. Therefore to make your work extra easy we have released a Maste...

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Posted Under: Income Tax |

All About Levy of GST on Job-work

Value for the purpose of payment of GST on Job work: As per the provisions of Section 15 of CGST Act, 2017, 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 n...

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Posted Under: Income Tax |

Suspension of powers of Board of Directors under IBC, Bane or Boon?

M/s. Innoventive Industries Ltd. Vs. Versus Icici Bank & Anr. (Supreme Court)

According to us, once an insolvency professional is appointed to manage the company, the erstwhile directors who are no longer in management, obviously cannot maintain an appeal on behalf of the company. ...

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GST, Excise, Service Tax, Customs & VAT updates for August 2017

Notification No. 28 /2017 – Central Tax, dated- 01st September, 2017- CBEC waives late fee payable under section 47 of the CGST Act, 2017, for all registered persons who failed to furnish the return in FORM GSTR-3B for the month of July, 2017 by the due date....

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Posted Under: Income Tax |

GST : 3 Key Suggestions to ease of doing business in India

Inconsistency in GSTN Portal, ie fields available in login of one dealer is not available in the login of other dealer. Option to chose composition scheme & cancellation of registration not available, even though composition scheme opted, it is not reflected in RC issued & getting message to file Form No.3B. ...

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How to handle effects of inflation during Pre and Post Retirement?

We often hear from our parents and grandparents that they used to buy movie tickets for Rs. 5. Milk that we used to buy for Rs. 13 few years back has doubled now. Have you ever thought why such change in price happens? The answer is inflation....

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Posted Under: Income Tax |

GST Rules/ Regulations For Goods Transport Agency- At A Glance

Goods Transport Agency has not been defined in GST Act. However, notifications related to provisions regarding GTA services have been issued by Central Tax 2017 on various dates. An attempt has been made to compile these notifications in one place & simplify the provisions of GTA services in GST regime....

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Posted Under: Income Tax |

GSTR Form Due Dates, Payment and Return for July if Registration Granted in August

In case where registration has been applied for within 30 days of being liable for registration in the month of July, 2017 but registration has been granted in the month of August, 2017, one single return for the month of July, 2017 & August, 2017 (FIRST RETURN) will have to be filed together and tax paid accordingly....

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Posted Under: Income Tax |

GSTR Offline Utility 1.2 gives error if your invoices have multiple tax rates

Tally have yesterday issued an advisory to its users on 4th September 2017 and suggested  them to use GSTR Offline Utility 1.1 instead of GSTR Offline Utility 1.2. In their opinion use of GSTR Offline Utility 1.2 may potentially lead to an erroneous return which we may not be able to discover while filing. Extract […]...

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