Legal & Compliance (37)
Indian Legal Centre offers multiple opportunities for practising lawyers and law students to improve their knowledge of Legal English and English Law with practising British barristers and lawyer linguists. The modern technology we use allows us to unite students from all over the world with our professional British teachers in the online school room to learn Legal English.
415 week ago
User manual for registration at WWW.GST.GOV.IN after obtaining Provisional ID and Password from state authorities... https://t.globallinker.com/T81Db
423 week ago
User mannual for puducherry dealers for enrolling in GST.... https://t.globallinker.com/tuihd
423 week ago
Enrolment plan for GST...check out your for your state at https://t.globallinker.com/VcOWs
423 week ago
GST Registration shall start on 8.11.2016 at www.gst.gov.in
423 week ago
Hi Everyone, GST being the Buzz word all around the Industry, I thought of sharing some quick insights for the benefit of this community: Among all the sections under the Model GST law, Transition provisions are the most critical and important area to be looked into. Government being firm on going live from 1st Apr 2017, it is very important that we get ourselves updated as early as possible with the provisions. Below are some key points with respect to Transition provisions under GST: 1. Tax credit can be carried forward under the GST only to the extent which gets reflected in the Tax return filed under the earlier Law (i.e Laws existing before GST) for the period ending on the day immediately preceding the appointed day. Very important, it means the amount of Tax credit shown in the return filed for period ending on 31st Mar 2017 (Assuming GST is applicable from 1st Apr'17) can only be carried forward under GST. Hence it becomes very important in terms of accuracy/Completeness of the tax returns to be filed till 31st Mar'17 2. Pending refund claims to be disposed off under earlier Law That means all the claims for refund will be cleared only as per earlier law and will be settled in cash and will not be credited to Electronic credit ledger. Hence the litigations and corruption will continue as per earlier legislation. 3. Claim of Tax credit to be disposed off under earlier Law If the result of claim comes as Credit, then it shall be settled in cash as per earlier Law., and In case the result of claim comes as recovery, then it shall be recovered as per GST Law. (Very important). i.e. Recovery will be done as if it was an arrear of tax under GST Law itself. 4. Finalization of proceedings relating to output duty liability This is similar to point 3 above. It relates to all the proceedings started before the appointed date. If the result is recovery, then the amount shall be recovered as if it was an arrear under GST Law and in case the result is refund, then the amount shall be dispossed off in Cash as per earlier Law.. (Same story of corruption and harassment to continue) 5. Treatment of long term construction / works contracts Goods/Services supplied on or after appointed date, in relation to the contract entered into prior to the appointed date, the tax shall be collected as per the GST Law Very important for the industry since the agreement and price negotiations should be made keeping in mind the provisions of the GST Law. 6. Progressive or periodic supply of goods or services No tax shall be payable on the supply of goods and/or services made on or after the appointed day if: Consideration received prior to the appointed day and Duty/Tax has already been paid under earlier Law That means in all other cases the tax shall be payable under GST Law. 7. Treatment of retention payments No tax shall be payable on the supply of goods and/or services made before the appointed day where: Part consideration for the said supply is received on or after the appointed day But the full duty or tax payable on such supply has already been paid under the earlier law. That means in all other cases the tax shall be payable under GST Law. 8. Credit distribution of service tax by ISD (Input Service Distributor) Input tax credit (ITC) on account of any services received prior to the appointed day by an Input Service Distributor shall be eligible for distribution as credit even if the invoice(s) relating to such services is received on or after the appointed day. Some relief given to the ISD's as there will not be double taxation on the distributed part of the input tax credit post the appointed date These are some key points related to Transition provisions, please do comment and provide your valuable feedback. Please let me know for any related queries/clarifications, i would be happy to assist you. Regards, CA Govind Chomal 9673378777
424 week ago
We are an e advisory company providing advises on any laws be it tax, corporate, civil, FEMA, or employment laws
426 week ago
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