Daily Archives: August 3, 2017

Pay 20% of disputed demand for Stay of Demand at CIT (A) of Income Tax :DATED 31-7-2017

By | August 3, 2017

SECTION 220 OF THE INCOME-TAX ACT, 1961 : COLLECTION AND RECOVERY OF TAX – WHEN TAX PAYABLE AND WHEN ASSESSEE DEEMED IN DEFAULT : RECOVERY OF OUTSTANDING TAX DEMANDS : PARTIAL MODIFICATION OF INSTRUCTION NO.1914, DATED 21-3-1996 TO PROVIDE FOR GUIDELINES FOR STAY OF DEMAND AT FIRST APPEAL STAGE OFFICE MEMORANDUM [F.NO.404/72/93-ITCC], DATED 31-7-2017 Instruction No.… Read More »

GST on restaurant if there is separate AC & non AC Premises

By | August 3, 2017

 Question : Caterpillar is a restaurant cum bar in Kolkata. It has successfully migrated to GST. While the first floor area of the restaurant is air conditioned and supplies food as well as liquor, the ground floor serves only food and is non-air-conditioned. Caterpillar wants to know,: (i) Whether they will charge GST @ 12% on… Read More »

GST on Atta / Maida / Besan supplied in bulk

By | August 3, 2017

Question : Is Atta/Maida/Besan supplied in bulk liable to tax under GST? Answer: Outward supply of these goods if effected without registered brand name is exempt under GST. However , if the outward supply is made under a registered brand name and put up in unit container then it would be liable to tax @ 5%.  … Read More »

Category: GST

Supplier can reduce GST on goods returned

By | August 3, 2017

  Question : Whether the supplier can reduce the tax elements against goods returned to him? Answer: Yes, the person is eligible to reduce the tax liability by issuing credit notes to his recipient for such returned goods subject to the condition that the recipient reduces the claim of ITC to that extent if ITC was availed… Read More »

Category: GST

Manufacturer can claim GST ITC on rental premises

By | August 3, 2017

Question : A registered person is a manufacturer of taxable food items. His factory is in rental premises. Whether this person is eligible to claim ITC on tax charged on the rental amount? Answer: Yes, the person is eligible to claim ITC of tax charged on the rental amount. Related GST FAQ GST on Food Processing Industry… Read More »

Category: GST

Exchange Rate of Foreign Currency w.e.f 04.08.2017

By | August 3, 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.72/2017-CUSTOMS (N.T.), dated 20th July, 2017, except as respects things done or omitted… Read More »