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GOODS AND SERVICES TAX AN OVERVIEW

Goods and Services Tax - GST - By: - Srikantha Rao T - Dated:- 11-12-2015 - The Goods and Services Tax has frequently been in the news for the last one year or so ever since the new Government has come to power. It is worthwhile noting that introduction of GST as it is referred to, has been in the pipeline for nearly a decade now with the initial announcement being made in 2007-08 to the effect that the introduction would be with effect from 01st April 2010. This has not happened due to various .....

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g the detailed view of the Empowered Committee of the State Finance Ministers regarding the structure of GST along with a FAQ (Frequently Asked Questions) on GST for discussion with industry and trade circles. In this article the author has sought to analyse the basic provisions of the proposed GST law based on the Model GST Law drafted in September 2015 including the proposed Integrated Goods and Services Tax Act of 2016 and released by the Empowered Committee of the State Finance Ministers as .....

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Central level will not only include comprehensively more indirect Central taxes and integrate goods and service taxes for the purpose of set-off relief avoiding cascading effect of taxes, but may also lead to revenue gain for the Centre through widening of the dealer base by capturing value addition in the distributive trade. At the State level there are several taxes which are in the nature of indirect tax on goods and services, such as luxury tax, entertainment tax, etc., which are yet to be s .....

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ional amendments i.e. for instance to enable States to tax services. The objective of GST is to provide relief to industry and trade apart from consumers by lowering if not avoiding altogether the cascading effect of taxes through a more comprehensive and wider coverage of tax set off mechanism. It is also expected to result in higher tax collections for the Union in the long run on account of wider coverage of distribution chain as well as better compliances through revamped administrative proc .....

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lassification etc. would be uniform across these statutes to the extent possible. The Central GST and the State GST would be applicable to all transactions of goods and services made for a consideration and to be paid to the accounts of the Centre and the States separately. Since these would be treated separately, no cross-utilisation between the two would be possible except in case of inter-state supply of goods and services. How would it work? It is essentially a tax only on value addition at .....

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would sell to a wholesaler who would in turn sell to a retailer with margins being enjoyed at each stage. The example is given below - Stage of supply chain Purchase value of Input Value addition Value at which supply of goods and services made to next stage Rate of GST GST on output Input Tax credit Net GST= GST on output - Input tax credit Manufacturer 100 30 130 10% 13 10 13-10 = 3 Whole seller 130 20 150 10% 15 13 15-13 = 2 Retailer 150 10 160 10% 16 15 16-15 = 1 Every transaction of supply .....

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y be on value addition as set off can be claimed by the seller i.e. CGST paid on purchases set off against his CGST liability while SGST paid on purchases within the State could be used and set off against CGST liability. CGST on purchases cannot be used for SGST payment on sale and vice-a-versa. Within CGST and SGST, cross utilization would be allowed in terms of tax on goods and services. Intra-state transaction or transaction within a State Going by Section 14 of the model law this would cove .....

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ved by the supplier for supply to the buyer, in a case where the goods are required to be removed and the date on which the goods are made available to the buyer (i.e. placed at his disposal), in a case where the goods are not required to be removed; (i.e. where goods physically cannot be moved or are supplied in assembled or installed form or are supplied to himself or to his principal or agent) or the date on which the supplier issues the invoice with respect to the supply; or the date on whic .....

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ect to such treatment to be notified by the Central/State Government), where successive statements of accounts or successive payments are involved, the time of supply shall be the date of expiry of the period to which such successive statements of accounts or successive payments relate. If there are no successive statements of account, the date of issue of the invoice (or any other document) or the date of receipt of payment, whichever is earlier, shall be the time of supply. Sale on approval et .....

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ST/SGST is paid. Time of supply of services In respect of services, it shall be - the date of issue of invoice or the date of receipt of payment, whichever is earlier, if the invoice is issued within the prescribed period; or the date of completion of the provision of service or the date of receipt of payment, whichever is earlier, if the invoice is not issued within the prescribed period; or the date on which the recipient shows the receipt of services in his books of account, in a case where t .....

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whether or not any invoice has been issued or any payment has been received by the service provider. Where the due date of payment is not ascertainable from the contract, each such time when the service provider receives the payment, or issues an invoice, whichever is earlier. Where the payment is linked to the completion of an event, the time of completion of that event. The aforesaid clause would pose issues to notified services where the point of completion cannot be known owing to practical .....

