Under Section 4A of the Central Excise Act, the Central Government has the power to notify the goods which shall be valued on the basis of MRP less abatement permitted. However in GST Law there is no provision for determination of value on the MRP basis.
The applicability of various taxes (such as Excise, Custom, Service Tax, VAT and CST) in the present indirect tax system and in the coming GST regime has been explained through this article with the help of examples in each of the situations mentioned below:
In the commercial world, generally what we see is transactions occurring between two unrelated entities. Though, sometime transactions may occur between units of one legal entity (what has been referred to as ‘inter-unit / intercompany transactions’ in commercial sense).
Transition provision is one time provision which shall be applicable at the time of migration to GST on the appointed day which is likely to be 1st July, 2017.
GST is a tax known throughout the world as practical business tax. It is not a tax on income but a tax on business as settled in courts of law in various country having GST regime. Thus, it was coined to be a practical business tax.
Penalty proceedings initiated U/s 275 on issues unrelated to assessment of income (such as for s. 269SS/ 269T & TDS defaults), time limit runs from date on which the AO wrote a letter to the ACIT recommending the issuance of the SCN.
The article discusses the need for business to be conducted through LLP, the need to migrate from LLP to Company structure, various ways for migration from LLP to Company structure and issues revolving around it.
This article takes you to a class room where literally one will experience sailing through in GSTN portal in respect of your business transaction –Also corresponding impact in Financials.
THE PUNJAB GOODS AND SERVICES TAX BILL, 2017 A BILL to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the State of Punjab and the matters connected therewith or incidental thereto
Stock transfer of goods between two states would be liable to IGST. Stock transfer of goods between two business verticals in the same state where separate registration has been taken for each business vertical would be liable to CGST/ SGST
