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17 November, 2017

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No GST on Advance Receipts against Outward Supply of Goods – Common Sense Prevails

No GST on Advance Receipts against Outward Supply of Goods – Common Sense Prevails

In a welcome step, it has been notified that GST shall be payable only at the time of invoice as per Section 12(2)(a) of CGST Act,2017 for all outward supply of goods for all assesses irrespective of taxable turnover. This is a welcome step and has made situation now similar to earlier vat laws as under earlier vat regime also, the vat was payable on invoice event and not advance event.

Note that the benefit of this is only extended to goods and not services as for services it was the earlier of payment or invoice even in the earlier service tax Regime.
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14 November, 2017

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Didn’t Understood Why Delhi High Court thrashed ICDS? – Here’s the Simplified Version of Story

Didn’t Understood Why Delhi High Court thrashed ICDS?  – Here’s the Simplified Version of Story

By CA Ankit Gulgulia (Jain)

“CBDT is meant to clarify the law, not change it. At the highest it can additionally notify the change in rates of depreciation etc.” {Para 97}

“The ICDS is not meant to overrule the provisions of the Act, the Rules thereunder and the judicial precedents applicable thereto as they stand.” {Para 102(ii)}

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Perhaps, the above two lines of the judgement sums it up as how the Hon’ble Delhi Court sees the ICDS as encroaching the right of parliament and against well settled judicial precedents on computation of Income under the Provisions of Income Tax Act, 1961 and rules thereunder.

11 November, 2017

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23RD GST COUNCIL MEETING DATED 10TH NOVEMBER, 2017 – ALL CHANGES IN ONE MEGA COMPILATION

23RD GST COUNCIL MEETING DATED 10TH NOVEMBER, 2017 – ALL CHANGES IN ONE COMPILATION
By CA Ankit Gulgulia (Jain)
As expected the 23rd GST Council has taken several liberative measures to enhance the overall GST Experience and make it a more compliable and less tax burdensome. Below is the Detailed Compilation of all the changes that will effectuate because of decisions in this meeting. Relevant notifications are not referred to since they are pending yet to come out. The Changes mentioned below are all applicable from 15th November, 2017 unless otherwise mentioned.

04 November, 2017

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From Today No Need to File Separate PAN/TAN Application under Company Incorporation Process

From Today No Need to File Separate PAN/TAN 

Application under Company Incorporation Process

As part of its continuous efforts for simplifying Incorporation related process for providing Ease of Doing Business to stakeholders, MCA will be dispensing with the requirement of separately uploading Forms 49 A& 49B after filing SPICe e-forms. 


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03 November, 2017

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IGST Refund For Exporters - Table 6A of GSTR-1 NOW Activated On GST Portal

IGST Refund For Exporters - Table 6A of GSTR-1 NOW Activated On GST Portal

TO speed up the process of IGST refund to exporters the GSTN has finally activated the new functionality regarding Table-6A of GSTR-1 from the month of August 2017, in which exporters can furnish their export related details.
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GST Invoice Matching Principle Can Face Judicial Heat

GST Invoice Matching Principle Can Face Judicial Heat

By CA Ankit Gulgulia (Jain)

Article.14 of Constitution of India says,
The State shall not deny to any person equality before the law or the equal protection of the laws within the territory of India.

Now, can be said that the provisions of the Indirect taxation Law debarring Input tax credit to the buyer even when he has paid the tax to the collecting seller dealer but the seller dealer did not deposited the tax or filed the return incorrectly as violative of Article 14 of Constitution of India?

Atleast from the Recent Delhi High Court Judgement in case of Quest Merchandising India Pvt. Ltd & Othrs V Government of NCT of Delhi & Ors 2017 (10) TMI 1020 dated October 26, 2017 it APPEARS SO in cases of Bonafide PURCHASER !

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Interestingly it may have some implications for the invoice-matching rules of the GST law where the Delhi High Court read down Section 9 (2) (g) as to be held to be violative of Article 14 of the Constitution. The Detailed Analysis of Judgement is as under:-

02 November, 2017

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Delhi VAT Dealers Required to Rate Wise Stock on 31st March and 30th June, 2017 by 15th December, 2017

Update:- Date of Submission Extended to 15th December, 2017 (http://dvatonline.gov.in/Docs/Notifications/1925150.pdf)

Delhi VAT Dealers Required to Rate Wise Stock on 31st March and 30th June, 2017 by 15th November, 2017
Vide Notification No. F.2 {12)/Policy/2017/ 981-95 dated 27.10.2017, the DVAT Department do hereby require all the dealers who were registered under the said Act to submit details of closing stock as was held by them on 31st March, 2017 and 30th June, 2017 online on the website of the department i. e. www.dvat.gov.in as per the following format, latest by is 15th November, 2017.Image result for stock inventory

01 November, 2017

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Detailed Procedure for RFID E-Sealing (Self Sealing) Exports

Detailed Procedure for RFID E-Sealing (Self Sealing) Exports 

With the introduction of self-sealing using RFID e-seals, the CBEC has sought to enhance export facilitation by dispensing the need for exporters seeking the presence of jurisdictional officer for the purposes of supervising stuffing of the cargo at approved premises. This measure is expected to reduce transaction costs of exporters since they do not have to incur MoT charges in respect of such supervision as well as improve their timeliness of their exports. Such facilitation is proposed to be backed by application of technology in the form of exporters using RFID eseals since it has the potential to improve visibility and enhance cargo security during transportation to Ports & ICDs as well as during holding time.

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25 October, 2017

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Waiver of late fee payable for delayed filing of FORM GSTR-3B for Aug & Sep, 2017 - 50/2017 - Central GST (CGST)

Central Board of Excise and Customs

Notification No. 50/2017 – Central Tax

New Delhi, the 24th October, 2017

G.S.R. (E):- In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby waives the late fee payable under section 47 of the said Act, for all registered persons who failed to furnish the return in FORM GSTR-3B for the months of August and September, 2017 by the due date.

23 October, 2017

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GST on Education Services Simplified

GST on Education Services Simplified

"Education" is not defined in the CGST Act but as per Apex Court decision in "Loka Shikshana Trust v/s CIT", education is process of training and developing knowledge, skill and character of students by normal schooling.

Taxing the Education Sector has always been a sensitive issue, as education is seen more as a social activity than a business one. The government has a constitutional obligation to provide free and compulsory elementary education to every child. Thus, to promote education, it would be beneficial if educational services are exempted from tax. However, commercialisation of education is also a reality. 
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The distinction between core and ancillary education is blurring and education is now an organised industry with huge revenues. The GST Act tries to maintain a fine balancewhereby core educational services provided and received by educational institutions are exempt and other services are sought to be taxed at the standard rate of 18%.