Monthly Archives: September 2018

Electronic Credit Ledger under GST : FAQ by GSTN

By | September 30, 2018

Electronic Credit Ledger 1. What is an Electronic Credit Ledger? In the Electronic Credit Ledger, all credits accrued on account of inward supplies made by a taxpayer within a tax period are accumulated. The ledger is maintained Major Head-wise, i.e., IGST, CGST, SGST, and CESS. 2. Who maintains the Electronic Credit Ledger? The Electronic Credit… Read More »

How to Cancel GST TDS Registration

By | September 30, 2018

How to Cancel GST TDS registration GST Law also mandates Tax Deduction at Source (TDS) vide Section 51 of the CGST/SGST Act 2017, Section 20 of the IGST Act, 2017 and Section 21 of the UTGST Act, 2017. GST Council in its 28th meeting held on 21.07.2018 recommended the introduction of TDS from 01.10.2018. [… Read More »

Category: GST

Circular No 34/2018 Customs :Mandatory RFID sealing postponed till 01.11.2018

By | September 30, 2018

Circular No 34/2018 Customs F.No: 484 /3/2015—LC (Vol II) Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs Room No. 226, North Block, New Delhi Dated 28th September,2018 To, Principal Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Customs Subject: Electronic sealing — Deposit in and… Read More »

GSTR10 Offline Utility : Download

By | September 30, 2018

GSTR10 Offline Utility The excel based GSTR10 offline utility is designed to help the taxpayer to prepare the GSTR10 return offline. The utility can be downloaded from this link.Download  Important! Before you extract the downloaded file, ensure that the file is not corrupted. How do I know that my file is not corrupt? Click here to know… Read More »

Category: GST

New GST News 30.09.2018

By | September 30, 2018

New GST News 30.09.2018 [ Join online GST Course by CA Satbir Singh ] New GST News when GST TDS will not be deducted : List of situations GSTR 8 : GST TCS Return : FAQs and User Manual GSTR 8 Offline Utility FAQs : GST TCS Return How to file GST TCS Return :… Read More »

Category: GST

Why not to deal with GST defaulters ?

By | September 29, 2018

Why not to deal with GST defaulters ? Video Lecture Explaining why not to deal with GST Defaulters Relevant Section 64(1) of CGST Act 2017  Summary assessment in certain special cases. 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 »

Category: GST

GST TDS SOP released by CBIC : Download

By | September 29, 2018

Standard Operating Procedure on TDS under GST Standard Operating Procedure on TDS under GST-FAQ and Ready Reckoner for guidance of DDOs and other deductors under GST by Law Committee of GST Council Central Board of Indirect Taxes and Customs has issued Notification No. 50/2018 – Central Tax making the TDS provisions under section 51 of GST applicable… Read More »

Category: GST

Internal Auditor can not undertake GST Audit simultaneously : ICAI

By | September 29, 2018

 Internal Auditor not to undertake Goods and Service Tax (GST) Audit simultaneously Announcement by ICAI  on 28.09.2018 Sub. : Internal Auditor not to undertake Goods and Service Tax (GST) Audit simultaneously We have received enquiries from the members at large and other stakeholders as to whether an internal auditor of an entity can also undertake… Read More »

Category: GST

GST TCS FAQs by CBIC released : Download

By | September 28, 2018

GST TCS FAQs by CBIC released As per Notification No. 51/2018 – Central Tax, TCS provisions under GST applicable from 01.10.2018. Under section 52 of CGST Act, electronic commerce operator are liable to deduct TCS. Further the Central Board of Indirect Taxes and Customs vide Notification No. 52/2018 – Central Tax has notified TCS rate as  half per cent under… Read More »

Category: GST

GOM constituted by 30th GST Council meeting for GST Revenue Mobilisation in case of Natural Calamities and Disasters

By | September 28, 2018

Ministry of Finance Constitution of Group of Ministers (GoM) to examine the Modalities for Revenue Mobilisation in case of Natural Calamities and Disasters Posted On: 28 SEP 2018 8:14PM by PIB Delhi During the 30th Meeting of the GST Council held here today, the proposal of the State of Kerala for imposition of Cess on SGST… Read More »

Category: GST

High Level Committee Constituted on Corporate Social Responsibility of Companies

By | September 28, 2018

Ministry of Corporate Affairs High Level Committee Constituted on Corporate Social Responsibility A High Level Committee on Corporate Social Responsibility – 2018 (HLC-2018) has been constituted under the Chairmanship of Shri. Injeti Srinivas, Secretary, Ministry of Corporate Affairs (MCA) to review the existing framework and guide and formulate the roadmap for a coherent policy on… Read More »

