Amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate […]
As per the Official twitter handle of the GoI for queries on GST, The dates for filling GSTR -1 for the month of August 2017 is yet to be announced and the tentative date is after the last date for filling of GSTR -3 for the month of July 2017.
CCI issues order against Grasim Industries Limited, Aditya Birla Chemicals (India) Ltd. and Gujarat Alkalies and Chemicals Ltd. for bid rigging Delhi Jal Board tenders for supply of Poly Aluminium Chloride; Imposes penalty of Rs. 2.30 crore, Rs. 2.09 crore and Rs. 1.88 crore upon GIL, ABCIL and GACL for the anti-competitive conduct. The Competition […]
CBEC hereby specifies conditions and safeguards for furnishing a Letter of Undertaking in place of a Bond by a registered person who intends to supply goods or services for export without payment of integrated tax –
Solution provided through Twitter and /or FAQ in some cases are contradictory in nature and even FAQ are having disclaimer which is creating confusion. Supply of Business Assets on which Credit has not been availed is subject to tax again Twitter has clarified that tax on the sale of capital assets is not subject to […]
Transitional credit not being available to some manufacturers/ service providers would be discriminatory and impact the margins. Needs to be provided to all if the goods/ services earlier were not liable to tax.
Section 9(3) of the CGST Act, 2017 provides that the Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid by the recipient on reverse charge basis.
Compulsory Registration U/s 24 of CGST Act, 2017 in case of Inter State Supply As per Section 24 of CGST Act, 2017 in case of Inter State Supply of Goods or Services Compulsory registration is required to be obtained. Issue : Small assessee especially service provider is required to obtain registration causing hardship to the […]
(i) Composition dealer can not avail the credit for the goods or services procured by him leads to cascading of taxes (ii) Additional Turnover Tax needs to be paid by composition assessee which is part of the cost of the composition supplier which is generally equivalent to the value addition for eg. if 1% is payable then value addition is charged on 10%.
(i) Reverse charge compliances U/s 9(4) be deferred for the MSE Sector having turnover of less than Rs. 2 Crore in a year / not subject to audit under U/s 35 of CGST Act, 2017 (ii) Reverse charge mechanism U/s 9(4) be liable to paid at a uniform rate say @ 18% only instead of HSN Code wise as credit of the same is available to the assessee and per day limit be enhanced to 10,000 for next one year till July, 2018.
