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 into effect on 01.07.2017. In recent days, dates for filing … Read more
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 can be utilized for payment of GST due on supply … Read more
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 tax (SGST) or union territory … Read more
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 value … Read more
Introduction “Arise, awake, and stop not till the goal is reached” said by Swami Vivekanada seems to be the motto of the Indian government which is relentlessly working on bringing India at Global footing as far as the taxation laws are concerned. Along with India many other nations have joined hands to develop and strengthen the anti- tax … Read more
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 calendar year. Balance 60 CPE credit … Read more
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 month of July … Read more
Due to increasing cross border transactions, Transfer pricing has become an important international tax issue affecting the MNCs. One of the most essential and contentious facets of transfer pricing provisions is to derive an accurate ALP. Section 92 of Income Tax Act lays down that any income arising from an international transaction or a specified … Read more
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 regarding filing of the returns in GST regime, it has … Read more
Introduction The concept of Secondary Adjustments is introduced in the arena of Transfer Pricing laws by Finance bill 2017 (hereinafter referred as the Bill). A new section 92CE is inserted in the Income Tax Act,1961(hereinafter referred as the Act), giving statutory validity to this concept. The Act encompasses two types of adjustments in case of … Read more