CA IPCC Nov 2017 Taxation paper with solutions - detail anlysis

By : CS K. K. Agrawal
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GST : Regular scheme upto 1.5 Crore now need to file quarterly return

By : CS K. K. Agrawal
 Relief for Small and Medium Enterprises

4.            Presently, anyone making inter-state taxable supplies, except inter-State job worker, is

compulsorily required to register, irrespective of turnover.  It has now been decided to exempt those

service providers whose annual aggregate turnover is less than Rs. 20 lacs (Rs. 10 lacs in special

category states except J & K) from obtaining registration even if they are making inter-State taxable

supplies of services. This measure is expected to significantly reduce the compliance cost of small

service providers.



5.      To facilitate the ease of payment and return filing for small and medium businesses with annual

aggregate turnover up to Rs. 1.5 crores, it has been decided that such taxpayers shall be required to

file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, starting from

the Third Quarter of this Financial Year i.e. October-December, 2017. The registered buyers from such

small taxpayers would be eligible to avail ITC on a monthly basis. The due dates for filing the

quarterly returns for such taxpayers shall be announced in due course. Meanwhile, all taxpayers will

be required to file FORM GSTR-3B on a monthly basis till December, 2017. All taxpayers are also

required to file FORM GSTR-1, 2 & 3 for the months of July, August and September, 2017. Due dates for filing the returns for the month of July, 2017 have already been announced. The due dates for the

months of August and September, 2017 will be announced in due course.



6.      The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and

under sub-section (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018 and will be

reviewed by a committee of experts. This will benefit small businesses and substantially reduce

compliance costs.



7.      The requirement to pay GST on advances received is also proving to be burdensome for small

dealers and manufacturers. In order to mitigate their inconvenience on this account, it has been

decided that taxpayers having annual aggregate turnover up to Rs. 1.5 crores shall not be required to

pay GST at the time of receipt of advances on account of supply of goods. The GST on such supplies

shall be payable only when the supply of goods is made.

8.      It has come to light that Goods Transport Agencies (GTAs) are not willing to provide services to

unregistered persons. In order to remove the hardship being faced by small unregistered businesses

on this account, the services provided by a GTA to an unregistered person shall be exempted from

GST.













Composition scheme limit raised to Rs. 1 Cr and Rs. 75 Lakhs and also re...

By : CS K. K. Agrawal
Composition Scheme
1.      The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore. The facility of availing composition under the increased threshold shall be available to
both migrated and new taxpayers up to 31.03.2018. The option once exercised shall become operational from the first day of the month immediately succeeding the month in which the option to
avail the composition scheme is exercised. New entrants to this scheme shall have to file the return in FORM GSTR-4 only for that portion of the quarter from when the scheme becomes operational and shall file returns as a normal taxpayer for the preceding tax period. The increase in the turnover threshold will make it possible for greater number of taxpayers to avail the benefit of easier
compliance under the composition scheme and is expected to greatly benefit the MSME sector.
 
2.      Persons who are otherwise eligible for composition scheme but are providing any exempt service (such as extending deposits to banks for which interest is being received) were being
considered ineligible for the said scheme. It has been decided that such persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.   

3.      A Group of Ministers (GoM) shall be constituted to examine measures to make the composition scheme more attractive.
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