Suggestions on Clause 26 and 29 of Finance Bill 2017 – Section 50CA and section 56(2)(x)(c)- Fair Market Value to be full value of consideration in case of transfer of unquoted shares –Amendment required in view of double taxation in the hands of seller as well as buyer The Finance Bill 2017 proposes to insert new… Read More »
Suggestions on Section 44AB as proposed to be amended by Finance Bill 2017- Increased threshold for presumptive tax cases under section 44AD – Consequential amendments required in section 194A/ 194H/ 194I & 194J The Finance Bill, 2017 proposes to amend the section 44AB to exclude the eligible person, who declares profits for the previous year… Read More »
Office of the Commissioner of sales Tax, Maharashtra State, Flr., Vikrikar Bhavan, Mazgaon, Mumbai-400010 TRADE CIRCULAR No. JCST/Mahavikas/GST Enrollment/2016-17/B-1215 Mumbai, Dt. 27/02/2017 Trade Circular No. 5T of 2017 Subject: (a) Last date for Disabling Provisional Id and Access Token of Non-Compliant Phase 1 & Phase 2 dealers, (b) Distribution of Provisional Id and Access Token… Read More »
Demonetization Act to be called Specified Bank Notes (Cessation of Liabilties) Act 2017 received Assent of President on 27.02.2017 and Notified as Follow :- THE SPECIFIED BANK NOTES (CESSATION OF LIABILITIES) ACT, 2017 NO. 2 OF 2017 The following Act of Parliament received the assent of the President on the 27th February, 2017, and is hereby… Read More »
Question: If XYZ Ltd is transferring goods to its another unit within the same state, will it be treated as supply of goods and whether GST will be payable on it by XYZ? Answer: The transaction of stock transfer is made without consideration. A transaction will be treated as supply even though it is without… Read More »
If GST will come from 01.07.2017, for calculating limit of Rs.50 Lacs under composition scheme, the turnover from April’2017 to 30 June, 2017, is to be considered or turnover for April 2016 to March’2017? Answer: The provision of section 9 Draft CGST Law provides that the turnover of preceding financial year will be considered for… Read More »
Taxability of Goods delivered to other State on direction of Buyer Example – Goods Purchased from One state – Buyer in second State- Recipient in Third State Mr A of Delhi Purchased Goods from E commerce website (say www. Shopper.com based in Mumbai) Mr A has given the instructions to Bill to him (Delhi) but… Read More »
Delhi VAT return due date – Q3 FY 2016-17 Extended No.F.7(420)/VAT/Policy/2011/PF/1213-16 Dated2 8.02.2017
As GST approaches, CBEC looks at restructuring itself Amid staff concerns over redundancy in the post-goods and services tax (GST) regime from the coming financial year, the Central Board of Excise and Customs (CBEC) is identifying new areas of work in international customs, risk assessment, post-clearance audits and taxpayer services, among others, to remain relevant.… Read More »
No Net Impact on LPG Consumers With effect from 1st March, 2017, non-subsidized price of LPG cylinder has increased by Rs.86. This is in line with the rise in global LPG product prices. However, there will be no impact on the LPG consumers receiving subsidized refills. To illustrate with an example, the consumer will pay… Read More »