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Refund to exporters - Number of issues clarified

16th March

26th Meeting of GST Council held on 10th of March, 2018 – Highlights

12th March

GST Council met on 10th of March 2018 and took decisions on various issues. According to the Press Releases issued highlighting the recommendations of the Council, E-way bill provisions for inter-State movement of goods are to be implemented across the country from 1st April 2018.

Exemptions from GST on specified imports are to b...

GST E-way Bill provisions to be revised from appointed date

8th March

Ministry of Finance has issued notification on 7th of March, 2018 to amend provisions relating to E-way Bill, in the Central Goods and Services Tax Rules, 2017 (CGST Rules).

According to the amendments which are yet to come into effect, transporter, on an authorization received from the registered person, ...

Indian Budget 2018 – Changes proposed in Customs law

1st February
In the Budget 2018 present before the Indian Parliament today (1-2-2018), the Finance Minister has proposed many changes both in the provisions of Customs Act, 1962 and Customs Tariff Act, 1985. According to the Finance Bill, 2018, while many amendments in the Customs Act will be effective only when the Bill receives the assent of the P...

25th meeting of GST Council – Certain highlights

19th January

GST Council met for the 25th time on 18-1-2018 in New Delhi. Number of decisions, including reduction in GST rates for around 29 goods and 53 services were taken while also recommending reduction of late fees payable on delayed filing of certain returns. Some procedural relaxations in respect of cancellation of registration have also been ...

Highlights of 11th Ministerial Conference held in Buenos Aires

15th December

The 11th Ministerial Conference (“MC’11”) was flagged off on 10 December, 2017 at Buenos Aires, Argentina. MC’11 has been held at a time when the Trade Facilitation Agreement has entered into force mandating (for the first time ever) a revision of the WTO Rule Book, the WTO Members have eliminated agricultural expo...

Non-receipt of royalty from overseas subsidiary can be subject to TP adjustment

13th December

The petitioner was aggrieved by the addition of royalty income in the year it had ceased to receive royalty from its subsidiary.

The contention of the petitioner was that prior to the overseas entity becoming a subsidiary royalty was payable by the overseas entity for use of brand name and technical knowhow and the income ...

Income on cessation of liability arises if no consideration passes to creditor for the same

7th December

The department sought to tax the sum of share application money which was adjusted against sums due to the assessee as income from cessation of liability. The holding company had advanced share application money which was lying as a deposit with the subsidiary.

 In the previous year, the assessee (subsidiary) adjusted the sum towa...

Export of service – SMS aggregator service to foreign company within India

30th November

CESTAT Mumbai has allowed refund of unutilised Cenvat credit when SMS aggregator service was provided by the assessee to foreign company (Facebook) for its subscribers in India.

Revenue department’s contention that service was provided in India as the actual service recipient, i.e. the subscribers whose SMSs wer...

Rectification in Returns – Regularisation of technical omissions

4th December

In a case involving denial of rectification of some errors in the returns filed by the assessee, which came to light after an audit, Kerala High Court has held that the mere apprehension, that if the assessee was permitted to pay differential tax, he might claim input tax credit, cannot be a ground to deny the opportunity to rectify ...

Exemption based on location of unit – Some recent developments

5th December

In some of the recent developments in respect of units which were earlier availing exemption under various area-based exemption schemes, CBEC has prescribed procedure for manual filing of refund under new budgetary support scheme under the GST regime, while Supreme Court of India has allowed exemption (refund) of Education Cess also under the erstwhi...

Mandatory e-sealing of containers by exporters

1st November

To facilitate exports and to provide relief to exporters, Central Board of Excise & Customs (CBEC) has dispensed with the requirement of seeking the presence of jurisdictional officer for supervising stuffing of export cargo. This measure is expected to reduce transaction costs of exporters since they do not have to incur MoT charges in respect o...

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