Daily Archives: June 8, 2017

List of Cheap Daily Consumer goods after GST

By | June 8, 2017

Daily Consumer goods being used by the common man among others to become cheaper after GST . Implementation of Goods and Services Tax (GST) on the following items will have zero rate after the GST Law comes into force on 1st July, 2017. As a result of which these items will be available at cheaper rates… Read More »

Category: GST

New Safe Harbour Rules Notified by CBDT

By | June 8, 2017

Central Board of Direct Taxes (CBDT) notifies new Safe Harbour Regime In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, the Central Board of Direct Taxes (CBDT) has notified a new safe harbour regime based… Read More »

GST Applicability on secondment employee salary reimbursement

By | June 8, 2017

Whether GST applies on reimbursement of employee’s salary by one entity to another, in case of secondment of employee? Depends on the secondement agreement as to what is the nature of relationship between the persons involved. [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions… Read More »

GST reporting of exchange traded / OTC derivatives, g-sec, commercial paper, Certificate of deposit trading

By | June 8, 2017

If exchange traded/ OTC derivatives, g-sec, commercial paper, Certificate of deposit trading need reporting in GST return? Yes. All nil rated, exempted and non GST outward supplies are required to be reported at Table 8 of GSTR-1. [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ]   Read Other related… Read More »

GST on Services by Bank in India to Person Outside India

By | June 8, 2017

Service provided by Bank located in India to interest bearing deposit a/c holder located outside India attract IGST/CGST+SGST? PoS (Place of Supply) of cross-border Banking services under Section 13(8) of IGST Act is location of supplier of services. Since LoS (Location of Supplier ) and PoS (Place of Supply)  are same, it is intra-state supply liable… Read More »

Issue Bill of Supply for Inter state Purchase Sale of Foreign Currency under GST

By | June 8, 2017

Whether Bill of Supply need to be issued for inter bank purchase/ sale of foreign currency ? Yes, required under Section 31(3)(c). Since it is an exempt supply of service. [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied  Read other related… Read More »

No GST on reimbursement of business exp. by Employer to Employees

By | June 8, 2017

Whether reimbursement of business exp. by registered person to its employee (unregistered) attract GST under reverse charge? No, services by an employee to employer in the course of employment are not treated as supply. Refer Schedule III, CGST Act, 2017. [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read… Read More »

GST Reporting of Purchase/sale/redemption of G-securities​, T-Bills / Exempted and non GST outward supplies

By | June 8, 2017

If purchase/sale/redemption of G-securities​, T-Bills, Corporate bonds or interest receipt thereon to be reported in GST return? Exempted and non GST outward supplies are required to be reported at Table 8 of GSTR-1 [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied … Read More »

For Interstate supply GST registration is compulsory even if Turnover Less Than 20 Lakh

By | June 8, 2017

Q:  In interstate supply registration is compulsory in GST. Whether GST is also leviable even if turnover does not exceed 20 lacs. Yes. Pls refer to section 24 of the CGST Act. [ Reply  as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied  Read other… Read More »

Registration under GST Law of India

By | June 8, 2017

Registration under GST law Introduction In any tax system, registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the… Read More »

Refunds Under GST ( India ) Analysis

By | June 8, 2017

Refunds Under GST Introduction Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. The provisions pertaining to refund contained in the GST law aim to streamline and standardise the refund procedures under GST regime. Thus, under the… Read More »

Haryana GST Bill 2017 – Download – Print

By | June 8, 2017

HARYANA VIDHAN SABHA SECRETARIAT Notification The 4th May, 2017 No. 23-HLA of 2017.— The Haryana Goods and Services Tax Bill, 2017, is hereby published for general information under proviso to Rule 128 of the Rules of Procedure and Conduct of Business in the Haryana Legislative Assembly:– Bill No. 23- HLA of 2017 THE HARYANA GOODS… Read More »