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21 October, 2017

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Valuation Rules Prescribed by MCA - A Detailed Clause by Clause Analysis

MCA Notifies Valuation Rules w.e.f 18th October – A Detailed Point by Point Analysis by CA Ankit Gulgulia (Jain)

Vide No. F No. 1/27/2013-CL-V dated 18th October, 2017 the Ministry of Corporate Affairs appointed 18th October, 2017 as applicable date for Implementation of Section 247 of CA, 2013. Section 247 of Act is regarding the Valuation of Various asset classes of Balance sheet by Registered Valuers in accordance with Rules prescribed. We set to discuss these rules in depth and clause by clause in the under mentioned article. 

19 October, 2017

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Deemed Exports Transactions Listed Under GST - Can Hurt Many Very Badly

Deemed Exports Transactions Listed Under GST - Can Hurt Many Very Badly

By CA Ankit Gulgulia (Jain)

Vide Notification No. 48/2017–Central Tax dated 18th October, 2017,the CBEC today notified the Supplies which shall qualify as ‘Deemed Exports’ under GST and thereby benefits of Deemed Exports shall Accrue to these Supplies. The Transactions are as under:-

14 October, 2017

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InterState Supplies of Taxable Services Upto 20 Lacs Now Exempted Under GST

Persons making inter-State supplies of taxable services shall be exempted from registration u/s 23(2) where turnover is not exceeding ₹ 20 Lacs - 10/2017 - Integrated GST (IGST)



Notification No. 10/2017 – Integrated Tax

New Delhi, the 13th October, 2017
G.S.R. 1260 (E).- In exercise of the powers conferred by section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) read with sub-section (2) of section 23 of the Central Goods and Services Tax Act, 2017 (12 of 2017)(hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby specifies the persons making inter-State supplies of taxable services and having an aggregate turnover, to be computed on all India basis, not exceeding an amount of twenty lakh rupees in a financial year as the category of persons exempted from obtaining registration under the said Act:

13 October, 2017

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Big Relief - No Reverse Charge On Purchases from Unregistered Dealers w.e.f 13th October, 2017 till 31.3.2017

No Reverse Charge On Purchases from Unregistered Dealers w.e.f  13th October, 2017 till 31.3.2018
Dear Readers,

After the GST Council’s decision of rationalizing the GST Reverse Charge in its last meeting we were all awaiting the Relevant Notifications. Today i.e. 13th October, 2017 the Notifications are released as per details hereunder:-

No. 38/2017 - Dated: 13-10-2017 - CGST Rate à Under CGST
No. 32/2017 - Dated: 13-10-2017 - IGST Rate à Under IGST
No. 38/2017 - Dated: 13-10-2017 - UTGST Rate à Under UTGST

Pursuant to above notifications, reverse charge has been suspended till 31.3.2018 w.e.f 13.10.2017 i.e. the date of Relevant Notifications.

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GST On Leasing of vehicles purchased and leased prior to 1st July, 2017

Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST at a rate equal to 65% of the applicable GST rate (including Compensation Cess)
October 12, 2017

In order to provide relief to old/existing leases of motor vehicles, GST Council in its 22nd Meeting held on the 6th October, 2017 in the national capital took several decisions in respect of motor vehicles purchased and leased prior to 1st July, 2017. These decisions are as given below:-

a) Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST at a rate equal to 65% of the applicable GST rate (including Compensation Cess).

07 October, 2017

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GST Ambiguity Mounting Big On North Eastern States Companies

GST Ambiguity Mounting Big On North Eastern States Companies

Lack of clarity on earlier area-based exemption in hill & NE states also blocks financial calculations; refund mechanism and amount yet to be notified by Centre


With the new goods and services tax (GST), industries in hilly and northeastern states say they face uncertainty on whether they will continue to get full tax benefit for establishing units there.
Image result for North East gst

06 October, 2017

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Reliefs to Exporters, Composition Scheme Opters & Small Business Return Filing - GST Council Meeting

Reliefs to Exporters, Composition Scheme Opters & Small Business Return Filing - GST Council Meeting

In what could be a big relief to Indian Exporter Community and Small Businessmen frustrated at filing of Cumbersome Monthly Returns, the GST Council has stepped In perhaps just at the edging moment.

Image result for gst cOUNCIL

01 October, 2017

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Cancellation of Migrated GST Registration Now Open till 31.10.2017

Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs

Notification No. 36/2017 – Central Tax

New Delhi, the 29th September, 2017

G.S.R. 1214(E):- In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-

1 These rules may be called the Central Goods and Services Tax (Eighth Amendment) Rules, 2017.

2. In the Central Goods and Services Tax Rules, 2017, –

(i) in rule 24, in sub-rule (4), for the figures, letters and word, 30th September”, the figures, letters and word “31st October” shall be substituted;

(ii) in rule 118, for the words “a period of ninety days of the appointed day”, the words and figures “the period specified in rule 117 or such further period as extended by the Commissioner” shall be substituted;

(iii) in rule 119, for the words “ninety days of the appointed day”, the words and figures “the period specified in rule 117 or such further period as extended by the Commissioner” shall be substituted;

(iv) in rule 120, for the words “ninety days of the appointed day”, the words and figures “the period specified in rule 117 or such further period as extended by the Commissioner” shall be substituted;

(v) in rule 120A, the marginal heading “Revision of declaration in FORM GST TRAN-1” shall be inserted;

(vi) in FORM GST REG-29, –

(a) for the heading, “APPLICATION FOR CANCELATION OF PROVISIONAL REGISTRATION“, the heading, “APPLICATION FOR CANCELATION OF REGISTRATION OF MIGRATED TAXPAYERS” shall be substituted;


(b) under sub-heading PART-A, against item (i), for the word and letters “Provisional ID”, the letters “GSTIN” shall be substituted.

[F. No. 349/58/2017-GST(Pt.)]

(Dr.Sreeparvathy S.L.)

Under Secretary to the Government of India

Note:- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide notification No. 3/2017-Central Tax, dated the 19th June, 2017, published vide number G.S.R 610 (E), dated the 19th June, 2017 and last amended vide notification No. 34/2017-Central Tax, dated the 15th September, 2017, published vide number G.S.R 1165 (E), dated the 15th September, 2017.

27 September, 2017

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GST Portal Now Allows Amendment

Dear friends, gst portal has now opened for amenment, addition or deletion, application for additional place of business.Please use & enjoy the application 👍🏻

One can do the above functions by logging in the Portal and choosing option 'Services- Registration' 

19 September, 2017

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States Lazy in Issuing GST Notification Will Create Unwanted Chaos

States Lazy in Issuing GST Notification Will Create Unwanted Chaos

GSTN portal doesn’t seem to be accepting any line item in which the CGST and SGST tax rates/ amounts differ, since the information pertaining to each transaction is captured as a single line item (it might have been possible, if, the CGST and SGST were captured as different line items). As such, if we create rules which have 6% CGST and 9% SGST, we may not be able to file the returns in the GSTN portal.

Now where can the Rates be different. See below :-