The Goods and Services Tax (GST) has been heralded as India’s biggest reform since the 1991 liberalisation but one aspect of it has made certain small businesses nervous. Given that it will be virtually impossible to escape the tax net once the new levy is implemented, will this make them fair game for authorities investigating… Read More »
Maharashtra is currently working on a formula to arrive at the rate of GST it would want the Centre to levy and will also look at how items that were not taxed thus far in the state continue to remain outside the ambit of GST. Maharashtra’s finance minister Sudhir Mungantiwar on Wednesday told ET that… Read More »
Held It is an acknowledged and judicially recognized fact that the tax laws of this country are complex and complicated and often require for compliance, therewith the assistance of tax practitioners specialising in this field, is a well known fact, and it is equally well known fact that the legislation in this field undergoes so… Read More »
Tax deduction at source under GST Clause 37 of GST Model Law, 2016 make provisions for GST TDS. GST TDS provisions can apply where total value of such supply, under a contract, exceeds rupees ten lakh. The Central or a State Government may mandate following persons to deduct GST TDS @ 1% of taxable goods… Read More »
Government notifies National Apprenticeship Promotion Scheme Government has notified National Apprenticeship Promotion Scheme. It is for the first time a scheme has been notified to offer financial incentives to employers. The Scheme has an outlay of Rs. 10,000 crore with a target of 50 Lakh apprentices to be trained by 2019-20.Apprenticeship Training is considered to… Read More »
Returns under GST Return is very important aspect of GST as all control over tax paid and input tax credit availed is on the basis of return filed by taxable person. The returns are to be filed electronically. Taxable person has to first furnish details of outward supplies within 10 days from close of month… Read More »
Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi-110011. Trade Notice No. 15/2016, dated 31.8.2016 To, All Regional Authorities of DOFT Members of Trade Sub: Special Advance Authorisation Scheme for export of Articles of Apparel and Clothing Accessories -reg. Attention is invited to Notification… Read More »
F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *** Circular No. 31 of 2016-Income Tax New Delhi, dated 30th August, 2016 In continuation to Circular No. 19 of 2016 dated 25th May, 2016, the Commissioner of Income-tax, Centralized Processing Centre, Bengaluru, headquartered at Bengaluru, Karnataka shall exercise the… Read More »
F.No. DGIT(S)/CPC(TDS)/DCIT/15GH /2016-17 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax(Systems) New Delhi. Notification No. 10/2016-Income Tax New Delhi, 31st August, 2016 Subject: Extension of due date for quarterly furnishing of 15G/15H declarations –reg 1. The due date for quarterly furnishing of 15G/15H declarations received by the payer from… Read More »
Tax invoice and credit/debit notes under GST A registered taxable person supplying- (i) taxable goods shall issue, at the time of supply, a tax invoice showing the description, quantity and value of goods, the tax charged thereon and such other particulars as may be prescribed (ii) taxable services shall issue a tax invoice, within the… Read More »