Rules on E-way Bills

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 *exempt goods like agricultural products*.
2) *Entire process requires participation by* Supplier, Transporter and Recipient. For transport of goods exceeding *Rs 50,000* in Value-
– *Supplier* to upload details onto the GSTN portal.
– *Transporter* (In case of Third Party Transport Company) will upload further details to create a final e-way bill. This e-way bill is to be carried along with the goods that are being transported. Upon generation of the e-way bill on the GSTN portal, a unique e-way bill number (EBN) shall be made available to the supplier, the transporter and the recipient of goods.
– *Recipient of the goods*- if a registered entity under GST, has to communicate its acceptance or rejection of the consignment covered by the e-way bill, *within 72 hours of the details being available on the GSTN* portal. Else, the recipient is *deemed to have accepted the details*.
3) In Case of an Accident if goods would be transferred from one vehicle to another than transporter has to create a new e-way bill on the GSTN portal, before further transit.
4) Multiple consignments are to be transported in one vehicle (say, a lorry is catering to three different suppliers), the transporter is required to indicate the serial number of the e-way bills generated in respect of each such consignment on the GSTN portal. A consolidated e-way bill in the required form is to be generated by the transporter prior to the movement of goods.
5) *Validity period of the e-way bill*, which is dependent upon the distance involved for transport of goods-
– Distance less than 100 kms – validity 1 Day
– 100 Km to 300 km- Validity 3 Days
– 300 Km to 500 km- Validity 5 days
– 500 Km to 1000 km- Validity 10 days
– More than 1000km- Validity 15 days

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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?

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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?

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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…)

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