Section 61 Rajashtan GST Act 2017 Section 61 Rajashtan GST Act 2017 explains Scrutiny of returns and is covered in Chapter XII Assessment ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017 make a provision for levy and collection of tax on intra-State supply of goods… Read More »
IRS Offers Tips for Disaster Preparedness Hurricane Preparedness Week is May 7-13. The IRS wants to remind taxpayers to prepare for hurricanes and other natural disasters now. By taking a few steps before disaster strikes, taxpayers can reduce their stress when it comes time to file claims or rebuild after the catastrophic event. Here are… Read More »
Payment of interest Rule 7(2)(a) of draft GST ITC Rules provides that where the aggregate of the amounts calculated finally in respect of ‘D1’ and ‘D2’ exceeds the aggregate of the amounts determined under sub-rule (1) in respect of ‘D1’ and ‘D2’, such excess shall be added to the output tax liability of the registered… Read More »
Reference of Input Services missing in Rule 7(1)(d) Clause d of Rule 7(1) of draft GST ITC Rules provides that the amount of input tax, out of ‘T’, in respect of inputs on which credit is not available under sub-section (5) of Section 17, be denoted as ‘T3’. Issue Rule 7(1)(d) provides for exclusion of… Read More »
Input tax credit (ITC) on shifting of factory from one State to another A manufacturer having factory in West Bengal is discharging central excise duty and VAT/CST, as applicable, while clearing the goods manufactured at the said factory. He is intending to shift the entire factory set up to a new site in Maharashtra.… Read More »
Rule 10 Cenvat Credit Rules 2004 Transfer of CENVAT credit. 10. (1) If a manufacturer of the final products shifts his factory to another site or the factory is transferred on account of change in ownership or on account of sale, merger, amalgamation, lease or transfer of the factory to a joint venture with the… Read More »
Correction of spelling of Chartered Accountant under Rule 5 of ITC Rules Under rule 5 of draft GST ITC Rules in clause d the spelling of Chartered Accountant is mistakenly written as Chartered Account. Suggestion It is suggested that spelling mistake be corrected with words Chartered Accountant. Source ICAI Suggestions on GST Rules Submitted to… Read More »
Distribution of input tax credit by Input Service Distributor Rule 4(d) of draft GST ITC Rules provides for the manner of distribution of ITC by an Input Service Distributor. The input tax credit that is required to be distributed in accordance with the provisions of clause (d) and (e) of sub-section (2) of Section 20… Read More »
1 [Manner of distribution of credit by input service distributor. 7. The input service distributor shall distribute the CENVAT credit in respect of the service tax paid on the input service to its manufacturing units or unit providing output service or an outsourced manufacturing units, as defined in Explanation 4, subject to the following conditions, namely… Read More »
Distribution of credit by ISD Rule 4 of draft GST ITC Rules provides for a mechanism for distribution of credit by ISD Issue The said Rule provides for distribution of credit in the ‘same month’ which also includes all ‘ineligible credits’. Suggestion It is suggested that Rule 4 be suitably amended to: a) permit distribution… Read More »