"20 April 2017" Archive - Page 5

Rate of exchange of conversion of foreign currency wef 21.04.2017

Notification No.40/2017 - Customs (N.T.) (20/04/2017)

Rate of exchange of conversion of the foreign currency with effect from 21st April, 2017 as notified by Notification No. 40/2017 - Customs (N.T.) dated- 20th April, 2017...

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IRDA (Outsourcing of Activities by Indian Insurers) Regulations, 2017

Notification No. F. No. IRDAI/Reg/5/142/2017 (20/04/2017)

(i) These Regulations may be called IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017. (ii) They shall come into force from the date of their publication in the Official Gazette of the Government of India ...

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Custom Duty Exemption on supply under Patient Assistance Programme

Notification No. 16/2017-Customs (20/04/2017)

Seeks to exempt goods falling under chapter 30 of first schedule of Customs tariff Act 1975, for supply under Patient Assistance Programme run by specified pharmaceutical companies...

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Is Input Service Distribution (ISD) mechanism redundant in GST?

The mechanism to distribute ISD credit read with clause 2 to Schedule I of CGST Act (i.e., inter branch services) allows the organisation to avoid the ISD and optimize the utilisation of input tax credit (ITC). Let us analyse how....

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Posted Under: Custom Duty |

Tax Invoice, Credit and Debit Notes under GST

Under the proposed GST regime every registered person supplying goods or services shall issue some document evidencing movement of goods or supply of services within prescribed time limit and containing all the information & particulars as prescribed under the Act & Rules made there under. This document may be a Tax Invoice , Invoice, Bil...

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Posted Under: Custom Duty |

Input Tax Credit under Model GST Law

GST paid on reverse charge be considered as input tax. The definition of input tax includes the tax payable under sub-section (3) of Section 7 (Reverse Charge). The credit can be availed if such goods and/or services are sued, or are intended to be sued, in the course of furtherance of his business....

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Posted Under: Custom Duty |

E-Way Bill under Goods and Services Tax law (GST)

On 14th of April, the CBEC released Electronic Way (e-way) Bill Rules in public domain. Some significant provisions with reference to E-Way bill are as follows: 1. Furnishing of information before commencement of movement of goods:...

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Posted Under: Custom Duty |

Demands and Recovery under GST

Section 51A in cases where there I no invocation of fraud / suppression / mis-statement etc and Section 51B where the ingredients of fraud / suppression / mis-statement etc are present....

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Posted Under: Custom Duty |

Refund Under GST

Refund has been discussed in Section 38 of the Model GST Law. ‘Refund’ includes refund of tax on goods and or services exported out of India or on inputs or input services used in the goods and or services which are exported out of India , or refund of tax on the supply of goods regarded as deemed exports, or refund of unutilised inp...

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Posted Under: Custom Duty |

Budget 2017: Amendments in Tax Laws in Maharashtra

Trade Cir No. 11T of 2017 (20/04/2017)

The Acts and Rules, which are amended, vide budget 2017-18 in Maharashtra are as follows: 1. The Maharashtra Purchase Tax on Sugarcane Act, 1962(SCPT Act); 2. The Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 (PT Act); 3. The Maharashtra Value Added Tax Act, 2002 (MVAT Act); 4. Maharashtra Tax on the Ent...

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