31 Jan 2018

ANALYSIS OF RECENT DEVELOPMENTS IN TAXATION

Finance feed by:

CA Yash Jain
B.com,CA
CA in Practice    •    100% (1 votes)   •    8 Year 9 Month  experience

1. SALE OF MOTOR VEHICLE ON WHICH INPUT CREDIT IS NOT TAKEN WOULD BE SUBJECT TO
a. If Motor Vehicle Purchased before GST – 11.7% (5.85%- CGST & SGST) and no cess applicable
b. If Motor Vehicle Purchased post GST – 18% (9% each) and no cess applicable

2. Fee for Incorporation of Company with authorized capital upto 10 Lakhs has been waived off, however stamp duty is still applicable according to respective states.

3. According to Income tax officer, all the income earned by the bitcoin(cryptocurrencies) investors, they are required to pay 20% of Earning as advance tax.

4. Where E-way bill is not required, transporter is required to carry Tax Invoice or bill of supply along with him.

5. If Goods are sent for Job work to other State, E-way bill is mandatory irrespective of Value

6. E-way Bill is not required for movement of Currency,Jewellery, Used personal & household effects.

7. Consignment value means value specified in Invoice including Tax for determing limit of 50,000/-. (explanation 2 to notfn 3/2018)

8. Obtain GSTIN/Tran id of your transporter for easy generation of E-way bill from 01/02/2018.

9. HSN is mandatory in E-way bill irrespective of Turnover (Govt expected to amend this)

10. Budget Related update would be provided by our Team by next week along with analysis of the same.


In case if you liked our Update or want us to improve further or you want us to add some other topics too, you can reply to this message and let us know to improve further.

Awaiting for your response 😊

CA YASH JAIN
DEBIT CREDIT FINANCIAL CONSULTING

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