Daily Archives: September 29, 2016

GST Returns – Analysis of Draft rules released by India

GST Returns – Analysis of Draft rules released by India Key Points about Draft Rules Related to GST Returns Eighteen forms (Form GSTR-1 to GSTR-11) and Seven separate forms for Tax Return Preparer (Form GST-TRP-1 to GST-TRP-7) are released for GST returns. A Reconciliation Statement to be certified under Section 42 of Model GST Law… Read More »

GST Registration in India : Analysis of Draft Rules

GST Registration in India Key points about Draft Rules Related to GST Registration There are 26 forms for registration from GST REG-01 to GST REG-26. Before applying for registration, the taxable person needs to declare his PAN, mobile number and e-mail address in PART A of FORM GST REG-01 on common portal and then submit application… Read More »

What is GST Council in India ?

Q  What would be the role of GST Council? Ans. A GST Council would be constituted comprising the Union Finance Minister (who will be the Chairman of the Council), the Minister of State (Revenue) and the State Finance/Taxation Ministers to make recommendations to the Union and the States on (i) the taxes, cesses and surcharges… Read More »

Category: GST

Who will decide rates for levy of GST ?

Q  Who will decide rates for levy of GST? Ans. The CGST and SGST would be levied at rates to be jointly decided by the Centre and States. The rates would be notified on the recommendations of the GST Council. Education Guide on Goods & Service Tax (GST)   S. No. Title of the Post… Read More »

Category: GST

What is IGST?

Q  What is IGST? Ans. Under the GST regime, an Integrated GST (IGST) would be levied and collected by the Centre on inter-State supply of goods and services. Under Article 269A of the Constitution, the GST on supplies in the course of inter-State trade or commerce shall be levied and collected by the Government of… Read More »

Category: GST

What will be benefits from GST to India

Q  What are the benefits which the Country will accrue from GST? Ans. Introduction of GST would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax and allowing set-off of prior-stage taxes, it would mitigate the… Read More »

Category: GST

Why is Dual GST required in india

Q . What type of GST is proposed to be implemented? Ans. It would be a dual GST with the Centre and States simultaneously levying it on a common tax base. The GST to be levied by the Centre on intra-State supply of goods and / or services would be called the Central GST (CGST)… Read More »

Category: GST

Tobacco and tobacco products would be subject to GST

Q  What will be status of Tobacco and Tobacco products under the GST regime? Ans. Tobacco and tobacco products would be subject to GST. In addition, the Centre would have the power to levy Central Excise duty on these products Education Guide on Goods & Service Tax (GST)   S. No. Title of the Post… Read More »

Category: GST

List of commodities proposed to be kept outside purview of GST

Q  Which are the commodities proposed to be kept outside the purview of GST? Ans. Alcohol for human consumption, Petroleum Products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel& Electricity. Education Guide on Goods & Service Tax (GST)   S. No. Title of the Post 1. Goods and… Read More »

Category: GST

Taxpayer can generate GST challan in multiple sittings?

Q  Can a taxpayer generate challan in multiple sittings? Ans. Yes, a taxpayer can partially fill in the challan form and temporarily “save” the challan for completion at a later stage. A saved challan can be “edited” before finalization. After the tax payer has finalized the challan, he will generate the challan, for use of… Read More »

Category: GST

Validity period of GST challan ?

Q . Is there a validity period of challan? Ans. Yes, a challan will be valid for fifteen days after its generation and thereafter it will be purged from the System. However, the taxpayer can generate another challan at his convenience. Education Guide on Goods & Service Tax (GST)   S. No. Title of the… Read More »

Category: GST

GST Registration Certificate Download

GST registration certificate download Q Can the registration certificate be downloaded from the GSTN portal? Ans. In case registration is granted, applicant can download the Registration Certificate from the GST common portal. www.gst.gov.in When will Provisional Registration Certificate be issued? The Provisional Registration Certificate will be available for viewing and download at the Dashboard of… Read More »

Pre-registration of credit card necessary for GST payment?

Q . Is the pre-registration of credit card necessary in the GSTN portal for the GST payment? Ans. Yes. The taxpayer would be required to pre-register his credit card, from which the tax payment is intended, with the Common Portal maintained on GSTN. GSTN may also attempt to put in a system with banks in… Read More »

Category: GST

Can GST challan generated online be modified?

