GST IN INDIA AND UPDATES BY GSTSEVA.COM - A Free tax site for tax professionals CA / CMA/ CS

GSTSEVA.COM is a website for- "GOODS AND SERVICES TAX IN INDIA" A Free tax site for tax professionals CA / CMA/ CS and business users

ABOUT GST

GST is a tax  on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s point and service provider’s point upto the retailer’s level. It is essentially a tax only on value addition at each stage, and a supplier at each stage is permitted to set-off, through a tax credit mechanism, the GST paid on the purchase of goods and services as available for set-off on the GST to be paid on the supply of goods and services. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. 

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Due date of income tax return extended

Central Board Direct Taxes has extended the ‘due-date’ for E-filing returns of income from 31st August 2015 to 7th September 2015 in respect of all taxpayers who were required to E-file their returns of income by 31st August 2015.

New Delhi, 2nd September, 2015 

Sub: Extension of due date for filing of returns – reg. 

The ‘due-date’ for filing of income tax return for Assessment Year 2015-16 was extended till 31st August, 2015 vide Order F.No. 225/154/2015/ITA-II dated 10th June, 2015 in case of those taxpayers who were required to file the tax return by 31st July, 2015. The Government has received representations that tax payers have faced difficulties in E-filing of returns across the country due to slowing down of certain e-services on 31st August 2015. Considering these representations, Central Board Direct Taxes has extended the ‘due-date’ for E-filing returns of income from 31st August 2015 to 7th September 2015 in respect of all taxpayers who were required to E-file their returns of income by 31st August 2015. 

 (Shefali Shah) 

Pr. Commissioner of Income Tax 

(OSD) Official Spokesperson, CBDT 

मिलिए देश के सबसे युवा चार्ट्ड एकाउंटेंट से, उम्र सिर्फ 19 साल

नई दिल्ली: होनहार बिरवान के होत चिकने पात। पूत के पांव तो पालने में ही दिख जाते है। यह कहावतें देश के सबसे युवा CA निश्चल नारायणम पर बिल्कुल चरितार्थ होती है। एक होनहार व्यक्ति की क्षमता की पहचान बचपन में ही हो जाती है।

निश्चल नारायणम देश के सबसे युवा चार्ट्ड एकाउंटेंट बन गए है। निश्छल की उम्र सिर्फ 19 साल हैं। निश्छलने सिर्फ 9 साल की उम्र में अपने पिता की कंपनी की बैलेंस सीट में गड़बड़ी ढूंढ निकाली थी। तभी से यह तय हो गया कि निश्छल असाधारण क्षमता के धनी है। निश्छल को मैथमेटिक्स जीनियस के रूप में भी जाना जाता है। 

निश्छल ने सिर्फ 19 साल साल की उम्र में ही ICAI ( द इंस्टीट्यूट ऑफ चार्ट्ड एकाउंटेंट्स ऑफ इंडिया ) की परीक्षा पास कर ली है लेकिन उन्हें ICAI से उसके सदस्य के रूप में संबद्ध होने के लिए अभी दो साल का और इंतजार करना होगा क्योंकि ICAI से संबद्ध होने के लिए किसी भी सदस्य की उम्र सीमा कम से कम 21 साल की होनी चाहिए। तभी निश्छल बैलेंस सीट पर हस्ताक्षर करने के लिए अधिकृत हो सकेंगे।  

निश्छल ने हाल ही में CA परीक्षा पास की है। बताया जा रहा है कि इस परीक्षा को निश्छल ने सबसे कम उम्र में पास किया है जो देश की सबसे कठिन परीक्षाओं में से एक मानी जाती है। निश्छल को मैथमेटिक्स जीनियस का भी सम्मान हासिल है। उन्होंने गणित की कई अंतरराष्ट्रीय प्रतियोगिताओं में अपनी छाप छोड़ी है और विजेता बनकर देश का नाम रोशन किया है।

