Final GST Registration Rules Approved by GST Council 18.05.2017

Share this on WhatsAppCHAPTER— REGISTRATION [ Final GST Registration Rules 2017 as approved by GST Council 18.05.2017 ] 1. Application for registration (1) Every person (other than a non-resident taxable person, a person required to deduct tax at source under section 51, a person required to collect tax at source under section 52 and a person… Read More »

Final GST Refund Forms Approved by GST Council 18.05.2017

Share this on WhatsAppFinal GST Refund Forms Approved by GST Council 18.05.2017 [ Read Final GST Refund Rules Approved by GST Council 18.05.2017 ] Final GST Refund Forms Approved by GST Council 18.05.2017 Share this on WhatsApp

Final GST Refund Rules Approved by GST Council 18.05.2017

Share this on WhatsAppChapter- REFUND [ Final GST Refund Rules Approved by GST Council 18.05.2017 ] 1. Application for refund of tax, interest, penalty, fees or any other amount (1) Any person, except the persons covered by notification issued under section 55 , claiming refund of any tax, interest, penalty, fees or any other amount paid by… Read More »

GST: No scope for rethinking July 1 deadline, says Arun Jaitley

Share this on WhatsAppThe finer points of India’s new tax regime are in place and the government is adamant on its timely roll-out. Speaking to CNBC-TV18, Finance Minister Arun Jaitley said,”I think we are in a state of readiness. Minister after Minister has met me from the states and said do not blink, stick to… Read More »

Real estate transaction disclosures in India

Share this on WhatsAppReal estate transaction disclosures The draft income computation and disclosure standards concerning real estate transactions is based on a guidance note issued on real estate transactions issued by the Institute of Chartered Accountants of India in 2012. Read a May 2017 report [PDF 372 KB] of KPMG Share this on WhatsApp

Income from sub-licensing of property is not business income

Share this on WhatsAppIncome from sub-licensing of property, held not business income The Supreme Court of India addressed the character of income from the sub-lisensing of retail property, and held that such income was taxable as “house property” income and not business income. The case is: Raj Dadarkar and Associates. Read a May 2017 report [PDF 368… Read More »

Intern visa guidelines by Govt of India

Share this on WhatsAppIntern visa guidelines  The Government of India issued comprehensive guidelines for the intern visa program when the individual is sponsored by an Indian company or an educational institution or a non-governmental organisation. Read a May 2017 report [PDF 304 KB] of KMG Share this on WhatsApp

Matching input tax credit under GST

Share this on WhatsAppMatching input tax credit under GST The goods and services tax (GST) in India differs from other indirect tax systems in two important aspects: (1) the levy of an integrated GST on an interstate supply of goods or services, or both; and (2) the requirement for matching the claim of input tax credit. Read… Read More »

New GST rules provide clarity on 3 issues

Share this on WhatsAppOn Thursday, the GST Council approved all eight rules, clearing the ground for the rollout of the goods and services tax (GST). A preliminary reading of these rules reveals three significant changes.  [ Final GST Rules Approved by GST Council Meeting held on 18.05.2017 ; Download ] First, the final rules have clarified on… Read More »

Quick guide to India GST rates in 2017

Share this on WhatsAppA quick guide to India GST rates in 2017 The GST Council, the apex decision-making body for the new tax, has fixed the tax framework under the Goods and Services Tax (GST) which is to be rolled out this July 1. Tax rates have been finalised for 1,211 items with a majority… Read More »

Banks to make Minimum qualifications & experience for CFO and CTO – RBI

Share this on WhatsAppMinimum qualifications and experience for CFO and CTO RBI/2016-17/304 DBR.Appt.No.BC.68/29.67.001/2016-17 May 18, 2017 All Scheduled Commercial Banks (excluding RRBs) Madam/ Dear Sir, Minimum qualifications and experience for CFO and CTO Rapid innovations in banking and technology call for better risk governance in the areas of finance and technology. A Chief Financial Officer… Read More »

Partial Credit Enhancement to Corporate Bonds from banks – RBI Guidelines

Share this on WhatsAppRBI/2016-17/305 DBR.No.BP.BC.70/21.04.142/2016-17 May 18, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Partial Credit Enhancement to Corporate Bonds Please refer to paragraph 21 (a) of the Guidelines on Partial Credit Enhancement to Corporate Bonds by Banks annexed to the circular DBR.BP.BC.No.40/21.04.142/2015-16 dated September 24, 2015, on the capital requirements… Read More »

