Daily Archives: June 13, 2017

GST scheduled to roll-out on 1st July 2017

Government emphasizes that Goods and Services Tax (GST) is scheduled to roll-out on 1st July, 2017; CBEC in coordination with the State Governments has increased their Outreach Programmes so as to reach the last trader. Ministry of Finance, 13-June, 2017 The Government of India has emphasised that Goods and Services Tax (GST) is scheduled to… Read More »

No centralised registration for banks under GST

Govt rules out centralised registration for banks under GST The government on Monday ruled out centralised registration for banks under the Goods and Service Tax (GST) and has mandated separate registration for each state they operate in. Banks have been demanding a single centralised registration system, like at present, as they feel multiple registrations would… Read More »

Carry Forward under GST allowed of Unavailed Cenvat Credit of services provided by Govt by assigning right to use any natural resource

Unavailed credit of services provided by Govt. by assigning right to use any natural resource is available under GST TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 15/2017-Central Excise (N.T.) New Delhi, the 12th June, 2017 G.S.R.____(E).-… Read More »

Adjustment of seized / requisitioned cash against advance tax liability – CBDT Circular

Summary : Several Courts held that on an application made by the assessee, the seized money is to be adjusted against the advance tax liability of the assessee. Subsequently, Explanation 2 to Section 132B of the Act was inserted by the Finance Act, 2013 w.e.f. 01-06-2013, clarifying that “existing liability” does not include advance tax… Read More »

Final GST Payment Forms / Formats Approved by GST Council 18.05.2017

GOODS AND SERVICES TAX RULES, 2017 PAYMENT FORMATS Following are the Final GST Payment Forms as per the Final GST Payment of Tax Rules approved by GST Council 18.05.2017 . Download Final GST Payment Forms / Formats Sr No Form No Title of the Form 1 GST PMT 1 Electronic Liability Register of registered person (Part–I:… Read More »

GST ITC 4 Download Print

Final GST Input Tax Credit Rules – Approved by GST Council on 18.05.2017 Form GST ITC – 4 [See Rule – _______] Details of goods/capital goods sent to job worker and received back Download  GST ITC – 4 in PDF

GST ITC 03 Download Print

Final GST Input Tax Credit Rules – Approved by GST Council on 18.05.2017 Form GST ITC -03 [See Rule – _______] Declaration for intimation of ITC reversal/payment of tax on inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods under sub-section (4) of Section 18. Download GST… Read More »

GST ITC 02 Download Print

Final GST Input Tax Credit Rules – Approved by GST Council on 18.05.2017 Form GST ITC -02 [See Rule – _______] Declaration for transfer of ITC in case of sale, merger, demerger, amalgamation, lease or transfer of a business under sub- section (3) of Section 18. Download GST ITC 02 in PDF

GST ITC 1 – Download Print

Final GST Input Tax Credit Rules – Approved by GST Council on 18.05.2017 . Form GST ITC – 1 [See Rule _____] Declaration for claim of input tax credit under sub-section (1) of Section 18. Download GST ITC – 1 in PDF

Analysis of GST ITC Rules

Analysis of GST ITC  (Input Tax Credit ) Rules Final GST Input Tax Credit Rules – Approved by GST Council on 18.05.2017 . Following is the analysis of GST ITC Rules

Analysis of GST Valuation Rules

Analysis of GST Valuation Rules Final GST Determination of Value of Supply Rules were Approved by GST Council on 18.05.2017 . Following is the Analysis of  GST Valuation Rules

Analysis of GST Composition Rules

Analysis of GST Composition Rules GST Council has approved GST Composition Rules in GST Council 14th Meeting on 18.05.2017 . Further on 11.06.2017 GST Council has raised the limit of Composition to Rs 75 Lakh . Below is the Analysis of GST Composition Rules

Mobile update GST Applicant Advisory

TO RESOLVE THE ISSUE OF DIFFICULTY BEING FACED BY FEW TAXPAYERS IN GETTING THEIR NEW MOBILE NUMBER LINKED TO AADHAAR, UIDAI HAS PREPARED AN ADVISORY FOR EXPEDITIOUS UPDATING OF MOBILE NUMBER  Click here for GST DO Letter dated 07/06/2017 Annexure II  Aadhaar enrolment and update facility is available through more than 40,000 permanent enrolment centers… Read More »

Category: GST

Final GST Registration Rules Approved by GST Council

CHAPTER— REGISTRATION [ Final GST Registration Rules Approved by GST Council 18.05.2017 and Amended on 11.06.2017 by GST Council ( Rule 19 only ) Read also  CGST Rules 2017– Central Goods and Services Tax Rules 2017  – Notification No. 3 /2017 – Central Tax Dated 19.06.2017 for GST Registration Rules ( Chapter II)  and Composition Rules Notified… Read More »

No TDS on Rent on remittance of Passenger Service Fees (PSF) by an Airline to an Airport Operator : CBDT Circular

Circular No. 21/2017 F.No. 279/Misc./140/2015/ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 12th June, 2017 SUBJECT: Non-Applicability of the provisions of section 194-I of the I.T. Act, 1961 on remittance of Passenger Service Fees (PSF) by an Airline to an Airport Operator – reg. –  Under… Read More »

USA IRS – Taxpayers Abroad Must File by June 15

Taxpayers Abroad Must File by June 15; Extensions Available; New Filing Deadline Now Applies to Foreign Account Reports IR-2017-105, June 12, 2017 WASHINGTON — The Internal Revenue Service today reminded taxpayers living and working abroad that they must file their 2016 federal income tax return by Thursday, June 15. The special June 15 deadline is… Read More »

Category: USA

Aadhaar mandatory for Atal Pension Yojana

Atal Pension Yojana (APY) included under Section 7 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act 2016; APY currently has more than 54 lacs subscribers with an asset base of more than Rs. 2,200 crores. With an objective of bringing in transparency, efficiency and to enable beneficiaries to get… Read More »