Daily Archives: May 19, 2017

New GST rules provide clarity on 3 issues

By | May 19, 2017

On Thursday, the GST Council approved all eight rules, clearing the ground for the rollout of the goods and services tax (GST). A preliminary reading of these rules reveals three significant changes.  [ Final GST Rules Approved by GST Council Meeting held on 18.05.2017 ; Download ] First, the final rules have clarified on the valuation of… Read More »

Banks to make Minimum qualifications & experience for CFO and CTO – RBI

By | May 19, 2017

Minimum qualifications and experience for CFO and CTO RBI/2016-17/304 DBR.Appt.No.BC.68/29.67.001/2016-17 May 18, 2017 All Scheduled Commercial Banks (excluding RRBs) Madam/ Dear Sir, Minimum qualifications and experience for CFO and CTO Rapid innovations in banking and technology call for better risk governance in the areas of finance and technology. A Chief Financial Officer (CFO) and Chief… Read More »

Category: RBI

Partial Credit Enhancement to Corporate Bonds from banks – RBI Guidelines

By | May 19, 2017

RBI/2016-17/305 DBR.No.BP.BC.70/21.04.142/2016-17 May 18, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Partial Credit Enhancement to Corporate Bonds Please refer to paragraph 21 (a) of the Guidelines on Partial Credit Enhancement to Corporate Bonds by Banks annexed to the circular DBR.BP.BC.No.40/21.04.142/2015-16 dated September 24, 2015, on the capital requirements during the lifetime… Read More »

Category: RBI

Banking Outlets / Branch Authorisation Policy Guidelines for Banks by RBI

By | May 19, 2017

Rationalisation of Branch Authorisation Policy- Revision of Guidelines RBI/2016-17/306 DBR.No.BAPD.BC.69/22.01.001/2016-17 May 18, 2017 The Chairman and Managing Director/Chief Executive Officer All Domestic Scheduled Commercial Banks (Excluding Regional Rural Banks), Small Finance Banks, Payment Banks and Local Area Banks Madam/Dear Sir, Rationalisation of Branch Authorisation Policy- Revision of Guidelines Please refer to the paragraph 11 on… Read More »

Category: RBI

Certain provisions of ‘Insolvency and Bankruptcy Code’ from April 1, 2017

By | May 19, 2017

SECTION 1 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 – ACT – ENFORCEMENT OF – NOTIFIED DATE ON WHICH PROVISIONS OF CLAUSE (a) TO (d) OF SECTION 2 OF SAID CODE SHALL COME INTO FORCE NOTIFICATION NO. SO 1570(E) [F.NO.30/7/2016-INSOLVENCY SECTION], DATED 15-5-2017 In exercise of the powers conferred by sub-section (3) of section 1… Read More »

Foods to Workers at subsidized rate is not service , No Service tax

By | May 19, 2017

Held  The food supplied by an employer to its employees at a subsidized rate forms part of the wages under Section 2(rr) of the Industrial Disputes Act, 1947. Once the activity undertaken by the petitioner in the form of supply of food to its workers at a subsidized rate is understood to be part of… Read More »

GST Rates – Chapter Wise-Rate Wise-GST Schedule-18.05.2017 – Download -Print

By | May 19, 2017

The 14th Goods and Services Tax (GST) Council meeting chaired by the Union Finance Minister Shri Arun Jaitley approves GST rates for goods and GST Compensation Cess The 14th Goods and Services Tax (GST) Council Meeting, chaired by the Union Minister of Finance Shri Arun Jaitley, was held at Srinagar, Jammu and Kashmir yesterday. The… Read More »

Training Material on GST Act(s) and Draft Rule(s) 2017

By | May 19, 2017

Subject: Launch of BGM (Back Ground Material) on GST Act(s) and Draft Rule(s), 2017 Dear Professional Colleague, Greetings from Indirect Taxes Committee! India is witnessing a sea change in the indirect taxes regime. The implementation of much awaited Goods and Services Tax is around the corner with receipt of presidential assent to the four GST… Read More »

