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20 July, 2017

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No TDS on GST Component of Invoice

No TDS on GST Component of Invoice

The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 1/2014 dated 13.01.2014 clarifying that wherever in terms of the agreement or contract between the payer and the payee, the Service Tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Income-tax Act, 1961 (the Act) on the amount paid or payable without including such Service Tax component.

2. References have been received in the Board seeking clarification as to what treatment would be required to be given to the component of Goods and Services Tax (GST) on services, which has been introduced by the Government with effect from 1st of July, 2017 and into which the erstwhile Service Tax has been subsumed.

18 July, 2017

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Bitcoins Might Be Made Taxable under GST Soon

Bitcoins Might Be Made Taxable under GST Soon

By CA Ankit Gulgulia (Jain)

Currently, neither illegal nor legal in India, Bitcoin affords anonymity, in grey area

The government is considering the introduction of a regulatory regime for virtual or crypto currencies, such as Bitcoin, that would enable the levy of the Goods and Services Tax on their sale.
The new regime may possibly bring their trading under the oversight of the stock market regulator, Securities and Exchange Board of India (SEBI).

17 July, 2017

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Who Needs & Who Does Not Need GST Registration - Hindi Video (5 Minutes)

Who Needs & Who Does Not Need GST Registration - Hindi Video (5 Minutes)

In Last few days, we have got maximum queries from readers on who needs registration and who does not need registration under GST. So we decided to compile a simple and quick video on the categories of people who need registration under GST in Simplified Manner. We Trust it will be useful. 

10 July, 2017

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Impact of GST on Import, Export, EPCG, Advance Authorisation, DEEC, DFIA, SEIS & MEIS

Impact of GST on Import, Export, EPCG, Advance Authorisation, DEEC, DFIA, SEIS & MEIS

Under the GST regime, Customs duties will be exempted on imports made under export promotion schemes namely EPCG, DEEC (Advance License) and DFIA. IGST and Compensation Cess will have to be paid on such imports.

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05 July, 2017

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GST on Educational Services - A Quick Screener

GST on Educational Services - A Quick Screener

Under the existing service tax legislation, the negative list of services (i.e. the list of services on which service tax is not leviable) includes Educational services subject to below mentioned conditions.

On a happy note, the recently circulated Notification No. 12/2017- Central Tax (Rate) of exempted services under Goods and Services Tax ('GST') includes these services too thereby implying that the Educational services would continue to be exempted even under the GST regime.

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Issues related to furnishing of Bond/ Letter of Undertaking for Exports–Reg.

Issues related to furnishing of Bond/ Letter of Undertaking for Exports–Reg.

Various communications have been received from the field formations and exporters on the issue of difficulties being faced while supplying the goods or services for export without payment of integrated tax and filing the FORM GST RFD -11 on the common portal (www.gst.gov.in), because of which exports are being held up.

2. Whereas, as per rule 96A of the Central Goods and Services Tax Rules, 2017, any registered person availing the option to supply goods or services for export without payment of integrated tax shall furnish, prior to export, a bond or a Letter of Undertaking. This bond or Letter of Undertaking is required to be furnished in FORM GST RFD-11 on the common portal. Further, Circular No. 26/2017- Customs dated 1st July, 2017 has clarified that the procedure as prescribed under rule 96A of the said rules requires to be followed for the export of goods from 1st July, 2017.

04 July, 2017

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Export procedure and sealing of containerized cargo in GST

Export procedure and sealing of containerized cargo-regarding.

Goods and Service Tax has become operational from 01-07-2017. In the GST regime, the governing provisions related to exports are contained in section 16 of the Integrated Goods and Service Tax Act, 2017 (IGST Act). Supplies of goods and services for exports have been categorized as 'Zero Rated Supply' implying that goods could be exported under bond or Letter of Undertaking without payment of integrated tax followed by claim of refund of unutilized input tax credit or on payment of integrated tax with provision for refund of the tax paid.

2. With the onset of GST, extant procedures relating to export of goods viz. claim of rebate/refund, stuffing of containers at the factory, warehouse or any other place from where the goods are intended to be exported etc. would require review of the existing procedures. In this regard, attention is drawn to notification No's 42/2001-CE (N.T.) to 45/2001-CE (N.T.) both dated 26.6.2001 detailing the procedure to be followed for the export of goods on payment of terminal excise duty and 19/2004-CE (N.T.) and 20/2004-CE (N.T.), both dated 06.09.04, without payment thereof.

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Duty Drawback for supplies made by DTA units to Special Economic Zones in the GST scenario

Duty Drawback for supplies made by DTA units to Special Economic Zones in the GST scenario

Attention is invited to Board’s Circular No. 43/2007-Customs dated 5.12.2007 and Circular No. 39/2010-Customs dated 15.10.2010 which inter alia prescribe that in respect of drawback claims by a DTA supplier for supplies made to SEZ Unit or developer, when accompanied by a disclaimer, the drawback shall be disbursed by the Central Excise Commissionerate having jurisdiction over the manufacturing unit of the DTA supplier.

2. In view of implementation of GST, Board has decided to re-organise the Customs functions hitherto handled by Central Excise formations. In this context, it has been decided that in respect of supplies made by DTA unit to SEZ Unit or developer and where the SEZ Unit or developer issues a disclaimer to the DTA supplier and drawback is claimed by the DTA supplier, the drawback shall be processed and paid by the office of Principal Commissioner or Commissioner of Customs/ Customs (Preventive) in whose jurisdiction the DTA Unit falls. Further, the fixation of Brand rate in case of supplies from DTA to SEZ Unit or developer, if required, shall also be done by the office of said Principal Commissioner/ Commissioner. This shall apply to all fresh applications/ claims filed from 1.7.2017 onwards.

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HOW TO PREPARE GST RETURN (GSTR-1) – A PRACTICAL STEP BY STEP GUIDE (SCREENSHOTS)

HOW TO PREPARE GST RETURN (GSTR-1) – ALL DETAILS PRACTICAL GUIDE
By CA Ankit Gulgulia (Jain)
Introduction to Excel based template for data upload in Java Offline Tool
  1. The Offline tool comes bundled with MS Excel Template and a java tool. That Excel workbook template has:
    1. 11 data entry worksheets
    2. 1 master sheet
    3. 1 Help Instruction sheet
    4. i.e. total 13 worksheets.

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What is BitCoins - Mining, Trading and Methods

What is BitCoins - Mining, Trading and Methods
Introduction
Bitcoin is a cryptocurrency and a payment systems invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list  and released as open source software in 2009.