This update seeks to highlight the changes made in the Revised GST Law as compared to the old GST Draft with respect to provisions relating to input tax credit as follows:- A new proviso in section 16(1) specifying the manner of credit availment in case of pipelines and telecommunication tower fixed to Earth has been … Read more
New Draft Model GST Law is published on 25/11/2016 in the public domain. It has undergone too many changes as compared to earlier Draft Model GST Law published in June 2016. In many places, basic definitions also have undergone changes. Though there is complete change if seen word by word in the whole 2 draft … Read more
We have till now discussed the definition of supply along with provisions described in schedule I, schedule II and schedule III, and in this update, we will discuss the changes and consequences in schedule IV and V. Schedule IV:- In the previous GST Law, Schedule IV specified the activities or transactions in respect of which … Read more
We have till now discussed the definition of supply along with provisions described in schedule I and schedule II, and in this update, we will discuss the changes and consequences in schedule III. In the previous GST draft law, the persons to be registered were specified in schedule III but in revised GST law, those … Read more
Continuing the series of updates on the revised GST draft law, we had discussed on changes made in schedule I after amendments in the definition of Supply and the consequences of the same. Today we will discuss the changes in schedule II and implications of the same. Schedule II prescribes such transactions which will be … Read more
As you are aware of the fact that revised draft GST law is published by the Government. Many changes have been made in the revised draft GST law in comparison to earlier draft GST law. If we compare the old draft GST law with the new revised draft GST law then we can study the … Read more
RBI/2016-17/165 DCM (Plg) No. 1450/10.27.00/2016-17 November 29, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks Dear Sir, Accounts under PMJDY – Precautions Please refer to our circular DCM (Plg) No.1424/10.27.00/2016-16 dated … Read more
The Government has demonetised the currency notes of Rs 500 and Rs 1,000 with effect from mid-night of 8th-9th November, 2016. Along with this, the Government has also laid increased emphasis on promoting digital payments. Point of Sale (POS) devices are used for cashless transactions, both for making payments or disbursing cash. POS do not … Read more
RBI/2016-17/163 DCM.No.1437/10.27.00/2016-17 November 28, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks Dear Sir, Withdrawal of cash from bank deposit accounts – Relaxation It has been reported that certain depositors … Read more
RBI/2016-17/158 DCM (Plg) No.1424/10.27.00/2016-16 November 25, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks Dear Sir, Withdrawal of cash – Weekly limit Please refer to our circulars DCM (Plg) Nos. 1272/10.27.00/2016-17 … Read more