"29 May 2018" Archive

Govt to issue pending IGST refund on the basis of undertakings/ submission of CA certificates

Circular No. 12/2018-Customs (29/05/2018)

Following procedure is being prescribed to overcome the problem of GST / IGST refund blockage. This would be an interim solution subject to undertakings/ submission of CA certificates by the exporters as given below and post refund audit scrutiny....

Read More

Tracking ARN for Exports is now available on GST Portal

Tracking ARN for Exports now available on GST Portal The system will now give one of following status: a) Refund confirmation received from ICEGATE on <date>: This implies that the ICEGATE has completed the processing and has reverted with confirmation to the GST System. b) Refund record rejected by ICEGATE on <date> due to &l...

Read More
Posted Under: Custom Duty |

Procedure for intimation of voluntary payment- FORM GST DRC 03

Form GST DRC-03 now available on GST Portal for making voluntary payments by a taxpayer Form DRC-03 enables a taxpayer to make voluntary payments, before issue of notice u/s 73 or 74 of the CGST Act, 2017 or within 30 days of issue of show cause notice (SCN). Facility to intimate payment made voluntarily or […]...

Read More
Posted Under: Custom Duty |

Reverse Charge Provisions under GST- Updated till 28.05.2018

Reverse Charge under GST may be defined as the mechanism where the recipient of goods or services is liable to pay GST to the Government for the supply of goods or services or both in the place of supplier of such goods or services. ...

Read More

Educational Institutions and Charitable Entities U/S 12AA Under GST

Educational Institutions Under GST As per  Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017, Educational Institution means an institution providing services by way of: 1. Pre-school education and education up to higher secondary school or equivalent; 2. Education as a part of a curriculum for obtaining a qualification recog...

Read More
Posted Under: Custom Duty |

CA valuation report now not valid u/r 11UA (2)(b) of Income-tax Rules, 1962

The valuation rules are specified under Rule 11U, Rule 11UA, Rule 11UAA and Rule 11UB for various provisions under the Income-tax Act, 1961 (‘the Act’) which cover valuation options in case of various assets including equity shares and other securities. These rules specify the methodology to be adopted at the time of arriving at fair ...

Read More
Posted Under: Custom Duty |

Govt/Authority providing services to other Govt/Authority is exempted from GST: AAR

In Re. IT Development Agency (ITDA), Govt. of Uttrakhand, Dehradun (AAR Uttrakhand)

Now the issue to be decided whether the services received by the applicant from IIT, Mumbai is liable to GST or not In this context, we find that serial no. B of Part 3 of GST Tariff- Services [ Chapter 99] provides the list of nil rated/ fully exempted services. On going through the said list, we find that Government/Authority providing ...

Read More

Oil price reverses ……but!

After almost two months of turmoil, oil prices recorded a sharp reversal in the last three trading sessions. As Russia and Saudi Arabia deliberated on an increase in oil output of 1mn/bpd to offset the supply reductions from Iran and Venezuela, Brent crude fell to $75.34/bbl., down almost 6% from the peak of $80/bbl. reached earlier in Ma...

Read More
Posted Under: Custom Duty |

GST: Good detained cannot be released unless security equal to Tax amount demanded is furnished

M/s Kairali Granites Vs The Asst. State Tax Officer (Kerala High Court)

Division Bench of this Court has already found that the goods detained under a detention notice issued in terms of the CGST/SGST Act cannot be released unless a security equal to the amount demanded is insisted from the assessee...

Read More

Tax Deductors : It’s Time to File TDS Statement

TAX DEDUCTORS: IT’S TIME TO FILE TDS STATEMENT 31st May, 2018 is the last date for filing TDS statement for the quarter Jan-March, 2018. The more you delay, the more you pay! For delay in filing TDS Statement, You pay a fine of Rs. 200/- for each day of default e-FILE TDS STATEMENT For the […]...

Read More
Posted Under: Custom Duty |