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PROCEDURES AND COMPLIANCES UNDER PROPOSED GST LAW IN INDIA

Goods and Services Tax - GST - By: - SKP IDT - Dated:- 25-12-2015 Last Replied Date:- 26-12-2015 - Introduction After decades of positive deliberation, India has finally accepted the idea of a common indirect tax regime- Goods and Services Tax (GST). Battered with multiplicity of Indirect taxes in the current regime, India Inc has more than welcomed the GST as it brings within its ambit the flavor of ease of doing business in India, seamless credit flow and a vision of common market across India .....

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er: Type of Return as per return report Description Due date of filing2 GSTR 1 Outward supplies made by taxpayer 10th of the succeeding month GSTR 2 Inward supplies made by taxpayer 15th of the succeeding month GSTR 3 Monthly return (inward supplies + outward supplies) 20th of the succeeding month GSTR 4 Quarterly return for compounding Taxpayer 18th of next month from end of quarter GSTR 5 Periodic Return by Non-Resident Taxpayer Last day of registration GSTR 6 Return for Input Service Distribu .....

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Tax legislation, is currently required to file half yearly return and within the GST regime, same Service Tax assessee might be required to file as many as 61 returns (5 returns per month i.e. GSTR 1, 2,3,6,7 and GSTR 8 annual return). Rectification of Errors in return Rectification of errors for any omission or incorrect particulars (other than as a result of audit, inspection or enforcement activity by the tax authorities) would be allowed in the return period in which such omission/incorrect .....

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in GST regime GST law on registration provides that a taxable person in the GST regime will be required to take State specific registration. Further, multiple registrations in a State for business verticals would also be permitted. As per Schedule III of the GST law, every person who is registered or holds a license under an earlier law (i.e. current indirect tax regime) would be liable to be registered under GST regime. For new assessee (who is not registered under current indirect tax regime) .....

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voluntarily for GST registration. However, in case of person engaged in inter-state supplies, casual taxable persons or a person liable to GST under reverse charge, irrespective of turnover, registration would be compulsory. Payments in GST regime GST law provides that the taxable person will be required to make payment of tax (i.e. CGST, SGST, IGST and Additional Tax) including interest, penalty or fee through electronic cash/credit ledger. It is worthwhile to know that cross utilisation of ele .....

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amount would be liable to be debited in following order: Interest liability related to returns of previous tax periods Tax liability related to returns of previous tax periods Tax liability of current tax periods Any other amount Tax deduction at source The Central or State government may mandate Central or State government department, Local authority, Governmental Agency, any category of entities as may be notified by the Central or a State government to deduct tax at the rate of 1% from the p .....

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days from crediting such tax at source to the appropriate government and default in furnishing of such certificate would be liable to late fee as prescribed under the Act. Every deductor would be liable to take registration within specified period as prescribed and furnish the return in the form within due date as prescribed, failing which he would be liable to pay late fee of as prescribed under the Act. Conclusion Although the compliances under multiple indirect tax levies such as Excise, VAT .....

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Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

Highlight: Acceptance of deposits by companies from its members - conditions relaxed in case of Specified IFSC Public company and a private company - Rule 3 amended

Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017

News: Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Forum: GST Invoice

Notification: The Customs and Central Excise Duties Drawback Rules, 2017

Circular: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.

News: GST implementation smoother than expected: Jaitley

Forum: GST - TRAN1 - filed - Data uploaded with Remarks Processed with Error - Not coming in Electronic credit ledger - need suggession guidance

Forum: 3B mistake

Forum: Input tax credit

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Due date of Filing TRAN-1

Highlight: Diversion of income at source - Joint venture agreement - 97% of the receipt transfer to M/s TRG Industries (P) Ltd. - scope of the agreement - it is diversion by overriding title - not taxable in the hands of assessee - HC

Highlight: Expenditure on eligible projects or schemes u/s 35AC - After 01.04.2017 the legislature desired to withdraw such deduction. - The Union legislature was competent to introduce such amendment - HC

Highlight: Transfer of trading assets at cost price, the profit component also stood transferred to the outgoing Directors, which otherwise belonged to the Company - the fact that AO has made the addition in the hands of the Directors would not make any difference - additions confirmed - HC

Highlight: The interest u/s 234B of the Act cannot go beyond the stage of S.245D(I) before the Settlement Commission - HC

Highlight: Galvanized iron pipe is a different commercial commodity than a iron pipe, therefore the activity of galvanization in our considered opinion amounts to manufacture - Deduction u/s 80-IB allowed - HC

Highlight: Penalty u/s 271C - non deduction of TDS on interest paid to sister concerns in terms of Section 194A - Levy of penalty confirmed - HC

Highlight: Disallowance of interest - reference to section 179 - The legislature has also recognised, that the doctrine of lifting of veil in the matter of tax dues is to be applied to prevent fraud etc. and not where the company has suffered despite its normal bona fide function. - HC

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Highlight: Discount on ESOP to be allowed as business expenditure u/s 37(1), during the years of vesting on the basis of percentage of vesting during such period, subject to upward or downward adjustment at the time of exercise of option.

Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force

Notification: Companies (Restriction on number of layers) Rules, 2017

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Highlight: Addition on account of alleged suppression of service value received - the addition made simply believing the Form 26AS will be an arbitrary exercise of power which cannot be sustained

Notification: Exempts intra state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 12/2017-UTT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 11/2017- UTT(R) to reduce CGST rate on specified supplies of Works Contract Services

Highlight: Liability to pay duty on import of software - Though no authorization was given by the appellant to DHL, it is an undisputed position that the software has, in fact, been ordered by the appellant and have been delivered to them by DHL - the appellant is to be considered as the importer



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