R A R E And ASSOCIATES_Tuticorin

Goods Transport Agency (GTA) in GST: To be covered under GTA services a person needs to provide service in relation to goods transport by road AND issues consignment note (by what ever name called) by which lein on the goods transfered to the transporter and the transporter becomes responsible for the goods till its safe delivery to the consignee. Hence to be qualified as GTA the service provider should be necessarily issuing a consignment note. Individual truck/tempo operators who do not issue any consignment note are not covered within the meaning of the term GTA. GST is charged @ 5% when input was not availed by GTA and the service receiver is liable to pay tax . However the service receiver shall take input credit on GST paid. When the service is provided to un registered person, GTA is liable to pay tax not the service receiver.  GST is charged @12% when input was availed by GTA and the GTA itself is liable to pay tax not the service receiver. No GST charged by...

Intra State E-Way Bills: Staggered Rollout From April 1 interstate movement of goods will need generation of e-way bill State have divided into four groups for the purpose of E-Way bills implementation The mechanism will be rolled out in a staggered manner, with one new zone be added every week. will try and complete the rollout of intra-state E-Way bills by April end. Reverse Charge Mechanism: The reverse charge mechanism has been extended by three months Relief For Exporters: The tax relief for exporters has been  extended by 6 months. Exporters presently availing various promotion schemes can now continue to avail such exemptions on their imports up to october1, by which time an e-wallet scheme is expected to be in place to continue the benefits in future. Council directed GSTN to expeditiously forward the balance refund claims to the customs / Central / State GST authorities, as the case may be, for their immediate solution and disbursal. Return Fili...

Long Term Capital Gain: If an asset was held for more than one year, then sold for a gain, is a Long Term Capital Gain(LTCG) includes conversion of capital asset into stock in trade. Tax Rate: Taxed at the rate of 20%. Scheme: Income tax act allows deduction in respect of LTCGs if invested in Long Term Specified Assets Long Term Specified Assets: Any bond issued by National Highway Authority of  India Rural Electrification Corporation Limited Quantum of Deduction: Case 1: If the amount invested in specified asset >= Capital gain then entire capital gain is exempt Case 2: If the amount invested in specified asset < Capital gain then to the extent of amount invested Maximum to the extent of Rs 50 Lacs Conditions For Availing Exemption: The investment has to be made within a period of 6 months from the end of the month in which the transfer takes place. The specified asset should not be transfered within a period of 3 year...

Eligibility to Export Under LUT: All registered persons who intend to supply goods or services for export without payment of Integrated Tax (IGST) should apply. He should not be prosecuted for any offense under GST act or any of the existing law for an amount exceeding two hundred and fifty lakh rupees Validity: valid for the whole financial year in which it is tendered. In case goods not exported within the time frame and fails to pay the tax amount then the LUT is deemed to be withdrawn. Form for LUT: Form GST RFD 11 available for download in CBEC website untill the time its made available in common portal of GST. Documents for LUT: Self declaration to the effect that the conditions of LUT have been fulfilled shall be accepted unless there is specific information otherwise. Time of Acceptance of LUT: Should be accepted within a period of three days. if not accepted with in a period of three working days from the date of submission, it shall deem...

Eligibility: File GSTR-3B of the relevant tax period for which refund is to be sought. File GSTR-1, providing export details in Table 6A of GSTR1 along with shipping bill details and having integrated tax levied. Claiming of Refund: NO separate refund application required, shipping bill itself shall be considered as refund application. Processing of Refund: Export data as filed in GSTR1 (Table 6A) after validated with GSTR 3B will be shared with ICEGATE. Customs validate GSTR 1 data with their shipping bill and EGM data. On sucessful matching of data refund will be processed. Once the refund payment credited to the account of the tax payers -> ICEGATE system shares the payment information with the GST Portal -> GST portal inform the tax payer through SMS and e-mail Further Clarification regading Refund: Contact corresponding ICEGATE jurisdictional officials. Bank Account for Refund: The refund amount will be credited in the bank account ma...

Scope of power of Attorney: Its not an instrument of transfer in regard to any right, title or interest in an immovable property. Its a creation of agency where by grantor authorizes the grantee to do the acts specified there in. This is quite common in the case of NRIs who invest in india but are not in a position to sign the various documents or do the follow-up on these investments. All the actions taken by the attorney under the PoA are the actions of the grantor Income Tax on (guarantee) power of attorney holder: As attorney acts as an agent he is not taxable under tax laws for the acts done or receipts or incomes received by him on behalf of the grantor. However the tax officers may raise tax demand on the attorney as recent income tax tribunal decisions are in their favour. It is advisable to take the following precautions (preventive measures) to minimize the risk of such amounts being treated as income of attorney. Preventive Measures: Funds received ...

       The GST council in its 22 nd meeting approved a major relief package for exporters.        Refund disbursed with effect from 10 th October, 2017 for the export made in july 2017 where information (port code, shipping bill etc.,) in GSTR 1 and GSTR 3B is matching.       There are cases refund could not be done due to errors in EGM / GSTR 1 return / Shipping bill. The analysis of the common errors that are hindering the disbursal of IGST refund, and decisions taken to address such errors are as follows: IGST refund for the exports of goods in the month of july, 2017:      Errors       Rectification       Incorrect Shipping Bill number in GSTR1       Amendment to be made in Table 9A of GSTR 1 in August 2017      Invoice Number and IGST paid amount mismatch with shipping bill     ...