Daily Archives: April 3, 2017

GST FAQ -Refunds – 31.03.2017 by CBEC

Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Refunds Chapter 14 Q 1. What is refund? Ans. Refund has been discussed in section 54 of the CGST/SGST Act. “Refund” includes (a) any balance amount in the electronic cash ledger so claimed in the returns, (b) any unutilized input tax credit in respect of… Read More »

Voluntary Liquidation Process Regulations 2017 Notified by IBBI – Download

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 31st March, 2017 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (VOLUNTARY LIQUIDATION PROCESS) REGULATIONS, 2017 IBBI/2016-17/GN/REG010. – In exercise of the powers conferred by sections 59, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Board hereby… Read More »

Bill of Entry – Revised Regulations Notified by CBEC 31.03.2017

MINISTRY OF FINANCE Department of Revenue [CENTRAL BOARD OF EXCISE AND CUSTOMS] NOTIFICATION New Delhi, the 31st March, 2017 No. 26/2017-Customs (N.T.) G.S.R. 323(E).—In exercise of the powers conferred by section 157 read with section 46 of the Customs Act, 1962(52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations… Read More »

GST FAQ -Returns Process and matching of ITC- 31.03.2017 by CBEC

Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Returns Process and matching of Input Tax Credit Chapter 12 Q 1. What is the purpose of returns? Ans. a) Mode for transfer of information to tax administration; b) Compliance verification program of tax administration; c) Finalization of the tax liabilities of the taxpayer within… Read More »

GST FAQ -Job Work- 31.03.2017 by CBEC

Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Job Work Chapter 9 Q 1. What is job work? Ans. Job work means undertaking any treatment or process by a person on goods belonging to another registered taxable person. The person who is treating or processing the goods belonging to other person is called… Read More »

GST FAQ- GST Payment of Tax – 31.03.2017 by CBEC

Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC GST Payment of Tax Chapter 7 Q 1. What are the Payments to be made in GST regime? Ans. In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST), going into the account of the Central Government) and… Read More »

GST FAQ -Valuation in GST – 31.03.2017 by CBEC

Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Valuation in GST Chapter 6 Q 1. What is the value of taxable supply to be adopted for the levy of GST? Ans. The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the price paid or payable,… Read More »

GST FAQ- Time of Supply -31.03.2017 by CBEC

Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Time of Supply Chapter 5 Q1. What is time of supply? Ans. The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed to have been made. The CGST/SGST Act provides separate time of… Read More »

GST FAQ -Registration – 31.03.2017 by CBEC

Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Registration Chapter 3 Q 1. What is advantage of taking registration in GST? Ans. Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: Legally recognized as supplier of goods or services. Proper accounting of taxes paid on the input… Read More »

GST FAQ- Levy of and Exemption from Tax -31.03.2017 by CBEC

Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Levy of and Exemption from Tax Chapter 2 Q 1. Where is the power to levy GST derived from? Ans. Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act,2016 confers concurrent powers to both, Parliament and State Legislatures to make… Read More »

3CFA Option form for taxation of royalty from patent u/s 115BBF – Notification by CBDT

 Taxation of royalty from patent u/s  115BBF Summary : CBDT has notified new Rule 5G of the Income-tax Rules 1962 for Option form for taxation of royalty from patent u/s  115BBF and Notified  Form No. 3CFA. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 31st March, 2017 INCOME-TAX G.S.R.… Read More »

No TCS on Cash Sale of Goods or Services or Jewellery w.e.f 01.04.2017

TCS on Cash Sale of Goods or Services w.e.f 01.04.2017 Finance Act 2017  had Deleted the Clause 206C(1D) and (IE) from Income Tax Act w.e.f 01.04.2017 . Thus person is not required to collect TCS on Cash Sale of Goods or services or bullion ( exceeding Rs 2 Lakh)  or jewellery (exceeding Rs 5 Lakh ) w.e.f… Read More »

Law & Procedure on Charitable Trusts & Religious Institutions -2017 Edition 16th Book-S.Rajaratnam

LAW AND PROCEDURE ON CHARITABLE TRUSTS AND RELIGIOUS INSTITUTIONS Paperback – 2017 by S.Rajaratnam (Author), M.Natarajan (Author), C.P.Thangaraj (Author) -16th Edition 2017-18 (A.Y. 2018-19) AN INDISPENSABLE GUIDE RELATING TO TAX AND OTHER MATTERS FOR VOLUNTARY AGENCIES. AS AMENDED BY THE FINANCE ACT, 2017 Price Rs 2077. Click to buy Online Related Books on Income Tax Subjects… Read More »