Decisions/Reccomendations – 22nd Council Meeting

Decisions/Reccomendations – 22nd Council Meeting

Changes in GST Rates for Goods and IGST Rates on Imports of Goods As per discussions held in the 22nd GST Council Meeting held under Chairmanship of Union Finance Minister Shri Arun Jaitley on 6th October, 2017, the following changes in GST rates for certain Goods and IGST rates on Imports of specified Goods have […]

GST – System based reconciliation of information furnished in FORMS

  Clarification of Circular No. 7/7/2017/CGST dated 1st September 2017 System based reconciliation of information furnished in FORM GSTR-1 and FORM GSTR-2 with FORM GSTR-3B The GST Policy Wing of CBEC has issued clarifications regarding system based reconciliation of information furnished in Form GSTR-1 (outward supply return) and Form GSTR-2 (inward supply return) with Form […]

Notification No. 29/2017 – 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 Excise and Customs Notification No. 29/2017 – Central Tax   New Delhi, the 5th September, 2017   G.S.R. …..(E).— In exercise of the powers conferred by the second […]

FAQs on levy of GST on supply of services to the Co-operative society

F.No.332/04/2017-TRU Government of India Ministry of Finance Department of Revenue Tax Research Unit ***** Subject: FAQs on levy of GST on supply of services to the Co-operative society- reg S. No. Question Answer 1 The society collects the following charges from the members on quarterly basis as follows:1.Property Tax-actual as per Municipal Corporation of Greater […]

Notifications issued by CBEC in relation to CGST, IGST and UTGST

Notification No. and Date of Issue Subject HTML Link   CGST 01/2017-Central Tax,dt. 19-06-2017   Seeks to bring certain sections of the CGST Act, 2017 into force w.e.f. 22.06.2017. http://www.cbec.gov.in/htdocs-cbec/gst/notfctn_1_central-tax-english.pdf 02/2017-Central Tax,dt. 19-06-2017   Notifying Jurisdiction of Central Excise Officers. http://www.cbec.gov.in/htdocs-cbec/gst/notfctn-2-central-tax-english.pdf 03/2017-Central Tax,dt. 19-06-2017   Notifying the CGST Rules, 2017 on registration and composition levy. […]

Extension of date for filing of I. T. Returns and linking Aadhar with PAN

CBDT Press Release on Extension of date for filing of Income Tax Returns and linkage of Aadhar with PAN : 1) Due Date for filing Income Tax Returns for A.Y. 2017-18 for is extended to 5th August 2017 from 31st July 2017. 2) Due Date for linkage of Aadhar with PAN is set to 31st August 2017. […]

Optional reporting of details of one foreign bank account by the non-residents

The Non-residents, who are claiming income-tax refund and not having bank account in India may, at their option, furnish the details of one foreign bank account in the return of income for issuance of refund. This facility is not available to non-residents who are claiming refund but having a bank account in India http://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/Bank_account.pdf

Exceptions to Section 269ST – Notification No.57/2017

In exercise of the powers conferred by clause (iii) of the proviso to section 269ST of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that the provision of section 269ST shall not apply to the following, namely:- (a) receipt by a business correspondent on behalf of a banking company or co-operative […]

Basel III Capital Regulations- Additional Tier 1 Capital : Circular dated February 2, 2017

RBI/2016-17/222 DBR.BP.BC.No.50/21.06.201/2016-17 February 02, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/ Sir, Basel III Capital Regulations- Additional Tier 1 Capital Please refer to the paragraph 1.8 on ‘Coupon Discretion’ under Annex 4 on ‘’Criteria for Inclusion of Perpetual Debt Instruments (PDI) in Additional Tier 1 Capital’ of the Master Circular, DBR.No.BP.BC.1/21.06.201/2015-16 dated […]

UNION BUDGET – 2017 : KEY HIGHLIGHTS

Finance Sector: 1. Affordable Housing will be given status of infrastructure. 2. Online ticket booking service charges on IRCTC are done away. 3. Total Infrastructure allocation will be Rs. 3.96 lakhs crores. 4. To make one Integrated Oil Major for Oil PSUs. 5. A Strategic policy for crude reserves will be set up 6. Total […]