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20th GST Council Meeting - Certain Highlights

5th August, 2017

The GST Council under the chairmanship of the Union Finance Minister, held its 20th meeting on 5-8-2017 at New Delhi. The Council took several decisions including, granting of in-principle approval to E-way Bill provisions and implementing anti-profiteering measures, relaxation in GST rates for certain services and f...

High Sea sales not liable to IGST

2nd of August

Central Board of Excise and Customs has clarified that high-sea sales are not liable to IGST under the Integrated Goods and Services Tax Act, 2017. The question as to whether high sea sales of imported goods would be chargeable to IGST twice, i.e. at the time of Customs clearance under Section 3(7) of the Customs Tariff Act, 1975 and also separately...

Export procedures revised under new GST regime

3 July

With the implementation of Goods and Services Tax (GST) in India from 1st of July, 2017, Indian authorities have revised procedures relating to export of goods and services from India. Amendments have been made in various Rules and Regulations relating to exports and imports, in order to align them with the new provisions of GST law.

GST from 1 July – Rate of tax and exemptions notified

30th June

With new Goods and Services Tax (GST) set for launch today at mid-night (30th of June-1st of July, 2017), the Indian government has notified set of notifications to specify the rate of tax on goods and services. These notifications issued under Central GST Act, Integrated GST Act and Union Territory GST Act, also cover number of ex...

17th GST Council Meeting – Certain highlights

India is all set to embrace the new tax - Goods and Services Tax (GST) from 1st of July, 2017. The GST Council consisting of Finance Ministers of all the Indian States along with the Union Finance Minister, held its 17th meeting on 18-6-2017 to finalise certain Rules and proposals. The Council took several decisions including, relaxation in filing of Returns for th...

Reimbursement of salary not FTS under India-UK DTAA

29 May 2017

The assessee paid a sum towards salary expenditure to employees deputed for providing assistance in management, setting up of business and so on.

The AO treated it as FTS per the provision of India-UK DTAA and held that the company was liable for non-deduction of TDS.

Bombay High Court has on 3r...

Draft ICDS in respect of real-estate transaction

25 May 2017

In exercise of powers conferred in section 145(2) of Income-tax Act, 1961, Central Government had notified Income Computation and Disclosure Standards (‘ICDS’) vide Notification No. 87/2016 dated 29th September 2016.

The notified standards provided inter-alia, for recognition of revenue from construction contracts, s...

ITC on goods used in construction of silos, available

15 May 2017

Allahabad High Court has upheld the view of the Tribunal that input tax credit on MS Sheets utilized for construction of silo is available.

The Department had contended that ‘capital goods’, as defined under Section 2(f) of the Uttar Pradesh Value Added Tax Act, 2008, are goods that are movable in nature, and since s...

Valuation – Rejection of value when not sustainable

18 May 2017

Finding the reasons such as the importer had used the name of another firm to avoid sales tax, imports were made from trader and not from manufacturer, and the value declared was even less than the value of steel scrap, as not relatable to value of goods, CESTAT Delhi has allowed the appeal of the importer.

Similarly, the reason...

GST rates and 7 Rules approved by GST Council

25 May 2017

Schedule containing rates of GST for both goods and services and the revised draft of 7 procedural GST Rules have been placed by the CBEC in public domain.

These rules relating to Registration, Valuation, Input Tax Credit (ITC), Invoice, Composition and Refund along with the rates on more than 1200 goods and host of services, ha...

Manufacture – Cutting of old tyres to produce pieces is not manufacture

22 May 2017

Larger Bench of the Delhi High Court has answered in negative the question as to whether the process to which used and old tyres are subjected to produce two or more pieces of cut tyres is ‘manufacture’ within the meaning of Section 2(f) of the Central Excise Act, 1944.

Relying on Apex Court decision in the case of <...

GST Bills get President’s assent

17th April

President of India has granted his assent to the 4 GST Bills - Central Goods and Services Tax Bill (CGST Bill), Integrated GST Bill, UT GST Bill and the GST Compensation Bill, on 12th of April, 2017.

All the Bills were debated and discussed extensively by the GST Council comprising of Union Finance Minister and Finance Ministers of all t...

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