Daily Archives: June 7, 2017

Input Tax Credit in GST ( India )

By | June 7, 2017

Input Tax Credit Mechanism Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under the present system of taxation, credit of… Read More »

Indian Accounting Standards (Ind AS) Ready Reckoner 2017 Book A.L.Saini

By | June 7, 2017

Indian Accounting Standards (Ind AS) Ready Reckoner Hardcover – 2017 by Dr. A.L.Saini (Author), CA Rajesh Saini (Contributor) Updated as per Companies (Indian Accounting Standards) Amendment Rules, 2017, Issued on 17-03-2017 Tips – How to prepare Opening (Ind AS) Balance Sheet Price Rs 1595 Click to buy online Publisher: Snow White Publications Pvt. Ltd Edition: JUNE… Read More »

Works contract is to be treated as supply or service under GST ?

By | June 7, 2017

Q: Works contract is to be treated as supply or service? Answer : Supply of works contract as defined in section 2(119) of CGST Act, 2017 is supply of service. As per  section 2(119) of CGST Act, 2017   “works contract” means a contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance,… Read More »

GST on Cinema halls

By | June 7, 2017

Q: Sir how would GST work with regards to Cinema halls. Can you please share some details.  ? Admission to Cinema hall for exhibition of film is a supply and GST is leviable on value of supply for such admission. [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read… Read More »

Separate GST Registration in State for SEZ even if already registered in State

By | June 7, 2017

Q: If already registered in a State, should another registration be taken for SEZ (Special Economic Zone)  unit in the same State? Yes. Please​ see Rule 1(1) of the Registration Rules . [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied  Read… Read More »

No SSI Exemption under GST

By | June 7, 2017

Q: what will be the position of SSI Exemption Limits on Excise duty now CGST. SSI units are back bone of our Economy No separate limit for excise duty exemption in GST. Anybody w aggregate turnover up to Rs 20 lakh (10 lakh in Special Category States) is exempt except in cases listed in Section… Read More »

Key Points of Final GST Transition Rules – GST on Closing Stock on 30.06.2017

By | June 7, 2017

Key Points of Final GST Transition Rules Final GST Transition Rules and GST Transition Formats  are released by Govt of India , its salient features are as under: 1.Time : Persons entitled to take transition credit will have to submit a declaration within 90 days (upto 30th Sept) specifying the credit he wants to take on… Read More »

Rate of GST for purchase of flat

By | June 7, 2017

Q: What is the rate of GST for purchase of flat? Rate of GST on purchase of flat before completion is 12% of value including value of land. [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied 

PAN to be given in Form 26B instead of TAN for refund of TDS on immovable property: CBDT

By | June 7, 2017

PAN to be furnished in Form 26B instead of TAN for refund of TDS on immovable property: CBDT MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th June, 2017 G.S.R. 554(E).—In exercise of powers conferred by section 295 of the Income Tax Act, 1961 (43 of 1961) (hereinafter… Read More »

New CII Index Base Year 2001-02 Notified by CBDT for FY 2017-18 onwards – Download print

By | June 7, 2017

CII Index / Cost Inflation Index Base Year 2001-02 This notification of CII Index shall come into force with effect from 1st day of April, 2018 and shall accordingly apply to the assessment year 2018-19 and subsequent years. [ Read CII Index of  earlier years i.e from 1981 to 2017 – CII (COST INFLATION INDEX) INCOME… Read More »

Exempt provident trusts must file monthly statements electronically using new software

By | June 7, 2017

Exempt provident trusts must file monthly statements electronically using new software: The Employees’ Provident Fund Organisation issued a circular announcing that exempt funds and trusts must file monthly statements under the Employees’ Provident Fund Act and various related measures using a new software. Read a June 2017 report [PDF 337 KB] of KPMG

Government authorisations (or approvals) are not eligible for depreciation

By | June 7, 2017

Government authorisations (or approvals) are not eligible for depreciation The Delhi Bench of the Income-tax Appellate Tribunal held that government authorisations or approvals are not licenses or rights having a business or commercial nature that, in turn, could be transferred to the taxpayer. Therefore, depreciation is not allowed on the value assigned such government authorisations. The tribunal also… Read More »

USA IRS FATCA News & Information

By | June 7, 2017

  1.  FATCA FFI Registration System updated for FFIs to renew their agreement with the IRS The FATCA FFI Registration system has been updated to include the ability for FFIs to renew their agreement with the IRS. From the home page link of “Renew FFI Agreement,” the FI will determine whether it must renew its FFI… Read More »

Category: USA