Wednesday, 8 February 2017

Some recent updates that you would not like to miss – (8th Feb 2017)

1.  GST is on schedule for implementation later this year (most likely w.e.f. July 1, 2017) and that there would be no harassment of genuine taxpayers over deposits of old notes in the wake of demonetization.

2.  Serial no. of invoices issued during a tax period shall have to be provided in GSTR-1 (Return of Outward Supplies) filed electronically at GST common portal.

3.  Taxpayer shall not have to take separate registration for each business vertical if he has different business verticals in one state. However the taxpayer has the option to register such separate business verticals independently.

4.  Under GST Inter-state supply of less than Rs 50,000 in which address of buyer is not available in records of supplier, shall be treated as Intra-state supply. And if such Tax Invoice exceeds Rs. 50,000 then it is mandatory to quote the address of buyer, place of delivery & state even for unregistered person.

5.  Interest receipts earned by the assessee out of FDs kept with Banks by way of margin money made for the purposes of the assessee’s business of import/export trading in diamonds, constitutes business receipts/income.

6.  The discount offered by the assessee to its customers shall be considered as commission. Hence, no liability for deducting tax at source arises.

7.  Exemption now gets withdrawn from service tax on cross border B2C (business to consumer) OIDAR (Online information and database access or retrieval) services provided online/electronically from a non-taxable territory to consumers in taxable territory in India.

Have a great day ahead!

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