30 April 2017 at 18:26

Excise credit on goods from sez unit.

I am an automobile dealer (First Stage Dealer)Registered in VAT but not registered in excise. 70% of our goods are received from manufacturer plant in SEZ (Enjoying excise tax holiday, that I suppose is going to end with GST).I have Excise Invoice for remaining 30% of my stock (not from SEZ) and 0% Excise duty Invoice for 70% stock(from SEZ). I am eligible for full excise credit for 30% of the Excise Invoice stock. Now my question is whether i would be eligible for deemed credit of @40% for closing stock from SEZ plant in GST.


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Anonymous

Dear sir,

Since the exemption limit under GST is 20 lakhs for other than north east states. Is there any requirement for small scale concern having aggregate turnover less threshold limit to be registered under GST. After registration is there any returns to be filed for declaration of turnover stating turnover less than 20 lakhs.


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30 April 2017 at 16:51

Cash exp. of frieght to transporter

WHAT IS NEW LIMIT U/S 40A (3)
ABOUT CASH EXP. OF FRIEGHT TO TRANSPORTER ?
AFTER AMEDMENT OF 2017


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Hello, I want to ask whether a private ltd company can transfer its shares at loss or is it going to attract tax liability for the difference in intrinsic value and transfer value in the hands of company. Transfer is going to take effect in May 2017. Is it also going to attract tax liability in the hands of existing shareholders if shares are transferred at loss. Transaction is a genuine one but entailing a huge tax liability if it proceeds this way. Please advice asap for the ways to reduce this liability.


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30 April 2017 at 16:13

Clubbing of income and taxation

I have a query.

An assessee was working as freelance Finance Consultant. He died accidentally. However the client for whom he was working before he died did not pay anything to the family of deceased.

Couple of years after the death of assessee, the client approaches the family of the deceased and offers to pay a lumpsome amount as a settlement.

How the same can be accounted for in the hands of spouse of the deceased under clubbing of income provisions.

Spouse of the deceased is a working woman and files return with main income of salary and other sources.

Whether the settlement amount can be adjusted as Professional Fees in the hands of spouse of deceased.

How the TDS should be deducted.


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Form 15 CA & 15 CB required in case import Raw Material of Goods


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30 April 2017 at 15:42

Interest on fd

Hi Everyone,

I have made a FD off Rs.5,00,000 @10% for 5 Years(Maturity April 2021) in April 2016. Now I have to fill my Income tax return.

Shall i show in ITR of this Accrued interest in this AY 2017-2018 or Shall i show at the time of Maturity

Please clarify

Advance Thanks


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30 April 2017 at 15:32

Cenvat credit

Sir,

A pvt limited company receives service of manpower supply from a partnership firm. In this case reverse charge mechanism will apply i.e 100% service tax liability will be of Service receiver.
My question is what will be the provisions of cenvat credit in the case of reverse charge in the hands of company.


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30 April 2017 at 15:30

Cenvat credit

Sir,

A pvt limited company receives service of manpower supply from a partnership firm. In this case reverse charge mechanism will apply i.e 100% service tax liability will be of Service receiver.
My question is what will be the provisions of cenvat credit in the case of reverse charge in the hands of company.


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30 April 2017 at 15:17

Filling of 15g

I will appreciate for the guidance on filling of 15 G by our housing co operative society, we do have a PAN Card in the of our society but we do not file tax return as our Annual contribution for maintenance charges is less than three lakh. How ever thel bank is deducting TDS on our FD interest to avoid the same we want to filr 15G are we eligible to submit 15G.


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