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Archive: 23 October 2017

Posts in 23 October 2017

Govt delegates power related to valuation of assets by registered valuers to IBBI

October 23, 2017 1638 Views 0 comment Print

Central Government hereby delegates the powers and functions vested in it under section 247 of the said Act to the Insolvency and Bankruptcy Board of India, subject to the condition that the Central Government may revoke such delegation of powers or it may exercise the powers under the said section, if in its opinion such a course of action is necessary in the public interest.

MGST: 0.05% Tax Rate on intra-State supply of taxable goods for export

October 23, 2017 2130 Views 1 comment Print

Prescribe the State Tax rate of 0.05 percent for intra-state supply of taxable goods by a registered supplier to a registered recipient for export- Notification No. 40/2017-State Tax (Rate)

A comprehensive analysis of ICDS u/s 145 & Reporting in Form 3CD

October 23, 2017 4929 Views 1 comment Print

This Article contains a detailed analysis of ICDS notified u/s 145 of Income-tax Act, 1961 alongwith Suggested Reporting in Form 3CD. The Article is extremely relevant for Tax Audits.

Confusion over Due date of filing Form GST TRAN-1

October 23, 2017 37971 Views 13 comments Print

What is the time-limit for filing GST TRAN-1? That seemed to be one of the biggest GST procedural compliance issues, after the introduction of unravelling GST regime from 1st July, 2017. It’s most prominent reason being the importance of GST TRAN-1 for a business, as on the basis of this declaration, the eligible credit under the past tax regime is carried forward to GST regime.

Time Bomb of late fees of GST return

October 23, 2017 46839 Views 25 comments Print

Krishna, during this Diwali the due date of filing GSTR-3B and for payment of tax was on 20th October for the month of September. Further in addition to this government is levying TIME BOMB of late fees for delay.

Taxpayers guide to how ITC Values are calculated in GSTR 2

October 23, 2017 8460 Views 0 comment Print

 ITC Value Calculation The GST System auto-populates the default ITC eligibility as ‘input’ and default ITC availed value as the full value of the tax paid. These default values can be edited as required by the taxpayer. Change in the default ITC value will not be recorded as modification.

How to Avoid Rejection of Invoices Prepared Using Offline Tool While Trying To Upload GSTR 2

October 23, 2017 4227 Views 0 comment Print

Taxpayers guide for avoid rejection of invoices prepared using offline tool while trying to upload GSTR 2. Avoid Rejection of Invoices Prepared Using Offline Tool While Trying To Upload GSTR 2 1. You may have used the offline tool available on the common portal to prepare and upload details of your invoices. 2. You may […]

Input Tax Credit under Special Circumstances in GST

October 23, 2017 17091 Views 1 comment Print

Section 18 of the CGST Act provides for credit of input tax in respect of transitional stock. Transitional stock for this purpose would mean inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the specified day. Transitional credit has been allowed in case of a new registrant under […]

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