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able, the time of supply shall in a case where a periodical return has to be filed, be the date on which such return is to be filed; or in any other case, be the date on which the CGST/SGST is paid. Place of supply of goods and services The place of supply of goods u/s 15 of the Model GST Law shall be the location at which the goods are delivered to the receiver where the supply involves movement of goods. This would also cover a scenario where the goods are supplied to a buyer located in anothe .....

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rd a conveyance, such as a vessel, an aircraft, a train or a motor vehicle, the place of supply shall be the location at which such goods are taken on board. The place of supply of all services u/s 16 of the Model GST Law, except specified services made to a registered person shall be the location of the service receiver. Where made to any person other than a registered person shall be the location of the service provider. The specified services which are subject to different norms for determina .....

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otel, inn, guest house, homestay, club or campsite, by whatever name called and including a house boat or any other vessel, or Services by way of accommodation in any immovable property for organizing any marriage or reception or matters related therewith, official, social, cultural, religious or business function including services provided in relation to such function at such property. Based on location where services are actually performed - restaurant and catering services and services in re .....

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onference, fair, exhibition, celebration or similar events, or Services ancillary to such admission to or organization of any of the above events or services, or Services by way of assigning of sponsorship of any of the above events. Based on the location at which such goods are handed over for their transportation - where services by way of transportation of goods, or mail or courier to an unregistered person is involved. Where the person is registered, it shall be the location of the service r .....

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e location of the first scheduled point of departure of that conveyance for the journey. The place of supply of telecommunication services including data transfer, broadcasting, cable and direct to home television services to any person shall - in case of services by way of fixed telecommunication line, leased circuits, internet leased circuit, cable or dish antenna, be the location where the telecommunication line, leased circuit or cable connection or dish antenna is installed for receipt of s .....

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ovider s records being considered where pre-payment or recharge is by internet banking or electronic means) The place of supply of banking and other financial services including stock broking services to any person shall be the location of the service receiver on the records of the service provider subject to location of service provider being considered where services are not linked to account of the receiver. The place of supply of insurance services shall: to a registered person, be the locat .....

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specific to each State shall be in proportion to amount attributable to service provided by way of dissemination in the respective States as may be determined in terms of the contract or agreement entered into in this regard. Inter-state transaction The Central Government would levy IGST (Section 4 of The Integrated Goods & Services Tax Act 2016) which would be CGST plus SGST on all inter-State transactions of taxable goods and services. For the purpose, explanation to Section 2(c) of The In .....

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der IGST Act The concept of place of supply of goods and/or services is identical to the one under Model GST Law covering CGST and SGST for taxing transactions within a State. One additional clause though is regarding place of supply of gas which would be the location where gas is used and consumed. It has been sought to be clarified that the view of the Central Government on place of supply for B2B supplies is that the location of service recipient would be the determining factor unless otherwi .....

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of The IGST Act 2016). The relevant information is also submitted to the Central Agency which will act as a clearing house to verify the claims and inform the respective governments to transfer the funds. The tax set off scenario could be explained by the table given below - Tax to be paid (Output tax) Tax incurred on goods/services procured (within State) Tax incurred on goods/services procured (inter-state) Set off available on tax on procurement CGST CGST SGST IGST CGST IGST SGST CGST SGST IG .....

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ST law applicable to CGST Act 2016 like for instance valuation, registration, returns, input tax credit, time of supply of services, exemption, tax payments, audit etc. are applicable to IGST Act and these have not been covered separately going by Section 11 of IGST Act 2016. Import and Export Both CGST and SGST will be levied on import of goods and services into the country. The incidence of tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State w .....

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This has been covered specifically by proposed Section 2(77) of the Model GST Law. The term export would require taking out of India to a place outside India. This has to be read with proposed Sections 2(42) and 2(43) dealing with the location of the service provider and service receiver in the context of services which are similar to the ones under Place of Provision of Service Rules 2012 under service tax. The Author here would like to highlight the fact that some clarity is needed on the prop .....

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rmine whether or not services are exported unlike in case of goods where physical movement of goods out of India would establish fact of export. Who is liable? What is liable? As per proposed Section 7(2), the liability to CGST/SGST would be on the taxable person. This has to be read with Section 7(1) where levy is on all intra-state supply of goods and services (with IGST being dealt with separately) and by the taxable person. The definition of goods is similar to the one prevailing now going b .....

