The first major tax reform i.e., implementation of VAT from January,2018 in UAE is going to be a game changer. To keep the members and other stakeholders abreast Indirect Taxes Committee of ICAI has launched Standardized PPT on “Vat in the UAE” for the benefit of members and other stakeholders. In this standardized PPT attempts […]
The appellant contended therein that it had issued shares on a premium which, according to them, was a part of the capital employed in their business. The appellant, therefore, contended that it was on this basis it claimed the said deduction and was, therefore, entitled to claim the same under Section 35D of the Act.
A. List Of Goods On Which GST RATE RECOMMENDED FOR REDUCTION FROM 28% TO 18% B. LIST OF GOODS ON WHICH GST Rate Recommended For Reduction From 28% To 12% C. Goods Recommended To Be Retained At 28% GST RATE:
New version of GSTR-2 offline tool is available on GST portal now. You can use this tool to export data of GSTR-2 from Tool to Excel. This will also help you in comparing data with purchase register to take actions like accept, reject and modify for receiver.
Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017 Return Filing a) 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. […]
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.
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 […]
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.
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].
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 categories along with the last date of filing GSTR 1 are as follows:
