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Showing posts from November, 2018

New Updates in Tally Release 6.4.9

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Drafting a New Direct tax Law in India Press Release Dt. 26.11.2018

Task Force for drafting a New Direct Tax Legislation Posted On: 26 NOV 2018 5:06PM by PIB Delhi In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government of India in November, 2017. In partial modification of the earlier order, the Government has appointed Shri Akhilesh Ranjan, Member (Legislation), CBDT as Convenor of the Task Force. Other members of the Task Force remain unchanged. The Task Force shall submit its report to the Government by February 28, 2019. Download Press Release - in PDF file

Double Taxation Avoidance Agreement Press Release dt. 26/11/2018

Ministry of Finance Protocol amending India-China DTAA Posted On: 26 NOV 2018 5:07PM by PIB Delhi The Government of the Republic of India and the Government of the People’s Republic of China have amended the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income, by signing a Protocol on 26/11/2018. Besides other changes, the Protocol updates the existing provisions for exchange of information to the latest international standards. Further, the Protocol incorporates changes required to implement treaty related minimum standards under the Action reports of Base Erosion & Profit shifting (BEPS) Project, in which India had participated on an equal footing. Besides minimum standards, the Protocol brings in changes as per BEPS Action reports as agreed upon by the two sides. Download Press Release -  in PDF

Central Goods and Services Tax (CGST) Rules, 2017 up to 4.09.2018

Central Goods and Services Tax (CGST) Rules,2017 Notified vide Notification No. 3 /2017-Central Tax (Dated 19th June 2017) and further as amended by Notification No. 7/2017-Central Tax (Dated 27th June 2017), Notification No. 10/2017-Central Tax(Dated 28th June 2017), Notification No. 15/2017-Central Tax (Dated 1st July 2017), Notification No.17/2017-Central Tax (Dated 27th July 2017), Notification No. 22/2017-Central Tax (Dated 17th August 2017), Notification No. 27/2017-Central Tax (Dated 30th August 2017), Notification No. 34/2017-Central Tax (Dated 15th September 2017), Notification No. 36/2017-Central Tax (Dated 29th September 2017),Notification No. 45/2017-Central Tax (Dated 13th October 2017), Notification No. 47/2017-Central Tax(Dated 18th October, 2017), Notification No. 51/2017-Central Tax (Dated 28th October, 2017),Notification No. 55/2017-Central Tax (Dated 15th November, 2017), Notification No. 70/2017-Central Tax (Dated 21st December, 2017) , Notification No. 75/201

Examination for confirmation of enrolment of GST Practitioners GUIDELINES FOR THE CANDIDATES

GUIDELINES FOR THE CANDIDATES (Please refer sub-rule (9) of rule 83A of the Central Goods and Services Tax Rules, 2017) A. Guidelines for filling up application form: 1. All GST Practitioners who are eligible to appear in the examination are required to submit online application on the Examination registration portal. Link of the portal shall be provided on official websites of NACIN and CBIC. 2. Landing page of the portal will display guidelines for filling up the application and also important dates namely- (i) date of commencement of online registration, (ii) last date of submitting application form, (iii) date from when admit card can be downloaded, (iv) date of examination, and (v) date of result declaration. 3. Candidates are required to login on the portal with the help of GST enrolment number (login id) and PAN no. (password). 4. The GST enrolment number has been provided to each eligible candidate by GSTN on his enrolment on the GST portal. 5. Application form

GST Local Stock or Branch Transfer Entry in Tally erp 9

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What is GST Audit -Law/Rules/Provision

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GST Audit in Excel format

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Shortcut Keys Recalls to Narration in Tally erp 9

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Sales to Embassy or UIN Body in Tally erp 9

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GSTp Exam Postponed

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GSTp Exam Postponed

Examination for Confirmation of Enrollment of GST Practitioners Postponed to 17.12.2018 Reference is invited to Press Release dated 1.11.2018 regarding exam for GST Practitioners scheduled on 7.12.2018. On account of Assembly Elections in some of the states on 7.12.2018, the date of the examination stands revised to 17.12.2018 (17 December 2018). Download Press Release  https://drive.google.com/file/d/1ZvHyNIS1O7H6btRNM7pEEhe6--JFRjZl/view?usp=sharing

MSME Free Registration online

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Credit Limit & Payment Collection Management in Tally erp 9

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Imports in GST Regime (Goods & Services Tax)

Imports in GST Regime (Goods & Services Tax) Introduction Under the GST regime, Article 269A constitutionally mandates that supply of goods, or of services, or both in the course of import into the territory of India shall be deemed to be supply of goods, or of services, or both in the course of inter-State trade or commerce. So import of goods or services will be treated as deemed inter-State supplies and would be subject to Integrated tax. While IGST on import of services would be leviable under the IGST Act, the levy of the IGST on import of goods would be levied under the Customs Act, 1962 read with the Custom Tariff Act, 1975. The importer of services will have to pay tax on reverse charge basis. However, in respect of import of online information and database access or retrieval services (OIDAR) by unregistered, non-taxable recipients, the supplier located outside India shall be responsible for payment of taxes (IGST). Either the supplier will have to take registration

