Daily Archives: May 30, 2017

GSTIN declaration mandatory for all Importer and Exporters w.e.f 01.07.2017

Declaration of valid GSTIN in Customs documents (BE/SB) would be mandatory w.e.f. 0000 hrs of 01-07-2017, the likely implementation date of GST, to avail IGST credit on Imports or GST refund on exports. The declared GSTIN would be validated for correct IEC/ PAN linkage. Accordingly, during GSTIN registration, please ensure declaration of correct IEC and… Read More »

Category: GST

ICAI set ups GST Sahayata Desks

Goods and Services Tax (GST) is all set to be rolled out from July 1, 2017 as India’s biggest federal taxation reform. GST is an integrated tax which works on the concept of “One Nation One Tax”. The biggest benefit of GST implementation would be removal of cascading effect of multiple taxes and seamless flow… Read More »

Category: GST

Search and Seizure of undisclosed income deposited into account of Third party

Held A person could be in possession of undisclosed income not only in his or her own account but in someone else’s account. In the context of the present petitions, therefore, when pursuant to the search warrant, the Department proceeded to search and seize not only valuable things etc. found in the premises of Mr.… Read More »

No room for revising GST rates: CBEC chief

No room for revising GST rates: CBEC chief “There is no room for revising Goods and Services Tax (GST) rates fixed on various goods and services,” said Vanaja Sarna, Chairperson, Central Board of Excise and Customs (CBEC). “The GST Council is meeting on June 3 to fix rates for goods which have been left out.… Read More »

Category: GST

CA Course – Revised Scheme of Education and Training notified by ICAI

Chartered Accountants (Amendment) Regulations 2017 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTIFICATION New Delhi, the 25th May, 2017 No.1-CA(7)/178/2016.—Whereas certain draft regulations further to amend the Chartered Accountants Regulations, 1988, were published as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949), in the Gazette of India,… Read More »

Nagaland Assembly passes State GST Bill

The Nagaland Assembly today joined the rest of the country in passing the Goods and Services Tax (GST) Bill. The bill was passed by voice vote at the special session of the House. The bill was introduced by Chief Minister Dr. Shurhozelie Liezeiestu, who also holds the Finance portfolio. Initiating a discussion before passing the… Read More »

Clubbing of Minor Child Income if Parents Died – CBDT Clarify- Notification No. 5/2017

Clubbing of minor Child income if Parents Died Summary : Till date there was the confusion as how to do Clubbing of minor Child income if Parents Died and who should file Income Tax Return of minor child if he/she has Interest income from Fixed Deposits etc . But as per the following notification  dated… Read More »

USA IRS Spring 2017 Statistics of Income Bulletin Now Available

Spring 2017 Statistics of Income Bulletin Now Available WASHINGTON — The Internal Revenue Service today announced that the Spring 2017 Statistics of Income Bulletin is now available on IRS.gov. The Statistics of Income (SOI) Division produces the online Bulletin quarterly, providing the most recent data available from various tax and information returns filed by U.S.… Read More »