Circular No. 129/48/2019 – GST CBEC-20/06/04/2019-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing New Delhi, Dated the 24th December, 2019
Read More »Flyers on important topics of GST are being brought out by the National Academy of Customs, Indirect Taxes, &Narcotics (NACIN),the apex training institution under the Central Board of Excise & Customs (CBEC). These Flyers are being issued from time to time and are available on the GST Council website as well as the CBEC website. Till date, 51 Flyers have been issued and more are being issued on an ongoing...
Read More »Holding of AGM: Annual general meeting (AGM) should be held once each year. First AGM of the company should be held within a period of 9 months from the date of closing of the first financial year of the company. Subsequent AGM should be held within a period of 6 months from the date of closing of financial year. The gap between two AGM should not exceed 15 months. In...
Read More »Key points of GST Press Release Dated November 14, 2019 1. Due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 extended to 31 st December 2019. 2. Due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2018-19 : 31 st March 2020. 3. No need to fill HSN level information of outward and...
Read More »18% GST applicable to Job Work Service to Foreign Customer: AAR Fact of the Case 1. M/s Synthite Industries is the applicant in the present case. 2. It entered into a contract with foreign company as Job Worker for processing of tea. Raw material /packing material and all other things are supplied by the foreign company & after completion of processing work it will be exported to the principal.
Read More »The CBIC, vide Notification No. 49/2019 – Central Tax dated October 9, 2019, had, inter alia, inserted a new sub-rule (4) to Rule 36 of the Central Goods and Services Tax Rules, 2017 which states that a registered person can claim maximum 20% ITC from the eligible credit available in GSTR 2A against those invoices or debit notes which is not filed by their supplier in GSTR 1 (which means...
Read More »In exercise of the powers conferred by sub-sections (1) and (2) of section 396 of the companies Act, 2013 (18 of 2013), the Registrar of companies shall have jurisdiction in respect of Union territory of Jammu and Kashmir and Union territory of Ladakh, for the purpose of registration of companies and discharging the functions under the aforesaid Act.
Read More »According to Section 9(4) of CGST Act, if the Supplier is Unregistered and Recipient is registered then such registered recipient will pay the tax under reverse charge. This Section is suspended from 13th Oct’ 2017 till 30th Sep’ 2019 by following Notifications of Central Tax Rate 38/2017, 10/2018, 12/2018, 22/2018
Read More »Whether amortisation cost of Dies & Moulds supplied on Free of Cost (FOC) to Components Supplier to be included in the cost of the components for the purposes of levying GST.
Read More »Audit has been defined in the CGST Act.2017 as under: Section 2(13):“audit” means the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made there under or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with...
Read More »Valuation rules has been provided under CGST Rules dt 01.07.2017 for valuation of supplies. The 28 , 30 and 31 of the said rules provide for valuation of supplies if the buyer is related or the distinct person and no agent is involved Related person has been defined in the Section 15 of CGST Act which is as under: (a) persons shall be deemed to be “related persons” if –...
Read More »According to Section 35 of CGST Act, every registered person shall keep and maintain all records at his principal place of business. Principal place of business is the place which is mentioned in the certificate of registration. Where more than one place of business specified in certificate of registration, accounts and records of each place of business shall be maintained at such additional place of business.
Read More »Section 2 (13) of IGST Act, intermediary’ has been defined to mean a broker, an agent or any other person, by whatever name called, who arranges or facilitates the supply of goods or services or both or securities, between two or more persons, but does not include a person who supplies such goods or services or both or securities on his own account.
Read More »GST Amendment Act 2018 applicable w.e.f. 01.02.2019 vide Notification No. 02/2019 – Central Tax Dated 29th January, 2019. ???????Section 9(4) – Application Reverse charge Mechanism in case of purchase from unregistered persons. Reverse Charge shall be applicable on notified classes of registered person for the purchase of specified goods and services from unregistered dealers. The Government shall, by notification, specify such “specified goods or services and specified classes of regis
Read More »Download Excel Utility for GST Invoicing with auto-generation of GSTR 1. This Excel Utility is free and will help you generating Bill as per the GST Rules and GST Act 2017 easily in a minute with your outward supply record maintenance. Bill Contains Column for all the disclosures which are required to be made or information which is required to provide under the current GST Regime
Read More »Procedure and Steps for Register a Private Limited Company Step 1. Application for Director Identification Number (DIN) in form DIR-3 & DSC (Digital Signature Certificate). Step 2. Search for the Company Name availability. Step 3. Application for the Name availability. Step 4. Drafting of Memorandum of Association (MOA) & Articles of Association ?(AOA).? Step 5. Filing of e-forms with RoC (Registrar of Companies). Step 6. Payment of RoC Fees &...
Read More »Audit has been defined in the CGST Act.2017 as under: Section 2(13):“audit” means the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made there under or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with...
Read More »Section 10 – Composition Scheme Threshold limit of turn over raised from 1 Crore to 1.5 Crores. And composition scheme dealers also allowed to supply services (other than restaurant services) upto limit of 10% of total turnover or 5 lakhs whichever is higher.
Read More »Offence by Companies : Where a construction firm issued cheques to respondent-contractor which were dishonoured, even if firm could not be prosecuted, its partners could not escape liability; such a liability is created through legal fiction envisaged under section 141 - Madan Amlokchand Mutha v. Arvind Ambalal Shah - [2019] (Bombay)
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