Daily Archives: July 4, 2017

Continuous Listing Requirement – period increased to 4 years – Securities Contracts (Regulation) (Third Amendment) Rules 2017.

By | July 4, 2017

Summary  : By Following Notification Govt has amended Proviso to Rule 19A of Securities Contracts (Regulation) Rules, 1957 : Relevant Extract is reproduced below : – [Continuous Listing Requirement. 19A. (1) Every listed company 36[***] shall maintain public shareholding of at least twenty five per cent : Provided that every listed public sector company which has public shareholding below… Read More »

GST Seva kendra Contact Details in India

By | July 4, 2017

GST Seva kendra Contact Details Download GST Seva kendra Contact Details  of Followings :- Contact Details of GST Seva Kendra Bengaluru Contact Details of GST Seva Kendra Bhubaneswar Contact Details of GST Seva Kendra Chennai Contact Details of GST Seva Kendra Guwahati Contact Details of GST Seva Kendra Hyderabad Contact Details of GST Seva Kendra Jaipur… Read More »

GST Bond / LUT furnishing procedure for Exporter : Circular No. 2/2/2017-GST Dated 4th July 2017

By | July 4, 2017

Circular No. 2/2/2017-GST Prescribing procedure for submission of Bond / LUT for exports under Rule 96A of CGST Rules, 2017  vide Circular No. 2/2/2017-GST Dated 4th July 2017 F. No. 349/82/2017-GST Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs GST Policy Wing New Delhi, Dated the 4 thJuly, 2017… Read More »

GST Mythys : Debunking

By | July 4, 2017

GST Mythys Related Topic on GST Topic Click Link GST Acts  Central GST Act and States GST Acts     GST Rules GST Rules   GST Rates GST Rates     GST Notifications GST Act Notifications   GST Circulars Central Tax Circulars / Orders   GST Press Release GST Press Release   GST Books Best… Read More »

GST rate for specified items for Physically Challenged Persons

By | July 4, 2017

Some questions are raised about GST rates fixed for specific devices for physically challenged persons. This matter is explained here in below. Assistive devices and rehabilitation aids for physically challenged persons, listed below, have been kept at the concessional 5% GST rate: 1)                 Braille writers and braille writing instruments; 2)                 Handwriting equipment like Braille Frames, Slates, Writing… Read More »

Ban on Cash receipt of Rs 2 Lakhs Shall apply on one Instalment of Loan for NBFC – Circular No. 22 of 2017 [ Income Tax ] Dated 03rd July, 2017

By | July 4, 2017

Circular No. 22 of 2017 [ Income Tax ] Dated 03rd July, 2017 Summary : The receipt of one instalment of loan repayment in respect of a loan shall constitute a ‘single transaction’ as specified in clause (b) of section 269ST of the Act and all the instalments paid for a loan shall not be aggregated for… Read More »

Taxmann’s GST Tariff with Commodities / Services Index – 4th Edition 2017

By | July 4, 2017

Taxmann’s GST Tariff with Commodities/Services Index Taxmann’s GST Tariff with Commodities Index (w.e.f. 1-7-2017) – July 2017 Incorporating: GST Tariff Notifications GST Exemption Notifications GST rates for Goods with HSN Code GST Rates for Services Services under Reverse Charge Exemption to Services Commodities Index Case Laws/Department Clarifications Price Rs 1375 Click to buy Online CONTENTS… Read More »

CORRIGENDUM Dated 3rd July 2017 clariyfing No. 50/2017-Customs

By | July 4, 2017

CORRIGENDUM Dated 3rd July 2017 for No. 50/2017-Customs CORRIGENDUM New Delhi, the 3rd July, 2017 G.S.R. 824(E).—In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.… Read More »

Amendment in notification no. 28/2002-central excise vide Notification No. 20/2017-Central Excise Dated 3rd July, 2017

By | July 4, 2017

Notification No. 20/2017-Central Excise Dated 3rd July, 2017 Seeks to amend notification no. 28/2002-central excise dated 13th may 2002. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 3rd July, 2017 No. 20/2017-Central Excise G.S.R. 823(E).—In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944),… Read More »

Amendment in Tariff Value Notification No. 62/2017-Custom : Notification No. 69/2017-Customs (N.T.)

