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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 January Day 29 - Monday
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TMI Updates - Newsletter dated: January 29, 2018

Case Laws in this Newsletter:

GST Income Tax Customs PMLA Service Tax Central Excise Indian Laws



Highlights

  1. GST : Rate of Tax on Services - CGST / UTGST / SGST / IGST - Goods and Services Tax - Item wise schedule as amended

  2. GST : Services - General Exemption from GST - CGST / UTGST / SGST / IGST - Goods and Services Tax - Item wise schedule as amended

  3. GST : Rates of Tax on Goods - Schedule 1 - IGST @ 5% - CGST @ 2.5% - SGST / UTGST @ 2.5% - Goods and Services Tax - Item wise schedule as amended

  4. GST : Rates of Tax on Goods - Schedule 2 - IGST @ 12% - CGST @ 6% -SGST / UTGST @ 6% - Goods and Services Tax - Item wise schedule as amended

  5. GST : Rates of Tax on Goods - Schedule 3 - IGST @ 18% - CGST @ 9% - SGST / UTGST @ 9% - Goods and Services Tax - Item wise schedule as amended

  6. GST : Rates of Tax on Goods - Schedule 4 - IGST @ 28% - CGST @ 14% - SGST / UTGST @ 14% - Goods and Services Tax - Item wise schedule as amended

  7. GST : Rates of Tax on Goods - Schedule 5 - IGST @ 3% - CGST @ 1.5% - SGST / UTGST @ 1.5% - Goods and Services Tax - Item wise schedule as amended

  8. GST : Rates of Tax on Goods - Schedule 6 - IGST @ 0.25% - CGST @ 0.125% - SGST / UTGST @ 0.125% - Goods and Services Tax - Item wise schedule as amended

  9. GST : Goods - General Exemption from GST - CGST / UTGST / SGST / IGST - Goods and Services Tax - Item wise schedule as amended

  10. GST : Concessional GST rate of 5% on scientific and technical equipments supplied to public funded research institutions. - Notification as amended

  11. GST : Concessional rate of GST on Old and used Vehicles - Notification

  12. GST : Absolute Exemption from IGST on inter-State supplies of goods - Notification as amended

  13. GST : IGST Rate Schedule u/s 5(1) - notifying rates of IGST @ 5%, 12%, 18%, 28%, 3% and 0.25% on supply of goods. - Notification as amended

  14. GST : Special procedure with respect to payment of tax by registered person supplying service by way of construction against transfer of development right and vice versa. - Notification

  15. GST : Categories of services on which integrated tax will be payable under reverse charge mechanism (RCM) under IGST Act - Notification as amended

  16. GST : Exemptions on supply of services under IGST Act - Notification as amended

  17. GST : Rates for supply of services under IGST Act - Notification as amended

  18. Income Tax : Capital gain computation - market value of conveyance deed taken u/s 50C - if at all any suppression of sale consideration should be assumed, it should be on the basis of stamp duty valuation as at the point of time when the sale consideration was fixed. - Tri

  19. Income Tax : Eligible for deduction u/s. 10A - These amounts are incomes u/s. 41(1), if they are allowed as deduction in earlier year. Since the amounts are directly connected to the business, the excess provision reversed is certainly having a nexus with the business. - Tri

  20. Income Tax : Claim of deduction u/s 40(b) - amount surrendered in the course of survey U/s. 133A - working out the salary paid to the partner in terms of section 40(b) - The character of the income does not change dependent upon the section to be applied - claim allowed - HC

  21. Income Tax : Rectification of mistake u/s 154 - miscalculation of interest is, at best, an arithmetical error and it needs no elaborate cogitation or adjudication, long drawn or otherwise, to hold that there was an error committed. - HC

  22. Customs : Exemption from duty of Customs on import of (i) Satellites and payloads (including Ground equipments) and (ii) Scientific and technical instruments, apparatus, equipment, accessories, parts, components, spares, tools, mock ups and modules, raw material and consumables required for launch vehicles and satellites and payloads

  23. Companies Law : Companies (Appointment and Qualification of Directors) Amendment Rules, 2018 - Notification

  24. Service Tax : Valuation - The composition scheme should be available to the appellant and cannot be denied on the ground that it did not specifically exercise the option regarding opting for the works contract service - Tri

  25. Central Excise : Classification of goods - Mucosat, Nurofit, MOD Caps, Kalpadyn-MC, Nerosafe etc. - the goods were classifiable under CETA 3003.10 and not under 2108.99 - Tri


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