Daily Archives: August 11, 2017

Economic Survey 2016-17 State of the Economy – An Analytical 

By | August 11, 2017

Economic Survey 2016-17 Volume-2 : State of the Economy – An Analytical Overview and Outlook for Policy Economic Survey 2016-17 Volume 2 was laid in the Parliament today. The Survey notices a rekindled optimism on structural reforms in Indian economy. Various factors such as launch of the GST; Positive impacts of demonetization; decision in principle to privatize… Read More »

Highlights of Reforms Measures in Economic Survey 2016-17

By | August 11, 2017

Highlights of Reforms Measures in the Economic Survey 2016-17 Volume-2 Agriculture and Food Management   Reforms: Managing and reducing the various risks in agriculture activities can make the sector resilient, increase profitability and can ensure stable income flows to the farmers. The following reforms are suggested for increasing productivity in agriculture and allied sector:   To… Read More »

Highlights of the Economic Survey 2016-17 Volume-2 

By | August 11, 2017

Highlights of the Economic Survey 2016-17 Volume-2 Fiscal Developments   The fiscal outcome of the Central Government in 2016-17 was marked by strong growth in tax revenue, sustenance of the pace of capital spending and a consolidation of non-salary/pension revenue expenditure. This combination allowed the Government to contain the fiscal deficit to 3.5 per cent… Read More »

Section 50 Delhi GST Act 2017 : Interest on delayed payment of tax

By | August 11, 2017

Section 50 Delhi GST Act 2017 ( Section 50 Delhi GST Act 2017 explains Interest on delayed payment of tax and is covered in CHAPTER-X PAYMENT OF TAX ) Interest on delayed payment of tax 50. (1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to… Read More »

Section 49 Delhi GST Act 2017 : Payment of tax, interest, penalty and other amounts

By | August 11, 2017

Section 49 Delhi GST Act 2017 ( Section 49 Delhi GST Act 2017 explains Payment of tax, interest, penalty and other amounts and is covered in CHAPTER-X PAYMENT OF TAX ) Payment of tax, interest, penalty and other amounts 49. (1) Every deposit made towards tax, interest, penalty, fee or any other amount by a person by internet banking or by… Read More »

Section 48 Delhi GST Act 2017 : Goods and services tax practitioners

By | August 11, 2017

Section 48 Delhi GST Act 2017 ( Section 48 Delhi GST Act 2017 explains Goods and services tax practitioners and is covered in CHAPTER- IX RETURNS )  Goods and services tax practitioners 48. (1) The manner of approval of goods and services tax practitioners, their eligibility conditions, duties and obligations, manner of removal and other conditions relevant for their functioning shall… Read More »

Section 46 Delhi GST Act 2017 : Notice to return defaulters

By | August 11, 2017

Section 46 Delhi GST Act 2017 ( Section 46 Delhi GST Act 2017 explains Notice to return defaulters and is covered in CHAPTER- IX RETURNS ) Notice to return defaulters 46. Where a registered person fails to furnish a return under section 39 or section 44 or section 45, a notice shall be issued requiring him to furnish such return within… Read More »

Section 45 Delhi GST Act 2017 : Final return

By | August 11, 2017

Section 45 Delhi GST Act 2017 ( Section 45 Delhi GST Act 2017 explains Final return and is covered in CHAPTER- IX RETURNS ) Final return 45. Every registered person who is required to furnish a return under sub section (1) of section 39 and whose registration has been cancelled shall furnish a final return within three months of the date… Read More »

Section 44 Delhi GST Act 2017 : Annual return

By | August 11, 2017

Section 44 Delhi GST Act 2017 ( Section 44 Delhi GST Act 2017 explains Annual return and is covered in CHAPTER- IX RETURNS ) Annual return 44. (1) Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non resident taxable person, shall furnish an annual… Read More »

Section 43 Delhi GST Act 2017 : Matching, reversal and reclaim of reduction in output tax liability