By | July 4, 2017

Notification No. 69/2017-Customs (N.T.) Dated 1st July, 2017 Notification for further amendment in CBEC Tariff Value Notification No. 62/2017-Customs (N.T.) dated 30.06.2017 Vide  Notification No. 69/2017-Customs (N.T.) Dated 1st July, 2017 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF EXCISE AND CUSTOMS) NOTIFICATION New Delhi, the 1st July, 2017 No. 69/2017-Customs (N.T.) S.O. 2064(E).—In exercise of… Read More »

CORRIGENDUM Dated 1st July, 2017 clarifying No. 50/2017-Customs

By | July 4, 2017

CORRIGENDUM New Delhi, the 1st July, 2017 G.S.R. 817(E).—In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30th June, 2017,— (i) at… Read More »

Rescind notification no.16/2010-central excise – Notification  No. 19/2017-Central Excise Dated 1st July, 2017

By | July 4, 2017

Notification  No. 19/2017-Central Excise Dated 1st July, 2017 Seeks to rescind notification no.16/2010-central excise dated 27th february 2010  vide Notification  No. 19/2017-Central Excise Dated 1st July, 2017 NOTIFICATION New Delhi, the 1st July, 2017 No. 19/2017-Central Excise G.S.R. 816(E).—In exercise of the powers conferred by sub-section (3) of section 3A of the Central Excise Act, 1944 (1… Read More »

Exemption from additional duties of excise for 7th Schedule Goods – Notification No. 18/2017- Central Excise Dated 1st July 2017

By | July 4, 2017

Notification  No. 18/2017-Central Excise Dated 1st July, 2017 Seeks to provide exemption to all goods mentioned in the seventh schedule to the finance act,2005 from whole of the additional duties of excise leviable thereon vide Notification  No. 18/2017-Central Excise Dated 1st July, 2017 NOTIFICATION New Delhi, the 1st July, 2017 No. 18/2017-Central Excise G.S.R. 815(E).—In exercise of… Read More »

Notification No No. 62/2017 – Customs Dated 1st July, 2017

By | July 4, 2017

Notification No No. 62/2017 – Customs Dated 1st July, 2017 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 1st July, 2017 No. 62/2017 – Customs G.S.R. 814(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is… Read More »

Section 269ST Income Tax Act 1961 : Finance Act 2017

By | July 4, 2017

Section  269ST Income-tax Act, 1961 – FA, 2017  [Section 269ST Income-tax Act 1961 Inserted by the Finance Act, 2017, w.e.f. 1-4-2017. ] Mode of undertaking transactions. 269ST. No person shall receive an amount of two lakh rupees or more— (a)          in aggregate from a person in a day; or (b)          in respect of a single… Read More »

List of Persons who can receive Cash Payment of Rs 2 Lakh or more – 269ST : CBDT Notification No. 57 /2017/F. No. 370142/10/2017-TPL 3rd July, 2017

By | July 4, 2017

Notification No. 57 /2017 /F. No. 370142/10/2017-TPL Dated 3rd July, 2017 Summary : CBDT Notify person on whom provisions of Section 269 ST of Income Tax does not apply Vide Notification No. 57 /2017/F. No. 370142/10/2017-TPL Dated 3rd July, 2017 given below  . MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 3rd July, 2017 S.O.… Read More »

Section 40 Bihar GST Act 2017 : First Return

By | July 4, 2017

Section 40 Bihar GST Act 2017 [ Section 40 of Bihar GST Act 2017  explains First Return  and is covered in Chapter IX – Returns   ]  First Return 40. Every registered person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration has been granted shall… Read More »

Section 39 Bihar GST Act 2017 : Furnishing of returns

By | July 4, 2017

Section 39 Bihar GST Act 2017 [ Section 39 of Bihar GST Act 2017  explains Furnishing of returns  and is covered in Chapter IX – Returns   ]  Furnishing of returns 39. (1) Every registered person, other than an Input Service Distributor or a non-resident taxable person or a person paying tax under the provisions of section 10 or section 51… Read More »

Section 38 Bihar GST Act 2017 : Furnishing details of inward supplies.

By | July 4, 2017

Section 38 Bihar GST Act 2017 [ Section 38 of Bihar GST Act 2017  explains Furnishing details of inward supplies  and is covered in Chapter IX – Returns   ]  Furnishing details of inward supplies. 38. (1) Every registered person, other than an Input Service Distributor or a non-resident taxable person or a person paying tax under the provisions of section… Read More »

Section 37 Bihar GST Act 2017 : Furnishing details of outward supplies

By | July 4, 2017

Section 37 Bihar GST Act 2017 [ Section 37 of Bihar GST Act 2017  explains Furnishing details of outward supplies and is covered in Chapter IX – Returns   ]    Furnishing details of outward supplies 37. (1) Every registered person, other than an Input Service Distributor, a non-resident taxable person and apers on paying tax under the provisions of section… Read More »

