Whether the Input service distributor and the recipient situated in different States should have same PAN or different PANs Explanation 2 to Section 21(3) [Manner of distribution of credit by Input Service Distributor] of Revised Model GST Law – Recipient of credit’ means the supplier of goods and / or services having the same PAN as that… Read More »
What is the effect of Taking GST Input Tax Credit Wrongly ? As per Section 19 of Revised Model GST Law – Where credit has been taken wrongly, the same shall be recovered from the registered taxable person in accordance with the provisions of this Act
What is the Input Tax Credit Treatment in case of switchover from taxable to exempt transactions or from Regular to composition Scheme ? As per Section 18(7) of the Revised Model GST Law the taxable person should pay the input tax credit already availed to the extent of credit in stock and on capital goods… Read More »
When an exempt supply becomes taxable supply then How to avail credit on inputs and capital goods under GST? Credit on inputs and capital goods exclusively used for such exempted supply is eligible as per Section 18(4) . Relevant Extract of Section 18(4) of Revised Model GST Law Where an exempt supply of goods or services… Read More »
Since enrolment application went live,of many issues,one particular issue that has been reported in significant numbers was pertaining to PAN validation of taxpayers,required to be done after the application is submitted with either e-signature or DSC. GSTN has investigated many such issues and have taken certain steps to help tax payers migrate successfully. Problem encountered… Read More »
CIRCULAR SEBI/HO/MRD/DRMNP/CIR/P/2017/24 March 16, 2017 To, All Recognised Clearing Corporations Dear Sir / Madam, Subject: Disclosures relating to regulatory orders and arbitration matters on websites of Clearing Corporations 1. In order to improve transparency in disclosing the regulatory orders and arbitration awards issued by clearing corporations, it has been decided that all regulatory orders i.e.… Read More »
Instructions no. 3/2017-Customs F.No. 609/29/2017-DBK Government of India Ministry of Finance, Department of Revenue Central Board of Excise & Customs Drawback Division New Delhi, dated the 16th March, 2017 To All Chief Commissioners of Customs / Customs (Prev), All Chief Commissioners of Customs & Central Excise, All Commissioners of Customs/ Prev/ Customs & Central Excise/ Central… Read More »
GOVERNMENT OF INDIA Ministry of Finance/Department of Revenue Central Board of Direct Taxes North Block, New Delhi-1 10001 E-mail : chairmancbdt@nic.in Tete : 23092648 & Telefax : 23092544 F. No. 385/17/2016-IT (B) Dated the 17th March, 2017. Dear Principal Chief Commissioner of Income Tax, Subject: Unsatisfactory performance in the area of recovery from arrear and current demand-… Read More »
whether input tax credit can be claimed on capital goods and Inputs on change of scheme from composition scheme to Regular scheme under GST As per Section 18(3) the taxable person is entitled for input tax credit on capital goods and Inputs on Change of option from Composition Scheme to regular Scheme. [ Read Composition Scheme under… Read More »
News for Tax Professionals Issue 2017-11 1. Beware of Last-Minute Email Scams The Internal Revenue Service, state tax agencies and the tax software industry are warning tax professionals and taxpayers of last-minutephishing email scams, especially those requesting last-minute deposit changes for refunds or account updates. Although the IRS, states and industry have enacted many safeguards against… Read More »