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GST Fortnightly News Bulletin, Volume I, Issue IX (November 6-19)
Govt. vide Notification No. 66/2017-Central Tax dated November 15, 2017 has exempted GST on advance payment received for the supply of goods. The Notification provided that the registered person who has not opted for composition levy under Section 10 of the CGST Act, shall pay tax as per Clause (a) of SubSection (2) of Section 12, which provides that the time of supply for goods shall be the date of issue of invoice, which would mean that GST liability would arise only at the time of raising the invoice and not when the advance payment is received.


Author : BSA Taxation Team
Date : November 20, 2017
 
 
GST Fortnightly News Bulletin, Volume I, Issue VIII (October 23 - November 5)
Govt. vide Order No. 08/2017 & 07/2017 dated October 28, 2017, has extended the deadline for submitting Tran-1 till November 30, 2017. Government vide Notification No. 40/2017-Central Tax and parallel notifications for IGST and UTGST, has prescribed 0.1% GST rate on the goods which are supplied for exports.
Author : BSA Taxation Team
Date : November 6, 2017
 
 
GST Fortnightly News Bulletin, Volume I, Issue VII (October 2 - 22)
Government vide Notification No. 38/2017-Central Tax and parallel notifications for IGST and UTGST, has suspended payment of tax on reverse charge mechanism on the supply from the unregistered person till March 31.
Author : BSA Taxation Team
Date : October 22, 2017
 
 
GST Fortnightly News Bulletin, Volume I, Issue VI (September 18 - October 1)
Central Government vide order no. 3/2017 dated has extended the time limit to declare CENVAT credit balance in Tran- 1 to October 31, 2017. Delhi HC in DBS bank case has admitted the writ petition on IGST levy on services provided to overseas Head Office.


Author : BSA Taxation Team
Date : October 2, 2017
 
 
GST Fortnightly News Bulletin, Volume I, Issue V (September 4 - 17)

Finance ministry has amended Central Goods and Services Tax Rules, 2017 and notified that person who has been granted registration on a provisional basis or who has applied for registration may opt to pay tax under composition scheme w.e.f October 1, 2017 by electronically filing an intimation in FORM GST CMP-02 before the said date and shall furnish the statement in FORM GST ITC-03 within a period of 90 days from the said date. 

Author : BSA Taxation Team
Date : September 18, 2017
 
 
 
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