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Goods and Services Tax Monthly Newsletter, Volume 1, Issue II (March 2018)
Finmin vide circular no. 33/07/2018 dated February 23, 2018, has clarified that the credit carried forward pertaining to which a show cause notice was issued under Rule 14 of the CENVAT Credit Rules, 2004, and pertaining to which  the last adjudication order or last order in appeal, as it existed on July 1, 2017, held that such CENVAT credit is not admissible, then such CENVAT credit shall not be utilized by a registered person. 
Author : BSA Taxation Team
Date : March 1, 2018
 
 
Goods and Services Tax Monthly Newsletter, Volume 1, Issue 1 (February 2018)
Finmin vide Notification No. 01/2018- Central Tax dated January 1, 2018, reduced the composite tax rate for the manufacturer from one percent to half percent of the total turnover. Further, the composite tax rate for suppliers other than works contractor and manufacturer has been reduced from half percent of the turnover to half percent of the total turnover of taxable supplies. 
Author : BSA Taxation Team
Date : February 1, 2018
 
 
GST Fortnightly News Bulletin, Volume I, Issue XI (December 4 - 17)
Allahabad HC in Ramdev Trading Company and others v. State of U.P case held that in absence of any allegation or evasion of tax against assessee at detention and seizure stage or at the stage of issuance of notice of penalty, penalty imposed by Revenue under Section 129(3) of U.P GST Act is not sustainable.
Author : BSA Taxation Team
Date : December 18, 2017
 
 
GST Fortnightly News Bulletin, Volume I, Issue X (November 20- December 3)
CBEC prescribed the procedure for manual disbursal of budgetary support under Goods and Service Tax regime for units availing area based exemption vide Circular No. 1060/9/2017-CX dated November 27, 2017. The amount of such budgetary scheme would be determined in terms para 5 of the scheme i.e (i) 58% of the CGST paid through debit in the cash ledger account (ii) 29% of the IGST paid through debit cash ledger. The eligible unit is required to register and file an application for payment of budgetary support. 
Author : BSA Taxation Team
Date : December 4, 2017
 
 
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
 
 
 
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