Daily Archives: August 15, 2017

Correct Definition of Zero Rated Supply under GST : ICAI Suggestions

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India   51. Definition of Zero Rated Supply – already referred in general clause. Section 2(23) of the IGST Act provides that “zero-rated supply” shall have the meaning assigned to it in section 16 of IGST Act. Further Section 16(1) of IGST Act… Read More »

Category: GST

USA IRS Tax Tips : Be Alert to Scammers Who Pose as the IRS

Be Alert to Scammers Who Pose as the IRS Tax Scams Phishing-Malware IRS ID Theft FAQ – Going After the Bad Guys Scammers pretending to be from the IRS continue to target taxpayers. These scams take many different forms. Among the most common are phone calls and fake emails. Thieves use the IRS name, logo… Read More »

Category: USA

Amend period for GST Returns by casual taxable person : ICAI Suggestions

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 31. Furnishing details of outward and inward supplies by the casual taxable person Section 37(1) of the CGST Act provides that every registered taxable person, other than an input service distributor, a non-resident taxable person and a person paying tax under the… Read More »

Category: GST

Define Books of Accounts for GST : ICAI Suggestions

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 30. Definition of Books of Accounts for the purpose of GST Section 35 of the CGST Act provides that every registered taxable person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true… Read More »

Category: GST

GST registration cancellation Issues and Suggestions : ICAI

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 29. Cancellation of Registration Section 29(2) of the CGST Act provides that the proper officer may cancel the registration of a person from such date, including any retrospective date, as he may deem fit, where, –– (a) a registered person has contravened… Read More »

Category: GST

Relax Time limit for GST registration date : ICAI Suggestions

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 27. Time limit to fix effective date of Registration Section 25(11) of the CGST Act provides that a certificate of registration shall be issued in the prescribed form, with effective date as may be prescribed. Suggestion It is suggested that time limit… Read More »

Category: GST

Amend PAN and TAN requirement under GST : ICAI Suggestions

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 26. Registration in case of a person required to deduct tax under section 51 Section 25(6) of the CGST Act provides that every person shall have a Permanent Account Number issued under the Income Tax Act, 1961 (43 of 1961) in order… Read More »

Category: GST

Extend period to avail GST ITC credit : ICAI suggestion

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 24. Time Limit of 1 year for taking Input Tax Credit for Capital Goods Section 18(1) of CGST Act, 2017 provides that subject to such conditions and restrictions as may be prescribed— (a) a person who has applied for registration under this… Read More »

Category: GST

Section 75 Gujarat GST Act 2017 : General provisions relating to determination of tax

Section 75 Gujarat GST Act 2017 ( Section 75 Gujarat GST Act 2017 explains General provisions relating to determination of tax  and is covered in CHAPTER XV DEMANDS AND RECOVERY  ) General provisions relating to determination of tax 75. (1) Where the service of notice or issuance of order is stayed by an order of a court or Appellate Tribunal, the… Read More »

Section 74 Gujarat GST Act 2017 : Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts

Section 74 Gujarat GST Act 2017 ( Section 74 Gujarat GST Act 2017 explains Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts  and is covered in CHAPTER XV DEMANDS AND RECOVERY  ) Determination of tax not paid… Read More »

Section 73 Gujarat GST Act 2017 : Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful misstatement or suppression of facts

Section 73 Gujarat GST Act 2017 ( Section 73 Gujarat GST Act 2017 explains Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful misstatement or suppression of facts  and is covered in CHAPTER XV DEMANDS AND RECOVERY  ) Determination of tax… Read More »

Section 72 Gujarat GST Act 2017 : Officers to assist proper officers

Section 72 Gujarat GST Act 2017 ( Section 72 Gujarat GST Act 2017 explains Officers to assist proper officers  and is covered in CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST   ) Officers to assist proper officers 72. (1) All officers of Police, Railways, Customs, and those officers engaged in the collection of land revenue, including village officers, officers of central tax… Read More »