By | August 11, 2017

Section 43 Delhi GST Act 2017 ( Section 43 Delhi GST Act 2017 explains Matching, reversal and reclaim of reduction in output tax liability  and is covered in CHAPTER- IX RETURNS ) Matching, reversal and reclaim of reduction in output tax liability 43. (1) The details of every credit note relating to outward supply furnished by a registered person (hereafter in… Read More »

Section 42 Delhi GST Act 2017 : Matching, reversal and reclaim of input tax credit

By | August 11, 2017

Section 42 Delhi GST Act 2017 ( Section 42 Delhi GST Act 2017 explains Matching, reversal and reclaim of input tax credit  and is covered in CHAPTER- IX RETURNS ) Matching, reversal and reclaim of input tax credit 42. (1) The details of every inward supply furnished by a registered person (hereafter in this section referred to as the “recipient”) for… Read More »

Section 41 Delhi GST Act 2017 : Claim of input tax credit and provisional acceptance thereof

By | August 11, 2017

Section 41 Delhi GST Act 2017 ( Section 41 Delhi GST Act 2017 explains Claim of input tax credit and provisional acceptance thereof  and is covered in CHAPTER- IX RETURNS ) Claim of input tax credit and provisional acceptance thereof 41. (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to take the… Read More »

Section 40 Delhi GST Act 2017 : First Return

By | August 11, 2017

Section 40 Delhi GST Act 2017 ( Section 40 Delhi 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 declare the same… Read More »

Section 39 Delhi GST Act 2017 : Furnishing of returns

By | August 11, 2017

Section 39 Delhi GST Act 2017 ( Section 39 Delhi 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 or section 52… Read More »

Section 38 Delhi GST Act 2017 : Furnishing details of inward supplies

By | August 11, 2017

Section 38 Delhi GST Act 2017 ( Section 38 Delhi 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 10 or section… Read More »

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

By | August 11, 2017

Section 37 Delhi GST Act 2017 ( Section 37 Delhi 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 a person paying tax under the provisions of section 10 or section… Read More »

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

By | August 11, 2017

Section 36 Delhi GST Act 2017 ( Section 36 Delhi 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 35 shall… Read More »

Section 35 Delhi GST Act 2017 : Accounts and other records

By | August 11, 2017

Section 35 Delhi GST Act 2017 ( Section 35 Delhi 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 account of- (a)… Read More »

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

By | August 11, 2017

Section 33 Delhi GST Act 2017 ( Section 33 Delhi 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 any other… Read More »

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

By | August 11, 2017

Section 32 Delhi GST Act 2017 ( Section 32 Delhi 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 or services… Read More »

Section 31 Delhi GST Act 2017 : Tax invoice

By | August 11, 2017

Section 31 Delhi GST Act 2017 ( Section 31 Delhi GST Act 2017 explains Tax invoice and is covered in CHAPTER- VII TAX INVOICE, CREDIT AND DEBIT NOTES ) Tax invoice 31. (1) A registered person supplying taxable goods shall, before or at the time of,– (a) removal of goods for supply to the recipient, where the supply involves movement of… Read More »

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

By | August 11, 2017

Section 30 Delhi GST Act 2017 ( Section 30 Delhi 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 to… Read More »

Section 29 Delhi GST Act 2017 : Cancellation of registration

By | August 11, 2017

Section 29 Delhi GST Act 2017 ( Section 29 Delhi 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 person,… Read More »

Section 28 Delhi GST Act 2017 : Amendment of registration

By | August 11, 2017

Section 28 Delhi GST Act 2017 ( Section 28 Delhi 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 time… Read More »

Section 27 Delhi GST Act 2017 : Special provisions relating to casual taxable person and nonresident taxable person

By | August 11, 2017

Section 27 Delhi GST Act 2017 ( Section 27 Delhi GST Act 2017 explains Special provisions relating to casual taxable person and nonresident taxable person  and is covered in CHAPTER – VI REGISTRATION  ) Special provisions relating to casual taxable person and nonresident taxable person 27. (1) The certificate of registration issued to a casual taxable person or a non resident… Read More »

Section 26 Delhi GST Act 2017 : Deemed registration

By | August 11, 2017

Section 26 Delhi GST Act 2017 ( Section 26 Delhi 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 under this Act… Read More »