Daily Archives: September 21, 2017

Exchange Rate of Foreign Currency w.e.f 22.09.2017

By | September 21, 2017

Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.84/2017-CUSTOMS (N.T.), dated  7thSeptember, 2017, except as respects things done or omitted to be done… Read More »

New PF Composite Declaration Form 11 (Aadhaar/ Non-Aadhaar) w.e.f 20.09.2017

By | September 21, 2017

Composite Declaration Form The EPFO has notified revised/ new version of single page Composite PF Declaration F-11 (Aadhaar/ Non-Aadhaar), applicable w.e.f. 20 Sept. 2017, which replaces the existing Form 11 and Form 13, as under: EPFO Order dt. 20 Sept. 2017 1. The Employees’ Provident Fund Organization has embarked upon next phase of e-governance reforms with… Read More »

Transfer of PF Balance – EPFO Revised Procedure : No Manual/ Amendment/2011/13326

By | September 21, 2017

No Manual/ Amendment/2011/13326 Dated 20.09.2017 The EPFO has notified revised/ new procedure for smooth and hassle free transfer of balance in PF accounts of Members, in the case of change in employment, applicable w.e.f. 20 Sept. 2017, as under: Revised Procedure for PF a/c Balance Transfer: CPFC (EPFO Order dt. 20 Sept. 2017) 1. In… Read More »

Section 50 Kerela GST Ordinance 2017 : Interest on delayed payment of tax

By | September 21, 2017

Section 50 Kerela GST Ordinance 2017 [ Section 50  Kerela GST Ordinance 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 Ordinance or the rules made thereunder, but… Read More »

Section 49 Kerela GST Ordinance 2017 : Payment of tax, interest, penalty and other amounts

By | September 21, 2017

Section 49 Kerela GST Ordinance 2017 [ Section 49  Kerela GST Ordinance 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… Read More »

Section 48 Kerela GST Ordinance 2017 : Goods and services tax practitioners

By | September 21, 2017

Section 48 Kerela GST Ordinance 2017 [ Section 48  Kerela GST Ordinance 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… Read More »

Section 47 Kerela GST Ordinance 2017 : Levy of late fee

By | September 21, 2017

Section 47 Kerela GST Ordinance 2017 [ Section 47  Kerela GST Ordinance 2017 explains Levy of late fee and is covered in CHAPTER IX RETURNS ] Levy of late fee 47. (1) Any registered person who fails to furnish the details of outward or inward supplies required under section 37 or section 38 or returns required under section 39 or… Read More »

Section 46 Kerela GST Ordinance 2017 : Notice to return defaulters

By | September 21, 2017

Section 46 Kerela GST Ordinance 2017 [ Section 46  Kerela GST Ordinance 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… Read More »

Section 45 Kerela GST Ordinance 2017 : Final return

By | September 21, 2017

Section 45 Kerela GST Ordinance 2017 [ Section 45  Kerela GST Ordinance 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 Kerela GST Ordinance 2017 : Annual return

By | September 21, 2017

Section 44 Kerela GST Ordinance 2017 [ Section 44 Kerela GST Ordinance 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 Kerela GST Ordinance 2017 : Matching, reversal and reclaim of reduction in output tax liability

By | September 21, 2017

Section 43 Kerela GST Ordinance 2017 [ Section 43 Kerela GST Ordinance 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… Read More »

Section 42 Kerela GST Ordinance 2017 : Matching, reversal and reclaim of input tax credit

By | September 21, 2017

Section 42 Kerela GST Ordinance 2017 [ Section 42 Kerela GST Ordinance 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”)… Read More »

Section 41 Kerela GST Ordinance 2017 : Claim of input tax credit and provisional acceptance thereof

By | September 21, 2017

Section 41 Kerela GST Ordinance 2017 [ Section 41 Kerela GST Ordinance 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… Read More »

Section 40 Kerela GST Ordinance 2017 : First Return

By | September 21, 2017

Section 40 Kerela GST Ordinance 2017 [ Section 40 Kerela GST Ordinance 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… Read More »

Section 39 Kerela GST Ordinance 2017 : Furnishing of returns

By | September 21, 2017

Section 39 Kerela GST Ordinance 2017 [ Section 39 Kerela GST Ordinance 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… Read More »

Section 38 Kerela GST Ordinance 2017 : Furnishing details of inward supplies

By | September 21, 2017

Section 38 Kerela GST Ordinance 2017 [ Section 38 Kerela GST Ordinance 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… Read More »

Section 37 Kerela GST Ordinance 2017 : Furnishing details of outward supplies

By | September 21, 2017

Section 37 Kerela GST Ordinance 2017 [ Section 37 Kerela GST Ordinance 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 Kerela GST Ordinance 2017 : Period of retention of accounts