Section 70 Gujarat GST Act 2017 : Powers to summon persons to give evidence and produce documents

Section 70 Gujarat GST Act 2017 ( Section 70 Gujarat GST Act 2017 explains Powers to summon persons to give evidence and produce documents  and is covered in CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST   ) Powers to summon persons to give evidence and produce documents 70. (1) The proper officer under this Act shall have power to summon any person… Read More »

Section 68 Gujarat GST Act 2017 : Inspection of goods in movement

Section 68 Gujarat GST Act 2017 ( Section 68 Gujarat GST Act 2017 explains Inspection of goods in movement  and is covered in CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST   ) Inspection of goods in movement 68. (1) The Government may require the person in charge of a conveyance carrying any consignment of goods of value exceeding such amount as may… Read More »

Section 67 Gujarat GST Act 2017 : Power of inspection, search and seizure

Section 67 Gujarat GST Act 2017 ( Section 67 Gujarat GST Act 2017 explains Power of inspection, search and seizure  and is covered in CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST   ) Power of inspection, search and seizure 67. (1) Where the proper officer, not below the rank of Joint Commissioner, has reasons to believe that— (a) a taxable person has… Read More »

Section 66 Gujarat GST Act 2017 : Special audit

Section 66 Gujarat GST Act 2017 ( Section 66 Gujarat GST Act 2017 explains Special audit and is covered in CHAPTER XIII AUDIT  ) Special audit 66. (1) If at any stage of scrutiny, inquiry, investigation or any other proceedings before him, any officer not below the rank of Assistant Commissioner, having regard to the nature and complexity of the case… Read More »

Section 64 Gujarat GST Act 2017 : Summary assessment in certain special cases

Section 64 Gujarat GST Act 2017 ( Section 64 Gujarat GST Act 2017 explains Summary assessment in certain special cases and is covered in CHAPTER XII ASSESSMENT  ) Summary assessment in certain special cases 64. (1) The proper officer may, on any evidence showing a tax liability of a person coming to his notice, with the previous permission of Additional Commissioner… Read More »

Section 63 Gujarat GST Act 2017 : Assessment of unregistered persons

Section 63 Gujarat GST Act 2017 ( Section 63 Gujarat GST Act 2017 explains Assessment of unregistered persons and is covered in CHAPTER XII ASSESSMENT  ) Assessment of unregistered persons 63. Notwithstanding anything to the contrary contained in section 73 or section 74, where a taxable person fails to obtain registration even though liable to do so or whose registration has… Read More »

Section 62 Gujarat GST Act 2017 : Assessment of non-filers of returns

Section 62 Gujarat GST Act 2017 ( Section 62 Gujarat GST Act 2017 explains Assessment of non-filers of returns and is covered in CHAPTER XII ASSESSMENT  )  Assessment of non-filers of returns 62. (1) Notwithstanding anything to the contrary contained in section 73 or section 74, where a registered person fails to furnish the return under section 39 or section 45,… Read More »

Section 59 Gujarat GST Act 2017 : Self-assessment

Section 59 Gujarat GST Act 2017 ( Section 59 Gujarat GST Act 2017 explains Self-assessment and is covered in CHAPTER XII ASSESSMENT  ) Self-assessment 59. Every registered person shall self-assess the taxes payable under this Act and furnish a return for each tax period as specified under section 39. Gujarat GST Act 2017 Gujarat GST Rules 2017 Gujarat GST  Notifications Gujarat… Read More »

Section 55 Gujarat GST Act 2017 : Refund in certain cases

Section 55 Gujarat GST Act 2017 ( Section 55 Gujarat GST Act 2017 explains Refund in certain cases and is covered in CHAPTER XI REFUNDS  ) Refund in certain cases 55. The Government may, on the recommendations of the Council, by notification, specify any specialized agency of the United Nations Organization or any Multilateral Financial Institution and Organization notified under the… Read More »