Daily Archives: March 18, 2017

Mandatory for Govt. Departments to obtain registration under GST – Conditions

Is it necessary for the Govt. Department to obtain registration under  GST ? As per Section 2(73)(g) of Revised Model GST Law person” includes— any corporation established by or under any Central, State or Provincial Act or a Government company as defined in section 2(45) of the Companies Act, 2013 (18 of 2013); Thus In case the Government… Read More »

GST Input service distributor & recipient should have Same PAN to distribute Credit

Whether the Input service distributor and the recipient situated in different States should have same PAN or different PANs Explanation 2 to Section 21(3) [Manner of distribution of credit by Input Service Distributor] of Revised Model GST Law – Recipient of credit’ means the supplier of goods and / or services having the same PAN as that… Read More »

Effect of Taking GST Input Tax Credit Wrongly ?

What is the effect of Taking GST Input Tax Credit Wrongly ? As per Section 19 of Revised Model GST Law – Where credit has been taken wrongly, the same shall be recovered from the registered taxable person in accordance with the provisions of this Act  

Category: GST

GST Input Tax Credit Treatment in case Switchover from Taxable to Exempt /Composition Scheme

What is the Input Tax Credit Treatment in case of switchover from taxable to exempt transactions or from Regular to composition Scheme ? As per Section 18(7) of the Revised Model GST Law the taxable person should pay the input tax credit already availed to the extent of credit in stock and on capital goods… Read More »

GST Migration – PAN Mismatch – Solutions provided by GSTN

Since enrolment application went live,of many issues,one particular issue that has been reported in significant numbers was pertaining to PAN validation of taxpayers,required to be done after the application is submitted with either e-signature or DSC. GSTN has investigated many such issues and have taken certain steps to help tax payers migrate successfully. Problem encountered… Read More »

Category: GST

Disclose regulatory orders and arbitration on Websites – SEBI

CIRCULAR SEBI/HO/MRD/DRMNP/CIR/P/2017/24 March 16, 2017 To, All Recognised Clearing Corporations Dear Sir / Madam, Subject: Disclosures relating to regulatory orders and arbitration matters on websites of Clearing Corporations 1. In order to improve transparency in disclosing the regulatory orders and arbitration awards issued by clearing corporations, it has been decided that all regulatory orders i.e.… Read More »

Claims of Duty Drawback – Errors in the Bank account No. given by exporters

Instructions no. 3/2017-Customs F.No. 609/29/2017-DBK Government of India Ministry of Finance, Department of Revenue Central Board of Excise & Customs Drawback Division New Delhi, dated the 16th March, 2017 To All Chief Commissioners of Customs / Customs (Prev), All Chief Commissioners of Customs & Central Excise, All Commissioners of Customs/ Prev/ Customs & Central Excise/ Central… Read More »

Targets and Collection of Tax Demand Till February 2017 -Unsatisfactory Performance

GOVERNMENT OF INDIA Ministry of Finance/Department of Revenue Central Board of Direct Taxes North Block, New Delhi-1 10001 E-mail : chairmancbdt@nic.in Tete : 23092648 & Telefax : 23092544 F. No. 385/17/2016-IT (B) Dated the 17th March, 2017. Dear Principal Chief Commissioner of Income Tax, Subject: Unsatisfactory performance in the area of recovery from arrear and current demand-… Read More »

GST Input Tax Credit on Change from Composition scheme to Regular scheme

whether input tax credit can be claimed on capital goods and Inputs  on change of scheme from composition scheme to Regular scheme under GST As per Section 18(3) the taxable person is entitled for input tax credit on capital goods and Inputs on Change of option from Composition Scheme to regular Scheme. [ Read Composition Scheme under… Read More »

USA IRS News for Tax Professionals Issue 2017-11

News for Tax Professionals Issue 2017-11 1.  Beware of Last-Minute Email Scams The Internal Revenue Service, state tax agencies and the tax software industry are warning tax professionals and taxpayers of last-minutephishing email scams, especially those requesting last-minute deposit changes for refunds or account updates. Although the IRS, states and industry have enacted many safeguards against… Read More »

Category: USA

USA _IRS – Qualified mortgage bond – Revenue Procedure 2017-27

Revenue Procedure 2017-27 provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), with (1) nationwide average purchase prices for residences located in the United States, and (2) average area purchase price safe harbors for residences located in… Read More »

USA- IRS Warn of Last-Minute Phishing Email Scams

IRS, States and Tax Industry Warn of Last-Minute Email Scams   WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry today warned both tax professionals and taxpayers of last-minute phishing email scams, especially those requesting last-minute deposit changes for refunds or account updates. As the 2017 tax filing season winds down… Read More »

USA IRS Reminds Taxpayers of April 1 Deadline , Retirement Plan Distributions

IRS Reminds Taxpayers of April 1 Deadline to Take Required Retirement Plan Distributions WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned age 70½ during 2016 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017. The… Read More »

Payments to Belgian entities not taxable as Fees for Technical Services

Payments to foreign entities under India-Belgium income tax treaty The Ahmedabad Bench of the Income-tax Appellate Tribunal held that payments made to Belgian entities are not taxable as “fees for technical services” in view of the most favoured nation clause under the India-Belgium income tax treaty. The case is: Cadila Health Care Ltd. Read a March 2017… Read More »

AIS:052 exemption of Body building and approval of buses extended till 30.06.2017

MINISTRY OF ROAD TRANSPORT AND HIGHWAYS NOTIFICATION New Delhi, the 17th March, 2017 S.O. 846(E).—In exercise of the powers conferred by section 110 of the Motor Vehicles Act, 1988 (59 of 1988), the Central Government hereby exempts the existing models of buses with seating capacity of 13 or more passengers excluding driver from the applicability… Read More »