News
Inter-bank Priority Sector Lending Certificates trading, a supply of goods, liable to IGST
CBIC clarifies that supply of Priority Sector Lending Certificates (PSLCs) between banks shall be treated as a supply of goods.....
.jpg)
Composition service provider to issue 'bill of supply' in place of 'tax invoice'
CBIC prescribes that a service provider paying composition tax under Notification No. 2/2019- Central Tax (Rate) shall follow provisions of.....
CBIC : Clarifies that TCS under IT Act not to be considered for GST determination
CBIC clarifies that Tax Collected at Source (TCS) under Income-tax Act not to be included for determining value of supply under.....
FinMin - Announces availability of facility to file FORM GSTR -9 & GSTR -9A; Revision facility unavailable
Finance Ministry Press release informs that facility for filing of annual return in FORM GSTR-9 and FORM GSTR-9A is now.....
CBIC notifies increase in threshold, due dates for GSTR-3B and GSTR-1 for April - June
CBIC notifies increase in threshold upto 40 Lakhs for registration with some exceptions; Notifies due date for filing GSTR 3B.....
CBIC : Clarifies treatment of sales promotion schemes under GST; Free samples not 'supply'
CBIC issues clarification on treatment of sales promotion schemes under GST; Clarifies that samples supplied free of cost would not.....
Govt. reports revenue collection of Rs. 97, 247 crores for Feb 2019, 13% higher than Feb 2018
Govt. releases GST collection figures for the month of February, 2019, total Gross GST revenue collected in February, 2019 is.....
Copy of press release on GST Council decisions regarding real estate sector
GST Council recommends rate of 5% without ITC on residential properties outside affordable segment and 1% without ITC on affordable.....
Council clears proposal reducing GST rates for real estate
GST Council in its 33rd meeting clears proposal to lower GST rates for real estate; Reduces the rate to 5% without.....
Eye Share : Tax implications on solar projects – need to unlearn old legal principals
EPC sector is one sector which has been haunted by tax authorities/laws since inception of indirect tax system in India......
Eye Share : Applicability of interest on delayed filing of returns ?
As per Section 50 of the CGST Act, delayed payment of GST attracts interest at the rate of 18% percent.....
Due date for filing GSTR-3B for Jan 2019 extended upto Feb 22
Due date for filing GSTR-3B for the month of January, 2019 have been extended upto February 22; Further, the due.....
GST Council's 33rd meeting on real estate & lottery issue inconclusive, next meet proposed on Sunday
GST Council's 33rd meeting concludes today; Deadline for GSTR-3B filing extended by 2 days; Discussions in today's GST Council meet inconclusive, says.....
Eye Share : GST on TCS – Right or wrong – Part II
In Part I of his 2 article series, Mr. Prateek Gattani (Advocate) discussed about nature of ‘Tax collected at source’ i.e. whether it’s in.....
CBIC grants one-time relaxation to suppliers of warehoused goods having paid CGST/SGST instead of IGST
CBIC grants one time exception to suppliers of warehoused goods who have paid central tax and state tax on such.....
CBIC instructs all registered persons to specify POS along with the name of the state in the Tax Invoice
Govt. instructs that all registered persons making supply of goods or services or both in the course of interstate trade.....
CBIC instructs reporting of Inter-State transactions with URD in Form GSTR-3B and GSTR-1
Govt. instructs registered persons making inter-State supplies to unregistered persons to report details of such supplies along with the place.....
Govt. issues Standard Operating Procedure (SOP) for TDS updated as on February 18, 2019
Govt. issues Standard Operating Procedure (SOP) for TDS updated as on February 18, 2019; Includes procedure for filing TDS Return.....
Eye Share : GST on TCS – Right or wrong – Part I
Recent CBIC Circular No. 76/50/2018-GST stipulating that taxable value for GST purpose shall include tax collected at source (TCS) seems to.....
Eye Share : Leasing & Real Estate under GST - Part III
In Part I of the 3 series article, authors Mr. Ankit Kanodia (CA, S.K. Kanodia & Associates) along with Ms. Puja Banthia (CA), analyzed.....