Daily Archives: May 10, 2017

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

By | May 10, 2017

 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 »

Reference of Input Services missing in Rule 7(1)(d) of GST ITC Rules : ICAI – GST Rules Issue 23

By | May 10, 2017

Reference of Input Services missing in Rule 7(1)(d) Clause d of Rule 7(1) of draft GST ITC Rules provides that the amount of input tax, out of ‘T’, in respect of inputs on which credit is not available under sub-section (5) of Section 17, be denoted as ‘T3’. Issue Rule 7(1)(d) provides for exclusion of… Read More »

Provide for Transfer of GST ITC on shifting of factory from one State to another : ICAI – GST Rules Issue 22

By | May 10, 2017

Input tax credit (ITC) on shifting of factory from one State to another   A manufacturer having factory in West Bengal is discharging central excise duty and VAT/CST, as applicable, while clearing the goods manufactured at the said factory. He is intending to shift the entire factory set up to a new site in Maharashtra.… Read More »

Rule 10 Cenvat Credit Rules 2004 – Transfer of CENVAT credit.

By | May 10, 2017

Rule 10 Cenvat Credit Rules 2004 Transfer of CENVAT credit. 10. (1) If a manufacturer of the final products shifts his factory to another site or the factory is transferred on account of change in ownership or on account of sale, merger, amalgamation, lease or transfer of the factory to a joint venture with the… Read More »

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

By | May 10, 2017

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

By | May 10, 2017

 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

By | May 10, 2017

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

By | May 10, 2017

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 »

Delete Wrong reference in Rule 3(b) of GST ITC Rules : ICAI – GST Rules Issue 18

By | May 10, 2017

Drafting anomaly & reference in the Rule 3 Rule 3(b) of draft GST ITC Rules provides that banking company or a financial institution shall avail the credit of tax paid on inputs and input services referred to in the second proviso to sub-section (4) of Section 16 and not covered under clause (a). Issue The Rule… Read More »

Redraft rule 2 of GST ITC Rule – Reversal of credit on non-payment of consideration – ICAI – GST Rules Issue 17

By | May 10, 2017

Reversal of credit due to non-payment of consideration Rule 2 of draft GST ITC Rules provides that a registered person, who has availed of input tax credit on any inward supply of goods or services or both, but fails to pay to the supplier thereof the value of such supply along with the tax payable… Read More »

Redraft Rule 1(2) of GST ITC Rule to allow credit to Registered person- ICAI – GST Rules Issue 16

By | May 10, 2017

Documentary evidence for claiming credit by registered person Rule 1(2) of draft GST ITC Rules provides that Input tax credit shall be availed by a registered person only if all the applicable particulars as prescribed in Chapter —- (Invoice Rules) are contained in the said document, and the relevant information, as contained in the said… Read More »

Allow GST ITC on documents of inputs/capital goods imported by post or Courier.- ICAI – GST Rules Issue 15

By | May 10, 2017

Documentary requirements and conditions for claiming input tax credit Rule 1 of draft GST ITC Rules requires that input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely: – a) an invoice issued by the supplier of goods or services… Read More »

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

By | May 10, 2017

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

By | May 10, 2017

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

By | May 10, 2017

 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

By | May 10, 2017

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

By | May 10, 2017

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

By | May 10, 2017

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 »

Give Illustration for Valuation of Second Hand Goods under GST – ICAI – GST Rules Issue 9

By | May 10, 2017

 Illustration required in Rule 6(5) of Determination of Value of Supply Rules Rule 6(5) of draft GST Determination of Value of Supply Rules provides for method of valuation in case of supply of second hand goods. (5) Where a taxable supply is provided by a person dealing in buying and selling of second hand goods… Read More »

Rationalise GST Rates for life insurance business – ICAI – GST Rules Issue 8

By | May 10, 2017

Value of supply of services in relation to life insurance business Rule 6(4) of draft GST Valuation Rules provides that the value of supply of services in relation to life insurance business shall be: (a) the gross premium charged from a policy holder reduced by the amount allocated for investment, or savings on behalf of… Read More »

How to pay GST on Commission earned by foreign exchange dealer or money changer- ICAI – GST Rules Issue 7

By | May 10, 2017

Value of supply of services in relation to purchase or sale of foreign currency, including money changing Rule 6(2) of draft GST Valuation Rules provides that the value of supply of services in relation to purchase or sale of foreign currency, including money changing, shall be determined by the supplier of service in the following… Read More »

Explain How Value reputation of product be determined – ICAI – GST Rules Issue 6

By | May 10, 2017

Manner to determine Value of Reputation of a Product Explanation (b) to Rule 8 to draft GST Valuation Rules provide that “supply of goods or services or both of like kind and quality” means any other supply of goods or services or both made under similar circumstances that, in respect of the characteristics, quality, quantity,… Read More »

