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This update seeks to highlight the changes made in the Revised GST Law as compared to the old GST Draft with respect to provisions relating to input tax credit as follows:-
There is drastic change in Capital Goods definition under Revised GST Model Law from Model GST Law. Under GST law definition was very exhaustive though under Revised GST law It is quite simple.
Whether Customs duty and Excise duty portion of drawback already claimed by the assessee can be recovered by the Department consequent to the non-realization of export proceeds?
Commissioner of Sales Tax, Maharashtra State, Mumbai hereby amends the Order No. SR. D. C. (A and R)/ PWR/1006/4/Adm-3, dated the 6th October 2007, as follows, namely:—
Commissioner of Sales Tax, Maharashtra State, Mumbai hereby amends the Order No. SR.D.C. (A and R)/PWR/ 1006/3/Adm-3, dated the 6th October 2007, as follows, namely:—
In Schedule appended to said Notification, in column (1), against the entry at Sr. No. 1, in column (3), in entry at Sr. No. 15, for word and figures Section 70, words, brackets and figures Sub-section (1) and (2) of section 70, shall be substituted.
FTP- Kuth Root having ITC-HS Code 12119046 appearing at Sl. No. 506 of Appendix 3B of MEIS schedule is deleted.
There has been a media report about one of the RBI staff at Bengaluru as well. Let me clarify that it was a junior functionary of the Reserve Bank of India
Banks are advised to preserve CCTV recordings of operations at bank branches and currency chests for period from November 08 to December 30, 2016
ITAT Delhi held that as to whether a transaction is entered into at an Arm’s Length Price or not must depend upon the facts of each case relating to the transaction per-se i.e. the transaction itself as the profit is only a possibility of the desired result with or without the aid of international transaction.
