CBEC releases notifications on CGST and IGST to be enforceable on 22 June 2017
Central Tax Notifications The Central Government notifies Central Goods and service Tax Rules,2017 (Read Notification) CBEC notifies modes of verification of any document to be furnished under Rule 26 of the Central Goods and Service Tax Rules, 2017 (read notification) The Central Government to notify the specific persons who are only engaged in making supplies of… Read More
GST council release the Final Anti-profiteering Rules,2017
The GST council in its 17th meeting held on 18th June, 2017 approved the Anti-Profiteering Rules,2017. The council may constitute a standing and screening committees in each state on Anti-profiteering which will inspect if the supplier is passing the benefit of reduction in rate of tax on goods or services to consumers under GST regime. The… Read More
FAQ’s on the Maternity Benefit (Amendment) Act, 2017
The Maternity Benefits Act, 1961 aims to regulate the women employed in factories, shops or commercial establishments 10 or more employees for certain period of leaves before and after child-birth. Recently, the Maternity Benefit (Amendment) Bill was introduced and passed in Lok Sabha on 9thMarch, 2017, by the Rajya Sabha on 20th March, 2017 and… Read More
CBDT notifies Rules for Computation of interest income pursuant to secondary adjustments
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th June, 2017 G.S.R. 590(E).— In exercise of the powers conferred by sub-section (2) to section 92CE and section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to… Read More
The GST Council in its 17th meeting recommends Composition Levy and GST rates on certain goods
RECOMMENDATIONS REGARDING THE COMPOSITION LEVY AND GST RATE ON CERTAIN GOODS [As per discussions in the 17 th GST Council Meeting held on 18 th June, 2017] I. The Turnover Limit for the Composition Levy: The GST Council, in its meeting held on 11th June, 2017, had recommended increase in the turnover limit for Composition… Read More
GST rates for services shall be applicable to supply of Lottery by State Governments
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 releases Draft Rules on Electronic Way Bill
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
GST council relaxes the return filing procedure for first 2 months of GST implementation
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
Tax liabilities have been reduced on Complex, building, flats under GST Regime
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
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Returns to be furnished by Registered persons under GST Regime
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
Tax Liabilities have reduced under GST regime in comparison to present Indirect Tax rates
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
CBDT invites suggestions on Draft Notification in respect of foreign company to be resident of India u/s 115JH of IT Act
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
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