Category: GST

Final GST Tax Invoice Rules – Approved by GST Council – Download – Print

By | May 19, 2017

Chapter- TAX INVOICE, CREDIT AND DEBIT NOTES  [  GST Tax Invoice Rules 2017 to be called ” Tax Invoice Credit and Debit Notes ”  were approved by GST Council on 18.05.2017 ] 1. Tax invoice Subject to rule 7, a tax invoice referred to in section 31 shall be issued by the registered person containing the… Read More »

Final GST ITC Forms – GST Input Tax Credit Forms – approved by GST Council – Download

By | May 19, 2017

GST ITC Forms – GST Input Tax Credit Forms [ Read Also Final GST Input Tax Credit Rules – GST ITC Rules – Approved by GST Council – Download – Print ] GST ITC Forms – GST Input Tax Credit Forms as approved by GST Council on 18.05.2017 Sr No Form No Description 1. GST ITC  01… Read More »

Final GST Input Tax Credit Rules – GST ITC Rules – Approved by GST Council – Download – Print

By | May 19, 2017

CHAPTER—-  Input Tax Credit  [ Final GST Input Tax Credit Rules 2017  / GST ITC Rules approved by GST Council on  18.05.2017 ) 1. Documentary requirements and conditions for claiming input tax credit (1) The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any… Read More »

Final GST Composition Forms / Formats approved in GST Council 14th Meeting on 18.05.2017 – Download – Print

By | May 19, 2017

Final GST Composition Formats approved in GST Council 14th Meeting on 18.05.2017 [ Read Final GST Composition Rules approved in GST Council 14th Meeting on 18.05.2017 – Download – Print ] Sr No Form No Description 1. GST CMP-01 Intimation to pay tax under Section 10 (composition levy) (Only for persons registered under the existing law migrating on… Read More »

Final GST Composition Rules approved in GST Council 14th Meeting on 18.05.2017 – Download – Print

By | May 19, 2017

Chapter — COMPOSITION RULES ( Final GST Composition Rules 2017 approved in GST Council 14th Meeting on 18.05.2017) 1. Intimation for composition levy (1) Any person who has been granted registration on a provisional basis under sub-rule (1) of rule Registration.17 and who opts to pay tax under section 10, shall electronically file an intimation in FORM… Read More »

GST Practitioner – Eligibility Criteria, Relevant forms & Procedure

By | May 19, 2017

GST Practitioner GST Act of India brings a concept of GST Practitioner for those who intend to appear before the GST Authority or file returns  for any matter authorised by Registered person under GST.Provisions of Goods and services tax practitioners are contained in Section 48 of CGST Act 2017 and Rule 24 of Draft GST Returns Rules 2017. [… Read More »

Final GST Rules Approved by GST Council Meeting held on 18.05.2017 – Download

By | May 19, 2017

Final GST Rules – Approved by GST Council Meeting held on 18.05.2017 Composition – Rules and Formats Valuation Rules ITC – Rules and Formats Invoice, Debit & Credit Notes – Rules Payment – Rules and Formats Refund – Rulesand Formats Registration – Rules and Formats [ Read also GST Rate Schedule for Goods ; As per GST… Read More »

GST Compensation Cess Rates for different supplies – As per GST Council Meeting 18.05.2017 – Download

By | May 19, 2017

GST Compensation Cess Rates for different supplies [ GST Compensation Cess Rates  as per discussions in the GST Council Meeting – 14th meeting – held on 18th May, 2017] The fitment of rates of goods were discussed today during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved… Read More »

GST Rate Schedule for Goods – As per GST Council Meeting 18.05.2017 – Download

By | May 19, 2017

GST Rate Schedule for Goods  [ GST Rate Schedule for Goods as per discussions in the GST Council Meeting held on 18th May, 2017] The fitment of rates of goods were discussed today during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for goods… Read More »

USA IRS RR-2017-12: Applicable Federal Rates

By | May 19, 2017

Revenue Ruling 2017-12 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of sections 42, 382,… Read More »