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.
Valuation provisions under section 15(3) of revised Draft Model GST Law lays down conditions to be adhered in relation to exclusion of discounts.
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.
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.
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;
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 day of July, 2016;
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.
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 fluctuations etc. may also be considered.
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in or exported from People’s Republic of China and European Union for a period of six months (unless revoked, superseded or amended earlier).
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
