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Ca Pradeep Jain Recently 23rd GST council meeting has been held in which various decisions were declared. All the notifications were issued recently in this respect. Lets summarise this with the help of this update- Notification 66/2017 CT dated 15.11.2017 has been notified stating that all registered person other than person registered under composition scheme is not required … Read more
Many steps have been taken by the Government for the smooth implementation of GST. But there are some problems being faced by the assesses especially the exporters relating to the Refund of IGST paid and unutilized credit. A set of Representations have already been sent by us requesting for solving the issue and providing relief. … Read more
Under GST regime, head office of a company is treated as a distinct person requiring separate registration as input service distributor (ISD) if it intends to distribute the credit. In such a case, separate return is being prescribed in form GSTR-6 which is supposed to be filed monthly between the 10th to 13th of subsequent … Read more
A builder is supposed to collected an amount for repairs and maintenance of flats. This collection is being kept in a separate account dedicated for the purpose. Until the residential housing society is formed, the expenses for repairs and maintenance of flats are borne out of this account. Once the society is formed, this account … Read more
Under GST regime, there have been a lot of issues regarding taxability of transactions between employer and employee and applicability of reverse charge mechanism on such transactions. Now, according to clause 1 of Schedule III of the CGST Act, 2017, any services provided by employee to employer in course or in relation of employment shall … Read more
GSTR 1 prescribes the details to be provided by the taxpayer in relation to outward supplies made to the buyer for the relevant period. GSTR 1 needs to be filed by every taxpayer except Composition Scheme taxpayers, Non-Resident Foreign taxpayers, TDS deductors, E commerce Operators and Input Service Distributors as there are separate returns for … Read more
Circular No. 11/11/2017-GST dated 20th October 2017 has been issued to clarify as follows:- In the case of printing of books, pamphlets, brochures, annual reports, and the like, where only content is supplied by the publisher / person owning rights on intangible inputs and physical inputs like paper, ink, etc. belong to printing press, it … Read more
We have already given an update on job work of textiles. In the said update, it was mentioned that refund of unutilized credit is not admissible to the supplier of textiles. Notification No. 5/2017-Central Tax(Rate) dated 28th June,2017 has been issued in this regard. It is worthwhile to mention here that the raw material or … Read more
In order to provide for compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax, Compensation Cess is being levied on certain goods and services vide The Goods and Services Tax (Compensation to States) Act, 2017. All the provisions of the said Act have come … Read more
India is moving quickly towards the biggest tax reform Goods and Services Tax (GST). The GST Council fixed tax rates on of 1211 items, most of which will likely become cheaper as the new rates will be lower than the current effective levies. Though the reaction from the public at large is quite satisfactory however … Read more