"11 November 2017" Archive

Top 10 Points Of 23rd GST Council Meeting

All businesses to file GSTR-1 and GSTR-3B till March 2018. GSTR-2 and GSTR-3 due dates will be notified soon. Changes in Composition Scheme - Composition scheme limit to be increased to Rs 1.5 crore (can be extended to Rs 2 crore later). - GST rate of 1% for manufacturers & traders - Composition tax of 1% on turnover of taxable goods (tur...

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Composition Scheme under GST not beneficial for traders

Composition Scheme under GST is not beneficial for traders who are dealing in products covered by GST slab rate of 5%. Small traders opt for Composition Scheme only to avoid GST compliances and heavy charges payable to Chartered Accountants. ...

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Transfer of Shares To IEPF Authority & Recent Amendments

In this piece of writing, we will discuss the concept and procedure for transfer of shares by the Company to Investor Education and Provident Fund, a fund established by Central Government under section 125 of the Companies act, 2013...

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How to choose the best investments for you always?

I am always at a loss while planning my finances. With so many options and choices available, everything looks green in one second and completely in red the next second. I get confused a lot on choosing the best investment option for me, what can I do about it?...

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Decisions relating to Services in 23rd GST Council meeting at Guwahati

In the 23rd meeting of GST Council held at Guwahati, Assam on 10.11.2017, the following decisions relating to exemptions / changes in GST rates / ITC eligibility criteria, rationalization of rates / exemptions and clarification on levy of GST on services were taken....

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GST on Export of Services to Nepal and Bhutan

In terms of para 2.52 of the Indian Foreign Trade Policy (2015-2020) exports proceeds from Nepal and Bhutan can be realized in Indian rupees.  However, in GST law, Export of Goods and Export of Services are treated differently...

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Section 269ST: Cash sale of Agricultural Produce by Cultivator or Agriculturist

To put restriction on the cash transactions & promote digital economy, a new section 269ST has been inserted in the Income-tax Act, 1961 vide Finance Act, 2017 w.e.f 1st April 2017 Section Relevant Provisions – In Brief  Section 269ST   Prohibits receipt of an amount of Rs. 2 lakh or more by a person, Circumstances […]...

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How relevant are the “Mutual Fund Ratings”?

Today, you, a mutual fund investor are overwhelmed with the plethora of mutual fund schemes. More so when you find that schemes from different fund houses come with similar flavors. It becomes extremely difficult for you actually to sift the bad ones from the good ones. Then what do you do?...

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UAE VAT -Exempt & Zero Rated Supplies

Zero rated supplies are those supplies on which you can claim input but Vat is charged at zero rate. To understand better we should first understand the definition of Taxable Supply....

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Clearing and forwarding service under GST

The clearing and forwarding service is very complicated issue in past and present tax structure and having always litigation area, as regard POS, classification of service and valuation of service and due to its various scenario. ...

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