Friday, 24 February 2017

Some recent updates that you would not like to miss – 24.02.2017

1.    As per GST Rules, all UN bodies Consulate or Embassy of foreign countries and any other class of persons so notified will be required to obtain a Unique Identification Number (UIN) from GST portal so as to claim refund of taxes paid by them and for any  other purpose as may be prescribed. The number so obtained would be uniform for the Centre and all States in conformity with GSTIN structure.

2.    In case where the job worker is registered or the principal declares the place of business of the job worker as his additional place of business, only then it is permissible to supply the goods from the place of business of a job worker.

3.  Irrespective of whether attributable or not, assessee is not required to treat all business expenses comprising of administrative, finance, selling or marketing expenses as a part of cost of project.

4.    Under GST, separate invoice is to be issued for reverse charge and forward charge goods & services. Both cannot be clubbed together in single invoice. 

5.    Supreme Court directed all industrial units situated in severely polluted areas across the country to install primary effluent treatment plants (PETP) within three months, failing which they will be shut down.

6.     All Banks will be closed from 24th to 27th Feb on account of 24th – Shivratri, 25th – Fourth Saturday, 26th – Sunday and 27th – Bank Strike.

Have a nice day ahead!

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