"11 January 2017" Archive

GST, Budget and Expectations

While the Government still claims that it is actively working to see GST roll out from April, 2017, much would depend upon next week's GST Council meeting. States have indicated that it could be doable from any time between June and September, 2017....

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Amendment in Chapter 2 of Handbook of Procedure (2015-20)

Public Notice No. 54/(2015-2020)-DGFT (11/01/2017)

In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy, 2015- 2020, the Director General of Foreign Trade hereby amends para 2.14(A) of the Handbook of Procedure (2015-20) as well as the provision in the Public Notice No.58 dated 1.2.2016 and Appendix 2K of FTP(2015-20) as under:...

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Summary of Cicular on Pradhan Mantri Garib Kalyan Yojna, 2016

The CBDT vide Circular No.43 of 2016 dated 27.12.2016 issued explanatory notes on provisions of the taxation and investment regime for Pradhan Mantri Garib Kalyan Yojna, 2016 as contained in Chapter IX-A of the Finance Act, 2016. The summary of the same is given below....

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How safe are your mutual fund investments?

As an investor, we invest money with the primary objective of making positive returns through them. Mutual funds are one of the most popular investment vehicles across the globe. It is so very lucrative that it has the magnetic effect of luring more and more investors....

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Analysis of Some Definitions in CGST/SGST

AGGREGATE TURNOVER Section 2(6)- aggregate turnover means the aggregate value of all:- i. taxable and non-taxable supplies, ii. exempt supplies and iii. exports of goods and/or services of a person, Having the same PAN, to be computed on all India basis...

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Impact of GST on Electronic Commerce

Electronic commerce in general parlance is defined as commercial transactions conducted electronically. As simple as it may seem in this definition, electronic commerce began traditionally as online retail in the stock-and-sell model, but has now transformed the entire way of doing business...

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Maharashtra VAT Audit due dated extended to 9th February 2017

Trade Circular No. 3T of 2017 (11/01/2017)

Section 61(1) of the Maharashtra Value Added Tax Act, 2002 provides that all eligible dealers shall submit the Audit Report in Form- 704. As provided under rule 17A (1) of the Maharashtra Value Added Tax Rules, 2005, this form is to be uploaded electronically....

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Post Assessment– Revision u/s 263/264 Proceedings module of ITBA

ITBA-Revision Instruction No.1 (11/01/2017)

Relevant users will need their individual name based department email IDs and RSA tokens. The username and passwords will be communicated on their respective email ID. The log in to the system will be through the username and password (sent on individual email ID) along with the RSA token over the Taxnet nodes. Users are advised to contac...

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Depreciation on Assets held under lease in the nature of Purchase

CIT Vs M/s Bhushan Steels & Strips Ltd. (Delhi High Court)

Whether the assessee is entitled to depreciation under Section 32 of the Income Tax Act even when the assessee was not the owner of the property in question and was in possession thereof as a lessee during the year under consideration?...

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EPFO: Do not being political influence in service Matters

Instruction No.HRM-I/Misc./2017/26043 (11/01/2017)

Prohibition on bringing any political or outside influence by serving employees or by their close relatives in respect of service matters...

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Land cannot be classified as non-agricultural for mere agricultural activity absence

Smt. Chalasani Naga Ratna Kumari Vs ITO, (ITAT Visakhapatnam)

Whether an agricultural land held by assessee, which is suitable for agricultural operation, loses the characteristics of agricultural land merely because no agricultural operation was carried by assessee on such land?...

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Reg. effective rate of excise duty of 12.5% on Motor Vehicles

Notification No. 02/2017-Central Excise [G.S.R. 22 (E)] (11/01/2017)

Seeks to further amend Notification No. 12/2012-Central Excise dated 17.03.2012 to prescribe an effective rate of excise duty of 12.5% on Motor Vehicles falling under heading 8702 90 21, 8702 90 22, 8702 90 28 and 8702 90 29 of the First Schedule of the Central Exicse Tariff Act, 1985....