By | September 21, 2017

Section 36 Kerela GST Ordinance 2017 [ Section 36 Kerela GST Ordinance 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 Kerela GST Ordinance 2017 : Accounts and other records

By | September 21, 2017

Section 35 Kerela GST Ordinance 2017 [ Section 35 Kerela GST Ordinance 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 34 Kerela GST Ordinance 2017 : Credit and debit notes

By | September 21, 2017

Section 34 Kerela GST Ordinance 2017 [ Section 34 Kerela GST Ordinance 2017 explains Credit and debit notes  and is covered in CHAPTER VII TAX INVOICE, CREDIT AND DEBIT NOTES ] Credit and debit notes 34. (1) Where a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged… Read More »

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

By | September 21, 2017

Section 33 Kerela GST Ordinance 2017 [ Section 33 Kerela GST Ordinance 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 Ordinance or any… Read More »

Section 32 Kerela GST Ordinance 2017 : Prohibition of unauthorised collection of tax

By | September 21, 2017

Section 32 Kerela GST Ordinance 2017 [ Section 32 Kerela GST Ordinance 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… Read More »

Section 31 Kerela GST Ordinance 2017 : Tax invoice

By | September 21, 2017

Section 31 Kerela GST Ordinance 2017 [ Section 31 Kerela GST Ordinance 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… Read More »

Section 30 Kerela GST Ordinance 2017 : Revocation of cancellation of registration

By | September 21, 2017

Section 30 Kerela GST Ordinance 2017 [ Section 30 Kerela GST Ordinance 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 Kerela GST Ordinance 2017 : Cancellation of registration

By | September 21, 2017

Section 29 Kerela GST Ordinance 2017 [ Section 29 Kerela GST Ordinance 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 Kerela GST Ordinance 2017 : Amendment of registration

By | September 21, 2017

Section 28 Kerela GST Ordinance 2017 [ Section 28 Kerela GST Ordinance 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 of… Read More »

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

By | September 21, 2017

Section 27 Kerela GST Ordinance 2017 [ Section 27 Kerela GST Ordinance 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… Read More »

Section 26 Kerela GST Ordinance 2017 : Deemed registration

By | September 21, 2017

Section 26 Kerela GST Ordinance 2017 [ Section 26 Kerela GST Ordinance 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… Read More »

Section 25 Kerela GST Ordinance 2017 : Procedure for registration

By | September 21, 2017

Section 25 Kerela GST Ordinance 2017 [ Section 25 Kerela GST Ordinance 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 to… Read More »

Section 24 Kerela GST Ordinance 2017 : Compulsory registration in certain cases

By | September 21, 2017

Section 24 Kerela GST Ordinance 2017 [ Section 24 Kerela GST Ordinance 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 Ordinance,— (i) persons making any… Read More »

Section 23 Kerela GST Ordinance 2017 : Persons not liable for registration.

By | September 21, 2017

Section 23 Kerela GST Ordinance 2017 [ Section 23 Kerela GST Ordinance 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 Kerela GST Ordinance 2017 : Persons liable for registration

By | September 21, 2017

Section 22 Kerela GST Ordinance 2017 [ Section 22 Kerela GST Ordinance 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 Ordinance if his aggregate turnover… Read More »

Section 21 Kerela GST Ordinance 2017 : Manner of recovery of credit distributed in excess

By | September 21, 2017

Section 21 Kerela GST Ordinance 2017 [ Section 21 Kerela GST Ordinance 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 in… Read More »

Section 20 Kerela GST Ordinance 2017 : Manner of distribution of credit by Input Service Distributor

By | September 21, 2017

Section 20 Kerela GST Ordinance 2017 [ Section 20 Kerela GST Ordinance 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 and integrated tax… Read More »

Section 19 Kerela GST Ordinance 2017 : Taking input tax credit in respect of inputs and capital goods sent for jobwork

By | September 21, 2017

Section 19 Kerela GST Ordinance 2017 [ Section 19 Kerela GST Ordinance 2017 explains Taking input tax credit in respect of inputs and capital goods sent for jobwork  and is covered in CHAPTER V INPUT TAX CREDIT ] Taking input tax credit in respect of inputs and capital goods sent for jobwork 19. (1) The principal shall, subject to such… Read More »

Section 18 Kerela GST Ordinance 2017 : Availability of credit in special circumstances

By | September 21, 2017

Section 18 Kerela GST Ordinance 2017 [ Section 18 Kerela GST Ordinance 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 Ordinance within… Read More »

Section 17 Kerela GST Ordinance 2017 : Apportionment of credit and blocked credits

By | September 21, 2017

Section 17 Kerela GST Ordinance 2017 [ Section 17 Kerela GST Ordinance 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… Read More »

