Daily Archives: May 11, 2017

Redraft Rule 2 of GST E way Bill – Documents & devices carried by conveyance incharge : ICAI – GST Rules Issue 48

By | May 11, 2017

Documents and devices to be carried by a person-in-charge of a conveyance ( Refer Draf GST E way Bill ) Issue When invoice is already issued, issuance of e-way bill increases the compliance at the time of removal of goods. This is not in line with ease of doing business. Hence, comprehensive suggestion is made… Read More »

Draft ICDS on Real Estate Transactions – CBDT Invites Comment

By | May 11, 2017

Draft ICDS on Real Estate Transactions CBDT invited comments on Draft ICDS on Real Estate Transactions as per following press release dated 11.05.2017. PDF Copy of  Draft ICDS on Real Estate Transactions is also provided below :- Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11th May,… Read More »

Linking PAN with Aadhaar simplified by Income Tax Department

By | May 11, 2017

Income Tax Department simplifies linking PAN with Aadhaar As per the Following Press release by CBDT, Linking PAN with Aadhaar has been made easy ! Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes New Delhi, 11th May, 2017 The Income Tax Department has made it easy for taxpayers to… Read More »

Redraft entire Rule 1 of GST e-way bill rules : ICAI – GST Rules Issue 47

By | May 11, 2017

 E-Way Bill required to be simplified Rule 1 (Draft GST E-Way Bill Rules ) requires the use of e-Way bill for all removals including those involving supply. Issue When invoice is already issued, issuance of e-way bill increases the compliance at the time of removal of goods. This is not in line with ease of… Read More »

Cross-references rule number incorrect in Rule 2 GST return rules : ICAI – GST Rules Issue 46

By | May 11, 2017

 Cross-references rule number incorrect Rule 2(5) of draft GST return rules refers to ISD invoice ‘…. issued under rule 7….” However, there appears to be an error as ISD invoice is referred in rule 6 and not 7 Suggestion It is suggested that said rule be amended by making the reference to “rule 6”instead of… Read More »

Provide for delay in filing hardcopy of appeal – in Rule 4 GST Appeals & Revision Rules : ICAI – GST Rules Issue 45

By | May 11, 2017

Consequence of delay in filing hardcopy of appeal Rule 4(2) of the draft GST Appeals & Revision Rules requires filing of hardcopy of appeal within 7 days. But the said rules does not provide for the consequences of delay in filing of an appeal. Issue There may be bona fide reasons for not filing with… Read More »

Redraft GST Accounts and Records Rules : ICAI – GST Rules Issue 44

By | May 11, 2017

ACCOUNTS AND RECORDS It is suggested that Rules ( Draft GST Accounts and Records Rules)  be redrafted as follows:  Rule 1 – Accounts Every registered taxable person shall maintain and preserve accounts as follows: a) Prescribed under Companies Act, 2013 to the person having same PAN b) If (a) is not applicable, those prescribed under… Read More »

Provide time limit for issuing Order sanctioning refund – Rule 4 GST Refund Rules : ICAI – GST Rules Issue 43

By | May 11, 2017

Time Limit for Issuing Order sanctioning refund Rule 4 of draft GST Refund Rules provides for the order sanctioning refunds in FORM GST RFD-06 (approval of refund), FORM GST RFD-07 (adjustment of refund against existing demand) & FORM GST RFD-08 (refund not admissible). However, the time limit for issuing these forms by proper officer has… Read More »

Delete Rule 3(1)(c) GST Refund – refund not released due to pending appeal : ICAI – GST Rules Issue 42

By | May 11, 2017

 Appeal on account of refund pending Clause c of Rule 3(1) of draft GST Refund Rules provide that provisional refund may be granted subject to condition that no proceedings of any appeal, review or revision is pending on any of the issues which form the basis of the refund and if pending, the same has… Read More »

Benefits of GST Tax System in India

By | May 11, 2017

How The GST Tax System Will Benefit You Goods and Services Tax (GST), the new direct tax system which the government plans to roll out from July 1, 2017 will make India one unified market and will bundle various state and central taxes under it. GST will be a single tax on the supply of… Read More »

Category: GST

Provide time limit for issuing FORM GST RFD-03 under Rule 2 GST Refund Rules : ICAI – GST Rules Issue 41

