Daily Archives: May 20, 2017

Final GST Refund Forms Approved by GST Council 18.05.2017

Final GST Refund Forms Approved by GST Council 18.05.2017 Following are the Final GST Refund formats approved by GST Council as per  Final GST Refund Rules Approved by GST Council 18.05.2017 Final GST Refund Forms Approved by GST Council 18.05.2017 Sr No Form No Content 1 GST RFD 01 Application for Refund –Annexure 1 Details… Read More »

Direct Taxes Law & Practice (Professional Edition) 2017 Book Vinod K Singhania & Dr. Kapil Singhania

Direct Taxes Law & Practice (Professional Edition) by Dr. Vinod K Singhania & Dr. Kapil Singhania (Author) With : Case Studies, Tax Planning ****As Amended by Finance Act 2017 Price Rs 2475 Click to buy online Hardcover: 2368 pages Publisher: Taxmann Publications Pvt. Ltd.; Asst. Year 2017-18 & 2018-19 edition (2017) Author : Vinod K Singhania  Kapil Singhania Edition… Read More »

Final GST Payment of Tax Rules approved by GST Council 18.05.2017 Download Print

Chapter- — PAYMENT OF TAX [ Final GST Payment of Tax Rules 2017 as approved in GST Council meeting held on 18.05.2017 ] 1. Electronic Liability Register (1) The electronic liability register specified under sub-section (7) of section 49 shall be maintained in Form GST PMT -01 for each person liable to pay tax, interest, penalty, late fee… Read More »

GST: No scope for rethinking July 1 deadline, says Arun Jaitley

The finer points of India’s new tax regime are in place and the government is adamant on its timely roll-out. Speaking to CNBC-TV18, Finance Minister Arun Jaitley said,”I think we are in a state of readiness. Minister after Minister has met me from the states and said do not blink, stick to July 1.” He… Read More »

Category: GST

Real estate transaction disclosures in India

Real estate transaction disclosures The draft income computation and disclosure standards concerning real estate transactions is based on a guidance note issued on real estate transactions issued by the Institute of Chartered Accountants of India in 2012. Read a May 2017 report [PDF 372 KB] of KPMG

Unrealised foreign exchange loss on a loan obtained for Asset purchases in India

Unrealised foreign exchange loss, loan to purchase of assets in India The Chennai Bench of the Income Tax Appellate Tribunal held that an unrealised foreign exchange loss on a loan obtained for the purpose of asset purchases was a “revenue loss” and therefore was allowable as deduction. The case is: Hyundai Motor India Ltd. Read a May… Read More »

Intern visa guidelines by Govt of India

Intern visa guidelines  The Government of India issued comprehensive guidelines for the intern visa program when the individual is sponsored by an Indian company or an educational institution or a non-governmental organisation. Read a May 2017 report [PDF 304 KB] of KMG

Expenditure disallowed on dividend income subject to dividend distribution tax -Sec 14A

Expenditure disallowed, dividend income subject to dividend distribution tax The Supreme Court of India agreed to the disallowance of an expenditure under Section 14A of the Income-tax Act, 1961 with respect to dividend income that is subject to the dividend distribution tax. The case is: Godrej & Boyce Manufacturing Company Limited. Read a May 2017 report [PDF… Read More »

Levy of penalty for failure to file audit report under Income Tax for international transaction

Levy of penalty for failure to file audit report The Mumbai Bench of Income-tax Appellate Tribunal upheld a penalty levy for the taxpayer’s failure to file an audit report with respect to its international transaction of receiving foreign remittance from its non-resident Indian director (also a beneficial shareholder) on account of share capital and share premium.… Read More »

Matching input tax credit under GST

Matching input tax credit under GST The goods and services tax (GST) in India differs from other indirect tax systems in two important aspects: (1) the levy of an integrated GST on an interstate supply of goods or services, or both; and (2) the requirement for matching the claim of input tax credit. Read a May 2017… Read More »

Service Accounting Code with Services Classification under GST – Approved by GST Council – 19.05.2017 Download

Services Classification under GST with Service Accounting Code The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%.  The information is being uploaded immediately… Read More »