Draft Personal Data Protection Bill 2018 : Download

By | September 28, 2018

Draft Personal Data Protection Bill Draft Personal Data Protection Bill Download Draft Personal Data Protection Bill Click here Ministry of Electronics & IT Public given 10 more days to give views on Draft Personal Data Protection Bill Posted On: 28 SEP 2018 7:00PM by PIB Delhi The draft Personal Data Protection Bill has been uploaded on… Read More »

Bail application rejected due to evasion of GST by opening forged firms : HC

By | September 28, 2018

HIGH COURT OF ALLAHABAD Ranjeet @ Ranjeet Singh v. Union of India VIVEK KUMAR SINGH, J. CRIMINAL MISC. BAIL APPLICATION 21843 OF 2018 SEPTEMBER  6, 2018 Satya Dheer Singh Jadaun, for the Applicant. B.K. Singh Raghuvanshi, for the Respondent. ORDER Vivek Kumar Singh, J. – Supplementary counter affidavit filed by the learned counsel for the complainant today in the… Read More »

GST Exemption to Printing of question papers for educational institutions :AAR

By | September 28, 2018

Serial No. 66(b)(iv) of Notification No. 12/2017–CT(Rate) dated 28/06/2017, as amended from time to time, as applicable, wholly exempts services provided to an Educational Institution relating to conduct of examination. The phrase ‘relating to’ expands the scope of this entry to include such support services without which conduct of the examination is not possible, unless they are… Read More »

No input tax credit if value in invoice is Zero : AAR

By | September 28, 2018

APPELLATE AUTHORITY FOR ADVANCE RULING, WEST BENGAL Assistant Commissioner,CGST & CX, In re RAKESH KUMAR SHARMA AND RANDHIR KUMAR, MEMBER APPEAL CASE NO. 05/WBAAAR/APPEAL/2018 SEPTEMBER  27, 2018 Sandeep Kothari for the Respondent RULING This Appeal has been filed by the Assistant Commissioner, CGST & CX, Tollygunge Division, Kolkata South Commissionerate (hereinafter referred to as the “Appellant”), on 06.07.2018 against… Read More »

31st GST Council Meeting

By | September 28, 2018

31st GST Council Meeting 31st GST Council Meeting is expected to be held in November 2018 . we will update soon once the date is declared Related Post All GST Council Meeting Till date

GSTR 8 Offline Utility FAQs : GST TCS Return

By | September 28, 2018

GSTR 8 Offline Utility FAQs FAQs of GSTR-8 Offline Utility 1. Can I file complete Form GSTR-8 using Offline Utility? No. Filing can take place only online on the GST Portal. Using Offline Utility, you will be able to only prepare details of Table 3 and Table 4 of Form GSTR-8. Once you have uploaded… Read More »

Category: GST

How to check GST outstanding demands

By | September 28, 2018

How to check GST outstanding demands Taxpayer’s guide on where to get to know about outstanding demands. Where does the taxpayer get to know about outstanding demands under GST ? Answer : Taxpayer needs to login to GST Portal www.gst.gov.in Navigate to Services > Ledger > Electronic Liability register > Part -II Other than return… Read More »

Category: GST

PSDT 1 to PSDT 14 : Download : Punjab Development Tax Rules 2018 forms

By | September 28, 2018

Download PSDT-1 to PSDT-14 PSDT 1 to PSDT 14 has been notified under Punjab State Development Tax Rules 2018 Dated 14th September, 2018 Download Following Forms : from the following File PSDT-1. : [See rule 3(1) of Punjab State Development Tax Rules 2018]  Application for registration (for employers) PSDT-2. : [See rule 3(2) of Punjab State Development Tax Rules 2018]  Application… Read More »

Punjab State Development Tax Rules 2018 : Download

By | September 28, 2018

Punjab State Development Tax Rules 2018 CHANDIGARH, THURSDAY, SEPTEMBER 20, 2018 (BHADRA 29, 1940 SAKA) LEGISLATIVE SUPPLEMENT Contents Part – I Acts Nil Part – II Ordinances Nil Part – III Delegated Legislation Notification No. G.S.R.71/P.A.11/2018/ S.23/ 2018, dated the 14th September, 2018, containing the Punjab State Development Tax Rules, 2018. .. 2017-2043 Part – IV… Read More »

