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News

Tax rate on fertilizers reduced to 5% from 12% under GST


Decision to reduce Tax Rate on Fertilizers from existing 12 to 5 under GST taken in the interests of the Farmers Under GST regime a uniform MRP of Rs 295 47 per 50 kg bag to be fixed across the country GST regime to deter inter state smuggling of fertilizers by integrating the entire fertilizer mark

International Opportunities for Company Secretaries


Dear Professional Colleagues A number of our members have from time to time been expressing interest for professional avenues in different countries Many among these are those who would like to shift their base to some other country at least temporarily in order to practice the profession of Company

Govt announces revised rates of interest on Small Savings leaves PPF untouched


The Union Government has announced revised rates of interest on Small Savings Schemes for the First Quarter of 2017 18 to bring them somewhat closer to market rates Small Savings schemes will continue to be attractive as some of them enjoy income tax benefits and additional interest rate spreads Rev

Inviting expression of interest from CA firms for Indian Railways project


ICAI Accounting Research Foundation ICAI ARF established by the Institute of Chartered Accountants of India in January 1999 as a Section 25 Company under the Companies Act 1956 now a Section 8 Company under the Companies Act 2013 for promoting research in the areas of accounting auditing capital mar

Proposal to provide for grant of interest in case of refund of excess payment of TDS


Finance Minister announces several anti graft and rationalisation measures in the field of Income tax Accountants or merchant bankers furnishing incorrect information to face penalty Income of the Chief Ministers Relief Fund and the Lieutenant Governors Relief Fund to be exempt from tax Concessional

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Experts Opinions

Reverse charge mechanism on interest on unsecured loan, commission and Rent


Dear Experts we are paying tax and interest on unsecured loan rent and commission Those are more than 5k per day will it applicable RCM

Rcm (ps,interest)


Can RCM apply for the following Expenses 1 PARTNER SALARY for Rs 50000 00 each partner 2 Interest on Capital 3 Interest on Unsecured Loan paid for Directors and other Party above Rs 5000 00 4 Share of Profit for Partner 5 Loan Paid to Party Register Dealer

Is interest paid included in bank long term loan balance


Respected Sirs If interest is credited to the Bank Long Term Loan A c and it is observed that the entire interest has been paid which can be verified from the bank statement then will the interest be taken to the balance sheet along with the Bank Long Term Loan It is obvious that the interest paid w

interest rate


What is the rate of interest for late payments of service tax

Housing loan interest and preconstruction period interest


I am joint owner in two properties One property where I am joint owner with my brother and in another I am joint owner with my wife In the second case we bought the under construction property and we got the possession in Feb 17 I have a preconstruction period interest for FY 14 15 and FY 15 16 In t

Discussion

Interest under GST

Is there any GST on Interest on statutory dues like TDS service tax

Income tax rebate regarding home loan interest deduction.

Hello Everyone My question is related to income tax I am putting my question inpoints Please suggest me what to do 1 My elder brother is a salaried person He has filed his ITR 1for the AY 2017 18 claiming refund He has claimed home loan interest deduction of Rs 2 00 000 showing house as Self occupie

Interest received from govt. on agriculture land acquisition

I have received the interest amount of Rs 12 Lac from Haryana Urban Development Authority HUDA against Interest for Land Acquisition 25 years back I think the interest amount is for 25 years and it should be exempt Pl confirm that it will be exempt fully of partially in which section It taxable then

Interestate purchase entry in gstr3b

RAMBEING REGISTERED DEALER SOLD GOODS TO SHAMWHO IS ALSO REGISTERED DEALER RAMDISPATCHED GOODS ON 27 07 2017 AND CHARGES IGST ON INTERESTATE SALE SHAMRECEIVED GOODS ON 03 08 2018 NOW IN WHICH MONTH RETURN SHAMWILL FILE HIS PURCHASE AS RAMWILL FILE IT IN JULY 2017 RETURN NEED ADVICE ON IT

GST Payment Calculator Utility

Require gst tax payment calculator excelUtility

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  • Updated Details Collection Excel for GST Return GSTR-3B

