Daily Archives: June 7, 2017

Input Tax Credit in GST ( India )

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 »

Imports in GST ( India ) – Analysis

Imports in GST Under the GST regime, Article 269 A constitutionally mandates that the supply of goods, or of services, or both in the course of import into the territory of India shall be deemed to be supply of goods, or of services, or both in the course of inter-State trade or commerce for levy… Read More »

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

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 »

List of Cesses abolished by India before GST Roll out

The Central Government abolished various Cesses in the last three years for smooth roll-out of GST The Central Government in the last three General Budgets viz 2015-16, 2016-17 and 2017-18 has gradually abolished various cesses on goods and services in order to prepare the ground for smooth roll- out of Goods and Service Tax (GST)… Read More »

GST applicable on advances received for sale of goods

Q: Is GST applicable on advances received for sale of goods too ? Yes. Refer : GST on Advance Payments of Goods & Services ; Analysis [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied  Read other related GST Technical / GST Tech… Read More »

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

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 »

How to pay GST on supplies / sales to J & K ?

Q : GST is not applicable to Jammu and Kashmir (J &K) , How the person supplying to J & K will pay GST? This will be inter-State supply and IGST would be payable. [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries… Read More »

GST applicable on second hand goods

Q: Is GST applicable on second hand goods ? Yes, as it will be treated as supply in terms of Section 7 of CGST Act, 2017. [ Refer Valuation Rule 6(5)  : as follow (5) Where a taxable supply is provided by a person dealing in buying and selling of second hand goods i.e. used… Read More »

Provisional GSTIN and final GSTIN will be same

Q: Whether provisional GSTIN and final GSTIN will be same or it may different as final rules have changed format of GSTIN? There is no change in format of GSTIN and therefore provisional and final GSTIN would be same [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other… Read More »

GST on Cinema halls

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 for tax deductor required

Q: Sir, whether a separate GSTIN would be allotted to a registered person for deducting TDS (he has PAN and TAN as well) ? Separate registration as supplier and tax deductor is required. [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied … Read More »

How to delete GST enrollment form ?

Q How to delete enrollment form ? Details entered on the portal can be edited through “My saved application” only if,ARN number has not been generated. [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read other related GST Questions / Queries replied  Read other related GST Technical / GST… Read More »

How to Calculate GST Cess – Addititve or Multiplicative

Q : Are the cesses additive or mulitplicative? i.e. 28% GST and 15% cess = 43% or 1.28×1.15 => 47.2%? The cess will be additive. [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied 

No SSI Exemption under GST

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 »

Rate of GST for purchase of flat

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

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

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 »

Government authorisations (or approvals) are not eligible for depreciation

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

  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