Section 16 Kerela GST Ordinance 2017 : Eligibility and conditions for taking input tax credit

By | September 21, 2017

Section 16 Kerela GST Ordinance 2017 [ Section 16 Kerela GST Ordinance 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… Read More »

Section 15 Kerela GST Ordinance 2017 : Value of taxable supply

By | September 21, 2017

Section 15 Kerela GST Ordinance 2017 [ Section 15 Kerela GST Ordinance 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… Read More »

Section 14 Kerela GST Ordinance 2017 : Change in rate of tax in respect of supply of goods or services

By | September 21, 2017

Section 14 Kerela GST Ordinance 2017 [ Section 14 Kerela GST Ordinance 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 or section… Read More »

Section 13 Kerela GST Ordinance 2017 : Time of supply of services

By | September 21, 2017

Section 13 Kerela GST Ordinance 2017 [ Section 13 Kerela GST Ordinance 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 12 Kerela GST Ordinance 2017 : Time of supply of goods

By | September 21, 2017

Section 12 Kerela GST Ordinance 2017 [ Section 12 Kerela GST Ordinance 2017 explains Time of supply of goods and is covered in CHAPTER IV TIME AND VALUE OF SUPPLY ] Time of supply of goods 12. (1) The liability to pay tax on goods shall arise at the time of supply, as determined in accordance with the provisions of this… Read More »

Section 11 Kerela GST Ordinance 2017 : Power to grant exemption from tax

By | September 21, 2017

Section 11 Kerela GST Ordinance 2017 [ Section 11 Kerela GST Ordinance 2017 explains Power to grant exemption from tax and is covered in CHAPTER III LEVY AND COLLECTION OF TAX ] Power to grant 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… Read More »

Section 10 Kerela GST Ordinance 2017 : Composition levy

By | September 21, 2017

Section 10 Kerela GST Ordinance 2017 [ Section 10 Kerela GST Ordinance 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 Ordinance but subject to the provisions of sub-sections (3) and (4) of section 9, a registered person, whose aggregate turnover… Read More »

Section 9 Kerela GST Ordinance 2017 : Levy and collection

By | September 21, 2017

Section 9 Kerela GST Ordinance 2017 [ Section 9 Kerela GST Ordinance 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 Kerala goods and services tax on all intra-State supplies of goods… Read More »

Section 8 Kerela GST Ordinance 2017 : Tax liability on composite and mixed supplies

By | September 21, 2017

Section 8 Kerela GST Ordinance 2017 [ Section 8 Kerela GST Ordinance 2017 explains Tax liability on composite and mixed supplies and is covered in CHAPTER III LEVY AND COLLECTION OF TAX ] Tax liability on composite and mixed supplies 8. The tax liability on a composite or a mixed supply shall be determined in the following manner, namely: —… Read More »

Section 7 Kerela GST Ordinance 2017 : Scope of supply

By | September 21, 2017

Section 7 Kerela GST Ordinance 2017 [ Section 7 Kerela GST Ordinance 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 Ordinance, the expression “supply” includes,— (a) all forms of supply of goods or services or both such as sale, transfer, barter,… Read More »

Section 6 Kerela GST Ordinance 2017 : Authorisation of officers of central tax as proper officer in certain circumstances

By | September 21, 2017

Section 6 Kerela GST Ordinance 2017 [ Section 6 Kerela GST Ordinance 2017 explains Authorisation of officers of central tax as proper officer in certain circumstances and is covered in CHAPTER II ADMINISTRATION ] Authorisation of officers of central tax as proper officer in certain circumstances 6. (1) Without prejudice to the provisions of this Ordinance, the officers appointed under… Read More »

Taxmann Law & Practice Relating to Income Computation & Disclosure Standards 3rd Edition 2017

By | September 21, 2017

Taxmann’s Law & Practice Relating to Income Computation & Disclosure Standards by B D Chatterjee Chintan N. Patel (Author) Description Tax Audit Reporting requirement with illustrative ICDS disclosures in Form 3CD Paragraph-wise comparison of ICDS with AS and Ind AS Judicial Pronouncements explaining provisions Separate chapter on Transition requirement Relevant Income Tax Provisions mapped with each ICDS… Read More »

Guidelines for GST Taxpayer Division between Center and States

By | September 21, 2017

Circular No. 01/2017 F.No.166/Cross Empowerment/GSTC/2017 Office of the Goods & Services Tax Council 5th Floor, Tower-II, Jeevan Bharti Building, Connaught Place, New Delhi Dated: 20th September, 2017 To, All Chief Secretaries of the States/UTs with Legislature/Chairperson, CBEC; All Finance Secretaries / CCTs of the States / UTs with Legislature; All Principal Chief Commissioners/Chief Commissioners/ Principal… Read More »