The rate of tax is 18%http://www.cbec.gov.in/htdocs-cbec/gst/central-tax-notfns-2017
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Composition Scheme Under GST
Last date for opting for composition as per the existing rule already over. It will be a great help to SMEs, if the last date is further extended.
GSTR 3B
GST registered parties need to file GSTR 3B on 20th August and 20th september for the transaction made during the month July and August respectively.
GSTR 3B can be dowloaded from www.gst.gov.in
HELP DESK- GST
GET READY FOR GST……….FROM JULY 1……..
CHAPTER – TRANSITIONAL PROVISIONS
1. Application in respect of tax or duty credit carried forward under any existing law or
on goods held in stock on the appointed day
(1) Every registered person entitled to take credit of input tax under section 140 shall, within
sixty days of the appointed day, submit an application electronically in FORM GST TRAN-
1, duly signed, on the Common Portal specifying therein, separately, the amount of tax or duty
to the credit of which the said person is entitled under the provisions of the said section:
Provided that where the inputs have been received from an Export Oriented Unit or a unit
located in Electronic Hardware Technology Park, the credit shall be allowed to the extent as
provided in sub-rule (7) of rule 3 of the CENVAT Credit Rules, 2004:
[this proviso only in CGST rules]……………………………….
Transition_Rules.pdf
Rules, Formats & Analysis
Rules & Formats:
• Return Rules & Formats
• Transition Rules & Formats
• Goods & Services Tax Rules, 2017 – Goods & Service Tax Practitioner Formats
• Goods And Services Tax Rules, 2017 – Mismatch Formats
• Draft Rules for issue of Credit Transfer Document
Analysis :
• Return Rules
• Transition Rules
• Analysis of Draft Credit Transfer Document Rules
• Transition Rules & Formats
• Goods & Services Tax Rules, 2017 – Goods & Service Tax Practitioner Formats
• Goods And Services Tax Rules, 2017 – Mismatch Formats
• Draft Rules for issue of Credit Transfer Document
Analysis :
• Return Rules
• Transition Rules
• Analysis of Draft Credit Transfer Document Rules
Important Notifications on Cash Transactions
In Budget 2017-18, a ban on cash transaction of more than Rs 3 lakh has been proposed. The same has been mentioned in the Finance Bill 2017. But, the Govt of India has made amendment in Finance bill and has reduced the Cash transaction limit to Rs 2 Lakh.
This amendment has been passed through Finance Act, 2017 and notified on 31-March-2017. Complete details on Rs 2 Lakh Cash Transaction limit have been provided in a new section referred to as ‘Section 269ST‘.
As per Section 269ST, any person who enters into a transaction of Rs 2 Lakh or above in cash, will be liable to a penalty of an amount equivalent to the amount of transaction.
Various Threshold Limits under the Income Tax Act
IGST Exemptions/Concessions under GST [As per discussions in the GST Council Meeting held on 18th/19th May, 2017]
ADDENDUM TO THE GST RATE SCHEDULE FOR GOODS [As per discussions in the GST Council Meeting held on 3 rd June, 2017]
The following amendments / additions are required to be made to the aforesaid document: 1. In Chapter 15, in the 18% rate column, the part entry from 1517 relating to edible mixtures of vegetable fats or oils, that is “edible mixtures or preparations of vegetable fats or vegetable oils or of fractions of different vegetable fats or vegetable oils … Continue reading “ADDENDUM TO THE GST RATE SCHEDULE FOR GOODS [As per discussions in the GST Council Meeting held on 3 rd June, 2017]”