201708.18
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Payment and filing of return of GST

Clarification on due date for payment of GST and Filing of GST Return is Form 3B Government through notification no 23/2017 – Central Tax dated 17th August 2017 clarified by the due date for payment of GST for the month of July 2017 is 20th August 2017. They also stated that due date for filing…

201707.02
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FAQs on Queries through Tweets on GST

The tweets received by askGST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets.     Registration 1 Does aggregate turnover include value of inward supplies received on which RCM is payable? Ans. Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of inward supplies on which tax is payable on…

201706.13
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Universal Wage Code Bill

Labour Ministry is expected to place Universal Wage Code Bill before Cabinet later this month. This Bill has already been approved by the ministerial panel on labour issues headed by Finance Minister Arun Jaitley. Labour Ministry is keen to push the bill for passage in the next session of parliament which is expected to begin…

201705.31
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Due date of SFT extended to 30th June

The last date for furnishing the statement of financial transactions under Rule 114E(5) of the Income Tax Rules, 1962, (the Rules) read with sub-section (1) of Section 285BA of the Income Tax Act, 1962 is 31st May, immediately following the Financial Year in which the transaction is registered or recorded, i.e. for Assessment Year 2017-2018…

201705.19
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GST Rates finalised

For hotels with tariff of Rs 2,500-5,000, #GST rate fixed at 18%. For hotels with tariff over Rs 5,000; rate set at 28% Hotels with tariff below Rs 1,000 tariff exempted from #GST . Rate for hotels with tariff of Rs 1,000-2,500 at 12% For restaurants serving without alcohol & without AC will attract 12%…

201705.18
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Using cards for big spending? Beware!

Are you spending major purchases, investments or availing expensive services ? then make sure your declared income in your income tax return will justify your expensive spending. As long as IT department will be able to corelate your declared income and expensive spendings you can escape the scrutiny. Currently, scrutiny cases are picked up through computer…

201705.16
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Employee’s Compensation (Amendment) Act 2017

The Employee’s Compensation (Amendment) Act 2017 becomes effective from May 16, 2017. This amendment Act was notified by the Central Government on 12th April 2017 however it becomes effective only from May 16, 2017. As per this Amendment Act, a new provision is inserted in the principal Act which says that every employer shall immediately…

201705.15
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DVAT Return Due Date Extended

Department of Trade and Taxes vide Circular Number 5 of 2017-2018 dated 15-05-2017`extend the last date of filing of online/hard copy of fourth quarter return for the year 2016-2017 in Form DVAT-16, DVAT-17 and  DVAT-48 along with required annexure/enclosures upto 30.05.2017. However, there is no such change in the due date of payment of tax…

201705.13
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Report High Value Transactions

Rule 114E of the Income Tax Rules , 1962 lays down the rules for provisions for registration and submission of Statement of Financial Transactions(SFT) as per Section 285BA of the Income Tax Act, 1961. Assessees who are liable to Tax Audit are required to file SFT with Income Tax Department by 31st May 2017. This…