"15 September 2017" Archive

Due date to Pay GST & file Form GSTR 3B for Aug-Dec 2017 notified

Notification No. 35/2017–Central Tax [G.S.R. 1164(E)] (15/09/2017)

Notification No. 35/2017 – Central TaxSeeks to extend the last date for filing the return in FORM GSTR-3B for the months of August to December, 2017....

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CBEC notifies rules for filing Revised GST TRAN-1

Notification No. 34/2017-Central Tax [G.S.R. 1165(E)] (15/09/2017)

Every registered person who has submitted a declaration electronically in FORM GST TRAN-1 within the time period specified in rule 117, rule 118, rule 119 and rule 120 may revise such declaration once and submit the revised declaration in FORM GST TRAN-l electronically on the common portal within the time period specified in the said rul...

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TDS Provisions of GST applicable from 18th September, 2017

Notification No. 33/2017-Central Tax (15/09/2017)

entral Government hereby appoints the 18th day of September, 2017 as the date on which the provisions of sub-section (1) of section 51 of the said Act shall come into force with respect to persons specified under clauses (a) and (b) of sub-section (1) of section 51 of the said Act and the persons specified below under clause (d) of sub-se...

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GST Registration exemption to casual taxable person supplying handicraft goods

Notification No. 32/2017-Central Tax [G.S.R. 1158(E)] (15/09/2017)

Seeks to granting exemption to a casual taxable person making taxable supplies of handicraft goods from the requirement to obtain registration vide Notification No. 32/2017- Central Tax...

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India’s ‘External Debt: A Status Report 2016-17

Ministry of Finance releases India’s ‘External Debt: A Status Report 2016-17’;India’s External Debt stock stood at US$ 471.9 billion at end-March 2017, decreasing by US$ 13.1 billion (2.7 per cent) over the level at end-March 2016. ...

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Window for uploading correct pendency/ disposal by CIT(A)

No. 279/ M-118 / 2013-(Vol-II)-ITJ (15/09/2017)

The appeal module of ITBA was rolled out in the month of June 2015 enabling the CsIT(Appeals) to function in a computerized environment. To dispose appeals in ITBA, it was imperative to upload appeals on ITBA Module and for the same an excel utility was made available to CIT(A) to upload the pending appeals in the appeals module. ...

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Notification No. 87/2017- Customs (N.T.) Dated: 15.09.2017

Notification No. 87/2017- Customs (N.T.) [S.O. 3061 (E)] (15/09/2017)

Notification No. 87/2017- CUSTOMS (N.T.) Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver ...

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Seeks to amend certain customs notifications in pursuance to change made in Budget 2017-18

Notification No. 76/2017- Customs [G.S.R. 1181 (E)] (15/09/2017)

G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby amends the following notifications of the Government of India in the Ministry of Finance (Department of Revenue)...

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EPFO revises composite Pension Payment Order form

No: Pension-I/17(1)/2000/PPO (15/09/2017)

The Central Provident Fund Commissioner has approved a composite Pension Payment Order form (copy enclosed) replacing the existing Pension Payment Order. The Information Services Division has made requisite changes in the application Software to replace the existing Pension Payment Order with the revised Pension Payment Order....

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Removal of prohibition on export of Pulses till further orders

Notification No. 28/2015-2020-DGFT (15/09/2017)

Toor Dal, Moong and Urad have been made 'free' for export till further orders. The exporter will have to do prior-registration of contracts with APEDA....

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CCI finds coal and sand transportation companies contravening Competition Law

Western Coalfields Limited Vs. SSV Coal Carriers Private Limited & others (Competition Commission of India)

Competition Commission of India finds conduct and practice of coal and sand transportation companies to be in contravention of the Competition Law; The parties have been directed to cease and desist from indulging in anti-competitive conduct; A total penalty of Rs. 11,81,71,260 imposed on the ten parties; Penalty also imposed on the eight...

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Consultation paper on Accounting for Revenue and Non-Exchange Expenses for comments

This is to inform you that the International Public Sector Accounting Standard Board (IPSASB) has recently issued a Consultation paper on 'Accounting for Revenue and Non-Exchange Expenses' for comments which is enclosed herewith for your valuable comments and suggestions. ...

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Cabinet Reshuffle: New Faces, New Challenges, New Frontiers

Prime Minister Narendra Modi has completed his cabinet reshuffle. Among the inspiring rejuvenations were Nirmala Sitharaman taking over as the first woman to be a full-time Defence Minister and Olympics Silver Medalist shooter Rajyavardhan Singh Rathore’s accession as the Sports Minister (Independent charge). ...

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IND AS and Income Tax Act – a complex interplay

The world is soon going to become a village; therefore, it is time to standardize business practices all over the world, and global uniform accounting standards and practices are the need of the hour. The Indian Accounting Standards or IND AS have also been designed accordingly. Transactions would be perceived differently with the advent ...

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Composition Scheme under GST- Brief Analysis

Composition scheme under the GST law is for small businesses where they can opt to pay a fixed percentage of turnover as tax in lieu of standard rate of tax and be relieved from the detailed compliance of the provisions of law. Section 10 of CGST Act deals with composition levy....

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Place of Supply of Goods and /or Service

The importance of place of supply is to determine (i) Nature of Supply (ii) Type of Tax to be levied and (iii) Tax Collecting Jurisdiction Authority. Under the present indirect tax system, both Central and State Government levy the taxes goods. Further Central Government has exclusive authority to levy tax on services. ...

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Procedural rules cannot be ignored even if litigant is Government/ Revenue and Revenue should not follow tendency of blaming Advocate or procedural rules for dismissal of appeal

CIT Vs. M/s. Parle Bisleri Ltd. (Bombay High Court)

Bombay High Court held in the case of CIT Vs. M/s. Parle Bisleri Ltd. that Procedural rules cannot be ignored even litigant is Government/ Revenue and Revenue should not follow tendency of blaming Advocate or procedural rules for dismissal of appeal...

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Online selling in GST Era

The laws and regulations for selling goods and services on online portals like Amazon, Flipkart, Snapdeal has undergone a lot of changes after GST implementation. Here in this article summarized reference of all the sections, rules & notifications of GST is being given:-...

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Shell Companies- Govt prepares List of 16,794 companies

After Prime Minister Narendra Modi's decision to demonetize ₹500 and ₹1000 rupee notes on 8th November 2016, various authorities noticed a surge in shell companies depositing cash in banks, possibly in an attempt to hide the real owner of the wealth. ...

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