Daily Archives: July 28, 2017

CGST Fourth Amendment Rules 2017 : Notification No 17/2017 Central Tax Dated 27th July, 2017

By | July 28, 2017

Notification No 17/2017 Central Tax Dated 27th July, 2017   [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUBSECTION (i)] Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No. 17/2017 – Central Tax New Delhi, the 27th July, 2017 G.S.R. ( )E.:- In… Read More »

Features of GST

By | July 28, 2017

Features of GST Goods and Services Tax (GST) is intended to bring transparency and accountability in business transactions along with the ease of doing business and rationalization in tax rates and will not pave the way for financialization of the country. The foremost benefit of GST is to remove hurdles in inter-State transactions resulting in… Read More »

GST Settlement of funds Rules 2017 Notification Dated 27th July, 2017

By | July 28, 2017

GST Settlement of funds Rules 2017 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 27th July, 2017 G.S.R. 964(E).—In exercise of the powers conferred by section 53 read with section 17 of the Central Goods and Services Tax Act, 2017 (12 of 2017), section 17 and 18 of the Integrated Goods and Services… Read More »

Exempt UTGST on Jaribooti and Cereals Corrigendum Notification No 2/2017 Union Territory Tax (Rate), dated 28th June, 2017

By | July 28, 2017

Govt Exempt UTGST on Jaribooti and Cereals bearing Registered Brand Name vide Corrigendum Notification No 2/2017 Union Territory Tax (Rate), dated the 28th June, 2017 [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Corrigendum New Delhi, the 27th July, 2017… Read More »

Exempt GST on Jaribooti and Cereals Corrigendum  Notification No 2/2017 Central Tax (Rate) dated 28th June, 2017

By | July 28, 2017

Govt Exempt GST on Jaribooti and Cereals bearing Registered Brand Name vide Corrigendum Notification No 2/2017 Central Tax (Rate), dated the 28th June, 2017, [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Corrigendum New Delhi, the 27 th July, 2017… Read More »

Govt Exempt GST on Jaribooti and Cereals Corrigendum  Notification No 2/2017 Integrated Tax (Rate) dated 28th June, 2017, 

By | July 28, 2017

Govt Exempt GST on Jaribooti and Cereals bearing Registered Brand Name vide Corrigendum Notification No 2/2017 Integrated Tax (Rate), dated the 28th June, 2017, [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Corrigendum New Delhi, the 27th July, 2017 G.S.R.… Read More »

Corrigendum No 1/2017 Union Territory Tax (Rate) dated the 28th June, 2017

By | July 28, 2017

Corrigendum No 1/2017 Union Territory Tax (Rate) [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Corrigendum New Delhi, the 27th July, 2017 G.S.R. (E).- In the notification of the Government of India, in the Ministry of Finance (Department… Read More »

Corrigendum Notification No 1/2017 Central Tax (Rate) dated the 28th June, 2017

By | July 28, 2017

Corrigendum Notification No 1/2017 Central Tax (Rate) dated the 28th June, 2017 [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Corrigendum New Delhi, the 27 th July, 2017 G.S.R. (E).- In the notification of the Government of India,… Read More »

Corrigendum Notification No 1/2017 Integrated Tax (Rate) dated the 28th June, 2017

By | July 28, 2017

Corrigendum Notification No 1/2017 Integrated Tax (Rate) dated the 28th June, 2017 [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Corrigendum New Delhi, the 27th July, 2017 G.S.R. (E).- In the notification of the Government of India, in… Read More »

Allahabad Bank empanelment for Concurrent / Revenue Audit Year 2017-18

By | July 28, 2017

Allahabad Bank Invites application for Concurrent / Revenue Audit Allahabad Bank invites applications in the under noted prescribed format from practicing firms of Chartered Accountants of India who are willing to have their firm empanelled as Concurrent / Revenue Auditor in the Bank. The panel of auditors maintained last year (including existing concurrent auditors) since… Read More »

