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Reverse Charge Mechanism Under GST Law

Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of … Continue reading “Reverse Charge Mechanism Under GST Law”

CBDT Amends Format of Form No. 3CD wef 20th August, 2018

CBDT has vide Notification No. 33/2018, Dated: July 20, 2018 Amended Income Tax Audit Form No. 3CD with effect from 20th August, 2018 to incorporate further reporting requirement related to Goods and Service Tax (GST) , Transfer pricing, Statement of Financial Transactions, Section 32AD, Income from other sources as referred to in clause (x) of … Continue reading “CBDT Amends Format of Form No. 3CD wef 20th August, 2018”

GST Revenue collections for July 2018

Ministry of Finance GST Revenue collections for July 2018 Posted On: 01 AUG 2018 3:04PM by PIB Delhi The Total Gross GST Revenue collected in the month of July 2018 is Rs. 96,483 crore of which CGST is Rs. 15,877 crore, SGST is Rs. 22,293 crore, IGST is Rs. 49,951 crore (including Rs. 24,852 crore … Continue reading “GST Revenue collections for July 2018”

Nodal officers nominated for implementation of e-way bill system

PRESS RELEASE 18th July, 2018 Subject: Nodal officers nominated for implementation of e-way bill system As per the decision of the GST Council, e-way bill system has been rolled out in a staggered manner across the country. E-way bills are getting generated successfully and till 17th July, 2018, more than thirteen crore and fifty lakh … Continue reading “Nodal officers nominated for implementation of e-way bill system”

Refunds Processed Under GST during the refund fortnight

Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes& Customs) ***** 01-August-2018 Press Note Total Rs 54,378 Crores of Refunds processed under GST As part of the continued focus of the government to liquidate pending GST refunds, the Central Board of Indirect Taxes and Customs (CBIC) has successfully concluded the … Continue reading “Refunds Processed Under GST during the refund fortnight”

Fraudulent Issuance of Input Tax Credit Invoices

Press Release Central GST Delhi West Cornmissionerate arrested two Rohini based businessmen on 01.08.2018 in a case of fraudulent issuance of Input Tax Credit invoices without actual supply of goods involving evasion of approximately Rs. 201 crores relating to plastic granule industry. ii) Searches were conducted at several places during which various incriminating documents and … Continue reading “Fraudulent Issuance of Input Tax Credit Invoices”

Recommendations made during the 28thmeeting of the GST Council held in New Delhi on 21st July, 2018

PRESS NOTE July 21, 2018 Recommendations made during the 28thmeeting of the GST Council held in New Delhi on 21st July, 2018 Amendments to the CGST Act, 2017, IGST Act, 2017, UTGST Act2017, and GST (Compensation to States) Act, 2017 1. The GST Council in its 28th meeting held today at New Delhi has recommended … Continue reading “Recommendations made during the 28thmeeting of the GST Council held in New Delhi on 21st July, 2018”

DIR 3 KYC COMPLIANCE

KYC OF ALL DIRECTORS OF ALL COMPANIES, WHO HAS BEEN ALLOTTED DIN ON OR BEFORE 31ST MARCH, 2018 IS MANDATORY Ministry of Corporate Affairs would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to updating its registry. It would become mandatory for every director who has … Continue reading “DIR 3 KYC COMPLIANCE”

MCA certificate is sufficient proof of PAN/TAN

The government on Saturday said the Certificate of Incorporation (COI) issued by the Ministry of Corporate Affairs (MCA) is adequate proof of Permanent Account Number (PAN) or Tax Deduction and Collection Account Number (TAN) for a company. “Finance Act, 2018, amended section 139A of the Income-tax Act, 1961, and removed the requirement of issuing PAN … Continue reading “MCA certificate is sufficient proof of PAN/TAN”

Six more States to roll out Intra-State E-Way Bills from April 20

As per the decision of the GST Council, e-Way Bill system for all inter-State movement of goods has been rolled out from 01st April, 2018. As on 15th April, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Gujarat, Karnataka, Kerala, Telangana and Uttar Pradesh. … Continue reading “Six more States to roll out Intra-State E-Way Bills from April 20”

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Company Registration & GST Registration

Company Registration & GST Registration