India is now set to introduce its biggest indirect taxes reform by launching the Goods and Services Tax (GST) regime.
Model law on GST contains certain indicative provisions relating to credit or Input Tax Credit (ITC). Though one has to wait for the final version and finer details including draft ITC Rules, article in this issue of Amicus attempts to take a broad look at the emerging scenario on ITC.
India is now poised to launch the next generation reform on the indirect tax front and this momentous change is being heralded as GST.
Assessees under Central Excise ordinarily discharge duty on the goods cleared by them on the basis of invoices raised indicating the value of these goods as on the date of the clearance of these goods.
'Ease of doing business' is the buzz-word today and with India going ahead with the WTO’s Trade Facilitation Agreement, conditions for doing business in India are bound to improve.
Examining some of the important changes brought about as part of Budget, 2016 by the Finance Bill, 2016, the article discusses at length some of the changes proposed in Rule 6 of the Cenvat Credit Rules
Since the age old excise concepts like those on taxable event of ‘manufacture’ continue to evolve even today, the article in this issue attempts to highlight the concept or test of manufacture in the light of recent key decisions of the Supreme Court and seeks to give an overview of the possible outcomes.
Determination of ‘place of removal’ for the purpose of inclusion of freight and insurance charges in assessable value, under Central Excise Law is one issue which keeps evolving and at the same time baffles not just the assessee but also the Department, Tribunal and Courts.
December 2015 issue of Tax Amicus brings to readers two articles. While the first talks about various issues in the recently notified Swachh Bharat Cess, the second article is on interest liability in case where duty is paid before finalisation of provisional assessment.