1. As
per Model GST Law, if the total
value of supply under a contract exceeds INR 10 lakhs then the tax is required
to be deducted at source. However it is important to note that the value has to
be considered excluding tax thereon.
2. Returns under GST are required to be filed only by
the registered persons who are taxable as per the provisions of the Act. So any
registered person will not be required to file any return till the time such
person reach to the level of turnover aggregating to Rs 20 lakhs or 10 lakhs
though it is mandatory to register such person under GST on achieving the
turnover of INR 18 lakhs / 9 lakhs.
3. MCA
has deferred the date for roll-out of new version of e-Form SPICe
(INC-32) with functionality of applying for Company PAN and TAN is being
revised and will be communicated shortly. Stakeholders may therefore continue
to file existing version of Form SPICe W.e.f. 21st Jan 2017.
4. Employees’ Provident Fund Organization (EPFO) has made it mandatory for
all pensioners and members to submit Aadhaar number by January 31,
2017 to avail the central govt contribution towards EPS.
5. In
Revised GST Model law, ‘services’ include transactions in money but do not
include money & securities.
6. New
fiscal policy framework, rationalisation of tax, rural capex, efficiency in
social sector spending and digitisation incentives are key expectations of
Union Budget 2017.
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