List of nodal officers for GST IT Grievance Redressal Committee

By | September 28, 2018

List of nodal officers for GST IT Grievance Redressal Committee S. No. Name of Central Tax Zone Name of the Principal Nodal Officer Designation Office Address Office Telephone (Landline Number) Email ID 1 Hyderabad Sh. B. Raghu Kiran Joint Commissioner Medchal Commissionerate 040-24303045 kiran.batchali@gmail.com, raghu. batchali@gov.in 2 Pune Sh. Santosh Kumar Vatsa Additional Commissioner Chief… Read More »

Category: GST

GST Exam MCQ Part 6

By | September 28, 2018

GST Exam MCQ Part 6 ( Multiple Choice Questions) GST Exam MCQ Part 6 by CA Satbir Singh in Hindi Q: Whether definition of Inputs under CGST Act 2017 (a) Includes capital goods. (b) Does not includes capital goods. (c) Includes specified capital goods only (d) Includes capital goods if used for the purpose of business Answer… Read More »

Category: GST

New GST Circular and News 28.09.2018

By | September 28, 2018

New GST News 28.09.2018 [ Join online GST Course by CA Satbir Singh ] New GST News 30th GST Council Meeting Today 28.09.2018 (Friday) Circular No 66/40/2018 GST : No GST on services of religious & charitable trusts by way of residential programmes or campus Attention all DDO’S : TDS under GST w.e.f 01.10.2018 :… Read More »

Category: GST

30th GST Council Meeting Decisions

By | September 28, 2018

30th GST Council Meeting The 30th GST Council Meeting is  covened on 28th September 2018 (Friday) through Video Conferencing. Decisions of 30th GST Council Meeting 1 Calamity Cess As per Article 279A  of Constitution , the GST Council is empowerd to impose GST in case of calamity Now following are the questions whether this Tax should… Read More »

CA JOBS Portal by ICAI : Exclusive Job Portal for Chartered Accountants Launched

By | September 28, 2018

Exclusive Job Portal for Chartered Accountants Launched A unique and exclusive Job Portal for Chartered Accountants https://cajobs.icai.org has launched where no. of companies and vacancies increasing every day. Members can find a best job on this portal that matches their interest. Exclusive Job Portal for Chartered Accountants Launched : Click here https://cajobs.icai.org CA Jobs Portal Explained… Read More »

Ex-Servicemen Contributory Health Scheme notified for 80D deduction under Income Tax

By | September 27, 2018

Notification No. 55 /2018 Income Tax Summary of Notification No. 55 /2018 Income Tax The Central Board of Direct Taxes (CBDT) has notified the ‘Ex-Servicemen Contributory Health Scheme’ of the Department of Ex-Servicemen Welfare, Ministry of Defence, for the purpose of Section 80D deduction under Income Tax Act . The deduction is available for the assessment… Read More »

Voluntary transition of Urban Co-operative Bank into Small Finance Bank : RBI Scheme

By | September 27, 2018

Voluntary Transition of Primary (Urban) Co-operative Banks (UCBs) into Small Finance Banks (SFBs) RBI/2018-19/52 DCBR.CO.LS.PCB. Cir.No.5/07.01.000/2018-19 September 27, 2018 Chief Executive Officers of all Primary (Urban) Co-operative Banks Dear Sir / Madam, Voluntary Transition of Primary (Urban) Co-operative Banks (UCBs) into Small Finance Banks (SFBs) Please refer to Paragraph 4 of the Statement on Developmental… Read More »

Category: RBI

Banks permitted to reckon Government securities for Liquidity Coverage Ratio

By | September 27, 2018

Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards RBI/2018-19/51 DBR.BP.BC.No.4/21.04.098/2018-19 September 27, 2018 All Scheduled Commercial Banks (Excluding RRBs) & Small Finance Banks (SFBs) Dear Sir, Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure… Read More »

Sale of Electoral Bonds w.e.f 01.10.2018 to 10.10.2018 at SBI Bank

By | September 27, 2018

Ministry of Finance Sale of Electoral Bonds at 29 Authorised Branches of State Bank of India (SBI) with effect from 01st October, 2018 to 10th October, 2018. The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 02nd January 2018. As per provisions of the Scheme, Electoral Bonds may… Read More »

Circular No 66/40/2018 GST : No GST on services of religious & charitable trusts by way of residential programmes or campus

By | September 27, 2018

Circular No 66/40/2018  GST The Govt. has clarified that the services of religious and charitable trusts by way of residential programmes or camps meant for advancement of religion, spirituality or yoga shall be exempt. However, if charitable or religious trusts provide accommodation or serve food and drinks against consideration in any form including donation, then… Read More »

No 12% concessional GST rate to works contract service for Govt projects for business purpose : AAR