Section 36 Bihar GST Act 2017 : Period of retention of accounts

By | July 4, 2017

Section 36 Bihar GST Act 2017 [ Section 36 of Bihar GST Act 2017  explains Period of retention of accounts and is covered in Chapter VIII – Accounts And Records   ]  Period of retention of accounts 36. Every registered person required to keep and maintain books of account or other records in accordance with the provisions of sub-section (1) of section… Read More »

Section 35 Bihar GST Act 2017 : Accounts and other records

By | July 4, 2017

Section 35 Bihar GST Act 2017 [ Section 35 of Bihar GST Act 2017  explains Accounts and other records  and is covered in Chapter VIII – Accounts And Records   ]    Accounts and other records 35 . (1) Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct… Read More »

Section 33 Bihar GST Act 2017  : Amount of tax to be indicated in tax invoice and other documents

By | July 4, 2017

Section 33 Bihar GST Act 2017 [ Section 33 of Bihar GST Act 2017  explains Amount of tax to be indicated in tax invoice and other documents  and is covered in Chapter VII – Tax Invoice, Credit And Debit Notes  ]  Amount of tax to be indicated in tax invoice and other documents 33. Notwithstanding anything contained in this Act or… Read More »

Section 32 Bihar GST Act 2017 : Prohibition of unauthorised collection of tax

By | July 4, 2017

Section 32 Bihar GST Act 2017 [ Section 32 of Bihar GST Act 2017  explains Prohibition of unauthorised collection of tax  and is covered in Chapter VII – Tax Invoice, Credit And Debit Notes  ]  Prohibition of unauthorised collection of tax 32. (1) A person who is not a registered person shall not collect in respect of any supply of goods… Read More »

Section 30 Bihar GST Act 2017 : Revocation of cancellation of registration

By | July 4, 2017

Section 30 Bihar GST Act 2017 [ Section 30 of Bihar GST Act 2017  explains Revocation of cancellation of registration  and is covered in Chapter VI – Registration   ]  Revocation of cancellation of registration 30. (1) Subject to such conditions as may be prescribed, any registered person, whose registration is cancelled by the proper officer on his own motion, may apply… Read More »

Section 29 Bihar GST Act 2017 : Cancellation of registration

By | July 4, 2017

Section 29 Bihar GST Act 2017 [ Section 29 of Bihar GST Act 2017  explains Cancellation of registration  and is covered in Chapter VI – Registration   ]  Cancellation of registration 29. (1) The proper officer may, either on his own motion or on an application filed by the registered person or by his legal heirs, in case of death of such… Read More »

Section 28 Bihar GST Act 2017 : Amendment of registration

By | July 4, 2017

Section 28 Bihar GST Act 2017 [ Section 28 of Bihar GST Act 2017  explains Amendment of registration  and is covered in Chapter VI – Registration   ]  Amendment of registration 28. (1) Every registered person and a person to whom a Unique Identity Number has been assigned shall inform the proper officer of any changes in the information furnished at the… Read More »

Section 27 Bihar GST Act 2017 : Special provisions relating to casual taxable person and non-resident taxable person

By | July 4, 2017

Section 27 Bihar GST Act 2017 [ Section 27 of Bihar GST Act 2017  explains Special provisions relating to casual taxable person and non-resident taxable person  and is covered in Chapter VI – Registration   ]  Special provisions relating to casual taxable person and non-resident taxable person 27. (1) The certificate of registration issued to a casual taxable person or a non-resident… Read More »

Section 26 Bihar GST Act 2017 : Deemed registration

By | July 4, 2017

Section 26 Bihar GST Act 2017 [ Section 26 of Bihar GST Act 2017  explains Deemed registration  and is covered in Chapter VI – Registration   ]  Deemed registration 26. (1) The grant of registration or the Unique Identity Number under the Central Goods and Services Tax Act shall be deemed to be a grant of registration or the Unique Identity Number… Read More »

Section 25 Bihar GST Act 2017 : Procedure for registration

By | July 4, 2017

Section 25 Bihar GST Act 2017 [ Section 25 of Bihar GST Act 2017  explains Procedure for registration and is covered in Chapter VI – Registration   ]  Procedure for registration 25. (1) Every person who is liable to be registered under section 22 or section 24 shall apply for registration within thirty days from the date on which he becomes liable… Read More »

Section 24 Bihar GST Act 2017 : Compulsory registration in certain cases

By | July 4, 2017

Section 24 Bihar GST Act 2017 [ Section 24 of Bihar GST Act 2017  explains Compulsory registration in certain cases and is covered in Chapter VI – Registration   ]  Compulsory registration in certain cases 24. Notwithstanding anything contained in sub-section (1) of section 22, the following categories of persons shall be required to be registered under this Act,- (i) persons making… Read More »

