Submission of details of transaction that the business was indulged in for a given period , in prescribed period can be termed as ‘Return’. It can also be described as periodic statement of transactions carried out by organization. Every Act has certain returns prescribed which has to be filed with certain departments / authorities etc. Even before GST , if we take service tax law there was ST-3 return which was filed half – yearly and due date was within 25 days from the end of half year. We now proceed further for understanding returns under GST.
Provisions related to GST for import of service from related person is very harsh as it will cover all the transactions even if consideration is not involved. Valuation will be a major problem for such cases and it may lead to litigations also.
I would request all zones to ensure a step up of outreach programmes on GST in close coordination with the State officers, continued stress on updating of officers and staff with changes in rules and continued familiarity with the GST laws.
Proposed GST Tax rates would be lesser than the prevailing taxes in case of Sugar, Tea and Coffee (other than instant coffee) and Milk Powder; Present incidence of taxes on sugar is 8% while proposed GST rate on Sugar is only 5% i.e. 3% less;
Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements issued by ICAI
RBI Advisory on Submission of Annual Information Return now known as Statement of Financial Transaction (SFT) relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961-
ICAI notified Chartered Accountants (Amendments) Regulations, 2017 regarding New Scheme of Education and Training by amending Chartered Accountants Regulations, 1988.
It has now been decided to permit all licenced co-operative banks having their own ATM network to issue semi-closed PPIs, provided there are no restrictions on acceptance or repayment of deposits. This is subject to the compliance with eligibility criteria and other guidelines as prescribed by Department of Payment and Settlement Systems (DPSS), Reserve Bank of India (RBI) from time to time.
Shri Manoj Sinha brief about the initiatives and reforms done by the Ministry of Communications in last three years India becomes second largest network in the world with crossing the landmark of one billion telephone subscribers: Shri Manoj Sinha Total broadband connection till March 2017 crosses 276.52 million: Shri Sinha Mega spectrum auction fetches highest […]
The One Rupee Currency Notes shall be printed at the note printing presses for issue under the authority of the Government of India for circulation. The standard paper weight and remedy (tolerance) allowed in printing of One Rupee Currency Notes shall be as specified in the Third Schedule.
