Reading Time: 4 minutes Recommendations 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 minutes Under 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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Reading Time: 3 minutes Artificial flowers HSN Code, Artificial flowers, Wigs & False Beards HSN code and GST Rate as mentioned in the Chapter 67 of HSN , item includes Prepared feathers and down and articles made of feathers or of down; artificial flowers; articles of human hair HSN Code Description Rate (%) CESS (%) Effective Date Rate Revision
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Reading Time: 2 minutes Insolvency and Bankruptcy Board of India, IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018 The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that
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Reading Time: < 1 minute The Government of Punjab Vide Notification No PA/ETC/2018/175 dated September 13, 2018 has notified that no E-Way bill shall be required to be generated for the intra-State movement in the State of Punjab, for a period of one year from the date of issuance of the notification, Where the movement of Goods commences and terminates within the State
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Reading Time: 1 minute DIR-3KYC, The Ministry of Corporate Affairs has extended the due date of filing DIR-3KYC without any filing fees upto 15 Sept 2018 and The fees of ₹5,000/- shall be applicable and payable on all delayed filings w.e.f 16 Sept 2018. The Companies (Registration Offices and Fees) Rules, 2014 vide Notification dated 21st August 2018 or via Companies (Registration Offices
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Reading Time: 2 minutes No E-way bill for Job Work, No e-way bill for intra-state movement of goods in the State of Rajasthan for the purpose of Job Work. The Commissioner of State Tax, Rajasthan vide Notification No. F17 (131) ACCT/ GST/2017/ dated August 6, 2018, has notified that no E-Way Bill shall be required for goods (of any value) transported for
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Reading Time: 2 minutes Simplified Returns and Return Formats, The GST Council in its 27th meeting held on 4th May 2018 had approved the basic principles of GST return design. Now in its 28th meeting held on 21st July 2018, GST Council approved the key features and the new format of the GST returns. This document lists the salient features of
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Reading Time: < 1 minute Central GST Delhi West Commissionerate arrested two Rohini based businessmen on August 01, 2018 in a case of fraudulent issuance of Input Tax Credit invoices without actual supply of goods involving evasion of approximately Rs.201 crores relating to plastic granules industry. Searches were conducted at several places during which various incriminating documents and evidences were
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Reading Time: 2 minutes GST Impact on Free Samples, Promotional offers are very common in today’s competitive world to attract customers. Distribution of free samples is one of the sales strategies to woo the customers for buying the products. the term ‘free supply’ is not defined under GST law, a ‘free supply’ in general sense, means a supply of
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