Daily Archives: May 9, 2017

Make Rule 6 of GST Valuation rules optional – ICAI – GST Rules Issue 3

By | May 9, 2017

Determination of value in respect of certain supplies Rule 6 of draft GST Valuation Rules provides for different mechanisms for valuation in various cases like value of supply of services in relation to purchase or sale of foreign currency, including money changing, booking of tickets for travel by air provided by an air travel agent,… Read More »

Remove ‘ related persons ’ from Rule 2 of GST Valuation Rules – ICAI – GST Rules Issue 2

By | May 9, 2017

Value of supply in case of supply between distinct persons or related persons   Rule 2 [Draft Valuation Rules ] provides for a mechanism to arrive at a value in case of distinct persons and related persons by following the same options as available in Rule 1. Issue While supply between distinct persons being covered by this… Read More »

Delete term ‘ open market value ’ from GST Valuation Rules – ICAI – GST Rules Issue 1

By | May 9, 2017

Delete the term ‘open market value’ from GST Valuation Rules Draft Valuation Rules introduces a new concept of ‘open market value’, to be the first value to be applied in case a transaction does not satisfy the requirements of Section 15 Issue It is a new and untested concept and is not even based on… Read More »

ICAI Suggestions on GST Rules Submitted to Govt of India

By | May 9, 2017

ICAI Submitted its Suggestions on GST Rules April 2017 Indirect Taxes Committee THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI The Institute of Chartered Accountants of India considers it a privilege to submit its  suggestions on Draft Rules of Composition Input Tax Credit Rules Determination of Value of Supply, Transitional Provisions, Registration, Tax Invoice,Debit… Read More »

Advantages of GST in India

By | May 9, 2017

Advantages of GST in India Here is the list of Advantages of GST in India Advantages of GST in India for Citizens: (i) Simpler tax system (ii) Reduction in prices of goods and services due to elimination of cascading (iii) Uniform prices throughout the country (iv) Transparency in taxation system (v) Increase in employment opportunities Advantages of… Read More »

Category: GST

Needs provisional ID to migrate to GST ? Contact Central Excise / Service Tax officer

By | May 9, 2017

Provisional IDs issued to Central Excise and Service Tax business entities registered in ACES till 31.01.2017 and not utilized by the entities are being cancelled as either not required or as non-usable. The IDs issued to entities registered in February and March 2017 or those IDs restored post State VAT cancellation are still active. In… Read More »

Staff Provident Fund in EPFO- Revised rate of interest – Q1 FY 2017-18

By | May 9, 2017

EMPLOYEES’ PROVIDENT FUND ORGANISATION No. HRD/3(2)2012/SPF/ 71 Dated 09.05.2017 To All Additional CPFCs, Zones & ACC (ASD) Director (PDUNASS), All RPFCs, Regional Offices Revised rate of interest – with regard to Staff Provident Fund in EPFO – regarding. Sir, Please find enclosed a copy of Resolution No. 5(1)-B (PD)/2017 dated 18.04.2017 issued by Ministry of… Read More »

Webinar on Insolvency and Bankruptcy Code 2016 held on May 04, 2017 by ICSI

By | May 9, 2017

Webinar series on Insolvency and Bankruptcy Code, 2016 held on May 04, 2017 Related Books on Insolvency and Bankruptcy / Best Book for Insolvency Professional Examinations ; Book 2017 Edition Insolvency and Bankruptcy Code 2016 Handbook for Insolvency Professional Examinations – Book 2017 Edition by G Sekar   Guide to Insolvency and Bankruptcy Code 2016 – Taxmann… Read More »

Sushil Chandra reappointed as Chairman of CBDT

By | May 9, 2017

F.No.A.12026/6/2017-Ad.I Government of India Ministry of Finance Department of Revenue Office Order No. 100 /2017 The President of India is pleased to re-appoint Shri Sushil Chandra, IRS (IT:80001),Chairman, Central Board of Direct Taxes (CBDT) as Chairman of the Central Board of Direct Taxes (CBDT) in the Department of Revenue, Ministry of Finance for a period… Read More »

Clarification on Recently Notified Maternity Benefit (Amendment) Act 2017

By | May 9, 2017

Press Information Bureau Government of India Ministry of Labour & Employment 08-May-2017 16:46 IST Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017 The Government has notified the Maternity Benefit (Amendment) Act,2017 on 28th March,2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to crèche… Read More »

