Monthly Archives: December 2017

GST News 17.12.2017 by Taxheal

By | December 17, 2017

GST News 17.12.2017 by Taxheal Related Topic on GST  Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST Press Release GST Press Release GST Books Best… Read More »

GST Council 24th Meeting Decision : E way Bill w.e.f 01.02.2018

By | December 16, 2017

GST Council 24th Meeting Decision : E way Bill w.e.f 01.02.2018 Related Topic on GST  Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST Press Release… Read More »

24th GST Council Meeting Decisions : e-way Bill w.e.f 01.02.2018 Compulsory

By | December 16, 2017

The 24th GST Council Meeting held today through video conferencing decides that Inter-State e-way Bill to be made compulsory from 1st of February, 2018;  The System to be ready by 16th of January, 2018; The Uniform System of e-way Bill for Inter-State as well as Intra-State movement will be implemented across the country by 1st… Read More »

Section 66 of Meghalaya GST Act 2017 : Special audit

By | December 16, 2017

Section 66 of Meghalaya GST Act 2017 ( Section 66 of Meghalaya 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… Read More »

Section 65 of Meghalaya GST Act 2017 : Audit by tax authorities

By | December 16, 2017

Section 65 of Meghalaya GST Act 2017 ( Section 65 of Meghalaya GST Act 2017 explains Audit by tax authorities and is covered in Chapter XIII : AUDIT) Audit by tax authorities 65. (1) The Commissioner or any officer authorised by him, by way of a general or a specific order, may undertake audit of any registered person for… Read More »

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

By | December 16, 2017

Section 64 of Meghalaya GST Act 2017 ( Section 64 of Meghalaya 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… Read More »

Section 63 of Meghalaya GST Act 2017 : Assessment of unregistered persons

By | December 16, 2017

Section 63 of Meghalaya GST Act 2017 ( Section 63 of Meghalaya 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… Read More »

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

By | December 16, 2017

Section 62 of Meghalaya GST Act 2017 ( Section 62 of Meghalaya 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… Read More »

Section 61 of Meghalaya GST Act 2017 : Scrutiny of returns

By | December 16, 2017

Section 61 of Meghalaya GST Act 2017 ( Section 61 of Meghalaya GST Act 2017 explains Scrutiny of returns and is covered in Chapter XII : ASSESSMENT) Scrutiny of returns 61. (1) The proper officer may scrutinize the return and related particulars furnished by the registered person to verify the correctness of the return and inform him of the… Read More »

Section 60 of Meghalaya GST Act 2017 : Provisional Assessment

By | December 16, 2017

Section 60 of Meghalaya GST Act 2017 ( Section 60 of Meghalaya GST Act 2017 explains Provisional Assessment and is covered in Chapter XII : ASSESSMENT) Provisional Assessment 60. (1) Subject to the provisions of sub-section (2), where the taxable person is unable to determine the value of goods or services or both or determine the rate of tax… Read More »

Section 59 of Meghalaya GST Act 2017 : Self-Assessment

By | December 16, 2017

Section 59 of Meghalaya GST Act 2017 ( Section 59 of Meghalaya 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. Meghalaya GST Act 2017 Meghalaya GST Notifications… Read More »

Section 58 of Meghalaya GST Act 2017 : Utilisation of Fund

By | December 16, 2017

Section 58 of Meghalaya GST Act 2017 ( Section 58 of Meghalaya GST Act 2017 explains Utilisation of Fund and is covered in Chapter XI : REFUNDS) Utilisation of Fund 58. (1) All sums credited to the Fund shall be utilised by the Government for the welfare of the consumers in such manner as may be prescribed. (2) The… Read More »

Section 57 of Meghalaya GST Act 2017 : Consumer Welfare Fund

By | December 16, 2017

Section 57 of Meghalaya GST Act 2017 ( Section 57 of Meghalaya GST Act 2017 explains Consumer Welfare Fund and is covered in Chapter XI : REFUNDS) Consumer Welfare Fund 57. The Government shall constitute a Fund, to be called the Consumer Welfare Fund and there shall be credited to the Fund, — (a) the amount of tax referred… Read More »

