[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No. 29/2017 – Central Tax New Delhi, the 5th September, 2017 G.S.R. …..(E).— In … [Read more...]
How to off-setting the GST liability in GST return
The following points should be kept in mind for off-setting the liabilities in GST Return The offset liability function is available only once for use in a tax period. There is no facility of setting off liabilities in part. Offset liability is successful only if the offset criteria is met … [Read more...]
Due date of tax audit and for A.Y. 2017-18 is extended to 31st October 2017
F.No. 225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi dated the 31st of August, 2017 Order under Section 119 of the Income-tax Act, 1961 (`Act') The Goods and Services Tax ('GST') has come … [Read more...]
Registration Under GST FAQs
Q 1. What is advantage of taking registration in GST? Ans. Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: Legally recognized as supplier of goods or Proper accounting of taxes paid on the input goods or services which … [Read more...]
GST Levy and Exemption from Tax – FAQs
Q 1. Where is the power to levy GST derived from? Ans. Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act, 2016 confers concurrent powers to both, Parliament and State Legislatures to make laws with respect to GST i. e. central tax (CGST) and state … [Read more...]
Overview of Goods and Services Tax – FAQs
Q 1. What is Goods and Services Tax (GST)? Ans. It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only … [Read more...]
ICAI CPE Hours Requirements for the Block Period of 3 Years (1.1.2017 to 31.12.2019)
All the members (aged less than 60 years) who are holding Certificate of Practice (except all those members who are residing abroad) are required to: Complete at least 120 CPE credit hours in a rolling period of three-years. Complete minimum 20 CPE credit hours of structured learning in each … [Read more...]
Last Date for Payment of GST and Filing of Return For July 2017 Extended By 5 Days
The GST Implementation Committee, consisting of State and Central Government officers, has taken a decision to extend the last date for payment of the GST for the month of July 2017 to 25th August, 2017. Earlier the last date for payment of taxes and filing of GST Return in Form 3B for the … [Read more...]
Relaxation in return filing procedure for first two months of GST implementation
Press Information Bureau Government of India Ministry of Finance 18-June-2017 18:21 IST Relaxation in return filing procedure for first two months of GST implementation With the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry … [Read more...]
GST Tweet 100 FAQs
The tweets received by askGST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets. It should be noted that the tweets received or the replies quoted are only for educational and guidance purposes and do not hold any legal validity. S. No. Questions / Tweets … [Read more...]
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