निश्छल सबसे कम उम्र में डबल गिनीज वर्ल्ड रिकॉर्ड होल्डर का भी खिताब हासिल कर चुके है। साथ ही यंगेस्ट वर्ल्ड मेमोरी चैंपियन का सम्मान भी वह हासिल कर खुद को साबित कर चुके हैं। सेवेन ब्रिलिएंट ब्रेन्स ऑफ द वर्ल्ड (नेशनल चैंपियन द्वारा मान्यता प्राप्त) प्रतियोगिता भी उन्होंने जीती। साथ ही ओस्मानिया यूनिवर्सिटी में सबसे कम उम्र में  B.Com और M.Com की डिग्री हासिल कर उन्होंने इतिहास रच दिया।

Source: ZeeNews

News and Updates INDIA - GST, TAX, INCOME TAX, CA/ICWA/CS

News and Updates - GST, TAX, INCOME TAX, CA/ICWA/CS   19 JULY TO 24 JULY

GST 

READ ALL GST NEWS

1. Govt to tweak GST bill to promise compensation to states

The government is set to promise compensation to states for five years after the rollout of goods and services tax (GST) in the Constitution Amendment Bill when it comes up in the Rajya Sabha while other recommendations of the select committee will be taken up before the indirect tax reform is implemented. READ MORE

  2.  Congress isolated on blocking GST as NCP, others pledge support to government's bill

The Congress party seems to be isolated on the issue of GST Bill. In a blow to the opposition party, its ally Nationalist Congress Party (NCP) has said that it will support the bill.

This came even as the Trinamool Congress (TMC) and the Janata Dal-United (JDU) also pledged support to the GST bill in Parliament. READ MORE

3. GST panel submits report in RS; proposes modifications

The select panel on Goods and Services Tax has submitted report in the Rajya Sabha with a proposal for three modifications to the Bill.

The modifications are  related to Clauses 12,18, and 19. READ MORE

4. Trinamool backs govt, says GST is good for the nation

Trinamool Congress on Sunday came out in strong support of the government's ambitious GST bill, which is being scrutinized by a parliamentary committee, saying the measure was "good for the states, good for the Centre and good for the nation". READ MORE

DVAT NEWS

5.  DUE DATE OF DELHI VAT SALES TAX RETURN EXTENDED

 DUE DATE OF DELHI VAT SALES TAX RETURN for Quarter 1 of F/Y 2015-16 has been extended to 30/09/2015 as per circular no 15 of 2015-16 For forms EC-II and EC-III READ MORE

Action against course offered by OPJS university, Rajasthan

Action aginst OPJS UNIVERSITY

It was brought to the notice that OPJS University, Churu (Rajasthan), is offering/conducting certain programmes/courses under the nomenclature “Master in C.A.” and “Bachelor in C.A.” (under the School of Chartered Accountant). Conduct of such courses under the said nomenclature are in contravention of the provisions of the Chartered Accountants Act, 1949 (CA Act) and various other laws.

It is stated that the Institute of Chartered Accountants of India (ICAI) filed a writ petition against OPJS University before the Hon’ble Rajasthan High Court at Jodhpur. The Division Bench of Rajasthan High Court at Jodhpur on 10.07.2015 admitted the petition and issued the notice to the OPJS University returnable within 6 weeks. The order dated 10.07.2015 passed by the Hon’ble Court is reproduced hereunder:- 

“Admit. 

Issue notice. Issue notice of the stay application also. The rule issued is made returnable within six weeks. 

In the meanwhile and until further orders, the respondent No. 3 (OPJS University) is restrained from admitting any student in the School of Chartered Accountants for awarding Masters Degree in Chartered Accountancy, Bachelors Degree in Chartered Accountancy, Diploma in Chartered Accountancy and Certificate in Accountancy. The University shall also not award degree diploma or certificate aforesaid”. 

In this connection, it is relevant to mention that the ICAI is the only body set up by an Act of the Parliament, viz. The Chartered Accountants Act, 1949, to regulate the profession of Chartered Accountants in India and no person/body other than the Institute can perform the functions entrusted to the ICAI under the said Act. The use of the expression “Chartered Accountant” or its abbreviation “C.A.” by a person other than the member of the ICAI is a punishable offence under the Chartered Accountants Act, 1949. Further, it may be mentioned that awarding any degree, diploma or certificate or bestowing of any designation which indicate or purports to indicate the position or attainment of any qualification or competence similar to that of a member of the ICAI is also punishable offence under the CA Act. 

