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CBEC Clarification Regarding Availability Of Transitional Credit For GST

CBEC through it press release dated 17th August 2017 has clarified regarding availability of Transitional Credit for GST, which is as under:

As per the rules, the GST for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed.

Concerns have been raised about the form for claiming transitional input tax credit not being available on the GSTN website. This form will be available on the GSTN website from 21st August, 2017.

In view of this, a small window of opportunity is being given to all the taxpayers. For those taxpayers who do not want to claim any transitional input tax credit have to necessarily pay the tax and file return in Form 3B before the due date of 20th August, 2017. The taxpayers who want to avail the transitional input tax credit should also calculate their tax liability after estimating the amount of transitional credit as per Form TRANS I. They have to make full settlement of the liability after adjusting the transitional input tax credit before 20th August, 2017.

However, in such cases, they will get time upto 28th August, 2017 to submit Form TRANS I and Form 3B. In case of shortfall in the amount already paid vis-à-vis the amount payable on submission of Form 3B, the same will have to be paid with interest @ 18% for the period between 21st August, 2017 till the payment of such differential amount.

Central Goods And Services Tax (Fifth Amendment) Rules, 2017 - Notified

Central Board of Excise and Customs, vide Notification No. 22/2017 – Central Tax dated the 17th August, 2017, in exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), has made and notified the Central Goods and Services Tax (Fifth Amendment) Rules, 2017, further to amend the Central Goods and Services Tax Rules, 2017.

Download the Central Goods and Services Tax (Fifth Amendment) Rules, 2017 - click here

CBEC Notified Date & Conditions For Filing Return In FORM GSTR-3B For July, 2017

Central Board of Excise and Customs, vide Notification No. 23/2017 – Central Tax dated the 17th August, 2017, has notified the date and conditions for filing the return in FORM GSTR-3B for the month of July, 2017. The contents of the said notification is as follows:

In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as “the said Act”) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as “the said Rules”) and notification No. 21/2017- Central Tax dated 08th August, 2017 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. number 997 (E), dated the 08th August, 2017, the Commissioner, on the recommendations of the Council, hereby specifies the conditions in column (4) of the Table below, for furnishing the return in FORM GSTR-3B electronically through the common portal for the month of July, 2017, for such class of registered persons as mentioned in the corresponding entry in column (2) of the said Table, by the date specified in the corresponding entry in column (3) of the said Table, namely:-

TABLE

IBBI Invites Public Comments On Amendments To Information Utilities Regulations

IBBI, Dt. 16th August, 2017: Invitation of Comments

AMENDMENTS TO THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INFORMATION UTILITIES) REGULATIONS, 2017

1. Information Utilities (IUs) constitute a key pillar of the institutional infrastructure under the Insolvency and Bankruptcy Code, 2016 (Code), the other three pillars being the Adjudicating Authority (National Company Law Tribunal and Debt Recovery Tribunal), the Insolvency and Bankruptcy Board of India (IBBI) and Insolvency Professionals. They probably have no parallel elsewhere in the world. They are envisaged to make available verified and authenticated financial information required for various transactions under the Code. For example, a creditor may use the information available with the IUs along with its application for initiating corporate insolvency resolution process to establish default before an adjudicating authority, a claimant may use the information available with the IUs to establish his claim before an interim resolution professional, etc. The IUs thus facilitate determination of defaults, claims, etc. and help closure of transactions in a time bound manner.

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