Month: June 2017

Import Export Code (IEC) not required in GST Regime

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Director General of Foreign Trade (DGFT) vide Trade Notice 09 dated 12th June, 2017 notified that importer/exporter would need to declare only GSTIN (wherever registered with GSTN) at the time of import or export of goods.

For persons who are not required to register under GST, the PAN number shall work as a IEC code. Further, for all new applicants who are not required to register under GST, the application shall be made to DGFT and applicant’s PAN will be authorised as IEC.

For existing IEC Holders, the DGFT is taking the responsibility to make necessary changes in the system so that the PAN of existing IEC holder will become their new IEC code.

To view the copy of trade notice issued by DGFT, click the link below:

DGFT_IEC

 Latest update( as on 25-11-2017)

For imports and exports customs is asking for IEC even after implementation of GST. Recently, on application filed for IEC, DGFT is allotting PAN of the applicant  as the IEC.

Import Export Code (IEC) not required in GST Regime

GST: IGST Exemption List

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Please click the link below for the IGST exemption list as decided by the GST council on 11th June, 2017.

 

IGST Exemption list

GST: IGST Exemption List

GST: Rates of 66 items reduced

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GST Council in its meeting on 11th June, 2017, reduced the rates of 66 items. Insulin, pickles, computer printers, agarbatti, school bags, coloring books,  and cashew nuts are among the 66.

Tax rate of items reduced from 12% to 5% – Insulin, cashew nut , agarbattis

Tax rate of items reduced from 28% to 18% – school bags, printers, ,tractor parts, movie tickets up to Rs.100/-

Nil rate – Coloring books

Providing relief to small entities under the GST, the composition scheme has now been expanded to traders, manufacturers, and restaurants with an annual turnover of Rs 75 lakh as against Rs 50 lakh decided earlier.
Please click the link below for the Complete list.
GST: Rates of 66 items reduced

Cost Inflation Index for Capital Gain

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CBDT notifies Cost Inflation Index with base year as 2001-2002 vide notification 44/2017 dated 05th June, 2017.

Cost Inflation Index for Capital Gain

Sl no. Financial Year Cost Inflation  Index

1

 2001-02 100

2

 2002-03 105
3 2003-04

109

4

 2004-05 113
5 2005-06

117

6

 2006-07 122

7

 2007-08 129
8 2008-09

137

9

 2009-10 148
10 2010-11

167

11

 2011-12 184
12 2012-13

200

13

 2013-14 220
14 2014-15

240

15

 2015-16 254
16 2016-17

264
17 2017-18

272

To view the notification, click the link below:

notification44_2017 (1)

Cost Inflation Index for Capital Gain

GST: Rates of gold,textiles etc finalised by Gst Council

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The Gst council, in their meeting held on 03rd June 2017, decided rates of commodities like gold, textiles, footwear, branded packaged food products etc. The rates decided in the meeting are as follows:

1. Packaged food items sold under registered trademarks will be taxed at 5 per cent.

2. Footwear below Rs 500 to be taxed at 5 per cent, over Rs 500 at 18 per cent.

3. Zero tax for Silk, jute

4. Apparel below Rs 1,000 to be taxed at 5 per cent, over Rs 1,000 to be taxed at 12 per cent

5. Gold to be taxed at 3 per cent and biscuits at 18 per cent. Rough diamond will be taxed at 0.25%. 

6. Cotton and natural fiber will be taxed at 5 per cent and man-made at 18 per cent.

7. Solar panels will be taxed at 5 per cent under GST.

8. Bidis will be taxed at 28 per cent under GST and will not attract any cess, Tendu leaves at 18 per cent.

Audio

GST: New tax regime from 01st July 2017

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GST council in it’s meeting today (03-06-2017) cleared all the pending rules including transitional provisions and returns and all states agreeing for a July 01, 2017 rollout of the  GST regime.

The meeting is also scheduled to finalise tax rates of six items including gold, textiles and footwear.

GST: New tax regime from 01st July 2017

Last date of furnishing SFT extended to 30th June, 2017

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CBDT had extended the last date for furnishing Statement of Financial Transactions as per rule 114E (5) of Income Tax Rules read with Section 285BA(1) of Income Tax Act for Assessment year 2017-18 from 31st May, 2017 to 30th June, 2017.

To view the notification, please click the link below:SFT Extension

Last date of furnishing SFT extended to 30th June, 2017

Know your due dates for statutory compliance – June 2017

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KNOW YOUR DUE DATES

Jun-17

DATE

 COMPLIANCE REQUIRED FORM NO. / CHALLAN NO.

