Goods Sold Prior to GST but Returned after GST Act comes into force Implication for Goods Sold prior to Appointed Day But Returned After Appointed Day – As per Section 142( 1) of CGST Act Section 142( 1) of CGST Act says Where any goods on which duty, if any, had been paid under the existing law… Read More »
Carry Forward of unutlized ITC on Capital Goods under GST As per Section 140 of CGST Act and Rule 1(2) of Final GST Transition Rules approved by GST Council on 03.06.2017 Un-Utilized Cenvat Credit on Capital Goods can be Utilized as ITC Under GST. Already Utilized portion of Cenvat Credit shall be Specified in the Form… Read More »
Securities and Exchange Board of India CIRCULAR CIR/HO/MIRSD/MIRSD2/CIR/P/2017/59 June 15, 2017 To, All Recognized Depositories 2. Depositories Participants (DPs) through Depositories 3. Registrars to an Issue and Share transfer agents (RTAs) Dear Sir/ Madam, Sub: Interest and Dividend information reporting in case of Custodial Accounts- Rule 114G(1)(e) of the Income Tax Rules, 1962 1. This… Read More »
GST Anti-profiteering A five-member anti-profiteering authority will be set up to decide on levying penalty if businesses do not pass on the benefit of price reduction to consumers under the goods and services tax regime. The authority, to be headed by a retired secretary-level officer, can take suo motu action, besides acting on complaints of… Read More »
17th Meeting of GST Council Key take-outs from the 17th Meeting of GST Council held on 18th July 1. GST from 1st July 2017 : GST Council categorically decided to implement GST from 1st July. There will be a special launch of GST in Delhi on the mid-night of 30th June and 1st July. 2.… Read More »
Decisions taken by the GST Council in the 17th meeting – 18 June 2017 I. Decisions with respect to GST rates for Services 1. It has been decided in respect of the service of transport of goods by a vessel that GST rate of 5% will be available with ITC in respect of input services… Read More »
RECOMMENDATIONS REGARDING THE COMPOSITION LEVY AND GST RATE ON CERTAIN GOODS [As per discussions in the 17 th GST Council Meeting held on 18 th June, 2017] I. The Turnover Limit for the Composition Levy: 1. The GST Council, in its meeting held on 11th June, 2017, had recommended increase in the turnover limit for… Read More »
Result of GST Council 18th meeting 18.06.2017 Read GST Return filing for July & Aug 2017 relaxed by Govt Read Also GST Council Meeting Dates and Updates
Relaxation in return filing procedure for first two months of GST implementation With the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime, it has been decided that, for the first two months of GST implementation,… Read More »
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