"10 November 2017" Archive

GST on restaurants reduced to 5% by GST Council in 23rd Meeting

i. All stand-alone restaurants irrespective of air conditioned or otherwise, will attract 5% without ITC. Food parcels (or takeaways) will also attract 5% GST without ITC. ii. Restaurants in hotel premises having room tariff of less than Rs 7500 per unit per day will attract GST of 5% without ITC....

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6 New Exemption from IGST/GST in certain specified cases

Recommendations made On GST Rate changes by the GST Council as per discussions in its 23rd Meeting on 10th November, 2017 held at Guwahati Exemption from IGST/GST in certain specified cases as : i. Exemption from IGST on imports of lifesaving medicine supplied free of cost by overseas supplier for patients, subject to certification by [&h...

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Changes recommended in Composition Scheme in 23rd GST Council meeting

Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rupees 1 crore under the law. Thereafter, eligibility for composition will be increased to Rs. 1.5 Crore per annum....

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GST Rate Changes as recommended in 23rd Meeting of GST Council

As per these recommendations, the list of 28% GST rated goods is recommended to be pruned substantially, from 224 tariff headings [about 18.5% of total tariff headings at 4-digit] to only 50 tariff headings including 4 headings which have been partially reduced to 18% [about 4% of total tariff headings at 4-digit]....

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GST Return filing Simplified, Penalty reduced in 23rd GST Council meeting

The return filing process is to be further simplified in the following manner: i. All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018. ii. For filing of details in FORM GSTR-1 till March 2018, taxpayers would be divided into two categories. Details of these two categor...

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Cabinet approves amendment in DTAA between India & Kyrgyz

Cabinet approves the protocol amending the Agreement between India and Kyrgyz for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the protocol amending the Agreement between India and Kyrgyz R...

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Cabinet approves DTAA between India & Hong Kong Special Administrative Region of China

Cabinet approves Agreement between India and the Hong Kong Special Administrative Region of China for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income...

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GST Council prunes the items in 28% tax slab to 50 from 227

The decision of GST Council on pruning of the 28% slab list would be a welcome move for many industries in mass consumption space. In certain cases, it is also likely to bring down the total tax impact even lower than earlier regime which would be a big relief to the industry as well as consumers. ...

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Deemed Dividend’ not attracted in case of Normal Business Transactions

Shri Deven Chachra Vs. Deputy Commissioner of Income Tax (ITAT Delhi)

In Circular No. 19/2017, paragraph 3, the CBDT has also held that trade advances, which are in the nature of commercial transactions would not fall within the ambit of the word advance in Section 2(22)(e) of the Act....

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GST Issues Before GST Council

With 23rd meeting of GST Council scheduled for 9-10 November, 2017 to consider various implementation issues and rationalize rates etc, here are few suggestions which ought to be decided by the Council....

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