Q Can a challan generated online be modified? Ans. No. After logging into GSTN portal for generation of challan, payment particulars have to be fed in by the tax payer or his authorized person. He can save the challan midway for future updation. However once the challan is finalized and CPIN generated, no further changes… Read More »

Category: GST

GST Draft Rules and Formats Released

The last major development on GST was the approval of Union Cabinet for the formation of GST council and enforcement of all sections of the 101st Constitutional Amendment Act. The GST Council has fixed the annual turnover threshold of Rs. 10 Lakh for North eastern states and Rs 20 Lakh for the other regions. Latest… Read More »

Category: GST

Know when Tribunal can refuse to admit Appeal under GST

Tribunal can refuse to admit appeal under GST As per the following FAQs on GST by CBEC Tribunal can refuse to admit appeal under GST Q 16. When the Tribunal is having powers to refuse to admit the appeal?- GST Appeals, Review and Revision in GST Ans. In cases where the appeal involves – •… Read More »

Category: GST

Club /Society members needs to pay GST

Club /Society members needs to pay GST As per the following FAQ’s on GST by CBEC (Meaning and Scope of Supply) , Club/ Society member needs to pay GST on the Services availed by them from such Society or Club. Thus the govt has overridden the Mutuality concept under which services provided by club /… Read More »

List of Orders against which you can’t file appeal in GST

Appeals, Review and Revision in GST As per following FAQs on GST (Appeals, Review and Revision)  released by CBC , a person can not file appeal against the orders mentioned in Section 93 of Model GST  Law Q 1. Whether any person aggrieved by any order or decision passed against him has the right to appeal?… Read More »

Category: GST

IFRS Guidebook: 2016 Edition Kindle Edition

IFRS Guidebook: 2016 Edition Kindle Edition International Financial Reporting Standards (IFRS) are the basis for financial reporting. The original IFRS documents span thousands of pages, and so are difficult to research. The IFRS Guidebook solves this problem by condensing the key elements of IFRS into a single volume. This book describes each accounting topic, how… Read More »

Scanner -Advanced Auditing & Professional Ethics (CA-Final for Nov. 2016 Exams) (2nd Edition, June 2016)

Scanner -Advanced Auditing & Professional Ethics (CA-Final for Nov. 2016 Exams) (2nd Edition, June 2016) BUY Scanner -Advanced Auditing & Professional Ethics (CA-Final for Nov. 2016 Exams) (2nd Edition, June 2016) Incorporating *More than 730 Question and Case studies along with answers *All questions from Nov. 2008 to May 2016 *All amendments (including CARO,2016) applicable… Read More »

Scanner-Company Accounts & Auditing Practices (CS-Executive) (August 2016 Edition)

Scanner-Company Accounts & Auditing Practices (CS-Executive) (August 2016 Edition) Paperback – 2016 BUY Scanner-Company Accounts & Auditing Practices (CS-Executive) (August 2016 Edition) Paperback – 2016 Incorporating : Scanner-cum-Exam Guide , Chapter wise summary with Formulas for quick revision, Fully Solved theoretical and practical question pf last 20 exams, All answers are as per latest applicable… Read More »

Scanner -Industrial Labour & General Laws (CS-Executive) (August 2016 Edition)

Scanner -Industrial Labour & General Laws (CS-Executive) (August 2016 Edition) Paperback – 2016 BUY Scanner -Industrial Labour & General Laws (CS-Executive) (August 2016 Edition) Incorporationg : Scanner-cum-Exam-Guide, Chapter wise summary for quick revision, Fully solved MCQs of all past exams, Additional MCQs for Practice Paperback: 328 pages Publisher: Taxmann Publications Pvt. Ltd.; 2016 Edition edition… Read More »

Scanner -Capital Markets & Securities Laws (CS-Executive) (August 2016 Edition)

Scanner -Capital Markets & Securities Laws (CS-Executive) (August 2016 Edition) Paperback – 2016 BUY Scanner -Capital Markets & Securities Laws (CS-Executive) (August 2016 Edition) Incorporating : Scanner-cum-Exam-Guide, Chapter wise summary with Formulas for quick revision, Fully solved theoretical and practical questions of last 20 exams, All answers are as per latest applicable provisions. Paperback: 316… Read More »

Scanner-Economic & Commercial Laws (CS-Executive) (July 2016 Edition)

Scanner-Economic & Commercial Laws (CS-Executive) (July 2016 Edition) Paperback – 2016 BUY Scanner-Economic & Commercial Laws (CS-Executive) (July 2016 Edition) Incorporating :- Scanner-cum Exam Guide, Chapter-wise summary of theory for revision, Fully Solved questions of last 20 exams, Updated as per latest applicable law Paperback: 352 pages Publisher: Taxmann Publications Pvt. Ltd.; 2016 Edition edition… Read More »

