Daily Archives: June 13, 2017

No centralised registration for banks under GST

By | June 13, 2017

Govt rules out centralised registration for banks under GST The government on Monday ruled out centralised registration for banks under the Goods and Service Tax (GST) and has mandated separate registration for each state they operate in. Banks have been demanding a single centralised registration system, like at present, as they feel multiple registrations would… Read More »

Carry Forward under GST allowed of Unavailed Cenvat Credit of services provided by Govt by assigning right to use any natural resource

By | June 13, 2017

Unavailed credit of services provided by Govt. by assigning right to use any natural resource is available under GST TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 15/2017-Central Excise (N.T.) New Delhi, the 12th June, 2017 G.S.R.____(E).-… Read More »

GST RFD 1 – Download Print – Application for Refund of GST

By | June 13, 2017

Final GST Refund Rules Approved by GST Council 18.05.2017 FORM GST RFD 01 [See rule——] Application for Refund Select: Registered / Casual/ Unregistered/Non-resident taxable person Download GST-RFD-01 in PDF Note : as per  Second Amendment (2018) to CGST Rules vide Notification No 12/2018 Central Tax dated 7th March, 2018 in FORM GST RFD-01, for the DECLARATION [second proviso to section… Read More »

Adjustment of seized / requisitioned cash against advance tax liability – CBDT Circular

By | June 13, 2017

Summary : Several Courts held that on an application made by the assessee, the seized money is to be adjusted against the advance tax liability of the assessee. Subsequently, Explanation 2 to Section 132B of the Act was inserted by the Finance Act, 2013 w.e.f. 01-06-2013, clarifying that “existing liability” does not include advance tax… Read More »

Trade Advances will not deemed Dividend u/s 2(22)(e) : CBDT Circular

By | June 13, 2017

Summary : As per the following Circular CBDT has clarified that trade advances, which are in the nature of commercial transactions would not fall within the ambit of the word ‘advance’ in section 2(22)( e) of the Act. Accordingly, henceforth, appeals may not be filed on this ground by Officers of the Department and those already… Read More »

Final GST Payment Forms / Formats Approved by GST Council 18.05.2017

By | June 13, 2017

GOODS AND SERVICES TAX RULES, 2017 PAYMENT FORMATS Following are the Final GST Payment Forms as per the Final GST Payment of Tax Rules approved by GST Council 18.05.2017 . Download Final GST Payment Forms / Formats Sr No Form No Title of the Form 1 GST PMT 1 Electronic Liability Register of registered person (Part–I:… Read More »