GST State Code List - Required for Invoicing

GST STATE CODE LIST - Required for Invoicing   S.No. State Name State Code 1 Andaman and Nicobar Islands 35 2 Andhra Pradesh 37 3 Arunachal Pradesh 12 4 Assam 18 5 Bihar 10 6 Chandigarh

Article ID: 351 | Views: 23 | Posted By: TaxReply.com | Date: 2017-07-25

List of Inward supplies on which input tax credit of GST is not allowed and exceptions thereto

List of Inward supplies on which input tax credit of GST is not allowed and exceptions thereto (Section 17(5) of CGST Act, 2017) Notwithstanding anything contained in sub-section (1) of section 16 and subsection (1) of section 18, input tax credit shall not be available in respect of the following, namely:— (a) motor vehicles and other conveyances except when they are used ––         (i) for making the following taxable supplies, namely:—                  (A) further supply of such vehicles or conveyances ; or                 

Article ID: 350 | Views: 35 | Posted By: TaxReply.com | Date: 2017-07-15

Place of Supply of Goods on BILL TO and SHIP TO transactions

Place of Supply of Goods in case of "Bill to"  &  "Ship to"  Transactions Section 10(1)(b) of IGST Act, 2017 – Place of Supply of Goods “Place of Supply of goods” is the crucial and important factor in GST Regime since it divides the supply into two categories namely a)    Inter-State Supply b)    Intra-State Supply (Local Supply)   Subject to the provisions of section 10, supply of goods, where the “location of the supplier” and the “place of supply” are in (a) two different States; (b) two different Union territories; or (c) a State

Article ID: 349 | Views: 38 | Posted By: TaxReply.com | Date: 2017-07-13

GST Rates on Goods

GST Rate on Goods with HSN Codes - as updated by CBEC on 13/07/2017               Chapter / Heading / Sub-heading / Item Description of Goods CGST Rate (%) SGST/ UTGST Rate (%) IGST Rate (%) Condition 0304 Fish fillets and other fish meat (whether or not minced), frozen 2.5 2.5 5   0305

Article ID: 348 | Views: 35 | Posted By: TaxReply.com | Date: 2017-07-13

Location of Supplier and Place of Supply in relation to Immovable Properties

Determination of Location of Supplier and Place of Supply in relation to Immovable Properties (with detailed examples)   “Place of Supply of services” is the crucial and important factor in GST Regime since it divides the supply into two categories namely a)    Inter-State Supply b)    Intra-State Supply (Local Supply)   Section 7(3) of IGST Act, 2017 " Subject to the provisions of section 12, supply of services, where the “location of the supplier” and the “place of supply” are in (a) two different States; (b) two different Union territories; or (c) a State and a

Article ID: 346 | Views: 557 | Posted By: Taxreply.com | Date: 2017-07-12

How to determine Place of Supply of Goods in GST - Section 10 of IGST Act

Section 10 of IGST Act, 2017 – Place of Supply of Goods “Place of Supply of goods” is the crucial and important factor in GST Regime since it divides the supply into two categories namely a)    Inter-State Supply b)    Intra-State Supply (Local Supply)   Subject to the provisions of section 10, supply of goods, where the “location of the supplier” and the “place of supply” are in (a) two different States; (b) two different Union territories; or (c) a State and a Union territory, shall be treated as a supply of goods in the course of inter-State trade or commerce.  

Article ID: 344 | Views: 359 | Posted By: TaxReply.com | Date: 2017-07-04

Conditions to be fulfilled for getting approval for Hospital u/s 17(2)(viii)(ii)(b) of Income Tax Act by Chief Commissioner of Income Tax.

Rule 3A(1) & (2) of Income Tax Rules read with Section 17(2)(viii)(ii)(b) of Income Tax Act.   Conditions to be fulfilled before grating approval [Rule 3A(1) of Income Tax Rules] In granting approval to any hospital, the Chief Commissioner shall satisfy himself that the hospital is registered with the local authority and fulfils the following requirements, namely (i)   The building used for the hospital complies with the municipal bye-laws in force. (ii)   The rooms are well ventilated, lighted and are kept in clean an

Article ID: 343 | Views: 12 | Posted By: TaxReply.com | Date: 2017-06-24

FAQ on NBFC by RBI

FAQ on NBFC (Non Banking Financial Company) Issued by RBI (Updated as on January 10, 2017) A. Definitions   1. What is a Non-Banking Financial Company (NBFC)? A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities)

Article ID: 342 | Views: 97 | Posted By: TaxReply.com | Date: 2017-03-26

Sale of penny shares cannot be held as bogus merely because SEBI has initiated investigation against company and broker

* Case on Penny Stock / Income Tax litigation on Penny Stock   Summary: Assessee bought 30,000 shares of Ramkrishna Fincap Ltd. @ Rs3.10 per share in 2003 on the floor of Kolkata Stock Exchange, shares were received in demat a/c and payments were made by account payee cheque through a registered broker M/s Basant Periwal & Co. Assessee sold the same shares on Kolkata stock exchange @ Rs.155.04 per share in 2005 and claimed the entire long term capital gain as exempt u/s 10(38). Held that Sale of shares cannot be treated as bogus merely on the ground that SEBI has initiated investigation in respect of Ramkrishna Fincap Ltd. and the transaction through M/s Basant Pe

Article ID: 341 | Views: 64 | Posted By: TaxReply.com | Date: 2017-03-21