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Provisions related to Discount for valuation under revised draft GST Law

Valuation provisions under section 15(3) of revised Draft Model GST Law lays down conditions to be adhered in relation to exclusion of discounts. ...

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Supply of Goods and Service in GST law

Supply is wider term used in GST law as the GST is based on Supply only. Now the question arises what is supply. Supply is transfer of goods and services on which GST will be imposed. ...

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Bird Eye View of Revised Model GST Law

This article has looked at the GST Model Law as it is on a broad basis without getting into the details. It is not an in depth analysis of the model law. It is expected that the many rough edges of this law would be addressed based on representations being made from trade industry and professional bodies. ...

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Related Party Transaction (overall Understanding) Section 188 of the Companies Act 2013

First we required to understand the meaning of the Relative: With reference to the Section 2(77): i. They are member of a Hindu Undivided family; ii. They are husband and wife; iii. One person is related to the other in such manner as may be prescribed;...

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Excise Duty on Plain (un-modified) Tamarind Kernel Powder-Reg.

Notification No. 01/2017- Central Excise (N.T.) (11/01/2017)

Excise Duty on Plain (Un-modified) Tamarind Kernel Powder falling under heading 1302 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) (hereinafter referred to as the said goods), was not being levied according to the said practice, during the period commencing on the 19th day of July, 2011 and ending with the 18th ...

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Business Confidence dips in Q1 2017

The Dun & Bradstreet Composite Business Optimism Index stands at 65.4 during Q1 2017, a decrease of 23.9% as compared to Q1 2016. Based on the responses received, five out of the six optimism indices have registered a decline as compared to Q1 2016....

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Anti-profiteering measure under Model Goods and Services Tax Law

In view of the anti-profiteering measures being introduced in MGL, suppliers should map all transactions to compare cost variance (goods/services wise) on account of change in tax regime which include items like ITC, output tax liability etc. Other factors such as inflation, fluctuations in the cost raw material excluding taxes, currency ...

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Ant-dumping duty on ‘Colour coated/ pre-painted flat products of steel

Notification No. 02/2017-Customs (ADD) (11/01/2017)

Seeks to levy provisional ant-dumping duty on 'Colour coated/pre-painted flat products of alloy or non-alloy steel' originating in or exported from People's Republic of China and European Union for a period of six months (unless revoked, superseded or amended earlier)....

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Time and Place of Supply in GST regime Based on Model GST Law

With the passage of the 122nd Constitution Amendment Bill, the Model GST Law that has been in public domain since June 2016 has come to receive closer attention of all readers. To kindle readers interest in examining the provisions of the Model GST Law...

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Sectoral Impact- Outsourced Manufacturing or Job Work – GST Revised Law

The manufacturing industries (larger and medium) nowadays stick to their core competencies and get most jobs done on job work basis. Some concerns go in for contract manufacturing in which case the processor becomes a vendor and job work does not apply....

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Is Seamless Input Credit In GST a Reality?

One of the much talked about feature of the proposed Goods and Service Tax Law (GST) is – seamless input credit. If this theme is followed in its true spirit, GST would be nearer to the concept as propagated and if not, it may significantly dent the expectations of the masses....

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Transitional challenges under GST

GST is a significant tax and game changing reform for the Indian economy. From an origin based taxation system to a destination based one, businesses have to overthrow the challenges to gain the benefits that the GST regime has proposed to extend. ...

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Levy and Collection Mechanism under GST

On 14th June 2016‘Model law of GST was made available in public domain. After the passage of Goods and Services Tax (GST)Constitutional Amendment Act in Rajya Sabha, President Pranab Mukherjee gave assent to the GST Billon 8th September 2016, which will eventually make GST areality. ...

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How to enroll under GST using GST Enrolment App

Initially only Business Details Tab is enabled and all the other tabs will be in disabled mode. After successfully saving the Business Details Tab all the other tabs will be in enabled....

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