Major amendments in IGST Act, 2017
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The Government has enacted the CGST (Amendment) Act, 2018, the IGST (Amendment) Act, 2018, by publication in official Gazette to amend the respective GST Acts. In this regard, we have captured major amendments in CGST Act, 2017 and IGST Act, 2017 for your perusal
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The document provides an overview of India's Service Exports from India Scheme (SEIS). Key points:
- SEIS replaces the previous Served from India Scheme to encourage export of notified services from India.
- It provides duty credit scrips worth 3-5% of net foreign exchange earnings to eligible service providers exporting via two specified modes.
- Eligible services and service providers must meet minimum net foreign exchange thresholds. Rewards can be used for customs/excise/service tax duties.
- The scheme aims to rationalize incentives and remove restrictions of the previous scheme to boost exports of notified services.
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TAN or Tax Deduction Account Number is a 10 digit alphanumeric number required for all persons responsible for deducting or collecting tax. It must be quoted in all TDS/TCS returns, payment challans, and certificates. Failure to apply for a TAN or comply with related provisions carries a penalty of Rs. 10,000. Different branches/divisions of a company may apply for separate TANs, but a person cannot have or use more than one TAN.
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2) Section 3(2) states that Schedule II applies to determine what constitutes supply of goods or services. It includes matters like transfer of business assets.
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2. There are concerns about the validity of reopening past assessments and the impact on investors' views of India due to continuous litigation arising from retrospective amendments.
3. Definitions related to taxation of indirect transfers of Indian assets and concepts like royalty, software, and satellite transmissions have been expanded and applied retrospectively.
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The document discusses international taxation issues arising from retrospective amendments made to tax laws. Some key points discussed include:
1. A person who had never deducted taxes on computer software in the past now has to go back and undo those mistakes due to retrospective amendments, even though he was not aware of them previously.
2. There are concerns about the validity and impact of retrospective amendments, including on reopening of assessments, revision of orders, and rectification.
3. The amendments have widened the tax base by expanding the definition of royalty to include computer software, databases, and satellite transmission retroactively. This could lead to more litigation.
4. Issues around tax residency certificates, general anti-
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2) Details of input tax credit claimed in GSTR-3B returns filed during the previous financial year.
3) Details of tax paid as declared in returns filed during the previous financial year.
4) Particulars of transactions pertaining to the previous financial year declared in returns between April to September of the current financial year.
Critical compliance for rectification of errors pertaining to fy 17 18 to be ...
Critical compliance for rectification of errors/omissions pertaining to Financial Year 2017-18 to be taken care in the GSTR-1 return for the month of September 2018
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Optitax's updated sop on e way bill 30 jan 2018
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Hope this is helpful
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The document discusses Optitax's, an Indian tax advisory firm, and its preparations for businesses transitioning to the Goods and Services Tax (GST) regime. It provides an overview of Optitax's services, a summary of key transitional provisions under GST including forms to carry forward credits and details on input held in stock, and a compliance calendar outlining important GST return filing deadlines.
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