CbCR Appropriate usage guidance released by CBDT

CBDT has released the much awaited guidance on usage of Country-by-Country Reports (CbCR) informationvide Instruction No. 2/2018. The guidance pertains to the appropriate use of CbCR information. With this, the uncertainty and apprehensions on appropriate use of detailed information/ data filed as part of CbCR,has been addressed by CBDT. Some of the key points, inter alia, of the Instruction are as follows:

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Posted in Transfer pricing |

Sixth Amendment to CGST Rules, vide notification no. 28/2018-Central Tax dated 19.06.2018

The list of changes are here-under:

  1. In Rule 58, Sub-Rule (1A) has been inserted for transporter who is registered in more than one State or Union Territory having the same Permanent Account Number, he may apply for a unique common enrolment number by submitting the details in FORM GST ENR-02 using any one of his GSTINs.

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Posted in GST |

Filling of Statement of Financial Transaction (SFT) for Financial Year 2017-18 – 31st May 2018 Timeline

Section 285BA of Income Tax Act, 1961 (‘Act’) read with Rule 114E of Income Tax Rules, 1962 (‘Rules’) requires certain persons/entities to furnish a return/ statement of specified financial transactions (‘SFT’) as mentioned in such Rule 114E.

Rule 114E specifies 13 numbers of transactions, information in respect of which is to be filed by the persons stated in such Rule.

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Posted in Direct Tax |

Inter-state and Intra State applicability of E-way Bill

In order to ease & speed up the physical movement of goods, GST council has come up with concept “E-way Bill” to track the status movement of goods from one place to another. It has been notified that w.e.f. 1st April 2018 E-way bill is mandatory for inter-state movement of goods in case consignment value is more than 50,000. Continue reading

Posted in GST |

Only one e-Way Bill in ‘Bill To Ship To’ supplies, clarifies Finance Ministry

CBIC issues clarification vide Press release dated 23rd April 2018 on issues regarding “Bill to Ship To” transactions for E-way bill. It clarified that one e-way bill is required to be generated either by supplier or person who ordered the goods as per the prescribed procedure. Continue reading

Posted in GST |