By | May 11, 2017

Time Limit for communicating deficiencies in form GST RFD-03 by proper officer Rule 2(3) of the draft GST Refund Rules provide that where any deficiencies are noticed, the proper officer shall communicate the deficiencies to the applicant in FORM GST RFD-03 through the Common Portal electronically, requiring him to file a refund application after rectification… Read More »

Remove Drafting anomaly in Rule 4 GST Refund Rules – ICAI – GST Rules Issue 40

By | May 11, 2017

Drafting anomaly in Rule 4 Sub rule 3 of Rule 4 of draft GST Refund Rules provide that “where the proper officer is satisfied that the amount refundable under sub rule (1) and sub rule (2) is payable to the applicant under subsection (8) of Section 48, he shall make an order………” Section 48 relates to… Read More »

Modify rule 8 of GST Tax Invoice for Transportation of Goods in semi-knocked down or completely knocked down condition – ICAI – GST Rules Issue 39

By | May 11, 2017

Transportation of Goods in a semi-knocked down or completely knocked down condition Rule 8(5) of Tax invoice, Credit and Debit Notes provides that where the goods are being transported in a semi knocked down or completely knocked down condition, a) the supplier shall issue the complete invoice before dispatch of the first consignment; b) the… Read More »

Consider tax invoice by construction industry as Special Case under rule 7 of Tax Invoice – ICAI – GST Rules Issue 38

By | May 11, 2017

Invoice issued by construction industry not considered as a special case It is suggested that tax invoice issued by construction industry be included as a special case under Rule 7  ( Draft GST Tax Invoice Rules , Credit and Debit Notes Rules ) , particularly where R/A bills are issued. Because of its inherent nature prone to… Read More »

Simplify Transportation of Goods Without Issue of Invoice Rule 8 of Tax Invoice : ICAI – GST Rules Issue 37

By | May 11, 2017

Transportation of Goods Without Issue of Invoice Rule 8(1) of draft GST Tax invoice, Credit and Debit Notes Rules provides that for the purposes of: a) supply of liquid gas where the quantity at the time of removal from the place of business of the supplier is not known, b) transportation of goods for job… Read More »

Provide Format for Advance voucher / refund voucher under Rule 5 of Tax Invoice – ICAI – GST Rules Issue 36

By | May 11, 2017

Advance voucher and refund voucher Rule 5 of draft GST Tax invoice, Credit and Debit Notes Rules provides for issuance voucher for receipt of advance. However no formats have been prescribed for the receipt voucher or refund voucher. Suggestion It is suggested the words ‘…..in the formats prescribed…’ be added and suitable formats be prescribed.… Read More »

Avoid Physical Verification of existing registered premises under GST : ICAI – GST Rules Issue 34

By | May 11, 2017

Physical Verification of Business Premises Rule 17 of draft GST Registration Rules provides that where the proper officer is satisfied that the physical verification of the place of business of a registered person is required after grant of registration, he may get such verification done and the verification report along with other documents, including photographs,… Read More »

Use videography for litigant/ non-cooperative employers – EPFO

By | May 11, 2017

EMPLOYEES’ PROVIDENT FUND ORGANISATION C-1 -1(4)2017/Capital Dyeing/3274 Dated 11.05.2017 Please find enclosed herewith a copy of the judgment dated 27-10- 2016 passed by the Hon’ble High Court of Punjab and Haryana in CWP No. 17366/1998 in the matter of Capital Dyeing V/s RPFC. The Hon’ble Court while dismissing the Writ Petition filed by M/s Capital… Read More »

Amend GST registration Cancellation date under Rule 14 of GST Registration Rules : ICAI – GST Rules Issue 33

By | May 11, 2017

Date of cancellation prescribed under Rule 14(3) to be amended Rule 14(3) of draft GST Registration Rules provides that where a person who has submitted an application for cancellation of his registration is no longer liable to be registered or his registration is liable to be cancelled, the proper officer shall issue an order in… Read More »

Remove duplicate Conditions for Cancellation of GST Registration under Rule 13 of GST Registration Rules : ICAI – GST Rules Issue 32

By | May 11, 2017

 Cancellation of Registration Rule 13 of draft GST Registration Rules provides that the registration granted to a person is liable to be cancelled if the said person— (a) does not conduct any business from the declared place of business; or (b) issues invoice or bill without supply of goods or services in violation of the… Read More »

Allow GST Registration of Person have one PAN and Different Trade names :- ICAI – GST Rules Issue 31

