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LIST OF STATES RATIFIED GST

S.NO	State	Passed On	Government
1	Assam	12th August, 2016	BJP, CM Chief Minister Sarbananda Sonowal
2	Bihar	17TH August, 2016	RJD-JDU, CM Nitish Kumar
3	Jharkhand	17th August, 2016	BJP, CM Raghubar Das
4	Himachal Pradesh	22nd August, 2016	Congress, CM Virbhadra Singh
5	Chhattisgarh	22nd August, 2016	BJP, CM RAMAN SINGH
6	Gujrat	23rd August, 2016	BJP, CM Vijay Rupani
7	Madhya Pradesh	24th August, 2016	BJP,  CM Shivraj Singh Chouhan

-SOURCE- http://www.gstseva.com/gst-on-the-way-list-of-the-states-ratified-gst/

KNOW MORE ABOUT GST HISTORY- CLICK

UPDATES FOR GST

SUBSCRIBE GOODS AND SERVICES TAX UPDATES ( GST )

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INVOICING UNDER GST

To issue invoice for supply of Goods/Service by taxable persons is another interested and important task. Here you understand how:-

 Name of the invoices:-

TAX INVOICE:    FOR TAXABLE SUPPLY OF GOODS/ SERVICE

BILL OF SUPPLY:  FOR NON-TAXABLE SUPPLY OF GOODS/SERVICES

When to issue?

Issue of Invoices, possibilities	Supply Of Goods	Supply Of Services
After receiving of payment	Yes, Possible	Yes, Possible
Before receiving of  Payment	Yes, Possible	Yes, Possible
Before Supply of Goods/Services	Not  Possible	Yes, Possible
After Supply of Goods/Services	Not  Possible	Yes, Possible

Reasons:-

1. In case of supply of Goods -“A taxable person need to issue invoice mandatorily at the time of supply of Goods

2. In Case of supply of services – “A taxable person need to issue invoice mandatorily within the prescribed time”.  

What to include in invoice?

Apart from other things like GST registration no/Date/address etc, following are mandatory

PARTICULARS	Supply Of Goods	Supply Of Services
Description	Yes	Yes
Quantity	Yes	NA
VALUE	Yes	Yes
Tax thereon	Yes	Yes

AMOUNT OF TAX TO SHOW

Amount of tax to be indicated in tax invoice and other documents

– SECTION 23 A.

AMOUNT OF TAX SHALL prominently indicate in all documents relating to:-

• assessment,
• tax invoice and
• other like documents,

 the amount of tax which will form part of the price at which such supply is made.

 COMMENT:-  AS PER THIS PROVISIONS,  IT IS NOT POSSIBLE FOR SUPPLIERS TO MARK-

“Inclusive Of Taxes” IN TAX INVOICES

NOTE:- IN PROVISION IT IS CLEARLY STATED THAT IT IS TO MENTION ON TAX INVOICE AND OTHER DOCUMENTS.  However nothing mentioned about the- BILL OF SUPPLY.

A clarification may require-  Meaning of Other Like documents

 Or

 Is Bill of supply other like documents?

Although as per our understanding Bill of Supply should not be part for section 23A.

FOR MORE UPDATES VISIT GSTSEVA.COM

MODEL GST LAW 2016 RELEASED

With the release of  Goods and Services Tax (GST) 2016, India is very much closer to a New Indirect Tax Law which will change the whole system of tax collection and distribution.

GST LAW is available in public domain. The law will be known as GST ACT, 2016 once approved.

SOME FEATURES:-

CONTAINS 25 CHAPTERS
162 SECTIONS
4 SCHEDULES

WITH
GST VALUATION RULES 2016

With this release One more ACT :-

INTEGRATED GOODS AND SERVICE TAX ACT, 2016 ALSO RELEASED

CONTAINS 11 CHAPTERS
33 SECTIONS


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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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GSTSEVA.COM is a unique portal for information about GST i.e Goods and Service Tax India. If you are good writer and want to see your pic with name on this website. Write anything from below mention topics:-

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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