Section 23 Bihar GST Act 2017 : Persons not liable for registration

By | July 4, 2017

Section 23 Bihar GST Act 2017 [ Section 23 of Bihar GST Act 2017  explains Persons not liable for registration and is covered in Chapter VI – Registration   ]  Persons not liable for registration 23. (1) The following persons shall not be liable to registration, namely:–– (a) any person engaged exclusively in the business of supplying goods or services or both… Read More »

Section 22 Bihar GST Act 2017 : Persons liable for registration

By | July 4, 2017

Section 22 Bihar GST Act 2017 [ Section 22 of Bihar GST Act 2017  explains Persons liable for registration and is covered in Chapter VI – Registration   ]  Persons liable for registration 22. (1) Every supplier making a taxable supply of goods or services or both in the State shall be liable to be registered under this Act if his aggregate… Read More »

Section 21 Bihar GST Act 2017 : Manner of recovery of credit distributed in excess

By | July 4, 2017

Section 21 Bihar GST Act 2017 [ Section 21 of Bihar GST Act 2017  explains Manner of recovery of credit distributed in excess and is covered in Chapter V – Input Tax credit  ]  Manner of recovery of credit distributed in excess 21. Where the Input Service Distributor distributes the credit in contravention of the provisions contained in section 20 resulting… Read More »

Section 20 Bihar GST Act 2017 : Manner of distribution of credit by Input Service Distributor

By | July 4, 2017

Section 20 Bihar GST Act 2017 [ Section 20 of Bihar GST Act 2017  explains Manner of distribution of credit by Input Service Distributor and is covered in Chapter V – Input Tax credit  ]  Manner of distribution of credit by Input Service Distributor 20. (1) The Input Service Distributor shall distribute the credit of State tax as State tax or… Read More »

Section 19 Bihar GST Act 2017 : Taking input tax credit in respect of inputs and capital goods sent for job work

By | July 4, 2017

Section 19 Bihar GST Act 2017 [ Section 19 of Bihar GST Act 2017  explains Taking input tax credit in respect of inputs and capital goods sent for job work and is covered in Chapter V – Input Tax credit  ]  Taking input tax credit in respect of inputs and capital goods sent for job work.— 19. (1) The principal shall,… Read More »

Section 18 Bihar GST Act 2017 : Availability of credit in special circumstances

By | July 4, 2017

Section 18 Bihar GST Act 2017 [ Section 18 of Bihar GST Act 2017  explains Availability of credit in special circumstances  and is covered in Chapter V – Input Tax credit  ]  Availability of credit in special circumstances 18. (1) Subject to such conditions and restrictions as may be prescribed– (a) a person who has applied for registration under this Act… Read More »

Section 17 Bihar GST Act 2017 : Apportionment of credit and blocked credits

By | July 4, 2017

Section 17 Bihar GST Act 2017 [ Section 17 of Bihar GST Act 2017  explains Apportionment of credit and blocked credits    and is covered in Chapter V – Input Tax credit  ]  Apportionment of credit and blocked credits. — 17. (1) Where the goods or services or both are used by the registered person partly for the purpose of any… Read More »

Section 16 Bihar GST Act 2017 : Eligibility and conditions for taking input tax credit

By | July 4, 2017

Section 16 Bihar GST Act 2017 [ Section 16 of Bihar GST Act 2017  explains Eligibility and conditions for taking input tax credit  and is covered in Chapter V – Input Tax credit  ]    Eligibility and conditions for taking input tax credit 16. (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in… Read More »

Section 14 Bihar GST Act 2017 : Change in rate of tax in respect of supply of goods or services

By | July 4, 2017

Section 14 Bihar GST Act 2017 [ Section 14 of Bihar GST Act 2017  explains Change in rate of tax in respect of supply of goods or services  and is covered in Chapter IV – Time And Value Of Supply  ]  Change in rate of tax in respect of supply of goods or services 14. Notwithstanding anything contained in section 12… Read More »

Section 10 Bihar GST Act 2017 : Composition levy

By | July 4, 2017

Section 10 Bihar GST Act 2017 [ Section 10 of Bihar GST Act 2017  explains Composition levy  and is covered in Chapter III –Levy And Collection of Tax ]  Composition levy 10. (1) Notwithstanding any thing to the contrary contained in this Act but subject to the provisions of sub-sections (3) and (4) of section 9, a registered person, whose… Read More »