GST ITC rules released by GSTIN: These rules contains the various provisions related to ITC. These GST ITC rules contains all major provisions related to ITC. Main provisions covered under there rules are: Documentary requirements and conditions for claiming input tax credit Reversal of input
New restriction in composition rules released: New set of rules released for a composition dealer has put new restrictions in composition scheme. Following are the conditions for composition scheme as given in rules: The person exercising the option to pay tax under section 10 shall
GST rules for composition: GSTIN has released the GST rules for composition. These rules contains all the important rules related to composition levy. Intimation for composition levy Any person who has been granted registration on a provisional basis under sub-rule (1) of rule Registration.16 and
VERBATIM EPF (Provident Fund): (1) This Scheme may be called the Employees’ Provident Funds (Third Amendment) Scheme, 2017. (2) It shall come into force on the 1st day of April, 2017. 2. In the Employees’ Provident Funds Scheme, 1952, in paragraph 82A, in sub-paragraph
Significance of Inter state and intra state supplies in GST In the GST regime there are two type of supplies. The tax you need to pay will be decided by the type of supply. A supply can be inter state or intra state supply. Section
IGST bill passed in parliament: IGST bill is passed in parliament of India on 29th March 2017. You are now liable to pay IGST on all inter state and international supplies. IGST stands for the integrated Goods and services tax. For all intra state supplies
CGST Bill passed in parliament: Salient features CGST bill passed in parliament on 29th March 2017. It contains XXI chapters,174 sections and Three schedules. Chapter wise details of CGST bill Chapter in CGST bill Sections covered Provisions Chapter I Section 1&2 Preliminary Chapter II Section
The Maternity Benefit (Amendment) Bill, 2016 This bill has been passed by the Rajya Sabha on 11th August, 2016. The same was passed by the Lok Sabha on 9th March, 2017. The Amendment Act received assent from Hon’ble President on 27th March, 2017. Now, it
GST on purchase from unregistered dealer Edit on 30.06.2017: A new notification is issued by the CBEC which says that daily limit for chargeability of this levy will be Rs. 5000 per day and a consolidated invoice can be prepared.(Click here to see notification)
Tax on all supplies from small entities The latest provisions in GST are going to hurt the small entities.In the last draft of CGST which is approved in parliament. Section stand for levy and sub section 9(4) provide for payment of GST by recipient. Every