06/06/2017

 EXCISE: E-PAYMENT OF EXCISE DUTY FOR MAY 2017

GAR 7
SERVICE TAX: E-PAYMENT OF SERVICE TAX FOR MAY 2017 BY CORPORATES

07/06/2017

 INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING MAY 2017

281

10/06/2017

 EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR MAY 2017

ER 1
EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR MAY 2017

ER 2
EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR MAY 2017 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2016-17 BY PLA/CENVAT/BOTH

ER 6

14/06/2017

 INCOME TAX: DUE DATE FOR ISSUE OF TDS CERTIFICATE FOR TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF MAY 2017

26QB

15/06/2017

 EPF: PAYMENT OF EPF CONTRIBUTION FOR MAY 2017  
EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR MAY 2017

12A
EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN MAY 2017

5/10
INCOME TAX: DUE DATE FOR FURNISHING OF STATEMENT BY AN OFFICE OF THE GOVERNMENT WHERE TDS FOR THE MONTH OF MAY 2017 HAS BEEN PAID WITHOUT PRODUCTION OF A CHALLAN

24G
INCOME TAX: QUARTERLY TDS CERTIFICATES (IN RESPECT OF TAX DEDUCTED FOR PAYMENTS OTHER THAN SALARY) FOR THE QUARTER ENDING MARCH 31,2017

16A
INCOME TAX: DUE DATE OF PAYMENT OF FIRST INSTALLMENT OF ADVANCE TAXFOR A Y 2018-19

280
KERALA VAT: MONTHLY RETURNS OF EVERY DEALER WHOSE ANNUAL NET TAX PAYABLE FOR THE PRECEDING YEAR WAS RS.10 LAKHS & ABOVE

10, 10B, 10C, 10D, 10E, 10F

20/06/2017

 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING MAY 2017  IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD

FORM 1 / FORM I
KERALA VAT: MONTHLY RETURNS OF EVERY DEALER WHOSE ANNUAL NET TAX PAYABLE FOR THE PRECEDING YEAR WAS MORE THAT RS.2 LAKHS AND LESS THAN RS.10 LAKHS

10, 10B, 10C, 10D, 10E, 10F

21/06/2017

 ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR MAY 2017  

22/06/2017

 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING MAY 2017 IF THE MODE OF PAYMENT OF VAT AND CST IS BY ELECTRONIC MODE

FORM 1 / FORM I

25/06/2017

 KERALA VAT: MONTHLY RETURN OF  EVERY DEALER WHOSE ANNUAL NET TAX PAYABLE FOR THE PRECEDING YEAR WAS LESS THAN RS.2 LAKHS

10, 10B, 10C, 10D, 10E, 10F

29/06/2017

 INCOME TAX: DUE DATE FOR E-FILING OF A STATEMENT BY AN ELIGIBLE INVESTMENT FUND UNDER SECTION 9A IN RESPECT OF ITS ACTIVITIES IN FINANCIAL YEAR 2016-17

3CEK

30/06/2017

 INCOME TAX: RETURN IN RESPECT OF SECURITIES TRANSACTION TAX FOR THE FINANCIAL YEAR 2016-17

1/2
INCOME TAX: DUE DATE FOR FURNISHING OF CHALLAN-CUM-STATEMENT IN RESPECT OF TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF MAY 2017

26QB
INCOME TAX: QUARTERLY RETURN ON NON-DEDUCTION OF TAX AT SOURCE BY A BANKING COMPANY FROM INTEREST ON TIME DEPOSITS IN RESPECT OF THE QUARTER ENDING 31ST MARCH 2017  
INCOME TAX: STATEMENT TO BE FURNISHED BY ALTERNATIVE INVESTMENT FUNF TO UNIT HOLDERS IN RESPECT OF INCOME DISTRIBUTED DURING THE PREVIOUS YEAR 2016-17

64C
INCOME TAX: REPORT BY AN APPROVED INSTITUTION/PUBLIC SECTOR COMPANY UNDER SECTION 35AC(4)/(5) FOR THE YEAR ENDING 31ST MARCH 2017  
INCOME TAX: DUE DATE FOR FURNISING OF STATEMENT OF INCOME DISTRIBUTED BY BUSINESS TRUST TO ITS UNIT HOLDERS DURING THE FINANCIAL YEAR 2016-17

64B
COMPANIES ACT: DUE DATE FOR FILING RETURN OF DEPOSITS

DPT-3
Know your due dates for statutory compliance – June 2017