Daily Archives: June 6, 2017

Draft Rule for issue of CTD – Credit Transfer Document to Transfer Cenvat Credit

By | June 6, 2017

Draft Rule for issue of Credit Transfer Document to be inserted in the CENVAT Credit Rules, 2004 for transfer of cenvat credit paid on specified goods available with a trader as on appointed date. PRESS RELEASE, DATED 6-6-2017 A.(1) A manufacturer who was registered under Central Excise Act, 1944 (hereafter referred as manufacturer in this… Read More »

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

By | June 6, 2017

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 »

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

By | June 6, 2017

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

By | June 6, 2017

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

By | June 6, 2017

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 »

Chargeability to STT for claiming exemption : CBDT notifies transactions

By | June 6, 2017

CBDT notifies transactions for which the condition of chargeability to STT for claiming exemption under Section 10(38) of the Income Tax Act, 1961 shall not apply. Section 10(38) of the Income-tax Act, 1961 (‘the Act’), prior to its amendment by Finance Act, 2017 provided that the income arising by way of a transfer of long term capital… Read More »

Will there be GST in A & N Islands ? Answer

By | June 6, 2017

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 

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

By | June 6, 2017

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

By | June 6, 2017

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

By | June 6, 2017

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

By | June 6, 2017

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 »

After GST – whether unregistered person can claim Service tax refund

By | June 6, 2017

Q: After GST implementation, whether service tax refund can be made to unregistered person and same can be claimed from department?  No. Every registered person under existing law shall have to register under GST. If registered, refund available. Refer to sub-sections (3), (4) and (5) of Section 142 of CGST Act. [ Reply on 03.06.2017… Read More »

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

By | June 6, 2017

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 »

GST on Ad Agency and billing from Media owner/Publisher to Client/Ad Agency

By | June 6, 2017

Q: Please clarify about Ad billing from Media owner/Publisher to Client/Ad Agency. Also clarify about ad agency charge GST from client? If services to Govt/Statutory authority/Local authority, PoS (Place of Supply) for advertising services is governed by Section 12(14), IGST Act. If services to any other entity, PoS governed by Section 12 (2). Billing and discharge… Read More »

GST if supplier gives discounts on sales target achievement – Clarification

By | June 6, 2017

Q: Sir if supplier provides discount based on achievement of my sales target than I have to raise invoice with GST for that? If the discount is established beforehand through agreement, specifically linked to relevant invoices & corresponding ITC reversed, ) then GST is levied excluding such discount value. Refer Section 15(3) of CGST Act. [… Read More »

Job Work GST registration required if turnover above threshold limits

By | June 6, 2017

Q: In case of Job Work is registration required if the turnover is above threshold limit.Even if Supplier is registered under GST Yes, required if the aggregate turnover exceeds threshold limit. Refer Section 2 (6) and explanation given below Section 22 of CGST Act. [ Reply as per Twitter Account of Govt of India for GST queries of… Read More »

For Immovable property take GST registration where property is situated

By | June 6, 2017

Q we are registered in Punjab in textile, having let out property in Mumbai. Whether we require registration in maharastra also ? Yes. Taxable supply of renting is being provided from Maharashtra, hence registration required in Maharashtra. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST… Read More »

GST – purchases from unregistered dealers to be reported in monthly

By | June 6, 2017

Q : Are goods purchases from unregistered dealers to be reported in monthly returns? Yes. Section 38(2) of CGST Act requires declaration of inward supply details including those liable under RCM [ Reverse Charge Mechanism ], which includes  purchases from unregistered persons under Section 9(4) of CGST Act. [ Reply on 05.06.2017 at 2: 40 am… Read More »

Refund for inverted tax structure under GST

By | June 6, 2017

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

By | June 6, 2017

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 »