Banking Outlets / Branch Authorisation Policy Guidelines for Banks by RBI

Share this on WhatsAppRationalisation of Branch Authorisation Policy- Revision of Guidelines RBI/2016-17/306 DBR.No.BAPD.BC.69/22.01.001/2016-17 May 18, 2017 The Chairman and Managing Director/Chief Executive Officer All Domestic Scheduled Commercial Banks (Excluding Regional Rural Banks), Small Finance Banks, Payment Banks and Local Area Banks Madam/Dear Sir, Rationalisation of Branch Authorisation Policy- Revision of Guidelines Please refer to the… Read More »

Foods to Workers at subsidized rate is not service , No Service tax

Share this on WhatsAppHeld  The food supplied by an employer to its employees at a subsidized rate forms part of the wages under Section 2(rr) of the Industrial Disputes Act, 1947. Once the activity undertaken by the petitioner in the form of supply of food to its workers at a subsidized rate is understood to… Read More »

Training Material on GST Act(s) and Draft Rule(s) 2017

Share this on WhatsAppSubject: Launch of BGM (Back Ground Material) on GST Act(s) and Draft Rule(s), 2017 Dear Professional Colleague, Greetings from Indirect Taxes Committee! India is witnessing a sea change in the indirect taxes regime. The implementation of much awaited Goods and Services Tax is around the corner with receipt of presidential assent to… Read More »

GST Practitioner – Eligibility Criteria, Relevant forms & Procedure

Share this on WhatsAppGST Practitioner GST Act of India brings a concept of GST Practitioner for those who intend to appear before the GST Authority or file returns  for any matter authorised by Registered person under GST.Provisions of Goods and services tax practitioners are contained in Section 48 of CGST Act 2017 and Rule 24 of Draft GST Returns… Read More »

USA IRS RR-2017-12: Applicable Federal Rates

Share this on WhatsAppRevenue Ruling 2017-12 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of… Read More »

GST FAQ’s in Odiya – 31.03.2017 – Download

Share this on WhatsAppGST FAQ’s in Odiya Download GST FAQ’s in Odiya released by CBEC on 31.03.2017   GST FAQ’s in Tamil – 31.03.2017 GST FAQ’s in Kannada -31.03.2017 GST FAQ’s in Bengali – 31.03.2017 GST FAQ’s in Punjabi – 31.03.2017 GST FAQ’s in Telugu – 03.05.2017 GST FAQ’s in Marathi – 31.03.2017 GST Book… Read More »

GST FAQ’s in Tamil – 31.03.2017

Share this on WhatsAppGST FAQ’s in Tamil released  by CBEC on 31.03.2017 Download GST FAQ’s in Tamil GST FAQ’s in Kannada -31.03.2017 GST FAQ’s in Bengali – 31.03.2017 GST FAQ’s in Punjabi – 31.03.2017 GST FAQ’s in Telugu – 03.05.2017 GST FAQ’s in Marathi – 31.03.2017 GST Book Marathi – Free E Download GST PPT… Read More »

7 Rules and Formats approved by GST Council on 18th May 2017 -Download

Share this on WhatsApp7 Rules and related formats as finally approved by GST Council on 18th May, 2017 Composition – Rules and Formats Valuation Rules Transition Rules ITC – Rules and Formats Invoice, Debit & Credit Notes – Rules Payment – Rules and Formats Refund – Rulesand Formats Registration – Rules and Formats Revised Return… Read More »

GST Rates approved – 14th GST Council Meet – 18.05.2017

Share this on WhatsAppGST rate on tea, coffee, Sugar fixed at 5%; Milk and cereals exempted from GST: 14th GST Council Meet  The 14th meeting of the GST (Goods and Services Tax) Council chaired by Union Finance Minister Arun Jaitley has finally concluded Today.Key takeaways from 14th meeting are given hereunder: [  GST Rate Schedule… Read More »

EPFO beneficiaries to get payment through e -fund transfer system

Share this on WhatsAppEPFO beneficiaries to get payment through electronic or digital fund transfer system   The Ministry of Labour & Employment vide notification dated 4th May 2017 has provided for electronic or digital fund transfer / payment of EPF benefits, pension disbursement and insurance claim.  For this purpose, suitable amendments have been made in… Read More »