Daily Archives: September 28, 2016

IDS 2016 : No PAN ?-File declaration with acknowledgment of PAN application form : CBDT

Instruction No.10 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *** New Delhi, the 28th September, 2016 To, All The Principal Chief Commissioners of Income-tax Sub.: The Income Declaration Scheme, 2016 – reg. The Income Declaration Scheme, 2016 (the Scheme) has come into effect from 1st… Read More »

New Coal Distribution Policy amended

New Coal Distribution Policy amended to increase annual cap of coal through State Nominated Agencies and amend phrase of Small and Medium Sector Improve ease of doing business in the country and make more Coal available for Small, Medium and Other Sectors Union Ministry of Coal has issued an order with respect to the amendment… Read More »

Govt approved Project SAKSHAM for GST implemention

Cabinet approves Administrative and Financial Sanction towards the implementation of the Project SAKSHAM The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved ‘Project SAKSHAM’, a New Indirect Tax Network (Systems Integration) of the Central Board of Excise and Customs (CBEC). The total project cost involved is Rs.2256 crore… Read More »

Category: GST

Govt approved Productivity Linked Bonus to railway employees

Cabinet approves Productivity Linked Bonus to railway employees The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has given its approval to pay Productivity Linked Bonus (PLB) equivalent to 78 days wages to eligible non-gazetted railway employees (excluding RPF/RPSF personnel) for the financial year 2015-16. The approval entails a financial implication of approximately… Read More »

GST Impact on Banks / Financial institutions

GST impact on Banking and Financial institutions Place of Supply provisions under GST and impact on Banking and Financial institutions Presently, the place of provision of services provided by banking institutions or financial institution like NBFC, etc, to account holders is the location of the service provider. Hence, though the customer may be outside India… Read More »

GST Impact on telecommunication / Mobile Companies

GST Impact on telecommunication / Mobile operators Place of Supply – Under the GST Law, certain guidelines are provided to determine place of supply for the telecom companies/sector as detailed below;.  Item Place of Supply Prepaid mobile Vouchers Location where the pre-payment is received or the voucher is sold.     Mobile Recharge made through internet… Read More »

CIT (A) to add Flyer while sending hearing notices under Direct Tax Dispute Resolution Scheme 2016

F No.279/Misc/M-61/2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated: 26th September, 2016 To, All Principal Chief Commissioners of Income-tax Principal Chief Commissioner of Income-tax (IT&TP) Chief Commissioner of Income Tax (Exemptions) Madam/Sir, Subject: Implementation of the Direct Tax Dispute Resolution. Scheme,2016- Ree. As a measure… Read More »

Possible to Meet April 2017 Deadline for GST: Jaitley

Finance Minister Arun Jaitley on Tuesday reiterated the government is confident of meeting the April 2017 target to implement the Goods and Services Tax as state finance ministers cooperate to make the single tax reform a reality soon. “(I) haven’t seen finance ministers of state dividing themselves on party lines. If that trend goes on,… Read More »

Monthly returns to be mandatory under GST

Businesses have to file at least three monthly returns and one annual return for each state, if draft rules proposed by the indirect tax department are introduced under the goods and services tax (GST) regime. The Central Board of Excise and Customs (CBEC) on Tuesday came out with one more set of draft rules and… Read More »

IDS- CBDT clarified Cash sale of Capital Assets before 01.06.2016

Instruction No.9 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *** New Delhi, the 27th September, 2016 To, All The Principal Chief Commissioners of Income-tax Sub.: The Income Declaration Scheme, 2016 – reg. Instances have been brought to the notice of the Board that some taxpayers… Read More »

Goods for Commodity Derivatives notified by Govt

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 27th September, 2016 S.O. 3068(E).—In exercise of the powers conferred by clause (bc) of section 2 of the Securities Contracts (Regulation) Act, 1956, (42 of 1956), the Central Government in consultation with the Securities and Exchange Board of India established under section 3 of… Read More »

Download GST Returns Format -GSRT 1,1A, 2,2A,3,2A,4,5,6,7,8,9

GST Returns Format GSRT-1: OUTWARD SUPPLIES MADE BY THE TAXPAYER GSTR-1A – AUTO DRAFTED DETAILS GSRT-2: DETAILS OF INWARD SUPPLIES/PURCHASES RECEIVED GSTR-2A -AUTO DRAFTED DETAILS GSTR-3: MONTHLY RETURN GST-3A : Notice under section _____of ——— Act, 20— for non-filing of return GSTR-4: Quarterly Return for Compounding Taxable person GSTR-4A : AUTO DRAFTED DETAILS GSTR-5: RETURN… Read More »

Education Guide on Goods & Service Tax -GST

Education Guide on Goods & Service Tax (GST) Amazon.in Widgets S. No. Title of the Post 1. Goods and Services Tax (GST): An Overview 2  Levy of GST & Exemption from Tax 3. GST Registration 4. Meaning  and Scope of Supply  5 Time of Supply 6 Valuation in GST 7. GST  Payment of Tax 8 Electronic… Read More »

Category: GST