Section 56 of Meghalaya GST Act 2017 : Interest on delayed refunds

By | December 16, 2017

Section 56 of Meghalaya GST Act 2017 ( Section 56 of Meghalaya GST Act 2017 explains Interest on delayed refunds and is covered in Chapter XI : REFUNDS) Interest on delayed refunds 56. If any tax ordered to be refunded under sub-section (5) of section 54 to any applicant is not refunded within sixty days from the date of… Read More »

Sovereign Gold Bond Scheme 2017-18 Issue Price 

By | December 16, 2017

Sovereign Gold Bond Scheme 2017-18 Issue Price  Government of India, in consultation with the Reserve Bank of India, had floated Series III of Sovereign Gold Bonds 2017-18, for a period from October 09, 2017 to December 27, 2017 (with subscription period Monday to Wednesday every week). The Bonds will be issued on the succeeding Monday… Read More »

FM hold 7th Pre-Budget Consultation Meeting with Banks and Financial Institutions

By | December 16, 2017

The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley holds his 7th Pre-Budget Consultation Meeting with the representatives of the Banks and Financial Institutions (FIs) in national capital today; FM: In order to strengthen the banks, which are the key pillars of the economy, the Central Government has decided to take a massive… Read More »

special package for employment generation in leather and footwear sector approved by Govt

By | December 16, 2017

Cabinet approves special package for employment generation in leather and footwear sector  The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the special package for employment generation in leather and    footwear sector. The package involves implementation of Central Sector Scheme “Indian Footwear, Leather & Accessories Development Programme” with an approved expenditure of… Read More »

Govt to bear digital transaction Charges of debit card/BHIM UPI/AePS transactions

By | December 16, 2017

Cabinet approves subsidizing MDR charges on debit card/BHIM UPI/AePS transactions of value less than Rs.2000  The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved that the Merchant Discount Rate (MDR) applicable on all debit card/BHIM UPI/ Aadhaar enabled Payment System (AePS) transactions upto and including a value of Rs. 2000 will be… Read More »

GST Composition Scheme FAQs : Part 1 : by TaxHeal I जीएसटी कम्पोजीशन स्कीम

By | December 15, 2017

GST Composition Scheme FAQs : Part 1 : by TaxHeal I जीएसटी कम्पोजीशन स्कीम Related Topic on GST  Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments… Read More »

GST on Ready to Move House and under Constructed property : Govt clarification

By | December 15, 2017

GST on Ready to Move House and under Constructed property   Related Topic on GST  Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST Press Release… Read More »

SEBI Manual Book (Set of 3 Volumes) 31st Edition 2017 by Taxmann

By | December 15, 2017

SEBI Manual (Set of Three Volumes) – 2017 by Taxmann (Author) Price Rs 4900 . Click to buy online Edition : 31st Edition 2017 Date of Publication : Dec.2017 ISBN No.:9789386882431 Binding : Paperback No. Of Pages : 4188 Weight (Kgs) : 4.42 Description VOL 1 SEBI ( Issue of Capital and Disclosure Requirements) Regulations 2009 SEBI Act 1992 Securities Contracts ( Regulation) Act… Read More »

GSTR 3B FAQ : updated !

By | December 15, 2017

GSTR 3B 1. What is GSTR-3B? GSTR-3B is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for the tax period and the discharge of these liabilities in a timely manner A normal taxpayer is required to file GSTR-1, 2, & 3 returns for every… Read More »

जीएसटी समाचार : GST News 14.12.2017 by TaxHeal

By | December 15, 2017

जीएसटी समाचार : GST News 14.12.2017 by TaxHeal Related Topic on GST  Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST Press Release GST Press Release… Read More »

Insolvency & Bankruptcy Board of India Guidelines for Technical Standards for Core Services

By | December 15, 2017

Insolvency and Bankruptcy Board of India issues Guidelines for Technical Standards for Core Services  Based on recommendations of the Technical Committee, the Insolvency and Bankruptcy Board of India (IBBI) has laid down the Technical Standards for the performance of Core Services for the following matters under Regulation 13 of the IBBI (Information Utilities) Regulations, 2017:   i)            standard… Read More »

Insolvency and Bankruptcy Code : Govt invites suggestions

By | December 15, 2017

Government Panel invites suggestions/comments from stakeholders about the provisions of the Insolvency and Bankruptcy Code and the Rules and Regulations notified there under Comments/suggestions along with the brief justification may be sent through the online facility only available on MCA website up to 10th January, 2018 In the First Meeting of the Insolvency Law Committee,… Read More »

