Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 4. Definition of Exempt Supply – In line with Govt. Policy As per the definition given in Section 2(47) of CGST Act, “exempt supply” means supply of any goods or services or both which attracts nil rate of tax or which… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 3. Definition of Electronic Commerce Section 2(44) of the CGST Act defines the Electronic Commerce as supply of goods or services or both including digital products over digital or electronic network. Issue The current definition appears to include only ‘supply on… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 2. Definition of Capital Goods Section 2(19) of CGST Law provides that “capital goods” means goods, the value of which is capitalised in the books of accounts of the person claiming the credit and which are used or intended to be used in… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India Definition of term Aggregate Turnover Section 2(6) of CGST Act provides that “aggregate turnover” means the aggregate value of all taxable supplies, exempt supplies, exports of goods or services or both and inter-State supplies of a person having the same PAN, to… Read More »
ICAI Suggestions on GST Act : July 2017 1. Definition of term Aggregate Turnover Section 2(6) of CGST Act provides that “aggregate turnover” means the aggregate value of all taxable supplies, exempt supplies, exports of goods or services or both and inter-State supplies of a person having the same PAN, to be computed on all… Read More »
How to prepare GSTR 1 with offline Tool Related Topic on GST Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars GST Judgments GST Judgments GST Press Release GST Press Release… Read More »
If a registered person avails the services from UNREGISTERED GTA (Goods Transport Agency) and the freight< 5000. Does he required to pay GST under RCM ( Reverse Charge Mechanism? He is required to pay as GTA is under reverse charge under section 9(3) of CGST Act 2017 . Relevant extract of Section 9(3) of CGST… Read More »
Does hiring a taxi for a particular journey is covered under rent a cab service and thus ITC on hiring taxi is Disallowed? Credit for Rent-a-cab service is disallowed under Section 17(b)(iii) of the CGST Act 2017 Related Topic on GST Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules… Read More »
25% growth in number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of Returns filed as on 05.08.2017 stands at 2,82,92,955 as… Read More »
GST Council Recommends Increase in Maximum Ceiling of Cess Leviable on Motor Vehicles Falling Under Headings 8702 and 8703 to 25% Instead of Present 15% The GST Council considered the issue of cess leviable on motor vehicles in its 20th meeting held on the 5th of August 2017 and recommended that Central Government may move… Read More »