GSTN enrolment shut for now, reopening soon: CBEC

By | May 9, 2017

The government has closed the enrolment of tax assessees, for now, on the Goods and Services Technology Network (GSTN), the IT backbone of GST, for technical reasons, Central Board of Excise and Customs chairman Vanaja N Sarna said. Not specifying a new date for reopening of the enrolment, the CBEC chairman said the window will… Read More »

Category: GST

Refund claim of service tax paid by mistake couldn’t be rejected due to expiry of time period

By | May 9, 2017

Held In the instant case, the amount deposited by the assessee-Appellants without any authority of law cannot be considered as Service Tax. As per Article 265 of the Constitution, no tax can be collected without any authority of law. At the relevant time, there was no authority of law to collect Service Tax on the… Read More »

Guide to Insolvency and Bankruptcy Code 2016 – Taxmann – 2017 Edition Book

By | May 9, 2017

Guide to Insolvency and Bankruptcy Code 2016 This Book on Guide to Insolvency and Bankruptcy Code 2016 Also Incorporating: Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations,2016 Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations,2016 Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations,2016 Insolvency and… Read More »

Digital Signature Certificate (DSC) Ready Reckoner -Book 2017 – FCA Rahul Agrawal

By | May 9, 2017

Digital Signature Certificate (DSC) Ready Reckoner Paperback – 2017 by FCA Rahul Agrawal (Author), One Solution for all your DSC/Token/Java Related Query/ Error/Confusion(Preface) We are aware of fact that in day to day activities, use of digital signature is increasing and users are facing a lot of difficulties in using digital signature. Even people think… Read More »

Goods & Services Tax Laws – GST by CA.Chitresh Gupta, CA. Shilpi Gupta -Young Global’s Book

By | May 9, 2017

Young Global’s Goods & Services Tax Laws GST by CA.Chitresh Gupta, CA. Shilpi Gupta Paperback – 2017 by CA. Shilpi Gupta CA.Chitresh Gupta (Author), Addon Digital Services (Photographer) Price Rs 754 Click to buy Online Publisher: Young global Publication (2017) Related Books on GST Topic Books GST Act 2017 Guide to GST – April 2017… Read More »

Simplified Approach to GST -READY REFERENCER 2017-Book-CA Raman Singla

By | May 9, 2017

Simplified Approach to GST A READY REFERENCER 2017 Paperback – 2017 by CA Raman Singla (Author), Pallavi Singla (Author) This book gives you an easy and comprehensive understanding of the GST law applicable in India. The name of the book itself suggests its target to create a simplified understanding on the subject of GST. It… Read More »

Benefit of 2 Years weightage of Service under Employees Pension Scheme

By | May 9, 2017

summary  Where the date of leaving service is before 24.07.2009 benefit of 2 years weightage of service will be given even if a member had opted for pension before attaining 58 years of age, Telephone: 26196236 EMPLOYEES PROVIDENT FUND ORGANISATION (Ministry of Labour & Employment, Govt. of India) Head office Bhavishya Nidhi Bhawan, 14, Bhikaji… Read More »

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8

By | May 9, 2017

‘Ind AS Transition Facilitation Group’ (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and/ or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, raised by preparers, users and other stakeholders. Ind AS Transition Facilitation Group (ITFG)… Read More »

Section 40 Rajashtan GST Act 2017- First Return

By | May 9, 2017

Section 40 Rajashtan GST Act 2017 Section 40 Rajashtan GST Act 2017 explains First Return and is covered in Chapter IX Returns ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply of goods or… Read More »

Section 39 Rajashtan GST Act 2017-Furnishing of returns

By | May 9, 2017

Section 39 Rajashtan GST Act 2017 Section 39 Rajashtan GST Act 2017 explains Furnishing of returns and is covered in Chapter IX Returns ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply of goods or… Read More »

Section 38 Rajashtan GST Act 2017 – Furnishing details of inward supplies

By | May 9, 2017

Section 38 Rajashtan GST Act 2017 Section 38 Rajashtan GST Act 2017 explains Furnishing details of inward supplies and is covered in Chapter IX Returns ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply… Read More »

Section 37 Rajashtan GST Act 2017- Furnishing details of outward supplies

By | May 9, 2017

Section 37 Rajashtan GST Act 2017 Section 37 Rajashtan GST Act 2017 explains Furnishing details of outward supplies and is covered in Chapter IX Returns ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply… Read More »