    As everybody is aware the GST Returns for every month needs to be filed by 20th of subsequent month As the regular outward and inward annexures and return GSTR 3 are not yet made available for the months of July and August 2017 a summary return in Form GSTR 3B needs to be filed before 20th of next month An excel sheet for obtaining the details required to fill the GSTR 3B is prepared as the GSTR 3B needs to be prepared and submitted online only as offline utility is not provided yet Basic features of the excel sheet are as follows 1 The details need to be entered in the yellow colored cells only 2 If any incorrect information is entered in the cell the contents of the cells appears in red color Please correct the same to get proper working 3 While entering the details of outward supplies and inward supplies in Table 3 1 select the proper nature of supplies from the drop down wherever it is provided 4 The Integrated Tax Central Tax and State UT Tax is calculated automatically depending on the figures entered under Inter State or Intra State columns and the Rate selected from drop down 5 Cess needs to be entered manually 6 Table 3 2 contains details of state wise inter state supplies to unregistered dealers composition dealers and UIN holders Select the Nature of inter state supplies and state from drop down 7 In Table 3 2 Total taxable value and integrated tax should be less than the taxable inter state supplies and integrated tax shown in Table 3 1 above 8 Details of ITC available ITC reversed and Ineligible ITC needs to be given in Table 4 The description mentioned in yellow cells is given for reference only and can be changed as appropriate in respective case 9 Tax payable in Table 6 1 is auto calculated and arrived by adding the tax payable as per Table 3 1 and deducting the net ITC available and adding ineligible ITC as shown in Table 4 10 The Tax payable figures in Table 6 1 appears in red color if there is net tax payable after adjusting payment through ITC TDS TCS and payment in cash 11 Similarly The Tax payable figures in Table 6 1 appears in red color if interest and late fee payable is greater than the tax paid in cash as the same needs to be paid by cash and can not be paid through ITC 12 The TDS and TCS credit is not applicable at present as the said provisions are not made applicable presently till further instructions
  • Returns, Payments, interest/penalty under GST regime

    Returns Payments interest penalty under GST regime
  • GST Payment Calculator

    Please give feed back to this calculator I hope it will help to find your GST liability help full to calculate Tax
  • Income Tax Calculator FY 2016-17 AY 2017-18

    Calculates Income Tax For FY 2016 17 AY 2017 18 For Individuals HUF Firms And Companies in a very easy and friendly manner The size of this updated excel utility is just 15 KB This is only a Tax Calculator and it does not compute your Taxable Income In case of any queries or feedback please email me at ca prakashdugar gmail com
  • Notification No. 13/2017-CT (GST)

    Seeks to prescribe rate of interest under CGST Act 2017

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Articles

GST Payment Due Dates and Interest on Late Payment


GST Payment Due Date Due date for payment of GST is 20 days from the end of the month For persons registered under composition scheme the due date will be 18 days after the end of the quarter Rules and Regulations regarding GST payment Electronic Cash Ledger The payment made towards tax interest pen


Interest Rate Under GST Act 2017


Central Board of Excise and Customs has notified fixed Interest to vide Notification No 13 2017 Central Tax date 28 06 2017 The fixed rate of Interests are as under S NO Nature of Levy interest Rate of Interest 1 Delay payment of Tax 18 2 Contravention output tax liability of the recipient in his re


Payment of tax, interest, penalty and other amounts under GST


Payment of tax interest penalty and other amounts under GST in 10 points 1 In the GST regime for any intra state supply taxes to be paid are the Central GST CGST going into the account of the Central Government and the State UT GST SGST going into the account of the concerned State Government For an


Waiver of interest charged u/s 201(1A)(i) of the Income Tax Act 1961


CBDT has issued guidelines for waiver of interest charged u s 201 1A i vide circular No 11 2017 dated 24 03 2017 According to this circular CBDT empower to Chief Commission of Income Tax and Director General of Income Tax may reduce or for waiver of interest charged u s 201 1A i of the Act in the fo


Some interesting facts about GST


Whether GST is new to India In the year 2000 the Vajpayee government started a discussion on GST by setting up an empowered committee headed by Asim Dasgupta the then Finance Minister of West Bengal In 2003 the Kelkar Task Force on Indirect tax had suggested a comprehensive Goods and Service Tax bas


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Updated on : 8/14/2017 1:18:10 AM


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