Daily Archives: May 11, 2017

Redraft Rule 2 of GST E way Bill – Documents & devices carried by conveyance incharge : ICAI – GST Rules Issue 48

By | May 11, 2017

Documents and devices to be carried by a person-in-charge of a conveyance ( Refer Draf GST E way Bill ) Issue When invoice is already issued, issuance of e-way bill increases the compliance at the time of removal of goods. This is not in line with ease of doing business. Hence, comprehensive suggestion is made… Read More »

Draft ICDS on Real Estate Transactions – CBDT Invites Comment

By | May 11, 2017

Draft ICDS on Real Estate Transactions CBDT invited comments on Draft ICDS on Real Estate Transactions as per following press release dated 11.05.2017. PDF Copy of  Draft ICDS on Real Estate Transactions is also provided below :- Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11th May,… Read More »

Linking PAN with Aadhaar simplified by Income Tax Department

By | May 11, 2017

Income Tax Department simplifies linking PAN with Aadhaar As per the Following Press release by CBDT, Linking PAN with Aadhaar has been made easy ! Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes New Delhi, 11th May, 2017 The Income Tax Department has made it easy for taxpayers to… Read More »

Redraft entire Rule 1 of GST e-way bill rules : ICAI – GST Rules Issue 47

By | May 11, 2017

 E-Way Bill required to be simplified Rule 1 (Draft GST E-Way Bill Rules ) requires the use of e-Way bill for all removals including those involving supply. Issue When invoice is already issued, issuance of e-way bill increases the compliance at the time of removal of goods. This is not in line with ease of… Read More »

Cross-references rule number incorrect in Rule 2 GST return rules : ICAI – GST Rules Issue 46

By | May 11, 2017

 Cross-references rule number incorrect Rule 2(5) of draft GST return rules refers to ISD invoice ‘…. issued under rule 7….” However, there appears to be an error as ISD invoice is referred in rule 6 and not 7 Suggestion It is suggested that said rule be amended by making the reference to “rule 6”instead of… Read More »

Provide for delay in filing hardcopy of appeal – in Rule 4 GST Appeals & Revision Rules : ICAI – GST Rules Issue 45

By | May 11, 2017

Consequence of delay in filing hardcopy of appeal Rule 4(2) of the draft GST Appeals & Revision Rules requires filing of hardcopy of appeal within 7 days. But the said rules does not provide for the consequences of delay in filing of an appeal. Issue There may be bona fide reasons for not filing with… Read More »

Redraft GST Accounts and Records Rules : ICAI – GST Rules Issue 44

By | May 11, 2017

ACCOUNTS AND RECORDS It is suggested that Rules ( Draft GST Accounts and Records Rules)  be redrafted as follows:  Rule 1 – Accounts Every registered taxable person shall maintain and preserve accounts as follows: a) Prescribed under Companies Act, 2013 to the person having same PAN b) If (a) is not applicable, those prescribed under… Read More »

Provide time limit for issuing Order sanctioning refund – Rule 4 GST Refund Rules : ICAI – GST Rules Issue 43

By | May 11, 2017

Time Limit for Issuing Order sanctioning refund Rule 4 of draft GST Refund Rules provides for the order sanctioning refunds in FORM GST RFD-06 (approval of refund), FORM GST RFD-07 (adjustment of refund against existing demand) & FORM GST RFD-08 (refund not admissible). However, the time limit for issuing these forms by proper officer has… Read More »

Delete Rule 3(1)(c) GST Refund – refund not released due to pending appeal : ICAI – GST Rules Issue 42

By | May 11, 2017

 Appeal on account of refund pending Clause c of Rule 3(1) of draft GST Refund Rules provide that provisional refund may be granted subject to condition that no proceedings of any appeal, review or revision is pending on any of the issues which form the basis of the refund and if pending, the same has… Read More »