Govt clarifies Applicability of GST on Selling of Space for Advertisement in Print Media
Read more at: http://www.taxscan.in/govt-clarifies-applicability-gst-selling-space-advertisement-print-media/10462/
==============>
Services of FIFA, Service provided by Fair Price Shops to Govt. attract NIL GST [Read Notification]
Read more at: http://www.taxscan.in/services-fifa-service-provided-fair-price-shops-govt-attract-nil-gst/10454/
==============>
Data Retrieved from the Laptop of CA cannot be used as an Incriminating Material against Assessee: CESTAT [Read Order]
Read more at: http://www.taxscan.in/data-retrieved-laptop-ca-cannot-used-incriminating-material-assessee-cestat/10467/
==============>
UP Govt Orders Special Audit of VAT Refunds issued till July 1st
Read more at: http://www.taxscan.in/govt-orders-special-audit-vat-refunds-issued-till-july-1st/10442/
==============>
LLPs must be treated as a Partnership Firm or Firm under GST: Govt [Read Notification]
Read more at: http://www.taxscan.in/llps-must-treated-partnership-firm-firm-gst-govt/10449/
==============>
Composite Supply of Works Contract provided to Govt attracts 12% GST: Govt notifies Revised Rates for Different Services
Read more at: http://www.taxscan.in/composite-supply-works-contract-provided-govt-attracts-12-gst-govt-notifies-revised-rates-different-services/10445/
==============>
# *GST: CBEC* has issued Notification # 24/2017 – Central Tax, Dt.21.08.2017 in respect of EXTENSION of date of Payment of GST & filing of return in Form GSTR-3B for the m/o July, 2017 to 25 AUG 2017.
# *GST: CBEC* has issued Notification # 20/2017-CT (R), dt.22.08.2017, Notification # 21/2017-CT (R), dt.22.08.2017, Notification # 22/2017-CT (R), dt.22.08.2017 & Notification # 23/2017-CT (R), dt.22.08.2017, notifying the following amendments:
• Rate of GST on specific works contracts reduced from 18% to 12%.
• GTA operators granted an option to pay tax @ 12% and to avail input tax credit. Tax under reverse charge mechanism need not be paid by the service recipient in that case.
• Motor cab operators granted an option to pay tax @ 12% and to avail input tax credit instead of 5% earlier without ITC.
• Rates for Job work in case of textile products including garments, printing of books, newspapers, periodicals, etc reduced from 18% to 5%.
• Certain services related to printing of books, newspapers, periodicals, etc where only content is supplied by the publisher and the physical inputs including paper used for printing belongs to the printer covered under supply of services and chargeable @ 12%.
• Certain supplies provided by Fair Price Shops to Central Government or State Governments by way of sale under Public Distribution System (PDS) have been exempted.
• Limited Liability Partnership (LLPs) shall also be considered as partnership firm or firm under GST laws.
• E-commerce operator would be liable to pay GST on services by way of house-keeping, such as plumbing, carpentering, Etc. provided by suppliers, if such suppliers are not liable to get registered under GST.
[
==============>
Karnataka State Chartered Accountants Assn sends Memorandum on Hardships Faced In GST Filings
Read more at: http://www.taxscan.in/karnataka-state-chartered-accountants-assn-sends-memorandum-hardships-faced-gst-filings/10439/
==============>
UAE to Implement Selective Tax Law from October 1
Read more at: http://www.taxscan.in/uae-implement-selective-tax-law-october-1/10437/
==============>
# If a registered person wants to claim wants to take credit of ITC available under pre-GST regime, it is required to file Form TRAN-1.
# GST on Jewellery is payable @ 3% of the total transaction value, whether or not the making charges are shown separately in the invoice.
*The Central Government has issued Notifications on dated 22nd August 2017 notifying the following amendments:*
# ECO responsible for payment of GST on services provided by way of house-keeping such as plumbing, carpentering etc.
# Rate of GST on specific works contracts reduced from 18% to 12%.
# GTA operators granted an option to pay tax @ 12% and to avail input tax credit. Tax under reverse charge mechanism need not be paid by service recipient in this case.
# Limited Liability Partnership (LLPs) shall also be considered as partnership firm or firm under GST.
# Motor cab operators granted an option to pay tax @ 12% and to avail input tax credit.
# Rates for Job work in case of textile products including garments, printing of books, newspapers, periodicals, etc reduced from 18% to 5%.
# Certain services related to printing of books, newspapers, periodicals, etc where only content is supplied by the publisher and the physical inputs including paper used for printing belongs to the printer covered under supply of services and chargeable at 12%.
# Certain supplies provided by Fair Price Shops to Central or State Governments by way of sale under Public Distribution System (PDS) have been exempted.
==============>
50K Limit on Balance in ‘Small Accounts’: Govt Notifies Exemption to Deposits through Govt Grants, Welfare Benefits etc [Read Notification]
Read more at: http://www.taxscan.in/50k-limit-balance-small-accounts-govt-notifies-exemption-deposits-government-grants-welfare-benefits-etc-read-notification/10433/
[==============>
CBDT has notified Income-tax (22nd Amendment), Rules, 2017 dated 18th August, 2017 to revise the Form 29B, Accountant’s report on computation of book profits u/s 115JB, consequent to Finance Act, 2017.
Finance Ministry has asked taxmen to submit a note on all the ‘high-pitched’ tax assessments or unfair scrutiny cases along with details of the opportunity given to the taxpayer to represent his case.
CBEC said that Banks importing gold and precious metals will have to pay 3 percent tax under the goods and services tax (GST), which can be claimed as input tax credit.
SEBI and the Income Tax department are investigating the role of about 100 brokerages which they believe may have helped shell companies launder as much as Rs 16,000 crore by compromising so called know-your-customer (KYC) norms.
SEBI has issued a Press Release in respect to Curbing misuse of bulk SMS in the Securities Market.
==============>
Providing only 3 days Time to Assessee for Filing documents & Later Refusing to Take them On Record is Violation of Natural Justice: Delhi HC [Read Order]
Read more at: http://www.taxscan.in/providing-3-days-time-assessee-filing-documents-later-refusing-take-record-violation-natural-justice-delhi-hc/10424/
[==============>
📺 *Updates*
➡1. Power of redressal of complaints under SEBI Act vested in Special Court and not in Metropolitan Magistrate
Securities & Exchange Board of India v. Classic Credit Ltd.
➡2. Ind AS: Accounting policies adopted at transition should be applied subsequently.
➡3. No TDS on rental payment made by co. on behalf of directors if recipient had no deduction certificate u/s 197
Deputy Commissioner of Income-tax, Circle- 3 (1), Vijayawada v. Sudalagunta Hotels Ltd.
🙏�Thank you🙏�
Have a nice day