By | May 11, 2017

Registration of persons having one PAN carrying any business in more than one trade name at different locations in a state Persons having one PAN and carrying business in more than one trade name at different locations in a state are facing problem in view of provision of only one trade name in GST REG-01… Read More »

Exclude Input Service Distributors from Rule 1 of GST Registration Rules : ICAI – GST Rules Issue 30

By | May 11, 2017

Exclusion of Input Service Distributors (ISD) & OIDAR Rule 1(1) of draft GST Registration Rules provides that every person (other than a non-resident taxable person, a person supplying online information and data base access or retrieval services from a place outside India to a non-taxable online recipient referred to in Section 14 of the Integrated… Read More »

Remove condition of not having Imported goods stocks under Rule 3 Composition Rule – ICAI – GST Rules Issue 29

By | May 11, 2017

Condition of not having stocks of Imported goods As per rule 3(1)(b) of draft GST Composition Rules a composition dealer is required to comply with following condition: – The goods held in stock by him on the appointed day have not been purchased in the course of inter-State trade or commerce or imported from a… Read More »

Give time limit for officer to issue notice to Composition Dealer under Rule 4 of GST Composition Rule : ICAI – GST Rules Issue 29

By | May 11, 2017

Validity of Composition Levy Rule 4(4) of draft GST Composition Rule provides that where the proper officer has reasons to believe that the registered person was not eligible to pay tax under Section 10 or has contravened the provisions of the Act or these rules, he may issue a notice to such person in FORM… Read More »

Simplify restrictions for Composition Levy under Rule 3 of GST Composition : ICAI – GST Rules Issue 28

By | May 11, 2017

Conditions & Restrictions for Composition Levy Rule 3 of draft GST Composition Rules deals with Conditions and Restrictions for composition levy. Rule 3(1)(b), (c), (d) & (g) thereof requires a person opting for composition scheme to comply with the following conditions:   b) …………………. c) the goods held in stock by him have not been… Read More »

Redraft Rule 1 of GST Composition – Date of Intimation of Opting Composition Levy ICAI – GST Rules Issue 28

By | May 11, 2017

Intimation of Composition Levy  Rule 1(1) of draft GST Composition Rules provide that any person who has been granted registration on a provisional basis under sub-rule (1) of rule Registration.16 and who opts to pay tax under Section 10, shall electronically file an intimation in FORM GST CMP-01, duly signed, on the Common Portal, either… Read More »

Redraft Rule 10 of GST ITC if Job worker did not return Input or capital Goods to principal : ICAI – GST Rules Issue 27

By | May 11, 2017

Conditions and restriction in respect of inputs and capital goods sent to the job worker If the inputs or capital goods are not returned to the principal within the time stipulated in Section 143, the challan issued under sub-rule (1) shall be deemed to be an invoice for the purposes of this Act. [ Read… Read More »

Correct Rule 9 of GST ITC- Reversal of Credit for capital goods lying in stock – ICAI – GST Rules Issue 26

By | May 11, 2017

Manner of reversal of credit under special circumstances Rule 9(1) of draft GST ITC Rules provides that amount of input tax credit, relating to inputs lying in stock, inputs contained in semi- finished and finished goods lying in stock, and capital goods lying in stock, for the purposes of sub-section (4) of Section 18 or sub-section… Read More »

Redraft Rule 8 of GST ITC for common capital goods ITC Claim – ICAI – GST Rules Issue 25

By | May 11, 2017

Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases Rule 8(1) of draft GST ITC Rules clause c,d & e provides as follows: (c) the amount of input tax in respect of capital goods not covered under clauses (a) and (b), denoted as ‘A’, shall be… Read More »

Section 85 Rajashtan GST Act 2017 – Liability in case of transfer of business

By | May 11, 2017

Section 85 Rajashtan GST Act 2017 Section 85 Rajashtan GST Act 2017 explains Liability in case of transfer of business and is covered in Chapter XVI Liability To Pay In Certain Cases  ( 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… Read More »

Section 84 Rajashtan GST Act 2017 – Continuation and validation of certain recovery proceedings

By | May 11, 2017

Section 84 Rajashtan GST Act 2017 Section 84 Rajashtan GST Act 2017 explains Continuation and validation of certain recovery proceedings and is covered in Chapter XV  Demands And Recovery  ( 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 83 Rajashtan GST Act 2017-Provisional attachment to protect revenue in certain cases