14th July, 2015

(V. Sagar)
Secretary, ICA

Understand Restaurant's Invoice

Have you ever check your restaurant bill?  Why it always come more than expected?

Also-Do You Know on Tuesday 9 june 2015-the finance Minister, Sh. Arun Jaitley  clarified that restaurants without air conditioning facility will not charge any service tax from their customers while the ones with ACs will charge only on the 40% of the total bill amount.

Which types of Restaurants are included and which are exempt?

The supplying of  food by restaurant is service or selling?

What is the difference between service charge and Service tax?

There are lots of questions for tax liability on restaurant bills and taxation. Click to Read more

AIADMK, Sena MPs in panel oppose GST

NEW DELHI: The AIADMK continued to oppose the Goods and Services Tax (GST) Bill with the party member in the Select Committee objecting to the tax reform saying it would harm the interests of Tamil Nadu. During a meeting of the panel on Friday, the AIADMK member said the Bill was not acceptable at all to the party.

Shiv Sena too expressed opposition to the Bill at the meeting.

The AIADMK member is learnt to have argued that Tamil Nadu would lose heavily due to GST as it does not have any safeguards to protect the interests of the manufacturing state.

READ MORE

NEW ITR FORMS , The last date for filing of Income Tax Return (ITR) has also been extended.

New Delhi, May 31  

The controversial requirement of filling foreign travel and dormant bank account data has been dropped in the new 3-page ITR forms introduced on Sunday by the Indian Finance Ministry, which extended the deadline for filing returns to August 31.

However, the assessees have been asked to give their passport number as also the details of their active bank accounts, the Finance Ministry said.

The main ITR form will not contain more than three pages, while 'other information' will be captured in the "schedules" which will be required to be filled only if applicable.

These............ CLICK TO READ MORE

Benefits of GST

Question  :   How will GST benefit industry, trade and agriculture ?

Answer:

As mentioned in Answer to Question 3, the GST will give more relief to industry, trade and agriculture through a more comprehensive and wider coverage of input tax set-off and service tax set-off, subsuming of several Central and State taxes in the GST and phasing out of CST.

The transparent and complete chain of set-offs which will result in widening of tax base and better tax compliance may also lead to lowering of tax burden on an average dealer in industry, trade and agriculture.

Our Answer/Comment:

The intention behind the Goods and Service Tax (GST) is to simplify tax and reduce the burden of double taxation. 

 Presently to claim input on purchases and input on services covered under two  laws also. There is a burdensome over industry to maintain  input register in excise.

Also need to differentiate- Input from local purchase and from Central purchase. There is a VAT chain but upto state level.

To remove this difficulty and to simplify the forms and to cover all transactions in a single act will help businesses and trades.  

 Also Read What is the justification of GST ?

Government doing very well; GST would give boost to growth: Adi Godrej

MUMBAI: The Narendra Modi-led government is "clearly on the path of reform", industrialist Adi Godrej today said here, adding if the Goods and Services Tax (GST) comes into effect next April, India could see over 10 per cent GDP growth.

"If the GST bill is passed and comes into effect from April 1, then we could see double digit GDP growth of over 10 per cent," the Godrej Group chairman said.
"This will be extremely good for the economy and our businesses will benefit a lot," he added.

The macro-economic situation is currently very conducive to growth, he said.

"The macro-economic situation has been brought under control, fiscal deficit is under control, foreign exchange reserves are growing, the rupee has stabilised," Godrej said.

About Narendra Modi government's one year in the office, he said, "The government has done very well in the first year. It is clearly on the path of reform and liberalisation."