Replace “ point of taxation ” in Rule 8 of GST Valuation Rules – ICAI – GST Rules Issue 5

By | May 10, 2017

 Rate of exchange of currency Rule 8 of draft GST valuation Rules provides that the rate of exchange for determination of value of taxable goods or services or both shall be the applicable reference rate for that currency as determined by the Reserve Bank of India on the date when point of taxation arises in… Read More »

Section 60 Rajashtan GST Act 2017 – Provisional assessment

By | May 10, 2017

Section 60 Rajashtan GST Act 2017 Section 60 Rajashtan GST Act 2017 explains Provisional assessment and is covered in Chapter XII Assessment ( 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 59 Rajashtan GST Act 2017 – Self-assessment

By | May 10, 2017

Section 59 Rajashtan GST Act 2017 Section 59 Rajashtan GST Act 2017 explains Self-assessment and is covered in Chapter XII Assessment ( 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 58 Rajashtan GST Act 2017 – Utilisation of Fund

By | May 10, 2017

Section 58 Rajashtan GST Act 2017 Section 58 Rajashtan GST Act 2017 explains Utilisation of Fund and is covered in Chapter XI  Refunds ( 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 57 Rajashtan GST Act 2017- Consumer Welfare Fund

By | May 10, 2017

Section 57 Rajashtan GST Act 2017 Section 57 Rajashtan GST Act 2017 explains Consumer Welfare Fund and is covered in Chapter XI  Refunds ( 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… Read More »

Section 56 Rajashtan GST Act 2017 – Interest on delayed refunds

By | May 10, 2017

Section 56 Rajashtan GST Act 2017 Section 56 Rajashtan GST Act 2017 explains Interest on delayed refunds and is covered in Chapter XI Refunds ( 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… Read More »

Section 55 Rajashtan GST Act 2017 – Refund in certain cases

By | May 10, 2017

Section 55 Rajashtan GST Act 2017 Section 55 Rajashtan GST Act 2017 explains Refund in certain cases and is covered in Chapter XI  Refunds ( 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… Read More »

Section 54 Rajashtan GST Act 2017- Refund of tax

By | May 10, 2017

Section 54 Rajashtan GST Act 2017 Section 54 Rajashtan GST Act 2017 explains Refund of tax and is covered in Chapter XI Refunds ( 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 53 Rajashtan GST Act 2017 – Transfer of input tax credit

By | May 10, 2017

Section 53 Rajashtan GST Act 2017 Section 53 Rajashtan GST Act 2017 explains Transfer of input tax credit 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 tax on… Read More »

Section 52 Rajashtan GST Act 2017- Collection of tax at source

By | May 10, 2017

Section 52 Rajashtan GST Act 2017 Section 52 Rajashtan GST Act 2017 explains Collection of tax at source 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 tax on… Read More »

Section 51 Rajashtan GST Act 2017 – Tax deduction at source

By | May 10, 2017

Section 51 Rajashtan GST Act 2017 Section 51 Rajashtan GST Act 2017 explains Tax deduction at source 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 tax on intra-State supply… Read More »

Section 50 Rajashtan GST Act 2017- Interest on delayed payment of tax

By | May 10, 2017

Section 50 Rajashtan GST Act 2017 Section 50 Rajashtan GST Act 2017 explains Interest on delayed payment of tax 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 tax on… Read More »

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

By | May 10, 2017

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 48 Rajashtan GST Act 2017- Goods and services tax practitioners

By | May 10, 2017

Section 48 Rajashtan GST Act 2017 Section 48 Rajashtan GST Act 2017 explains Goods and services tax practitioners 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… Read More »

Section 47 Rajashtan GST Act 2017- Levy of late fee

By | May 10, 2017

Section 47 Rajashtan GST Act 2017 Section 47 Rajashtan GST Act 2017 explains Levy of late fee 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… Read More »

Section 46 Rajashtan GST Act 2017-Notice to return defaulters

By | May 10, 2017

Section 46 Rajashtan GST Act 2017 Section 46 Rajashtan GST Act 2017 explains Notice to return defaulters 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… Read More »

Section 45 Rajashtan GST Act 2017-Final return

By | May 10, 2017

Section 45 Rajashtan GST Act 2017 Section 45 Rajashtan GST Act 2017 explains Final 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 services… Read More »

Section 44 Rajashtan GST Act 2017-Annual return

By | May 10, 2017

Section 44 Rajashtan GST Act 2017 Section 44 Rajashtan GST Act 2017 explains Annual 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 services… Read More »

Section 43 Rajashtan GST Act 2017-Matching, reversal and reclaim of reduction in output tax liability

By | May 10, 2017

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

By | May 10, 2017

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

By | May 10, 2017

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

By | May 10, 2017

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 »