GST (GOODS AND SERVICES TAX) Zero Rating of supplies

GST (GOODS AND SERVICES TAX) Zero Rating of supplies  Introduction What is the need for Zero Rating? As per section 2(47) of the CGST Act, 2017, a supply is said to be exempt, when it attracts nil rate of duty or is specifically exempted by a notification or kept out of the purview of tax (i.e. a non-GST supply). But if a good or service is exempted from payment of tax, it cannot be said that it is zero rated. The reason is not hard to find. The inputs and input services which go into the making of the good or provision of service has already suffered tax and only the final product is exempted. Moreover, when the output is exempted, tax laws do not allow availment/ utilisation of credit on the inputs and input services used for supply of the exempted output. Thus, in a true sense the entire supply is not zero rated. Though the output suffers no tax, the inputs and input services have suffered tax and since availment of tax on input side is not permitted, that becomes a cost for t

GST(Goods & Services Tax) REFUND OF INTEGRATED TAX PAID ON ACCOUNT OF ZERO RATED SUPPLIES

GST(Goods & Services Tax) REFUND OF INTEGRATED TAX PAID ON ACCOUNT OF ZERO RATED SUPPLIES In Under GST, Exports and supplies to SEZ are zero rated as per section 16 of the IGST Act, 2017. By zero rating it is meant that the entire supply chain of a particular zero rated supply is tax free i.e. there is no burden of tax either on the input side or on output side. This is in contrast with exempted supplies, where only output is exempted from tax but tax is levied on the input side. The essence of zero rating is to make Indian goods and services competitive in the international market by ensuring that taxes do not get added to the cost of exports. The objective of zero rating of exports and supplies to SEZ is sought to be achieved through the provision contained in Section 16(3) of the IGST Act, 2017, which mandates that a registered person making a zero rated supply is eligible to claim refund in accordance with the provisions of section 54 of the CGST Act, 2017, under either of t

New Changes in E- way Bill notification dt. 12.11.2018

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New Changes in E way bill _ Download notification dt. 12.11.2018

National Informatics Centre E-way Bill Project Proposed improvements in e-way bill generation, being released on 16.11.2018 1. Checking of duplicate generation of e-way bills based on same invoice number The e-way bill system is enabled not to allow the consignor/supplier to generate the duplicate e-way bills based on his one document. Here, the system checks for duplicate based on the consignor GSTIN, document type and document number. That is, if the consignor has generated one e-way bill on the particular invoice, then he will not be allowed to generate one more e-way bill on the same invoice number. Even the transporter or consignee is not allowed to generate the e-way bill on the same invoice number of that consignor, if already one has been generated by the consignor. Similarly, if the transporter or consignee has generated one e-way bill on the consignor’s invoice, then any other party (consignor, transporter or consignee) tries to generate the e-way bill, the syste

GST Refund Claim By UIN Entities Press Release

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Advisory to UIN Entities claiming GST Refunds-Press Release Dated-09/11/2018

                                     Advisory to UIN Entities claiming GST Refunds                                                                              Posted On: 09 NOV 2018 4:17PM by PIB Delhi The GST Act provides for allotting a Unique Identification Number (UIN) to Consulates, Embassies and otherUN Organizations to enable such entities to claim refund of GST paid. One of the conditions for claiming thisrefund is to file Invoice Level Data in their FORM GSTR-11 on the common portal. There are commondiscrepancies which have been noticed by GST Authorities while processing refund applications. FORM GSTR-11 under Rule 82 of the CGST Rules, 2017 mandates reporting “Place of Supply” for everyinvoice on which refund is applied for. Many UIN entities while filling invoice data have been reporting theirplace of supply as the State where they are registered instead of the place of supply as reflected in the invoice.For example, it was observed that Embassies registered in Delhi

Notification No. 60/2018 – Central Tax

[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 Indirect Taxes and Customs Notification No. 60/2018 – Central Tax New Delhi, the 30th October, 2018 G.S.R……(E). - In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:- 1. (1) These rules may be called the Central Goods and Services Tax (Thirteenth Amendment) Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules), after rule 83, the following rule shall be inserted, namely:- “83A. Examination of Goods and Services Tax Practitioners.- (1) Every person referred to in

CGST Rules 13th Amendment

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RFID Tag Distribution List

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Power of GST Council_Article 279A

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GSTP 2nd Exam Press Release

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GST Practitioner New Rules 83 A

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