Quick Reference to " Few examples of Goods under GST rates Structure " :-
0% (Nil Rate) :-
Milk, Eggs, Curd, Lassi, Gur, Fresh vegetables, butter, bread, fruits, Natural honey, Fresh meat, Fresh Chicken, Prasad, Stamps, Judicial papers, Besan, Bangles, Flour, Drawing books, Newspapers, Unpacked paneer.
5% :-
Tea, Coffee, Rusk, Sabudana, Kites, Biogas, Agarbatti, Dhoop batti, Oil cakes, Skimmed milk, powder, Coal, Pouches, Insulin, Kerosene, Medicines, Grass, Roasted gram, Apparel below ₹ 1 k., Cashew nut, Pizza bread, Spices, Frozen Vegetables.
12% :-
Apparel above ₹ 1k, Fruit juices, Sausage, Stone, Wood, Rubber band, Playing cards, Sewing machines, Spoons, Forks, Chess boards, Carrom boards, Ketchup, Animal fat, Cheese, Tooth powder, Spectacles, Dry fruits in packed form, Batters, Ceramic Articles, Ghee, Cellphones.
18% :-
Camera, Speakers, Trademarks, Goodwill, Mineral water, Raincoats, Kitchen Gas Lighters, Jams, Soups, Steel Products, Mayonnaise, Ice cream, Biscuits, Pasta, Cornflakes, Envelopes, Aluminum foil, Curry paste, Software.
28% :-
Washing machine, Ceramic Tiles, Bidis, ATM, Pan masala, Chewing gum, hair clippers, Shavers, Automobile, Molasses, Dye, Sunscreen.
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*Due Dates for October*
*Income Tax*
*07.10.17* - TDS/TCS Challan
*15.10.17* - TCS Return
*31.10.17* - TDS Return
*31.10.17* - Income Tax Return Any type Audit Cases.
*15.10.17* - ESI & PF
*GST*
*20.10.17* - GSTR - 3B for the month September.
*10.10.17* - GSTR-1 for the month of July.
*31.10.17* - GSTR-2 for the month of July.
*18.10.17* - Quarterly Return for Composition Dealers.
*31.10.17* - TRAN-1
31.10.17 - Migration to GST Regime
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Quick Reference to "Term of President, Chairperson, & other members of NCLT & NCLAT " :-
Legal Provision:-
Section 413 of Companies Act, 2013.
1. NCLT :-
Term of President & Other member:-
Term of 5 years & eligible for reappointment of 5 years.
Time for vacation of office:-
President:- Age of 67 years.
Other member:- Age of 65 years.
2. NCLAT:-
Term of President & Other member:-
Term of 5 years & eligible for reappointment of 5 years.
Time for vacation of office:-
President:- Age of 70 years.
Other member:- Age of 67 years.
Note:-
#Both i.e. In case of NCLT & NCLAT, a person who has not completed age of 50 years shall not be eligible for appointment as member.
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#Economy:FM hinted that there is scope for lesser slabs under the GST once there is revenue buoyancy. We are in first 2-3 months of GST implementation. We have space for improvement and need for improvement to reduce compliance burden as far as small taxpayers are concerned.
#Finance:Microfinance lenders in India might have to take a hit of more than Rs 4,100 crore as they would have to write off about 70% of their NPAs in 2018.The extent of impact will differ among microfinance institutions based on the share of their portfolio in impacted geographies, their client engagement, field discipline, collection frequency, technology systems, appraisal mechanisms and pro-activeness in curtailing operations in overheated areas.
#The Supreme Court collegium, has reportedly resolved to devise a procedure to streamline the selection and transfer of Judges. There have been several instances in the past when the govt sat on earlier recommendations for appointment of persons as HC judges while accepting later recommendations which creates imbalance in seniority among HC judges in a seniority-driven.
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Union Petroleum Minister Dharmendra Pradhan said decision to bring petroleum products under the ambit of the Goods and Services Tax (GST) will be taken by the GST council.
He said that if the Petroleum products are brought under the ambit of the GST then it would provide relief to the customers.
Talking to the media after attending the Dussehra celebrations here, Pradhan said, "Slowly the price of the petroleum products is being stabilized and this matter will be taken to the GST council and with the help of the state and central government it will be brought under the GST so the customers can get relief."
He said, "India has reached towards a crucial point under Prime Minister Narendra Modi; a serious fight has been started against the corruption, which is akin to Ravana. Our country is developing and will grow further."
