Reading Time: 2 minutesGSTR-8, The Central Board of Indirect Taxes & Customs ( CBIC ) vide its order No. 02/2019-Central Tax dated February 01, 2019 has extended the due date for furnishing return in Form GSTR-8 to February 07, 2019 as the E-commerce operator were unable to obtain registration because of technical issues being faced by them on the common portal but they collected the amount for
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Reading Time: 2 minutesFORM GST TRAN-1, The Central Board of Indirect taxes & Customs ( CBIC ) vide its Order No. 01/2019-GST dated January 31, 2019, extends the time limit for submitting the declaration in FORM GST TRAN-1 till March 31, 2019, for the class of registered persons who could not submit the said declaration by the due date on account of technical difficulties on
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Reading Time: 3 minutesPART A I am deeply conscious of the absence ofShriArunJaitley today. I am sure the House joins me in wishing Shri Jaitley speedy recovery, good health and long life in the service of the nation. Madam Speaker, the people of India gave a strong mandate to our Government. Under the visionary leadership of Hon’ble Prime Minister
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Reading Time: 2 minutesGSTAT, Cabinet approves the creation of the National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the creation of National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT). The National Bench of the Appellate Tribunal shall be situated
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Reading Time: 2 minutesTDS, Central Board of Direct Taxes  clarifies regarding the issue of Prosecution Notices The Central Board of Direct Taxes (CBDT) has stated that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified
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Reading Time: 2 minutesGST Council Meet, The GST Council has made the following Recommendations in 32nd GST Council Meet. The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley took various decisions including giving the approval to increase in the turnover limit for the existing
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Reading Time: < 1 minuteRecommendations of 32nd GST Council Meet, The GST Council has released a press note on Recommendations made during 32nd Meeting of the GST Council held on 10th January 2019. The GST Council in its 32nd meeting held today at New Delhi gave approval for the following: Recommendations of 32nd GST Council Meet a. Changes made
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Reading Time: 2 minutesNew services under RCM, Seeks to amend notification No. 13/2017- Central Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council, Below mentioned services brought under RCM : Services provided by Business Facilitator (BF) to a banking company Services provided by an
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Reading Time: 4 minutesRecommendations of 31st GST Council Meet, The GST Council in its 31 meeting held today at New Delhi made the following policy recommendations: 1. There would be a single cash ledger for each tax head. The modalities for implementation would be finalized in consultation with GSTN and the Accounting authorities. 2. A scheme of single
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Reading Time: 2 minutesUnder Section 14 of the Customs Act, 1962, the Central Board of Indirect Taxes and Customs (CBIC) notifies the Rate of Exchange for the purpose of conversion of foreign exchange to Indian Rupees (INR) and vice versa for assessment of imports & exports. Currently, CBIC notifies exchange rates for 20 currencies for the purpose of
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