Daily Archives: May 10, 2017

USA IRS Offers Tips for Disaster Preparedness

IRS Offers Tips for Disaster Preparedness Hurricane Preparedness Week is May 7-13. The IRS wants to remind taxpayers to prepare for hurricanes and other natural disasters now. By taking a few steps before disaster strikes, taxpayers can reduce their stress when it comes time to file claims or rebuild after the catastrophic event. Here are… Read More »

Interest cannot be demanded from first day of month under Rule 7(2)(a) of GST ITC : ICAI – GST Rules Issue 24

 Payment of interest Rule 7(2)(a) of draft GST ITC Rules provides that where the aggregate of the amounts calculated finally in respect of ‘D1’ and ‘D2’ exceeds the aggregate of the amounts determined under sub-rule (1) in respect of ‘D1’ and ‘D2’, such excess shall be added to the output tax liability of the registered… Read More »

Correct spelling of Chartered Accountant under Rule 5 of ITC Rules : ICAI – GST Rules Issue 21

Correction of spelling of Chartered Accountant under Rule 5 of ITC Rules Under rule 5 of draft GST ITC Rules in clause d the spelling of Chartered Accountant is mistakenly written as Chartered Account. Suggestion It is suggested that spelling mistake be corrected with words Chartered Accountant. Source ICAI Suggestions on GST Rules Submitted to… Read More »

Make GST ITC rules for distribution of credit by ISD to Single recipient directly : ICAI – GST Rules Issue 20

 Distribution of input tax credit by Input Service Distributor Rule 4(d) of draft GST ITC Rules provides for the manner of distribution of ITC by an Input Service Distributor. The input tax credit that is required to be distributed in accordance with the provisions of clause (d) and (e) of sub-section (2) of Section 20… Read More »

Rule 7 Cenvat Credit Rules 2004 – Manner of distribution of credit by input service distributor

1 [Manner of distribution of credit by input service distributor. 7. The input service distributor shall distribute the CENVAT credit in respect of the service tax paid on the input service to its manufacturing units or unit providing output service or an outsourced manufacturing units, as defined in Explanation 4, subject to the following conditions, namely… Read More »

Redraft Rule 4 of GST ITC Rules- Distribution of credit by ISD : ICAI – GST Rules Issue 19

Distribution of credit by ISD Rule 4 of draft GST ITC Rules provides for a mechanism for distribution of credit by ISD Issue The said Rule provides for distribution of credit in the ‘same month’ which also includes all ‘ineligible credits’. Suggestion It is suggested that Rule 4 be suitably amended to: a) permit distribution… Read More »

GST FAQ’s in Kannada -31.03.2017

GST FAQ’s in Kannada -31.03.2017 GST FAQ’s in Kannada released by CBEC on 31.03.2017 GST FAQ’s in Punjabi – 31.03.2017 GST FAQ’s in Telugu – 03.05.2017 GST FAQ’s in Marathi – 31.03.2017 GST FAQ’s in Assamese as on 31.03.2017  GST FAQ in Malyalam – as on 08.05.2017 GST FAQ in English – 31.03.2017 GST FAQ… Read More »

Provide Interest rate on wrong claim of transition credit under GST- ICAI – GST Rules Issue 14

Interest on wrong claim of transition credit Rule 4 of draft GST Transitional Provision Rules provides that amount credited under sub-rule (3) of rule 1 may be verified and proceedings under Section 73 or, as the case may be Section 74 shall be initiated in respect of any credit wrongly availed, whether wholly or partly. Thus… Read More »

Redraft Rule 4 of GST Transition to allow Principal to declare stock at job worker – ICAI – GST Rules Issue 13

Declaration of Stock held by Principal Rule 2 of draft GST Transitional Provision Rules provides that every person to whom the provisions of Section 141. apply shall, within 60 days of the appointed day, submit an application electronically in FORM GST TRAN-1, specifying therein, the stock or, as the case may be, capital goods held… Read More »

Extend Value & Period to avail ITC on Stock if documents of excise not available under GST – ICAI – GST Rules Issue 12

 Credit to be allowed when document evidencing payment is not in the possession As per Rule 1(3)(a) of draft GST Transitional Provision Rules a registered person, who was not registered under the existing law, availing credit in accordance with the proviso to sub-section (3) of Section 140 shall be allowed to avail input tax credit… Read More »

Extend 60 days Time period to Carry Forward Credit on Stock under GST- ICAI – GST Rules Issue 11

Time Limit to carry forward credit under any existing law or on goods held in stock on the appointed day Rule 1 of draft GST Transitional Provision Rules provides that every registered person entitled to take credit of input tax under Section 140 shall, within 60 days of the appointed day, submit an application electronically… Read More »

Simplify Carry forward of Tax or Duty credit provisions for GST Transitions – ICAI – GST Rules Issue 10

Application in respect of tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day Rule 1 of draft GST Transitional Provision Rules requires voluminous details like the amount of tax or duty availed or utilized by way of input tax credit under each of the… Read More »

Gujarat passes state GST Bill

Gujarat assembly passes state GST Bill The Gujarat assembly passed the state Goods and Services Tax(GST) Bill unanimously during a day-long special session here on Tuesday. The state assembly also passed two other related bills. The Parliament on April 6 had passed four legislations to pave the way for nation wide roll-out of the GST… Read More »

Section 49 Rajashtan GST Act 2017-Payment of tax, interest, penalty and other amounts

Section 49 Rajashtan GST Act 2017 Section 49 Rajashtan GST Act 2017 explains Payment of tax, interest, penalty and other amounts and is covered in Chapter X Payment Of  Tax ( 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 43 Rajashtan GST Act 2017-Matching, reversal and reclaim of reduction in output tax liability

Section 43 Rajashtan GST Act 2017 Section 43 Rajashtan GST Act 2017 explains Matching, reversal and reclaim of reduction in output tax liability 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… Read More »

Section 42 Rajashtan GST Act 2017- Matching, reversal and reclaim of input tax credit

Section 42 Rajashtan GST Act 2017 Section 42 Rajashtan GST Act 2017 explains Matching, reversal and reclaim of input tax credit 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… Read More »

Section 41 Rajashtan GST Act 2017-Claim of input tax credit and provisional acceptance thereof

Section 41 Rajashtan GST Act 2017 Section 41 Rajashtan GST Act 2017 explains Claim of input tax credit and provisional acceptance thereof 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… Read More »

Target Plus Scheme for exports effected during 01.04.2005 to 31.03.2006 – Notification

MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) NOTIFICATION New Delhi, the 8th May, 2017 No. 06/2015-2020 S.O. 1448(E).—In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, as amended, read with Para 1.02 of the Foreign Trade Policy, 2015-2020 and in… Read More »