"03 November 2017" Archive

Clarification on Cash sale of agricultural produce by cultivators/agriculturist

Circular No. 27/2017-Income Tax (03/11/2017)

Representations have been received from the stakeholders regarding applicability of income-tax provision to cash sale of agricultural produce by cultivators/agriculturists to traders....

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RERA (Real Estate Regulatory Authority) ACT in Karnataka

RERA Act came into force with effect from May 1, 2017. Under the RERA Act, the Karnataka Real Estate Regulation and Development Rules, 2017 was approved by Government of Karnataka and notified on July 10, 2017. Its objective is to reform the real estate sector in India, encouraging greater transparency, citizen centricity, accountability ...

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Posted Under: Income Tax |

GST, Excise, Service Tax & Customs updates for October 2017

Notification No. 54/2017 –Central Tax, 30-10-2017 and Notification Nos. 52-53/2017-Central Tax, both dated 28-10-2017 and Notification Nos. 41-44/2017-Central Tax, all dated 13-10-2017 have been issued for this purpose....

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Posted Under: Income Tax |

Functionality of Table 6A of Form GSTR 1 is now available on GST Portal

The functionality of Table 6A of Form GSTR 1 is now available on GST Portal. Taxpayers can file their export data from the month of August 2017 onwards. This will enable the exporters to get IGST refund from Customs. ...

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Posted Under: Income Tax |

Place of GST Registration for Rent on Immovable property: FAQs

Question 1. I am a resident of Delhi having no business in Delhi or elsewhere but I have a commercial property in NOIDA on which I receive a rent of Rs. 25 lakhs. Where should I take registration and what tax should I pay ? Answer: As you do not have a place of business […]...

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Posted Under: Income Tax |

Types Of Meeting In Multi State Cooperative Societies (MSCS)

Broadly, there are four types of meetings which a MSCS conducts, namely, Annual General Body Meeting, Special General Body Meeting, Committee Meeting and Meeting of Board of Directors....

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Posted Under: Income Tax |

Indirect transfers – Deciphering global perspective v. India’s outlook

After the recent worldwide implementation of OECD’s recommendations to prevent Base Erosion and Profit Shifting (BEPS), another forum (The Platform for Collaboration on Tax) has released a discussion draft on The Taxation of Offshore Indirect Transfers – A toolkit (hereafter, referred as the toolkit) for public comments on 1 August, 2...

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Posted Under: Income Tax |

Impact of GST on the Gold Jewelery Industry

The Goods and Services tax (GST) to be levied on gold jewellery has been fixed at the rate of 3% of its sale value. Though this is slightly more than the tax attracted by gold earlier, it is less than the 5% rate that was being anticipated initially, and is likely to benefit the gold jewellery industry. ...

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Posted Under: Income Tax |

Due Dates Of Submission of Various Forms Under GST as on 31.10.2017 in West Bengal

Intimation to pay tax under section 10 (composition) by newly registered dealers declaration by the registered persons to the effect that they are eligible to avail the input tax credit under sub-section (1) of section 18...

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Posted Under: Income Tax |

Gist of GST Notifications issued between 23rd to 31st October 2017

The Central Government had issued various notifications under Centre Law, as given below, from 23rd to 31st October 2017. This brings a big relief to the trading community who are experiencing teething issues to come into terms with the GST Law...

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Posted Under: Income Tax |
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