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Clarification – No TDS on GST (Tax Amount)

Central Board of Direct Taxes (CBDT) has clarified about deduction of TDS on tax amount charged under GST. Earlier, under the Service Tax regime, it was clarified vide Cicular No 1/2014 dated 13.01.2014 that “wherever Service Tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the …  [Read More]

GST Notifications issued on 28th June 2017

GST Notifications issued on 28th June 2017 • Central Tax -5 • Central Tax (Rate) -10 • Integrated Tax -4 • Integrated Tax (Rate) -7 • Union Territory Tax -0 • Union Territory Tax (Rate) -7 • Compensation Cess (Rate)-1   Central Tax Notifications Seeks to bring into force certain sections of the CGST Act, 2017 w.e.f 01.07.2017 http://cbec.gov.in/resources//htdocs-cbec/gst/notfctn-9-central-tax-english.pdf Seeks …  [Read More]

Due date for service tax return for April’17 to June’17

Service tax return to be filed for the period 01.04.2017 to 30.06.2017 Generally the due dates for filing the service tax returns are  25th October for the first half of the year (i.e. from 1st April to 30th September) and  25th April for the second half of the year (i.e. from 1st October to 31st March). But as this year the GST …  [Read More]

Changes in IEC with the introduction of GST

-COPY OF- DGFT TRADE NOTICE No. 09 Dated 12th June, 2017 To All IEC holders/applicants All EPCs / All Chambers of Trade and Industries FIEO/ASSOCHAM/CII All RA’s of DGFT All field formations of Customs Changes in IEC with the introduction of GST. The Foreign Trade (Development & Regulation) Act, 1992 provides that no person shall make any import or export except …  [Read More]

Extension of Due Date of furnishing SFT to 30th June 2017

CBDT has vide Press release dated 31st May, 2017 extended the due date for furnishing Statement of Financial Transaction (SFT). Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A in respect of …  [Read More]

Goods done, GST Council seals tax rate on services

India finalised the four-slab structure for taxation of services under the proposed goods and services tax (GST) with a standard rate of 18% that will apply to most of them. This won’t pinch the common man as the effective tax incidence is set to decline, asserted union finance minister Arun Jaitley. “These services will now get input tax credit… Net …  [Read More]

Quick guide to GST rates in India in 2017

The GST Council, the apex decision-making body for the new tax, has fixed the tax framework under the Goods and Services Tax (GST) which is to be rolled out this July 1. Tax rates have been finalised for 1,211 items with a majority of items being kept under the 18 per cent slab. Here’s a complete list of GST rate …  [Read More]

GST Enrolment status as on 30th April 2017

More than 60 lakh taxpayers enrolled on GST Portal between 8th November 2016 and 30th April 2017. The Enrolment process has closed with effect from 1st May 2017. Data of all those who have signed the enrolment form will be migrated to the new GST System. The enrolment window will reopen on 1st of June 2017 for taxpayers who could …  [Read More]

How To Link Your Pan With Aadhaar Number Online; Remember Your Pan Will Be Invalid From July 1st If You Fail To Link With Aadhaar

Now, Government has made it mandatory to link one’s Aadhaar and PAN number and this has been the source of many glitches due to the reason that the names in Aadhaar and PAN card are spelled differently. This problem arises due to many other ways; a difference in the first name placement is one of the reasons, a special character …  [Read More]

Now, schools to impart lessons on demonetisation, GST

If reports are to be believed, school children in the country are all set to learn about demonetisation and goods and services tax as a part of their school curriculum. The National Council of Educational Research and Training has started the review of school textbooks to update content as per the instruction given by the government of Prime Minister Narendra …  [Read More]

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