Migration of Service Tax registrants under GST

Regarding migration to GST, part data on provisional IDs of Central Excise registrants has been received from GSTN and made available through ACES website. The remaining provisional IDs of Central Excise registrants and the Service Tax registrants are still awaited from GSTN and would be made available shortly. As per discussion with Service tax helpdesk,Continue reading “Migration of Service Tax registrants under GST”

Income Tax Updates (31 Dec 2016 to 07 Jan 2017)

1. Blackmoney: India tweaks protocol to shed secrecy tag January 7, 2017 To bolster capabilities of agencies probing foreign black money cases, India has begun the process of adding a new clause in its international tax treaties that will allow sharing of exchanged data between the multiple law enforcement departments, removing the rider of confidentialityContinue reading “Income Tax Updates (31 Dec 2016 to 07 Jan 2017)”

GST Updates (06 Jan 2017)

Tax refund to exporters under GST within seven days January 6, 2017 Tax refund to exporters under GST within seven days:Commerce Min Exporters have been demanding ab-initio exemption from payment of taxes under the Goods and Services Tax (GST) regime arguing that delay in refunds often takes months and also results in blocking the orking capital.Continue reading “GST Updates (06 Jan 2017)”

Eight meeting of GST Council (3rd & 4th January 2017): Key takeaways

Eight meeting of GST Council: Key takeaways January 4, 2017 The GST council headed by Finance Minister, Arun Jaitley, met 8th time after its formation. The key takeaways from council meeting are given hereunder: 1.Issue of dual control It is very unfortunate that even in the 8th round of meeting GST council did not reach to anyContinue reading “Eight meeting of GST Council (3rd & 4th January 2017): Key takeaways”

GST Updates (04 Jan 2017)

GSTN revised enrollment schedule for taxpayers; provides State wise enrollment details January 3, 2017 Enrolment schedule for your State The schedule of the enrolment activation drive for states is given below. GSTN encourages assessees to complete the enrolment during the specified dates. State Start Date End Date % Enrolled Puducherry 08-11-2016 07-12-2016 41.02% Sikkim 08-11-2016Continue reading “GST Updates (04 Jan 2017)”

HAPPY NEW YEAR 2017: RESOLUTIONS

HAPPY NEW YEAR  2017: RESOLUTIONS 1.  Whatever happened, happened for the good. Whatever is happening, is happening for the good. Whatever will happen, will also happen for the good. 2.   You have the right to work, but never to the fruit of work. 3.  Change is the law of the universe. You can be a millionaire,Continue reading “HAPPY NEW YEAR 2017: RESOLUTIONS”

GST Updates ( 25 Dec 2016)

GST Council makes headway on bills, stuck on taxpayer control December 24, 2016 The all-powerful GST Council today made a reasonable headway on supporting legislations for the new indirect tax regime but its rollout from April 1 looked virtually impossible as it postponed discussion on the critical issue of administration and control of tax payers.Continue reading “GST Updates ( 25 Dec 2016)”

GST Updates (20 Dec 2016)

Delhi govt starts registration of city traders under GST The Delhi government has launched a process for enrollment under Goods and Services Tax regime on December 16, 2016. The Deputy Chief Minister, Delhi, Manish Sisodia, has formally initiated the procedure that would continue till December 31. There are currently around 3.48 lakh traders registered withContinue reading “GST Updates (20 Dec 2016)”

Presumptive rate u/s 44 AD for FY 2016-17 reduced to 6% (Receipt through banking channel/digital means)

Presumptive rate  u/s 44 AD for FY 2016-17 reduced to 6% (Receipt through banking channel/digital means) Refer Press release dated 19th Dec 2016: Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 19th December, 2016. Press Release Measures for Promoting Digital Payments & Creation of Less-Cash Economy UnderContinue reading “Presumptive rate u/s 44 AD for FY 2016-17 reduced to 6% (Receipt through banking channel/digital means)”