GSTR-3B date and Payment date extended to 25.08.2017 Technical glitch held up filing of the first Goods and Services Tax return on the last day prompting the government to extend the last date to August 25. A finance ministry statement said the GST Implementation Committee, consisting of state and central government officers, has taken a…
Read MoreDue date for filing GSTR-3B extended to 28.08.2017 if transitional credit to be claimed: As per the rules, the GST for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form-3B can be filed. Concerns have been raised about the form for…
Read MoreIncome Tax Return filing date extended to 05.08.2017 The last date for filing income-tax returns this year has been extended to August 5. The original deadline for filing income tax returns for FY 2016-17 (AY 2017-18) was July 31, 2017 for assessee not covered under audit. The extension is a welcome relief for a large…
Read MoreDate for Opting Composition Scheme under GST extended till 16.08.17 The government today extended the deadline for small businesses to opt for the composition scheme in the GST regime by nearly four weeks to August 16, 2017. Small businesses with turnover of up to Rs 75 lakh earlier had time till 21st July 2017 to…
Read MoreNO TDS on GST Component- Circular No. 23/2017 dated 19.07.2017 CBDT hereby clarifies that TDS shall be deducted on the amount paid or payable without including such ‘GST on services’ component if the GST amount is shown separately on the invoice. In other words, TDS will not be deducted on GST components of the invoice in…
Read MoreGST on Gifts to Employees: Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. However, gifts of value more than Rs 50,000/- made without consideration are subject to GST, when made in the course or furtherance of business. The question arises as…
Read MoreGST on Sale of Gold Ornaments by an Individual to Jewellers Sale of old jewellery by an individual to a jeweller will not make the jeweller liable to pay tax under reverse charge mechanism on such purchases; However, if an unregistered supplier of gold ornaments sells it to registered supplier, the GST under RCM will…
Read MoreExemption from GST to Housing Society RWA Services provided by RWA (unincorporated body or a registered non- profit entity) to its own members by way of reimbursement of charges or share of contribution up to an amount of Rs. 5000/- per month per member for providing services and goods for the common use of its members…
Read MoreGST on Rent Income: Revenue Secretary Hasmukh Adhia said at the GST master class that: (a) if the house property is rent out for residential purpose- NO GST at all. (b) if the house property is rent out for commercial purpose (office/ shop)- NO GST upto Rs. 20 Lakhs rental income (c) if the house property is…
Read MoreWith The Roll-Out of GST, Check Posts Get Abolished Across 22 States in India. The Goods and Services Tax (GST) was rolled out on 1st of July 2017. With the roll-out of the GST, 22 States in India have abolished their check posts. The details are as under – Andhra Pradesh, Arunachal Pradesh, Bihar, Gujarat,…
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