"06 July 2017" Archive

GST: J&K Govt. notifies Constitution Amendment Order, 2017

Notification No. G.S.R. 846(E), (06/07/2017)

In exercise of the powers conferred by clause (1) of article 370 of the Constitution, the President, with the concurrence of the Government of the State of Jammu and Kashmir, is pleased to make the following Order...

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Revised rates of Rebate of State Levies on Export of Garments and textile made-up articles w.e.f. 01.07.2017 –regarding

Circular No. 28/2017-Customs (06/07/2017)

These revised rates on garment and textile made-up exports under ROSL Scheme are applicable to exports with Let Export Order dates from 1.7.2017 on wards. The EDI implementation of the revised ROSL Scheme rates has been completed by the Systems Directorate....

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CBDT relaxes PAN requirement for Section 269T reporting in 3CD

Notification No. 60/2017-Income Tax [G.S.R. 841(E)] (06/07/2017)

G.S.R. 841(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 58/2017, dated the 3rd July, 2017, published vide number G.S.R. 821(E) dated the 3rd July, 2017, in the Gazette of India, Extraordinary, Part II, Section 3, Sub- section (i), at page 4...

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GSTIN requirement for import and export-reg

Instruction No.-10/2017-Customs (06/07/2017)

Instances have been brought to the notice of the Board that there is some confusion regarding requirement of GSTIN for importers and exporters at the time of import and export of the goods. This is resulting in avoidable delay in the clearance of the goods....

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There is no law to fix MRP

MRP simply means that price of goods cannot exceed the displayed price. GST is not levied on the basis of MRP. GST is levied on that price on which goods are actually transacted. GST is levied on invoice price. Suppose MRP of any goods is Rs. 100 and it is sold at Rs 80. GST shall be levied on Rs. 80. This is the law. Even if goods are so...

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What can bring Economic Bloom to India?

How bad is bad? Or for that matter how much sugar is there in sweetness, really? Perhaps we rarely stop to think. Bad or good are more or less absolute to us, and we often refrain from probing further into their causes. Personal health is one area however, which we do not leave to chance. So why should we not do the same about our financi...

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RCM- Applicable on “Import of goods”?

There were many different views on whether import of goods will attract RCM or not. Unlike import of service which is EXCLUSIVELY provided in act to be taxed under RCM basis ,act is silent on applicability of RCM on import if Goods....

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Do You Require To Link Your Aadhaar With Pan??

In the previous notification by CBDT, its being notified that it is mandatory to link Aadhar (12 digit Unique Identification Number) with PAN (10 digit Alphanumeric Parmanent Account Number) from July 1, 2017 for all the taxpayers. ...

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Export procedure under GST- Basic Guideline

It’s been nearly a week into India’s one of the ambitious tax reforms. Some of the business houses already started billing under GST. So time has come to know more details about GST apart from the GST Act. In this episode we will discuss about the export procedure under GST to give a basic guideline to the exporter, So sit back, relax...

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GST to bring cheer for domestic electronic components’ manufacturers: Study

New Delhi, July 3, 2017: Implementation of goods and services tax (GST) will bring innumerable benefits for domestic manufacturers of electronic components as cost of manufacturing will be significantly brought down, noted a recent ASSOCHAM-NEC joint study....

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