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

By | July 28, 2017

 Section 20 Assam GST Act 2017 ( Section 20 Assam 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 integrated tax… Read More »

Section 19 Assam GST Act 2017 : Taking Input tax credit is respect of inputs and capital goods sent for job work

By | July 28, 2017

 Section 19 Assam GST Act 2017 ( Section 19 Assam GST Act 2017  Explains Taking Input tax credit is respect of inputs and capital goods sent for job work and is Covered in CHAPTER V INPUT TAX CREDIT  ) Taking Input tax credit is respect of inputs and capital goods sent for job work 19. (1) The principal shall, subject to… Read More »

Section 18 Assam GST Act 2017 : Availability of credit is special circumstances

By | July 28, 2017

 Section 18 Assam GST Act 2017 ( Section 18 Assam GST Act 2017  Explains Availability of credit is special circumstances and is Covered in CHAPTER V INPUT TAX CREDIT  ) Availability of credit is 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 within thirty… Read More »

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

By | July 28, 2017

 Section 17 Assam GST Act 2017 ( Section 17 Assam 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 business and partly for… Read More »

Section 16 Assam GST Act 2017 : Eligibility and conditions for taking Input tax credit

By | July 28, 2017

 Section 16 Assam GST Act 2017 ( Section 16 Assam 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 the manner specified… Read More »

Section 15 Assam GST Act 2017 : Value of taxable supply

By | July 28, 2017

 Section 15 Assam GST Act 2017 ( Section 15 Assam GST Act 2017  Explains Value of taxable supply and is Covered in CHAPTER-IV TIME AND VALUE OF SUPPLY   )  Value of taxable supply 15. (1) The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the… Read More »

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

By | July 28, 2017

 Section 14 Assam GST Act 2017 ( Section 14 Assam GST Act 2017  Explains Change in rate of tax is respect of supply of goods or services and is Covered in CHAPTER-IV TIME AND VALUE OF SUPPLY   ) Change in rate of tax is respect of supply of goods or services 14. Notwithstanding anything contained in section 12 or section 13,… Read More »

Section 13 Assam GST Act 2017 : Time of supply of services

By | July 28, 2017

 Section 13 Assam GST Act 2017 ( Section 13 Assam GST Act 2017  Explains Time of supply of services and is Covered in CHAPTER-IV TIME AND VALUE OF SUPPLY    ) Time of supply of services 13. (1) The Liability to pay tax on services shall arise at the time of supply, as determined in accordance with the provisions of this… Read More »

Section 11 Assam GST Act 2017 : Power to great exemption from tax

By | July 28, 2017

 Section 11 Assam GST Act 2017 ( Section 11 Assam GST Act 2017  Explains Power to great exemption from tax and is Covered in CHAPTER-III LEVY AND COLLECTION OF TAX   ) Power to great exemption from tax 11. (1) Where the Government is satisfied that it is necessary in the public interest so to do, it may, on the recommendations of the… Read More »

Section 10 Assam GST Act 2017 : Composition levy

By | July 28, 2017

 Section 10 Assam GST Act 2017 ( Section 10 Assam GST Act 2017  Explains Composition levy and is Covered in CHAPTER-III LEVY AND COLLECTION OF TAX   ) Composition levy 10. (1) Notwithstanding anything 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 aggregate turnover in the preceding… Read More »

Section 9 Assam GST Act 2017 : Levy and Collection

By | July 28, 2017

 Section 9 Assam GST Act 2017 ( Section 9 Assam GST Act 2017  Explains Levy and Collection and is Covered in CHAPTER-III LEVY AND COLLECTION OF TAX   ) Levy and Collection 9. (1) Subject to the provisions of sub-section (2) there shall be levied a tax called the Assam goods and services tax on all intra-State supplies of goods or services or… Read More »