By | September 27, 2018

, the projects under DDUGY, IPDS, ADB, SSTD, Saubhagya Yojna, FSP and all other schemes of governments are carried out for business purpose and the benefit of Concessional Rate of 12% (6% under Central tax and 6% State tax) as per notification under is not available to the applicant on works pertaining to construction, erection,… Read More »

5% GST on food, drinks and & snacks sold in Multiplex : AAR

By | September 27, 2018

Items supplied in Snack Bar and Food Court shall be chargeable to GST in terms of Notification No.il/2017-Central Tax (Rate) as amended by Notification No.46/2017-Central Tax (Rate) and corresponding notification under MPGST ACT,2017 at prevailing rate of 5%(2.5% SGCT and 2.5% CGST), subject to conditions laid down at Serial Number 7 of the parent Notification classifiable under… Read More »

Attention all DDO’S : TDS under GST w.e.f 01.10.2018 : Circular

By | September 27, 2018

Attention all DDO’S : TDS under GST w.e.f 01.10.2018 F.No 8/B/10(2)/HRD/EMC/2017 Dated 26th September 2018 This is to draw your kind attention to the Implementation of Tax deduction at Source (TDS) under GST. (1) In this regard Notification No. 50/2018-Central Tax, dated 13-9-2018 has been issued to bring into force the provisions of Section 51 of the… Read More »

Mandatory UDIN for Chartered Accountants Certificate w.e.f 01.01.2019

By | September 27, 2018

Mandatory UDIN for Chartered Accountants Certificate w.e.f 01.01.2019 ANNOUNCEMENT by ICAI on 26.09.2018 Unique Document Identification Number (UDIN) It has been noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and stakeholder. ICAI is also receiving number of complaints of forged signatures. To curb the malpractices,… Read More »

Aadhaar is Constitutionaly Valid : Supreme Court Judgment : Download

By | September 27, 2018

Aadhaar is Constitutionaly Valid It is better to be unique than the best. Because, being the best makes you the number one, but being unique makes you the only one. The Supreme Court on 26.09.2018  upheld the Constitutional validity of Aadhaar. The Court said that sufficient security measures are taken to protect data and it… Read More »

New GST News 27.09.2018

By | September 27, 2018

New GST News 27.09.2018 [ Join online GST Course by CA Satbir Singh ] New GST News Taxmann GST – How to Meet Your Obligations : 6th Edition 2018 Book ICAI suggestions on GST Annual Return Form submitted to Govt Exemption from IGST and Compensation Cess upto 31.03.2019 on goods imported against AA/EPCG authorizations Exemption… Read More »

Category: GST

New RUN-LLP Form : Precautions to be taken by professionals and users

By | September 27, 2018

New RUN-LLP Form for Limited Liability Partnership Process Re-engineering of LLP-Incorporation related forms – Precautions to be taken by professionals and users In the wake of successfully initiating Ease of Doing Business(EoDB) reforms by introducing game changing, simplified and integrated procedures viz. SPICe (Simplified Proforma for Incorporating Company electronically), Reserve Unique Name(RUN) for starting a business… Read More »

Notification No 67/2018 Customs : First Schedule of Customs Tariff Act 1975 amended

By | September 27, 2018

seeking to ammend First Schedule of Customs Tariff Act, 1975. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 67/2018–Customs New Delhi, the 26th September, 2018 G.S.R. (E).-WHEREAS the Central Government on being satisfied that the import duty… Read More »

Exemption from IGST and Compensation Cess upto 31.03.2019 on goods imported against AA/EPCG authorizations

By | September 27, 2018

Seeks to extend the exemption from Integrated Tax and Compensation Cess upto 31.03.2019 on goods imported against AA/EPCG authorizations [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 66/2018- Customs New Delhi, the 26 th September, 2018 G.S.R.… Read More »

Customs duty increased on 19 items w.e.f 27.09.2018

By | September 27, 2018

Ministry of Finance Tariff measures taken to curb the imports of non-essential items Posted On: 26 SEP 2018 7:00PM by PIB Delhi The Central Government has taken tariff measures, by way of increase in the basic customs duty, to curb import of certain imported items. These changes aim at narrowing the current account deficit (CAD).… Read More »

ICSI Guidance on Diligence Report on Governance for Banks : Exposure Draft

By | September 26, 2018

ICSI Guidance on Diligence Report on Governance for Banks The Reserve Bank of India vide Circular DBOD.No.BP.BC.110/08.12.001/2008-09 dated February 10, 2009, mandated a due diligence for lending under consortium arrangement / Multiple Banking Arrangement. In terms of para 2(iii) of the above Circular, in order to strengthen the information sharing system among banks in respect of… Read More »