Decisions taken by the GST Council in the 17th meeting - 18 June 2017 I. Decisions with respect to GST rates for Services It has been decided in respect of the service of transport of goods by a vessel that GST rate of 5% will be available with ITC in respect of input services and… Read More
The GST Council in its 17th Meeting has published the draft rules on Electronic Way Bill which were drafted in April under the GST Regime. This draft of e-way bill makes it necessary for movement of all goods valued over Rs. 50,000 to be registered with the Goods and Service Tax -Network (GSTN). The Government… Read More
Press Information Bureau Government of India Ministry of Finance 18-June, 2017 18:21 IST Relaxation in return filing procedure for first two months of GST implementation With the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime, it… Read More
Press Information Bureau Government of India Ministry of Finance 15-June, 2017 17:05 IST Reduced Liability of Tax on complex, building, flat etc. under GST The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc,… Read More
Under GST, 27 different returns/Statement have been prescribed. Details of all the returns/Statement to be furnished by registered persons have been enlisted below: 1. Form GSTR-1 Details of outward supplies of taxable goods and/or services effected by 1 to 10th of Next Month. 2. Form GSTR-1A Details of outward supplies as added, corrected or deleted… Read More
Press Information Bureau Government of India Ministry of Finance 15-June, 2017 17:04 IST Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Tax rates The new indirect tax regime in the country is to come into effect from 01.07.2017, wherein fixation of GST rates on the supplies is joint responsibility of… Read More
Press Information Bureau Government of India Ministry of Finance 15-June, 2017 17:01 IST CBDT invites comments and suggestions on the Draft Notification in respect of foreign company said to be resident in India under Section 115JH of the Income-tax Act, 1961 Finance Act, 2016, inter alia, introduced special provisions in respect of foreign… Read More
Press Information Bureau Government of India Cabinet 14-June-2017 13:16 IST Cabinet approves proposal to introduce the Financial Resolution and Deposit Insurance Bill 2017 The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for a comprehensive… Read More
Vide Notification dated 13th June 2017, in exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of section 462 and in pursuance of sub-section (2) of section 462 read with section 8 of the companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act), the central Government, in… Read More
Vide notification dated 13th June 2017, in exercise of the powers conferred by clauses (a) and (b) of subsection (1) of section 462 and in pursuance of sub-section (2) of section 462 of the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act), the Central Government, in the interest of public,… Read More
MCA vide notification dated 13th June 2017, in exercise of the powers conferred by clauses (a) and (b) of subsection(1) of section 462 and in pursuance of sub-section (2) of section 462 of the Companies Act, 2013 ('18 of 2013) (hereinafter referred to as the said Act), the Central Government, in the interest of public,… Read More
RBI identifies Accounts for Reference by Banks under the Insolvency and Bankruptcy Code (IBC) The Reserve Bank of India had issued a Press Release on May 22, 2017 outlining the steps taken and those on the anvil pursuant to the promulgation of the Banking Regulation (Amendment) Ordinance, 2017. The Press Release had mentioned inter… Read More
MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 12th June, 2017 No. 15/2017-Central Excise (N.T.) G.S.R. 577(E).—In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the… Read More