Daily Archives: June 6, 2017

Final GST Transitional Provisions Rules – Approved by GST Council – Download – Print

Final GST Transitional Provisions Rules as approved by GST Council on 03.06.2017 CHAPTER TRANSITIONAL PROVISIONS 1. Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day (1) Every registered person entitled to take credit of input tax under Section 140 shall, within ninety days of the… Read More »

No concept of payment of GST on MRP basis

Q : On formulations GST will be on MRP or at sale price… No concept of payment of GST on MRP basis. [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied 

GST ITC on works contract not available

Q: Service Tax on Works Contract is 10.5%(50/50 under RCM- existing Reverse Charge Mechanism).What would be GST on works contract and whether any credit will be available to Receiver ? Pl see Section 17 (5)(c ) and (d) of CGST Act, 2017 [ As per Section 17 (5)(c ) and (d) of CGST Act, 2017 : No… Read More »

Bangar’s Beginner’s Guide to GST 2017 Book 1st Edition

Bangar’s Beginner’s Guide to GST 2017 ( Bangar’s Beginner’s Guide to GST 2017 – For Students, Professionals, Traders and Others) Price Rs 999 Click to buy online Publisher:Aadhya Prakashan Pvt Ltd ISBN 10 | ISBN 13 :9788190502352 Edition:1 Ed 2017 Description of this Book :  Bangar’s Beginner’s Guide to GST 2017 •    The Central Goods and Services… Read More »

ICAI Invites suggestions on GST Acts and Rules

Dear Professional Colleague, Greetings from Indirect Taxes Committee! The Central government has been taking various steps towards the implementation of the country’s most ambitious indirect tax reform of Goods and Services Tax which is expected to roll out from 1st July 2017. The GST Act(s) have been finalised along with 8 GST Rules as approved… Read More »

Category: GST

Requirement of CA / MBA in Indirect Taxes Committee of ICAI

Requirement of Chartered Accountants /MBA in Indirect Taxes Committee, Institute of Chartered Accountants of India The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. The Indirect Taxes Committee is… Read More »

Will there be GST in A & N Islands ? Answer

Q: Will there be GST in A & N (Andoman and Nicobar ) Islands – previously there was no VAT..? Yes. For supplies within A& N, CGST plus UTGST would be leviable [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied 

GST would be charged on export of services to Nepal ?

Q: Hello.. i wanted to know, If GST would be charged on export of services to Nepal.. as invoicing is done in INR (Indian Rupees)  for Nepal ? Present procedures will continue [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied 

Quick Guide To Indian Accounting Standards (Ind AS) – 4th Edition 2017 Book Taxmann

A Quick Guide To Indian Accounting Standards (Ind AS) Paperback – 2017 by Chintan N. Patel / Bhupendra Mantri , Amarjit Chopra  Description : Incorporating: A Comprehensive & Simplified Guide to Ind AS Comparative Study of IFRS/Indian GAAP/Ind AS Ind AS Carve outs FAQs on Ind AS Schedule III Financial Format Income Computation & Disclosure Standards Ind AS… Read More »

Who will sanction refund in case of Exports under GST

Q: Whether maritime commissioner will be there for rebate and refund on export, in GST regime? If not, how rebate be sanctioned? Refund will be sanctioned by the jurisdictional Commissioners of GST. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied 

Indian Bank Empanelment of Concurrent Auditors

Indian Bank invite applications for Empanelment of Concurrent Auditors. Indian bank is in the process of making a “Fresh Panel” for concurrent auditors. Applications are invited from eligible Audit Firms for empanelment as Concurrent Auditors as per the eligibility criteria. Interested Chartered Accountants conforming to the eligibility criteria may send their resume as per format… Read More »

Section 10(38) of Income Tax act – New Notification AY 2018-19 equity share not chargeable to STT

CBDT of India has issued new Notification on Section 10(38) of Income Tax act . This notification shall come into force with effect from the 1st day of April, 2018 and shall accordingly apply to assessment year 2018-19 and subsequent assessment years. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New… Read More »

Whether taxable supply includes exempt supply under GST

Q: Whether taxable supply includes exempt supply ? Exempt supply as defined in Section 2(47) of CGST Act encompasses within its ambit the whole of non-taxable supply and a part of taxable supply (such as nil rated supply). [ Reply on 03.06.2017 at 4.25 am as per Twitter Account of Govt of India for GST queries of… Read More »

GST Registration of dealer who supplies exempted goods / nil rated goods inter state

Q: A dealer supplies exempted goods/nil rated goods inter state…turnover 18 lakhs…is he liable for registration ? Person making inter-state taxable supplies liable for registration irrespective of turnover. Nil rated supplies are taxable supplies. Only if exclusively making non-taxable supplies, not liable for registration. [ Reply on 03.06.2017 at 4.26 am as per Twitter Account of… Read More »

Clean Energy Cess will not continue in GST

Q: Please advise is Clean Energy CESS on imported Coal being Rs. 400 PMT continue to be applicable in GST ? No. Clean Energy Cess will not continue in GST. Chapter VII of Finance Act, 2010 which levied Clean Energy Cess is being repealed vide Section 18 of Taxation Laws (Amendment) Act, 2017. Coal, however, will… Read More »

GST on Salary to partners by partnership firm

Q : Whether remuneration to partners by the partnership firm is liable to tax? Remuneration to partners over & above share of profits not in nature of employer-employee relationship. Hence appears to be liable to tax [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions… Read More »

States can not issue Notification under GST with GST Council Approval

Q: Are GST Council’s decisions only recommendatory ? Can States defy recommendations & issue an independent Notification? No. Every notification has to be mandatorily recommended by GSTC. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied 

GST ITC cannot be cross utilized amongst distinct persons.

Q: Whether IGST credit of Maharashtra can be utilized against the liability of Gujarat? IGST credit fungibility exists across IGST, CGST and SGST, but limited to the registered person ITC pool cannot be cross utilized amongst distinct persons. [ Reply on 05.06.2017 at 5.16 am as per Twitter Account of Govt of India for GST queries of… Read More »

Refund for inverted tax structure under GST

Q: What about refund for inverted tax structure? How fast it will be available? Refund for inverted duty structure (except nil rated or fully exempt supplies) is provided under Section 54(3).Available within 60 days from date of receipt of application complete in all respects. [ Reply on 05.06.2017 at 2.19 am as per Twitter Account of Govt… Read More »

List of 24 States pass State GST Act

24 States pass the State GST (SGST) Act While 7 States viz. Meghalaya,Punjab,Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal have yet to pass the SGST Act. Twenty Four (24) States have passed the State GST (SGST) Act till today i.e. 5th June, 2017 while 7 States viz. Meghalaya, Punjab,Tamil Nadu, Kerala, Karnataka,… Read More »