"23 September 2016" Archive

Regarding classification of certain inorganic chemicals as fertiliser

F.NO. 528/79/2016-ST0 (TU) (23/09/2016)

Board has vide Circular No. 44/2001-Cus dated 6th August,2001 clarified that mono potassium phosphate , calcium nitrate ,potassium magnesium phosphate will merit classification under Chapter 28 of the Customs Tariff and not under the Chapter 31 as fertilisers....

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Seeks to amend 3 Customs notifications namely 104/2009, 16/2015 & 17/2015-Cus

Notification No. 52/2016-Customs (23/09/2016)

Seeks to further amend three Customs notifications namely 104/2009-Cus, 16/2015-Cus and 17/2015-Cus GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 52/2016-Customs New Delhi, the 23rd September, 2016 In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962),...

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Incorrect simultaneous issuance of dual benefit of Zero duty EPCG and SHIS

Circular No. 45/2016-Customs (23/09/2016)

It was noted by the Ministry that consequent to issuance of the said Public Notice, the bar related to dual issuance placed in Customs notifications insofar as they relate to the FTP 2015-20 become unnecessary. These have been removed through Notification No. 52/2016-Customs dated 23.9.2016 that has suitably amended Notification Nos. 104/...

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Registration under Goods and Service Tax (GST)

Every Supplier shall be liable to be registered under GST Act if -his aggregate turnover in a financial year exceeds the THRESHOLD Limit -registered or who holds a license under an earlier law e.g. State Vat, Service Tax, Excise Duty etc. -liable to be registered under Compulsory Registration...

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Posted Under: Custom Duty |

Interest – New Meaning In GST

Interest is a consideration for allowing someone to use your money. It could be termed as Compensation paid to one who allows his money to be used by another person. This is a common understanding and no big brains are required to understand this proposition....

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Posted Under: Custom Duty |

Brief Analysis of Section 185 of the Companies Act, 2013

No Company shall directly or indirectly advance a. any loan or b. loan represented as a book debt or c. guarantee or d. security. to any of its Director or any other person where the Director is interested....

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Posted Under: Custom Duty |

How setting up of an HUF can minimize tax liability

The expression hindu undivided family has not define under the income tax act or in any other statue. A Hindu undivided family is a separate legal tax entity under the provisions of Sec.2(31) of the income tax act 1961. It is a body consisting of persons lineally descended from a common ancestor and include their wifes and unmarried daugh...

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Posted Under: Custom Duty |

Scope of Taxable Person Under GST

Taxable person would therefore, cover both - one who are registered as taxable person under the Act and two, persons who are not so registered but required to be so registered. Thus, even unregistered person would be called a taxable person liable as such under the Act....

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Posted Under: Custom Duty |

CBEC reduces import duty on potatoes, wheat & palm oil

Notification No. 51/2016-Customs (23/09/2016)

Seeks to further amend notification No. 12/2012-Customs dated the 17th March, 2012, so as to: 1. Reduce import duty on potatoes from 30% to 10% up to 31.10.2016. 2. Reduce import duty on wheat from 25% to 10% up to 29.02.2017. 3. Reduce import duty on palm oil from 12.5% to 7.5% for crude palm oil of edible grade, and from 20% to 15% for ...

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Number of Advance Pricing Agreements by CBDT crosses 100

The Central Board of Direct Taxes (CBDT) entered into five (5) unilateral Advance Pricing Agreements (APAs) today, i.e., 23rd September, 2016, with Indian taxpayers. One of these Agreements has a rollback provision in it. With these signings, the total number of APAs entered into by the CBDT has reached 103....

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Posted Under: Custom Duty |

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