Section 36 Rajashtan GST Act 2017- Period of retention of accounts

By | May 9, 2017

Section 36 Rajashtan GST Act 2017 Section 36 Rajashtan GST Act 2017 explains Period of retention of accounts and is covered in Chapter VIII Accounts And Records ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State… Read More »

Section 35 Rajashtan GST Act 2017- Accounts and other records

By | May 9, 2017

Section 35 Rajashtan GST Act 2017 Section 35 Rajashtan GST Act 2017 explains Accounts and other records and is covered in Chapter VIII Accounts And Records ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply of… Read More »

Section 34 Rajashtan GST Act 2017 – Credit and debit notes

By | May 9, 2017

Section 34 Rajashtan GST Act 2017 Section 34 Rajashtan GST Act 2017 explains Credit and debit notes and is covered in Chapter VII Tax Invoice, Credit And Debit Notes ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax… Read More »

Section 32 Rajashtan GST Act 2017-Prohibition of unauthorised collection of tax

By | May 9, 2017

Section 32 Rajashtan GST Act 2017 Section 32 Rajashtan GST Act 2017 explains Prohibition of unauthorised collection of tax and is covered in Chapter VII Tax Invoice, Credit And Debit Notes ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and… Read More »

Section 33 Rajashtan GST Act 2017 – Amount of tax to be indicated in tax invoice and other documents

By | May 9, 2017

Section 33 Rajashtan GST Act 2017 Section 33 Rajashtan GST Act 2017 explains Amount of tax to be indicated in tax invoice and other documents and is covered in Chapter VII Tax Invoice, Credit And Debit Notes ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make… Read More »

Section 31 Rajashtan GST Act 2017 – Tax invoice

By | May 9, 2017

Section 31 Rajashtan GST Act 2017 Section 31 Rajashtan GST Act 2017 explains Tax invoice and is covered in Chapter VII Tax Invoice, Credit And Debit Notes ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State… Read More »

Section 30 Rajashtan GST Act 2017- Revocation of cancellation of registration

By | May 9, 2017

Section 30 Rajashtan GST Act 2017 Section 30 Rajashtan GST Act 2017 explains Revocation of cancellation of registration and is covered in Chapter VI Registration ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply of… Read More »

Section 29 Rajashtan GST Act 2017 – Cancellation of registration

By | May 9, 2017

Section 29 Rajashtan GST Act 2017 Section 29 Rajashtan GST Act 2017 explains Cancellation of registration and is covered in Chapter VI Registration ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply of goods or services… Read More »

Section 28 Rajashtan GST Act 2017- Amendment of registration

By | May 9, 2017

Section 28 Rajashtan GST Act 2017 Section 28 Rajashtan GST Act 2017 explains Amendment of registration and is covered in Chapter  VI Registration ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply of goods or… Read More »

Section 27 Rajashtan GST Act 2017- Special provisions relating to casual taxable person and non-resident taxable person

By | May 9, 2017

Section 27 Rajashtan GST Act 2017 Section 27 Rajashtan GST Act 2017 explains Special provisions relating to casual taxable person and non-resident taxable person and is covered in Chapter VI Registration ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of… Read More »

Section 26 Rajashtan GST Act 2017 – Deemed registration

By | May 9, 2017

Section 26 Rajashtan GST Act 2017 Section 26 Rajashtan GST Act 2017 explains Deemed registration and is covered in Chapter  VI Registration ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply of goods or services… Read More »

Timely filing of Income tax Return to avail Profit-linked “ tax holiday ” benefit

By | May 9, 2017

Profit-linked “ tax holiday ” benefit The Delhi High Court upheld the constitutional validity of relevant provisions of the Income-tax Act, 1961 mandating the timely filing of income tax returns for the purpose of claiming profit-linked “tax holiday” benefit for exports and other qualifying activities. The case is: Nath Brothers Exim International Ltd. Read a… Read More »

Definition of “ payable ” under section 40(a)(ia) – SC Judgment

By | May 9, 2017

Definition of “payable” under section 40(a)(ia) The Supreme Court of India addressed the term “payable” when there is a requirement to withhold (deduct) tax at source and remit the withheld tax to the government. Section 40(a)(ia) applies not only to situations when the amount is “payable” but also when it is “paid”. The case is:… Read More »