"13 December 2016" Archive

Comparative Analysis of Changes Made in Input Tax Credit-Part-I

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:-...

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Input Tax Credit under Revised GST Law

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....

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Recovery of Drawback claimed, on non realization of export proceeds

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?...

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To refer a case to TPO, AO need not have definite finding, Prima Facie opinion is sufficient

Price Water House Et Anr. -Vs.- Commissioner of Income Tax (Calcutta High Court)

Section 92CA(1) does not contemplate that the assessing officer has to first come to a definite finding that there is an international transaction within the meaning of Sec. 92B before he can exercise his power to refer the matter to the TPO....

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MVAT: Delegation of Powers to AC and STO

Order No. No. JC (HQ-1)/PWR/1006/4/Adm-8 (13/12/2016)

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:—...

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MVAT: Delegation of Powers to Deputy Commissioners of Sales Tax

Order No. No. JC (HQ-1)/PWR/1006/3/Adm-8 (13/12/2016)

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:—...

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MVAT: Delegation of Powers to Additional Commissioners

Notification No. No. JC (HQ-1)/PWR/1006/1/Adm-8 (13/12/2016)

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....

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Kuth root having ITC-HS Code 12119046 of MEIS schedule, deleted

Public Notice No. 46/2015-2020-DGFT (13/12/2013)

FTP- Kuth Root having ITC-HS Code 12119046 appearing at Sl. No. 506 of Appendix 3B of MEIS schedule is deleted....

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Demonetisation- RBI keeping constant Vigil, RBI Staff was a Junior

Press Release : 2016-2017/1508 (13/12/2016)

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...

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Banks to preserve CCTV recordings from Nov 08 to Dec 30, 2016

RBI/2016-17/181 DCM (Plg) No. 1712/10.27.00/2016-17 (13/12/2016)

Banks are advised to preserve CCTV recordings of operations at bank branches and currency chests for period from November 08 to December 30, 2016...

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