Section 55 of Meghalaya GST Act 2017 : Refund in certain cases

By | December 14, 2017

Section 55 of Meghalaya GST Act 2017 ( Section 55 of Meghalaya 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… Read More »

Section 53 of Meghalaya GST Act 2017 : Transfer of input tax credit

By | December 14, 2017

Section 53 of Meghalaya GST Act 2017 ( Section 53 of Meghalaya GST Act 2017 explains Transfer of input tax credit and is covered in Chapter X : PAYMENT OF TAX) Transfer of input tax credit 53. On utilisation of input tax credit availed under this Act for payment of tax dues under the Integrated Goods and Services Tax… Read More »

Section 52 of Meghalaya GST Act 2017 : Collection of tax at source

By | December 14, 2017

Section 52 of Meghalaya GST Act 2017 ( Section 52 of Meghalaya GST Act 2017 explains Collection of tax at source and is covered in Chapter X : PAYMENT OF TAX) Collection of tax at source 52. (1) Notwithstanding anything to the contrary contained in this Act, every electronic commerce operator (hereafter in this section referred to as the… Read More »

Section 51 of Meghalaya GST Act 2017 : Tax deduction at source

By | December 14, 2017

Section 51 of Meghalaya GST Act 2017 ( Section 51 of Meghalaya GST Act 2017 explains Tax deduction at source and is covered in Chapter X : PAYMENT OF TAX) Tax deduction at source 51. (1) Notwithstanding anything to the contrary contained in this Act, the Government may mandate, — (a) a department or establishment of the Central Government… Read More »

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

By | December 14, 2017

Section 50 of Meghalaya GST Act 2017 ( Section 50 of Meghalaya 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… Read More »

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

By | December 14, 2017

Section 49 of Meghalaya GST Act 2017 ( Section 49 of Meghalaya 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 taxable… Read More »

 Section 48 of Meghalaya GST Act 2017 : Goods and services tax practitioners

By | December 14, 2017

Section 48 of Meghalaya GST Act 2017 ( Section 48 of Meghalaya 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… Read More »

Section 47 of Meghalaya GST Act 2017 : Levy of late fee

By | December 14, 2017

Section 47 of Meghalaya GST Act 2017 ( Section 47 of Meghalaya GST Act 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… Read More »

Section 46 of Meghalaya GST Act 2017 : Notice to return defaulters

By | December 14, 2017

Section 46 of Meghalaya GST Act 2017 ( Section 46 of Meghalaya 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, section 44 or section 45, a notice shall be issued requiring him to furnish… Read More »

Section 45 of Meghalaya GST Act 2017 : Final return

By | December 14, 2017

Section 45 of Meghalaya GST Act 2017 ( Section 45 of Meghalaya 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… Read More »

Section 44 of Meghalaya GST Act 2017 : Annual return

By | December 14, 2017

Section 44 of Meghalaya GST Act 2017 ( Section 44 of Meghalaya 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… Read More »

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

By | December 14, 2017

Section 43 of Meghalaya GST Act 2017 ( Section 43 of Meghalaya 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… Read More »

Section 42 of Meghalaya GST Act 2017 : Matching, reversal and reclaim of input

By | December 14, 2017

Section 42 of Meghalaya GST Act 2017 ( Section 42 of Meghalaya GST Act 2017 explains Matching, reversal and reclaim of input and is covered in Chapter IX : RETURNS) Matching, reversal and reclaim of input 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 of Meghalaya GST Act 2017 : Claim of input tax credit and provisional acceptance thereof

By | December 14, 2017

Section 41 of Meghalaya GST Act 2017 ( Section 41 of Meghalaya 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… Read More »

Section 40 of Meghalaya GST Act 2017 : First Return

By | December 14, 2017

Section 40 of Meghalaya GST Act 2017 ( Section 40 of Meghalaya 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… Read More »

Section 39 of Meghalaya GST Act 2017 : Furnishing of Returns

By | December 14, 2017

Section 39 of Meghalaya GST Act 2017 ( Section 39 of Meghalaya 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, section 51… Read More »