Waiver of Late Fee in case late filing of GSTR-3B under GST

Amount of late fee payable by any registered person for failure to furnish the return in FORM GSTR-3B by the due date under section 47 of the said Act was waived off completely

(i)                 For the month of July 2017 vide Notification No. 28/2017-Central Tax, dated. 01-09-2017

(ii)               For the month of August,2017  and September 2017 vide Notification No. 50/2017-Central Tax ,dated. 24-10-2017

(iii)             For the Month of October 2017 and onward, there is relaxation in amount of late fee instead of complete waive off which is as under:-

when two views are possible, one which favours the assessees has to be adopted

It is trite that when two views are possible, one which favours the assessees has to be adopted. Circulars are binding on the Department. The Government itself has taken the position that where whole of excise duty or service tax is exempted, even the Education Cess as well as Secondary and Higher Education Cess would not be payable.

No registration under GST if service Provider's aggregate Turnover less than Rs.20 Lakhs

In an earlier meeting of the GST Council, it was decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lakhs (Rs. 10 lakhs in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services.

23rd GST council recommendation -press release

Press Information Bureau 

Government of India
Ministry of Finance    
10-November-2017 19:48 IST

Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017

The GST Council, in its 23^rd meeting held at Guwahati on 10^th November 2017, has recommended the following facilitative measures for taxpayers:

GST -New functionalities made available on GSTN Portal

1. GSTR-2 Offline Version 2.1 -
New version of GSTR-2 offline tool is available on portal now. This will enable taxpayers to export data of GSTR-2 from Tool to Excel. This will be helpful in comparing this data with purchase register to take actions like accept, reject and modify.

2. Form GST CMP-02-

How quickly can Mutual Fund units be redeemed?

Mutual funds are preferred by many investors as money comes back quickly into their bank accounts when units are redeemed. 
Let's understand how you can redeem your mutual fund units. 

What is the procedure for redemption of mutual fund units? 

If you wish to redeem units of a mutual fund scheme, you may do so on any business day. To do it physically, you need to fill in a transaction slip, which you can download from the fund house website or detach from the end of your account statement. 
Read full story:-

Pay TDS if you are playing Rent more than Rs.50000

Are you living in a rented accommodation and paying a high amount of rent? You are now required to deduct TDS (tax deducted at source) on it and submit the same to the Income Tax Department. As per the new provision, effective from June 1, 2017, if your monthly rental payments exceed Rs 50,000, then you are required to deduct 5% TDS on it.

Eway bill/ TDF-live in Uttar Pradesh

Finally the facility of E Way Bill and Generation of Transit Declaration Form has gone live on Uttar Pradesh Sales Tax Website.


The procedure of generation of E Way Bill/TDF is more organized and refined than before.

Tax on gains on mutual fund

The asset under management of Indian mutual fund industry touched record high of Rs 20 lakh crore in July, driven by strong inflows into both debt and equity segments. Retail investors have been pumping record amount into mutual funds through SIPs. It is estimated that investors are putting in nearly Rs 5,000 crore every month through SIPs. Systematic Investment Plan or SIP as it is commonly known, is an investment plan offered by mutual funds, wherein one could invest a fixed amount in a mutual fund scheme at fixed intervals.

Here is how much income tax you have to pay on mutual fund gains:

Mutual fund investments must now be linked to Aadhaar: Here's how to do it

Mutual fund investments must now be linked to Aadhaar: Here's how to do it

http://m.economictimes.com/wealth/invest/mutual-fund-investments-must-now-be-linked-to-aadhaar-heres-how-to-do-it/amp_articleshow/60278247.cms