• GST – ABOUT TO LAUNCH

    June 18, 2017 0
    • 1. The official launch of the GST will take place on the midnight of 30th and 1st at a function in Delhi 2. Relaxation in Return filing time-line for first 2 months: A summary return form in GSTR-3B will required…...

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  • Few clarifications issued by government on twitter

    June 4, 2017 0
    • Few clarifications issued by government on twitter: 1. There is no change in format of GSTIN and therefore provisional and final GSTIN would be same. 2. Input credit of Swachh Bharat Cess cannot be carried forward. 3. Input credit of…...

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  • Highlights of GST Council Meeting on 03/06/2017

    June 3, 2017 0
    • Finance Minister Arun Jaitley explained on the GST rates. Here are the highlights: 1. Packaged food items sold under registered trademarks to be taxed at 5 per cent. 2. GST on Agri machinery fixed at 5 per cent 3. GST…...

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  • Cases Where Input Tax Credits Not allowed

    June 3, 2017 0
    • Input Tax Credits Not allowed in Following Eleven Circumstances as per Section 17(5)- 1. Motor Vehicles and other Conveyances except when such Vehicle used for – (a) Sale of Such Vehicles or conveyance; (Like Car Dealers) (b) Transportation of passengers;…...

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  • Clarification on furnishing Statement of Financial Transaction (SFT)

    May 26, 2017 0
    • *Central Board of Direct Taxes (CBDT) Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response* Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule…...

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  • Rules on E-way Bills

    May 26, 2017 0
    • E-Way Bills as Per New GST Rules 1) E-Way Bill will be required for movement of all goods, whether *within the state or across states*. E-way bills is even required for transport of *goods outside the GST ambit*, for example…...

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  • LOOK AT NEW FILING STATEMENT OF FINANCIAL TRANSACTIONS

    May 23, 2017 0
    • *STATEMENT OF FINANCIAL TRANSACTIONS(SFTs), replaced AIR. It's applicable on Professionals & all assesses liable to Tax Audit also* 1) Earlier the requirement of filing Annual Information Return(AIR) has now been completely replaced by Statement of Financial Transactions (SFT). 2) The…...

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FAQS

RBI updates on Demonitisation

1. Why was the Scheme of Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500 and ₹ 1000 introduced?

(more…)

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 6

‘Ind AS Transition Facilitation Group’ (ITFG) of Ind AS (IFRS) Implementation Committee
has been constituted for providing clarifications on timely basis on various issues related to
the applicability and/or implementation of Ind AS under the Companies (Indian Accounting
Standards) Rules, 2015, raised by preparers, users and other stakeholders.
Ind AS Transition Facilitation Group (ITFG) considered some issues received from members
and decided to issue following clarifications on November 29, 2016:
Issue 1
A debt-listed company has net worth for the last 3 years as follows: (more…)

Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes

RESERVE BANK OF INDIA
(from m.rbi.org.in)
Frequently Asked Questions

Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes

1. Why is this scheme?

(more…)

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 5

At the 5th meeting of Ind AS Transition Facilitation Group (ITFG) held on September 19, 2016 at Mumbai, certain issues received from members were discussed. The Group after due deliberations decided to issue following clarifications1 on the issues considered at the meeting:

Issue 1

ABC Ltd. is a listed company. The net worth of ABC Ltd. as on 31st March 2014 was Rs. 200 crores. ABC Ltd. had a subsidiary, namely, XYZ Ltd. as at 31st March, 2015 whose net worth, consisting only of share capital as at that date, was Rs. 600 crores. XYZ Ltd. was incorporated in January, 2015. It was incorporated only for the purposes of its divestment. The financial statements of XYZ Ltd. were not consolidated with that of ABC Ltd. as at 31st March, 2015 in view of requirements of paragraph 11 of Accounting Standard (AS) 21, Consolidated Financial Statements.

ABC Ltd. entered into agreement with a proposed acquirer of the subsidiary, i.e., PQR Ltd., in September, 2015. The entire ownership of XYZ Ltd. was finally transferred to the said acquirer in the first fortnight of April, 2016.

In the given case, whether the ABC Ltd. is required to comply with Ind AS from the financial year 2016-17? (more…)

FAQs on Place of Supply of Goods and Service under GST

Q 1. What is the need for the Place of Supply of Goods and Services under GST?

Ans. The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination thereof or as the case may at the point of consumption. So place of supply provision determine the place i.e. taxable jurisdiction where the tax should reach. The place of supply determines whether a transaction is intra-state or inter-state. In other words, the place of Supply of Goods is required to determine whether a supply is subject to SGST plus CGSTin a given State or else would attract IGST if it is an inter-state supply. (more…)

FAQs on Transitional Provisions under Goods and Service Tax

Q 1. Will the CENVAT/ITC carried forward in the last return prior to GST under earlier law be available as ITC under GST?

Ans. Yes, the registered taxable person shall be entitled to such credit and it will get credited to his electronic credit ledger – section 143. (more…)

Queries