On being asked about GST, he stated, "I believe GST came as a festivity for the nation; it was implemented after being thoroughly discussed and taking advice from the state government, central government and the people."
"When something new comes into force, it takes time to show benefits and there are small issues with it also but the government is cautious and is looking after that the businessmen have no problems. The way collection of the GST is increasing, I hope that the businessmen are supporting it equally," he stated
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🍎 *Late Fees for GSTR 3B for the month of August is waived.* Those who have filed the GSTR 3B for the August month with late fees, have to wait for credit in cash ledger.
Those who have filed GSTR 3B for the month of July with late fees, their late fees' credit has been given in Cash Ledger.
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SC upholds Levy of Dividend Distribution Tax on Companies having Agricultural Income [Read Judgment]
Read more at: http://www.taxscan.in/sc-upholds-levy-dividend-distribution-tax-companies-agricultural-income/11602/
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Steps to amend email and phone of primary authorised signatory
For more Information visit:
http://gstindiaupdates.com/steps-to-amend-email-and-phone-of-primary-authorised-signatory
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SC upholds Levy of Dividend Distribution Tax on Companies having Agricultural Income [Read Judgment]
Read more at: http://www.taxscan.in/sc-upholds-levy-dividend-distribution-tax-companies-agricultural-income/11602/
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UAE Excise Tax from Today: All You Need to Know
Read more at: http://www.taxscan.in/uae-excise-tax-today-need-know/11610/
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Composition Withdrawal Tab Opened
"Now you can withdraw from composition scheme for GST"
The 2nd most awaited "TAB" has been activated #today on GST portal :
"Withdrawl from #Composition Levy"
The wait of the taxpayers are over as the option of the #withdrawl from composition levy opened on GST Portal today.
Now the person who has been selected composition scheme, at the time of registration by choice or erroneously, are able to withdraw from this scheme.
Still the taxpayer are waiting for the option of "Cancellation/Surrender of #GST registration. We hope it will be enabled by the 7th of october
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Money belonging to assessee which was deposited in the P.D A/c of Dept on Valuation date is not subject to Wealth Tax: ITAT Hyderabad [Read Order]
Read more at: http://www.taxscan.in/money-belonging-assessee-deposited-p-d-ac-dept-valuation-date-not-subject-wealth-tax-itat-hyderabad/11590/
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*Service Tax:*
1. *Taxable event* is time of provision of service and not date of receipt of payment.
*2017-TIOL-3542-CESTAT-MUM*
2. *CENVAT Credit-* If the appellant is liable to pay service tax on reverse charge basis, they are legally entitled for CENVAT Credit of entire amount.
*2017-TIOL-3504-CESTAT-MUM*
3. *Composite Works Contract-* The contract undertaken by the Appellant was a composite contract of construction which involved labour and service elements. No ST could be charged on composite works contract prior to 1st June, 2007.
*2017-TIOL-2028-HC-DEL-ST.*
*Central Excise:*
4. *Cross examination of witnesses-* The Tribunal has failed to address issue regarding cross examination of witnesses, therefore, order set aside and matter remanded to CESTAT to consider and record a specific finding within two months from the date of receipt of a copy of this order.
*2017-TIOL-2061-HC-MAD-CX*
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*RELIEF TO EXPORTERS:* Facility of furnishing Letter of Undertaking extended to more exporters;
Small exporters have brought to the notice of the Government the difficulties in furnishing bond with requisite bank guarantee. To facilitate exports under GST, it has been decided that the facility of furnishing Letter of Undertaking, in place of a bond, for exporting goods or services or both shall be allowed to exporters and no bank guarantee will be required.The relevant notification for this shall be issued in due course.
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Quick Reference to "Composition of Board of Directors as per Sebi (Lodr) Regulations, 2015.":-
Legal Provision:-
Regulation 17(1).
Points:-
1. It's applicable for listed Companies only.
2. BOD shall have Optimum Combination of Executive and Non Executive Directors.
3. Minimum 50% of BOD should have Non- Executive Directors.
4. One women Director is mandatory.
5. If chairman is Non-executive director then atleast 1/3 of BOD includes independent directors.
6. If Chairman is Executive Director then
Minimum 50% of BOD are independent directors.
7. If regular Non-executive chairman is a promoter of the listed company or if he is related to promoter then 50% of BOD should consists Independent directors.