Daily Archives: May 9, 2017

Make Rule 6 of GST Valuation rules optional – ICAI – GST Rules Issue 3

By | May 9, 2017

Determination of value in respect of certain supplies Rule 6 of draft GST Valuation Rules provides for different mechanisms for valuation in various cases like value of supply of services in relation to purchase or sale of foreign currency, including money changing, booking of tickets for travel by air provided by an air travel agent,… Read More »

Remove ‘ related persons ’ from Rule 2 of GST Valuation Rules – ICAI – GST Rules Issue 2

By | May 9, 2017

Value of supply in case of supply between distinct persons or related persons   Rule 2 [Draft Valuation Rules ] provides for a mechanism to arrive at a value in case of distinct persons and related persons by following the same options as available in Rule 1. Issue While supply between distinct persons being covered by this… Read More »

Delete term ‘ open market value ’ from GST Valuation Rules – ICAI – GST Rules Issue 1

By | May 9, 2017

Delete the term ‘open market value’ from GST Valuation Rules Draft Valuation Rules introduces a new concept of ‘open market value’, to be the first value to be applied in case a transaction does not satisfy the requirements of Section 15 Issue It is a new and untested concept and is not even based on… Read More »

ICAI Suggestions on GST Rules Submitted to Govt of India

By | May 9, 2017

ICAI Submitted its Suggestions on GST Rules April 2017 Indirect Taxes Committee THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI The Institute of Chartered Accountants of India considers it a privilege to submit its  suggestions on Draft Rules of Composition Input Tax Credit Rules Determination of Value of Supply, Transitional Provisions, Registration, Tax Invoice,Debit… Read More »

Advantages of GST in India

By | May 9, 2017

Advantages of GST in India Here is the list of Advantages of GST in India Advantages of GST in India for Citizens: (i) Simpler tax system (ii) Reduction in prices of goods and services due to elimination of cascading (iii) Uniform prices throughout the country (iv) Transparency in taxation system (v) Increase in employment opportunities Advantages of… Read More »

Category: GST