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r this definition is subject to amendments moving forward. The definition of service gives it a wide meaning and that is anything other than goods. Here readers may note that concept of declared service as is prevalent under service tax has been brought under GST law. Works contract has been sought to be regarded as service. This should help in resolving valuation related issues being faced presently by contractors though we are yet to get final rates under GST. Moreover, owing to applicability .....

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would include supplies on his own account as well as those on account of principal. A person supplying inter-state would be liable to register irrespective of his turnover. Casual taxable person (occasional supplier with no fixed place of business in the taxable territory) and person liable on reverse charge mechanism have also been covered. Readers may note that while employees providing services to employer have been excluded from being regarded as taxable person, Central Government and State .....

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the definition of person under Service Tax may note that the term has been similarly defined under proposed Section 2(50). Input tax credit Under proposed Section 18 of the Model GST law, every taxable person shall be entitled to take credit of input tax and deduct the same in respect of a tax period from the output tax pertaining to the same tax period subject to conditions to be prescribed. Tax period is the period for which tax return is required to be filed. It remains to be seen whether fr .....

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axable supplies as well as non-taxable supplies and exempted supplies (other than zero rated supplies). Readers may observe here that relaxation would be admissible for capital goods as long as they are used for business. In other words, if not used for business even credits thereon would require to be split. Owing to the dual structure, there are conditions in terms of manner of utilisation of credits. For instance, IGST credits should first be utilized for IGST payment and then for payment of .....

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(provided no export duty exists on such goods) or on account of input tax rate being higher than output tax rate. Refund would be subject to adjustment of pending tax dues as the case may be. Ineligible input tax credits Input tax credit at the moment has been sought to be disallowed on the following - motor vehicles, except when they are supplied in the usual course of business or are used for providing the following taxable services- transportation of passengers, transportation of goods, impa .....

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tion of works contract when such contract results in construction of immovable property, other than plant and machinery goods acquired by a principal, the property in which is not transferred (whether as goods or in some other form) to any other person, which are used in the construction of immovable property, other than plant and machinery goods and/or services on which tax has been paid under section 8 of the Act i.e. compounded levy; and goods and/or services used for private or personal cons .....

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is every possibility of the matter seeing considerable litigation based on differences in perception between assesses and the Authorities. The credit would be allowed only on a valid tax invoice and once the tax so stated thereon has been paid to the credit of the appropriate Government in cash or through utilisation of input tax set off as the case may be at vendor s end. Credit transfer mechanism in case of sale of business as is prevalent under Cenvat Credit Rules 2004 has also been carried f .....

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nder law which if done, could lead to practical issues. Ideally this should be avoided. Deeming provision on goods and services and supplies without consideration The proposed Schedule I to the Model GST law presently includes the following as supplies deemed to be without consideration for taxability - Permanent transfer/disposal of business assets. Temporary application of business assets to a private or non-business use. Services put to a private or non-business use. Self-supply of goods and/ .....

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t in goods or of undivided share in goods without the transfer of title thereof, is a supply of services. Any transfer of title in goods under an agreement which stipulates that property in goods will pass at a future date upon payment of full consideration as agreed, is a supply of goods. Any lease, tenancy, easement, licence to occupy land is a supply of services. Any lease or letting out of the building including a commercial, industrial or residential complex for business or commerce, either .....

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ness, goods held or used for the purposes of the business are put to any private use or are used, or made available to any person for use, for any purpose other than a purpose of the business, whether or not for a consideration, the usage or making available of such goods is a supply of services. Where any goods, forming part of the business assets of a taxable person, are sold by any other person who has the power to do so to recover any debt owed by the taxable person, the goods shall be deeme .....

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le person. Consideration and transaction value The term consideration going by proposed Section 2(20) would include payment in money or kind or even monetary value of any act or forbearance (whether or not voluntary) in response to supply of goods or services and by the recipient or any other person. This has the potential in the humble opinion of the Author to lead to litigation on valuation issues. This definition has to be seen in the context of proposed Section 17 which deals with value of t .....

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followed u/r 6 of Central Excise Valuation (determination of Price of Excisable Goods) Rules 2000. Readers may note that this would now apply to services as well and not just to goods. The transaction value above shall not include any discount allowed before or at the time of supply provided such discount is allowed in the course of normal trade practice and has been duly recorded in the invoice issued in respect of the supply. This could mean post supply discounts being subjected to tax. Refer .....