Click to Read more

source:- ET

Announcement Regarding Applicability of CARO

Dear Members,We are receiving queries from the members regarding applicability of CARO, 2003 along with Auditors' Report on financial statements of companies for the financial year 2014-15. The Ministry of Corporate Affairs (MCA) is working on it and has constituted a Committee for this purpose to analyse the contents of the Order to be made under section 143(11) of the Companies Act, 2013 for the Financial Year  2014-15. ICAI is also a member of the said committee. We are given to understand by MCA that an Order being a smaller version of CARO 2003, applicable for the financial year 2014-15, may be notified soon under section 143(11) of the Companies Act, 2013.  However, at this juncture, to bring more clarity, this Announcement is released in consultation with the Ministry. The Companies Act, 1956 has ceased to have effect from 01^st April, 2014.  As a corollary, the Companies (Auditor's Report) Order, 2003 issued under section 227(4A) of the said Act also ceases to have effect from the said date.Section 143(11) of the Companies Act, 2013 which came into force from 01^st April, 2014 provides that "the Central Government may, in consultation with the National Financial Reporting Authority, by general or special order, direct, in respect of such class or description of companies, as may be specified in the order, that the auditor's report shall also include a statement on such matters as may be specified therein.”Accordingly, it may be noted that as when an Order is notified by the Central Government under section 143(11) of the Companies Act, 2013, the members would be required to report thereon as a part of their statutory audit reports.Until the aforesaid Order is issued, no additional reporting under section 143(11) of the Companies Act, 2013 is required by the Auditors for the financial year 2014-15.Members are advised to keep a watch on the MCA site (www.mca.gov.in) as well as the ICAI site (www.icai.org) for further announcements in this regard.

CA ABHIJIT BANDYOPADHYAY
Chairman, Auditing & Assurance Standards Board

Change in Service Tax and Swach Bharat Cess

The Service Tax Rate is being increased from 12.36%(including cess) to 14.00% .

The new rate is 14.00 % flat. No Education Cess and Secondary  Cess will charge on it.

The new service tax rate shall come into effect from a date to be notified by the central government after the enactment of the Finance Bill, 2015.

SWACH BHARAT CESS

Clause 117 of the Finance Bill,2015 seeks to insert a new Chapter VI so as to levy a cess to be called the Swachh Bharat Cess, as service tax on all or any of the taxable services for the purposes of the Union for financing and promoting Swachh Bharat initiatives and any other purpose relating thereto.

An enabling provision is being made to empower the Central Government to impose a Swach Bharat Cess on all or any of the taxable service at the rate of 2% of the value of such taxable services with the objective  of financing and promoting Swachh Bharat Initiatives.

The provisions of Chapter V of the finance Act, 1994 and rules made thereunder, including those relating to refunds and exemptions from tax, interest and imposition of penalty shall, as far as may be,  apply in relation to the levy and collection of Swach Bharat Cess on taxable services, as they apply in relation to the levy and collection of tax on such taxable services under Chapter V of the finance act,  1994 or the rules made thereunder, as the case may be.

Swach Bharat Cess shall be levied from a date to be notified by the Central Government in this regard and will not have immediate effect.

IMPACT

The changes in rate will increase the cost of services. Services like telephone, cab, consultancy, beauty parlor, security services and lots more will become costlier after the new rate.

For example suppose your telephone bill inclusive service tax was Rs. 112.36 before new rate will now increase to Rs. 116.

Means there is an extra burden of Rs. 3.64 on each 100 rs services.

Make In India- Come and Invest in India

What is Make in India? 

Come and make in India is an intiative by Government of India(Modi's Government) to encourage investors to invest and manufacture in India. 

Why India ?

India is world largest democracy and biggest market in respect of consumer goods with around 1.2 billion population.

Availability of all types of resources like man, power, infrastructure, experts are easily available almost in all the major parts of India. Not only this tax rebates and other industrial benefits for SME, SEZ and EOU units encourage industries to start business here.

Some other Major Advantages like:-

1. World biggest market and a democratic republic.
2. India is a fastest growing economy in the world.
3. Strong Judiciary System.
4. Large pool of skilled manpower, strong knowledge base with the significant English speaking population.
5. India is a member of World Trade Organization.
6. The urban population of India will double from the 2001 census figure of 290 m to approximately 590 m by 2030(Mckinsey).
7. Many investment schemes and Import/ Export benefits.
8. Progressive Tax structure.
9. One man company and Limited Liability Partnership options available here.
10. Strong Banking infrastructure- availability many scheduled nationalized and multi-national banks.

Sectors in Which one can invest?