Scanner-Cost & Management Accounting (CS-Executive) (July 2016 Edition)

Scanner-Cost & Management Accounting (CS-Executive) (July 2016 Edition) Paperback – 2016 BUY Scanner-Cost & Management Accounting (CS-Executive) (July 2016 Edition) Incorporating : Scanner-cum Exam Guide, Chapter Wise Summary with Formulas for Quick Revision, Fully Solved MCQs of All Past Exams, Addditional Theoretical and Practical MCQs for Practical along with Hints Paperback Publisher: Taxmann Publications Pvt.… Read More »

Scanner -Company Law (CS-Executive) (June 2016 Edition)

Scanner -Company Law (CS-Executive) (June 2016 Edition) 2016 BUY Scanner -Company Law (CS-Executive) (June 2016 Edition) 2016 Incorporating *Scanner-cum-exam Guide *All fully colved question of last twenty exams *Questions covered as per Companies Act 2013 Paperback: 328 pages Publisher: Taxmann; June 2016 Edition edition (2016) Language: English

Jurisdiction of Debts Recovery Tribunals in Maharashtra and Goa Notified

MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 26th September, 2016 S.O. 3065(E).—In exercise of the powers conferred by section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993) and in supersession of all earlier notifications in so far as they relate to jurisdiction of the… Read More »

Understanding Your IRS Notice or Letter

Understanding Your IRS Notice or Letter Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue. Why was I notified by the IRS? The IRS sends notices and letters for the following reasons: You have a balance due. You are due a larger or… Read More »

Category: USA

IRS Video on Tax Transcript

How To Use Get Transcript Online Learn about the Get Transcript Online tool and its enhancements that protect you from fraud. Get started at https://www.irs.gov/transcript.

Extension Filers ? IRS Reminder-Adjusted Gross Income Amount required

IRS Has a Reminder for Extension Filers: Prior-Year Adjusted Gross Income Amount May Be Needed to File Electronically IR-2016-124, Sept. 22, 2016 WASHINGTON — The Internal Revenue Service has an important reminder for taxpayers who filed for an extension and face an Oct. 17 filing deadline: the adjusted gross income (AGI) amount from your 2014 return… Read More »

Category: USA

Earned Income Tax Credit under USA Taxes

Earned Income Tax Credit If you earn a low to moderate income, the Earned Income Tax Credit (EITC)  can help you by reducing the amount of tax you owe. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file.… Read More »

Category: USA

Bare act Prevention of Money Laundering Act with Rules 2016- Book

Prevention of Money Laundering Act with Rules BUY Prevention of Money Laundering Act with Rules Incorporating *Prevention of Money Laundering Act *13 rules/regulations framed under Prevetion Money Laundering Act Paperback: 192 pages Publisher: Taxmann; 2015 Edition edition (2016) Language: English ISBN-10: 9350718057 ISBN-13: 978-9350718056

List of 12 offences under GST which can put you in Jail ?

List of 12  offences under GST which can put you in Jail ? As per the FAQs on GST by CBEC (Penalties, Prosecution and Compounding) prosecution can be taken against taxable person if he commits any of the 21 offences listed under Section 73 of Model GST Law Q 16. Which are the offences which warrant… Read More »

Why not to delay GST Registration ?

Why not to  delay GST Registration ? Timely GST Registration will give you ITC on Stock  held preceding the date from which Taxable person becomes liable to pay tax As per the following FAQs on GST (ITC) released by CBEC Q 5. What is the ITC entitlement of a person who has applied for registration under the… Read More »

GST -How delayed entry of Tax Invoice in Books could cost you ?

Delayed entry of Tax Invoice in Books under GST CBEC clarified the question vide FAQ’s on GST (Chapter Input Tax credit) Q 16. When shall a taxable person be not entitled to take input tax credit under sub-section (2), (2A) or sub-section (3) of Section 16 in respect of any supply of goods and / or… Read More »

Category: GST

GST Input Tax Credit on Car of Director not Available

Input Tax Credit  on Car of Director not Available under GST ? As per the FAQ’s on GST released by CBEC,  Question No 23 of Input Tax Credit provides the following calrification Q 23. A Taxable person is in the business of information technology. He buys a motor vehicle for use of his Executive Directors.… Read More »

Category: GST

GST – Arrest Guidelines for Officials

GST – Arrest Guidelines for Officials As per FAQs on GST released by CBEC , Question No 23 and 24 on -Inspection, Search, Seizure and Arrest gives the following guidlines for Arrest under GST Q 23. What are the precautions to be taken during arrest? Ans. The provisions of the Code of Criminal Procedure, 1973 (2… Read More »