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ure of pure agent, money changer, insurer, air travel agent and distributor or selling agent of lottery; such other supplies as may be notified by the Central or a State Government in this behalf. Readers here need to note that Section 17(5) requires tax to be charged on Maximum Retail Price for the goods (excluding tax component under this law) where the sales of goods are to a person who cannot be regarded as a taxable person and such price needs to be declared on the package under The Legal M .....

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17 includes anything charged by the supplier of goods and/or services at the time of or before delivery of goods or at the time of or before provision of services. This could mean reimbursements being kept out of tax net only where the concept of pure agent is satisfied. Concept of related person The definition proposed u/s 2(55) is wider in scope as compared to the present one under Section 4 of Central Excise Act 1944 and would apply to transaction in goods or services. Persons (including leg .....

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rectly control a third person; or they are members of the same family. Persons who are associated in the business of one another in that one is the sole agent or sole distributor or sole concessionaire, howsoever described, of the other shall also be deemed to be related. The transaction value would be accepted even in case of related party transactions if the relationship has not influenced the price charged for the transaction. Transfers between agent-principal and within business These transf .....

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officer has reason to doubt the truth or accuracy of the value declared in relation to any goods and/or services based on - the significantly higher value at which goods and/or services of like kind or quality supplied at or about the same time in comparable quantities in a comparable commercial transaction were assessed the significantly lower or higher value of the supply of goods and/or services compared to the market value of goods and/or services of like kind and quality at the time of sup .....

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ercial levels and quantity levels, difference in composition, quality and design between the goods and/or services being valued and the goods and/or services with which they are compared, difference in freight and insurance charges depending on the place of supply. b. Where the value cannot be determined based on the aforesaid comparative method, it would be on computed value which shall include - the cost of production, manufacture or processing of the goods or, the cost of provision of the ser .....

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be easier, application of the same to services could pose problems. Compounding Scheme The upper ceiling in terms of gross annual turnover for composition scheme is expected to be ₹ 50 lakhs. A review of proposed Section 8(1) of the Model GST Law reveals that while the turnover limit has been kept at rupees fifty lakhs, the rate is expected to be more than one percent unlike the earlier indicated base rate of 0.5%. However, the turnover limit would be computed on all India basis for the as .....

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x on reverse charge basis. The composition tax benefit would be available subject to condition of non-availment of input tax credit and non-collection of tax from the buyer/customer. Tax rates Going by present indicators, there could be different rates for goods of basic importance, those to attract general rate and special rate for precious metals and luxuries. The standard rate is expected to be around 18% while the base being around 12%. The higher rate for luxuries could be around 40% though .....

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ts too henceforth would have the power to notify services for collecting tax on reverse charge basis. One saving grace as of now seems to be the fact that Section 2(49) regards tax payable on reverse charge basis as output tax. A similar provision exists in Section 4 of The Integrated Goods & Services Tax Act 2016 proposed which enables the Central Government to specify categories of supply of services where the location of the service provider and the place of supply of service are in diffe .....

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percent of tax due whichever is higher. The period for SCN in cases of fraud or mis-statement however has been kept at five years while penalty has been fixed at fifteen percent of tax due. The aforesaid clauses in the humble opinion of the author need to be reviewed so as to reduce period for regular cases other than those involving fraud or mis-statement as three year period seems harsh. Where any tax not required to be paid, is collected by the taxable person from another, the same would have .....

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ess premises as well as processes within his business premises. The period of retention of records would be sixty months from the date of the annual return. The registered person would be required to file various returns as indicated in the Report of the Joint Committee on Business Processes for GST on GST Returns. A common e-return for CGT, SGST and IGST is envisaged. While a compounding tax payer would be required to file GSTR 4 at quarterly intervals within 18th of the month following the qua .....

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es respectively within the 10th and 15th of the succeeding month. The records would be subjected to audit once the prescribed turnover limit for audit is exceeded and this would be required to be conducted by a Chartered Accountant of a Cost Accountant. The audited financial statements would also have to be reconciled with the returns filed by the taxable person and the statement thereof submitted along with the audited statements. Refunds The time limit has been kept at two years from the relev .....

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t would be date of filing of relevant return. Where refund is on account of return of goods, it would be date of return to premises. In respect of unadjusted input tax, the end of the financial year in which claim arises. Constitutional Amendment The Constitution (One Hundred and Twenty Second Amendment) Bill 2014 has sought to insert Article 246A in the Constitution providing the Legislature of every State power to make laws with respect to goods and services tax imposed by the Union or by such .....