Section 8 Assam GST Act 2017 : Tax liability or composite and mixed supplies

By | July 28, 2017

 Section 8 Assam GST Act 2017 ( Section 8 Assam GST Act 2017  Explains Tax liability or composite and mixed supplies and is Covered in CHAPTER-III LEVY AND COLLECTION OF TAX   ) Tax liability or composite and mixed supplies 8. The tax liability on a composite or a mixed supply shall be determined in the following manner, namely: – (a) a composite… Read More »

Section 7 Assam GST Act 2017 : Scope of supply

By | July 28, 2017

 Section 7 Assam GST Act 2017 ( Section 7 Assam GST Act 2017  Explains Scope of supply and is Covered in CHAPTER-III LEVY AND COLLECTION OF TAX   ) Scope of supply 7. (1) For the purposes of this Act, the expression “supply” includes— (a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, license, rental,… Read More »

Section 6 Assam GST Act 2017 : Authorization of officers of central tax as proper officer is certain circumstances

By | July 28, 2017

 Section 6 Assam GST Act 2017 ( Section 6 Assam GST Act 2017  Explains Authorization of officers of central tax as proper officer is certain circumstances and is Covered in CHAPTER-II ADMINISTRATION  ) Authorization of officers of central tax as proper officer is certain circumstances 6. (1) Without prejudice to the provisions of this Act, the officers appointed under the Central… Read More »

Section 5 Assam GST Act 2017 : Powers of officers

By | July 28, 2017

 Section 5 Assam GST Act 2017 ( Section 5 Assam GST Act 2017  Explains Powers of officers and is Covered in CHAPTER-II ADMINISTRATION  ) Powers of officers 5. (1) Subject to such conditions and limitations as the Commissioner may impose, an officer of State tax may exercise the powers and discharge the duties conferred or imposed on him under this Act.… Read More »

 Section 4 Assam GST Act 2017 : Appointment of officers

By | July 28, 2017

 Section 4 Assam GST Act 2017 ( Section 4 Assam GST Act 2017  Explains Appointment of officers and is Covered in CHAPTER-II ADMINISTRATION  ) Appointment of officers 4. (1) The Government may, in addition to the officers as may be notified under section 3, appoint such persons as it may think fit to be the officers under this Act. (2) The… Read More »

Section 3 Assam GST Act 2017 : Officers under this Act

By | July 28, 2017

 Section 3 Assam GST Act 2017 ( Section 3 Assam GST Act 2017  Explains Officers under this Act and is Covered in CHAPTER-II ADMINISTRATION  ) Officers under this Act 3. The Government shall, by notification, appoint the following classes of officers for the purposes of this Act, namely ;- (a) Principal or Chief Commissioner of State tax, (b) Commissioner of State… Read More »

 Section 2 Assam GST Act 2017 : Definitions

By | July 28, 2017

 Section 2 Assam GST Act 2017 ( Section 2 Assam GST Act 2017  Explains Definitions and is Covered in CHAPTER I PRELIMINARY ) Definitions 2. In this Act, unless the context otherwise requires,— (1) “actionable claim” shall have the same meaning as assigned to it in section 3 of the Transfer of Property Act, 1882 (Central Act 4 of 1882); (2) “address… Read More »

 Section 1 Assam GST Act 2017  : Short title extent and commencement

By | July 28, 2017

 Section 1 Assam GST Act 2017 ( Section 1 Assam GST Act 2017  Explains Short title extent and commencement and is Covered in CHAPTER I PRELIMINARY ) Short title extent and commencement 1. (1) This Act may be called the Assam Goods and Services Tax Ad, 2017. (2) It extends to the whole of Assam. (3) It shall come into force on… Read More »

Composition Scheme under GST – Analysis

By | July 28, 2017

Composition Scheme under GST Key points about Registered person opting Composition Scheme under GST :- Here we have addressed some of the basic queries around Composition Scheme under GST . An option to small suppliers, CGST Act provides for a ‘Composition Levy’ under Section 10 of CGST Act 2017.  It gives an option to a… Read More »