• Automobiles 
• Automobiles Companies
• Aviation
• Biotechnology
• Chemicals
• Construction
• Defencce Manufacturing
• Electrical Machinery
• Electronic System
• Food Processing
• IT and BPM
• Leather
• Media and Entertainment
• Mining
• Oil and Gas
• Pharmaceuticals
• Ports
• Railways
• Renewable Energy
• Roads and Highways
• Space
• Textiles and Garments
• Thermal Power
• Tourism and Hospitality
• Wellness

SECTORS WHERE FOREIGN DIRECT INVESTMENT IS PROHIBITED :

·         Lottery Business including Government /private lottery, online lotteries, etc.

·         Gambling and Betting including casinos etc.

·         Chit funds

·         Nidhi company-(borrowing from members and lending to members only).

·         Trading in Transferable Development Rights (TDRs)

·         Real Estate Business (other than construction development) or Construction of Farm Houses

·         Manufacturing of Cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes

·         Activities / sectors not open to private sector investment e.g. Atomic Energy and Railway Transport (other than construction, operation and maintenance of (i) Suburban corridor projects through PPP, (ii) High speed train projects, (iii) Dedicated freight lines, (iv) Rolling stock including train sets, and locomotives/coaches manufacturing and maintenance facilities, (v) Railway Electrification, (vi) Signaling systems, (vii) Freight terminals, (viii) Passenger terminals, (ix) Infrastructure in industrial park pertaining to railway line/sidings including electrified railway lines and connectivities to main railway line and (x) Mass Rapid Transport Systems.)

·         Services like legal, book keeping, accounting & auditing.

SECTORS WITH CAPS

·         Petroleum Refining by PSU (49%).

·         Teleports (setting up of up-linking HUBs/Teleports),Direct to Home (DTH), Cable Networks (Multi-system operators (MSOs) operating at national, state or district level and undertaking upgradation of networks towards digitalization and addressability), Mobile TV and Headend-in-the-Sky Broadcasting Service (HITS) – (74%).

·         Cable Networks (49%).

·         Broadcasting content services- FM Radio (26%), uplinking of news and current affairs TV channels (26%).

·         Print Media dealing with news and current affairs (26%).

·         Air transport services- scheduled air transport (49%), non-scheduled air transport (74%).

·         Ground handling services – Civil Aviation (74%).

·         Satellites- establishment and operation (74%).

·         Private security agencies (49%).

·         Private Sector Banking- Except branches or wholly owned subsidiaries (74%).

·         Public Sector Banking (20%).

·         Commodity exchanges (49%).

·         Credit information companies (74%).

·         Infrastructure companies in securities market (49%).

·         Insurance and sub-activities (26%).

·         Power exchanges (49%).

·         Defence (49% above 49% to CCS).

Know More how to Start Business In India

Due date of Tax Audit report under section 44AB has been extended

Due date of submitting tax audit report under section 44AB has been extended from 30sep to 30 Nov 2014.

In the recent notification CBTD has changed the return utility and also changed the format of tax audit report.
The new utility is still not available, this may be reason of extension.

Important it is  further clarified that the tax audit report under section 44AB of the Act filed 

during the period from 1

st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be 

treated as valid tax audit report furnished under section 44AB of the Act

Below is the order

F.No.133/24/2014-TPL

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

(CENTRAL BOARD OF DIRECT TAXES)

****

Room No. 147 B-II, North Block

New Delhi, the 20th August, 2014

Order Under Section 119 of the Income-tax Act, 1961

In exercise of power conferred by section 119 of the Income-tax Act (‘the Act’), the 

Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and 

furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 

in case of assessees who are not required to furnish report under section 92E of the Act from 

30th day of September, 2014 to 30th November, 2014.

2. It is further clarified that the tax audit report under section 44AB of the Act filed 

during the period from 1

st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be 

treated as valid tax audit report furnished under section 44AB of the Act.

(J.Saravanan)

Under Secretary (TPL-III)

Copy to:-
(i) The Chairman (CBDT), All Members, Central Board of Direct Taxes for
information.
(ii) All Cadre Controlling Pr. Chief Commissioners of Income-tax with a request to
circulate amongst all officers in their regions/charges.
(iii) The Pr. Director General of Income Tax (Admn.) Mayur Bhawan, New Delhi.
(iv) The Director General of Income Tax (Systems) with a request for uploading it on the
Departmental website.
(v) Commissioner of Income Tax (M&TP), CBDT.
(J.Saravanan)
Under Secretary (TPL-III)