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the manner as may be provided by Parliament by law on the recommendations of the Goods and Services Tax Council which in turn is to be set up under Article 279A. In this context, supply of goods, or of services, or both in the course of import into the territory of India shall be deemed to be supply of goods, or of services, or both in the course of inter-State trade or commerce with the Parliament formulating the principles for determining the place of supply, and when a supply of goods, or of .....

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uch time recommended by GST Council. The following taxes would be subsumed into GST - Central Excise Duty, Additional Excise Duties, Excise Duty levied under the Medicinal and Toilet Preparations (Excise Duties) Act, 1955, Service Tax, Additional Customs Duty commonly known as Countervailing Duty, Special Additional Duty of Customs, and Central Surcharges and Cesses so far as they relate to the supply of goods and services State Value Added Tax/Sales Tax, Entertainment Tax (other than the tax le .....

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more as decided by the GST Council and collected by Central Government and assigned to the Sates from where the supply originates. Administration The administration of the Central GST to the Centre and for State GST to the States would be given. This would imply that the Centre and the States would have concurrent jurisdiction for the entire value chain and for all taxpayers on the basis of thresholds for goods and services prescribed for the States and the Centre. The thresholds are expected to .....

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inister and will have the Union Minister of State in-charge of Revenue or Finance as member, along with the Minister in-charge of Finance or Taxation or any other Minister nominated by each State Government. It would be responsible for recommendations to the Union and States on - the taxes, cesses and surcharges levied by the Union, the States and the local bodies which may be subsumed in the goods and services tax; the goods and services that may be subjected to, or exempted from the goods and .....

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Highlight: National Advisory Committee on Accounting Standards - Tenure of the NACAS extended from one year to two years

Notification: National Advisory Committee on Accounting Standards

Forum: Duty Drawback- Urgent

Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force - "subsidiary company" or "subsidiary"

Highlight: Restriction on number of layers for certain classes of holding companies - More than two layers of subsidiaries not allowed subject to certain exceptions.

Forum: GST on RCM on rent in a unregistered state

Forum: COMPOSITION SCHEME

Forum: Input Tax Credit - Reg

Forum: GST Invoice

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

Highlight: Levy of additions tax u/s 115O on distribution of dividend - shares of its profits declared as distributable among the shareholders is not impressed with the character of the profit from which it reaches the hands of the shareholder - not to be bifurcated as agriculture and non-agriculture dividend - SC

Highlight: Rate of GST on old and scrap buses - 28% or 18% - at such initial tender process initiated by the Respondents-KSRTC, the present petitions filed by the petitioners are premature and misconceived and do not require any interference by this Court at this stage. - HC

Forum: Rent a cab operator

Highlight: In view of amendment made u/s 132A of the Income Tax Act, 1961 by Finance Act of 2017, the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal, SC dismissed the appeal of the assessee

Highlight: Validity of Assessment Order - period of limitation u/s 153 (2A) is applicable even if the entire order was not set aside but matter was remanded back for for limited aspects with directions - HC

News: Note ban was a shake-up, achieved its main objectives

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Highlight: Levying interest u/s 234C - interest is to be charged on the returned income and not on assessed income.

Highlight: Accrual of income - sale of right to develop and sell incentive FSI under LOI - till the conditions of LOI are fulfilled transfer is not complete and income does not accrue to the assessee

Highlight: TPA - determination of ALP - TP adjustment by applying Bright Line Test (BLT) is not sustainable on protective basis having no statutory mandate.

Highlight: Safeguard Duty - Advance License Scheme - as there is no exemption from safeguard duty leviable under Section 8C, which is imposed on the goods imported from China, the importer has to pay safeguard duty

Highlight: Manufacture - process of cutting of waste plastic container - Such plastic containers before and after cutting are nothing but waste / scrap - Not a manufacturing activity as no new product emerges.

News: NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

News: Notification Issued For GST Actionable Claim On Branded Food Products

Highlight: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

Article: RCM Applicability to persons not liable to get registered us 23(1)

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Article: 20 Things You must know about E Way Bills in GST Law

Article: MISTAKES IN DRAFTING

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

Highlight: Acceptance of deposits by companies from its members - conditions relaxed in case of Specified IFSC Public company and a private company - Rule 3 amended

Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017



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