By | May 11, 2017

Section 83 Rajashtan GST Act 2017 Section 83 Rajashtan GST Act 2017 explains Provisional attachment to protect revenue in certain cases and is covered in Chapter XV  Demands And Recovery  ( 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 82 Rajashtan GST Act 2017-Tax to be first charge on property

By | May 11, 2017

Section 82 Rajashtan GST Act 2017 Section 82 Rajashtan GST Act 2017 explains Tax to be first charge on property and is covered in Chapter XV  Demands And Recovery  ( 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 81 Rajashtan GST Act 2017 – Transfer of property to be void in certain cases

By | May 11, 2017

Section 81 Rajashtan GST Act 2017 Section 81 Rajashtan GST Act 2017 explains Transfer of property to be void in certain cases and is covered in Chapter XV  Demands And Recovery  ( 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… Read More »

Section 80 Rajashtan GST Act 2017 – Payment of tax and other amount in instalments

By | May 11, 2017

Section 80 Rajashtan GST Act 2017 Section 80 Rajashtan GST Act 2017 explains Payment of tax and other amount in instalments and is covered in Chapter XV  Demands And Recovery  ( 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 79 Rajashtan GST Act 2017- Recovery of tax

By | May 11, 2017

Section 79 Rajashtan GST Act 2017 Section 79 Rajashtan GST Act 2017 explains Recovery of tax and is covered in Chapter XV  Demands And Recovery  ( 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 78 Rajashtan GST Act 2017 – Initiation of recovery proceedings

By | May 11, 2017

Section 78 Rajashtan GST Act 2017 Section 78 Rajashtan GST Act 2017 explains Initiation of recovery proceedings and is covered in Chapter XV  Demands And Recovery  ( 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 77 Rajashtan GST Act 2017 – Tax wrongfully collected and paid to Central Government or State Government

By | May 11, 2017

Section 77 Rajashtan GST Act 2017 Section 77 Rajashtan GST Act 2017 explains Tax wrongfully collected and paid to Central Government or State Government and is covered in Chapter XV  Demands And Recovery  ( 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… Read More »

Section 76 Rajashtan GST Act 2017 – Tax collected but not paid to Government

By | May 11, 2017

Section 76 Rajashtan GST Act 2017 Section 76 Rajashtan GST Act 2017 explains Tax collected but not paid to Government and is covered in Chapter XV  Demands And Recovery  ( 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 75 Rajashtan GST Act 2017 – General provisions relating to determination of tax

By | May 11, 2017

Section 75 Rajashtan GST Act 2017 Section 75 Rajashtan GST Act 2017 explains General provisions relating to determination of tax and is covered in Chapter XV  Demands And Recovery  ( 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 74 Rajashtan GST Act 2017 – Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts

By | May 11, 2017

Section 74 Rajashtan GST Act 2017 Section 74 Rajashtan GST Act 2017 explains Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts and is covered in Chapter XV  Demands And Recovery  ( Note Rajashtan GST Act 2017 received the… Read More »

Section 73 Rajashtan GST Act 2017-Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful misstatement or suppression of facts

By | May 11, 2017

Section 73 Rajashtan GST Act 2017 Section 73 Rajashtan GST Act 2017 explains Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful misstatement or suppression of facts and is covered in Chapter XV Demands And Recovery  ( Note Rajashtan… Read More »

Section 72 Rajashtan GST Act 2017- Officers to assist proper officers

By | May 11, 2017

Section 72 Rajashtan GST Act 2017 Section 72 Rajashtan GST Act 2017 explains Officers to assist proper officers and is covered in Chapter XIV Inspection, Search, Seizure And Arrest ( 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 71 Rajashtan GST Act 2017 – Access to business premises

By | May 11, 2017

Section 71 Rajashtan GST Act 2017 Section 71 Rajashtan GST Act 2017 explains Access to business premises and is covered in Chapter XIV Inspection, Search, Seizure And Arrest ( 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 70 Rajashtan GST Act 2017 – Power to summon persons to give evidence and produce documents

By | May 11, 2017

Section 70 Rajashtan GST Act 2017 Section 70 Rajashtan GST Act 2017 explains Power to summon persons to give evidence and produce documents and is covered in Chapter XIV Inspection, Search, Seizure And Arrest ( 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… Read More »

Section 69 Rajashtan GST Act 2017- Power to arrest

By | May 11, 2017

Section 69 Rajashtan GST Act 2017 Section 69 Rajashtan GST Act 2017 explains Power to arrest and is covered in Chapter XIV Inspection, Search, Seizure And Arrest ( 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 »