"13 July 2017" Archive

POEM guidelines – more clarity or ambiguity?

The increase in globalization and technological advancement has resulted in the international expansion of several multinational and Indian corporations. Over the years, these corporations have used their global presence to enter low-tax jurisdictions, primarily to reduce the overall effective tax costs. ...

GST Invoicing / Billing Excel Utility

Download GST Invoicing Excel Utility will help you generating Bill as per GST Rules and GST Act 2017 easily in a minute. Bill Contains Column for all the disclosures which are required to be made or informations which are required to provided under the current GST Regime....

Alcohol Industry Under GST

Legally speaking, alcoholic beverages meant for human consumption are out of the scope of Goods and Services Tax (GST) net and anybody who knows this would understand that there can not be any new impact, whatsoever, on alco- beverages in GST regime. However, this may not actually happen. Let's look at how and why this may not hold good....

Posted Under: Income Tax |

Export Procedure Under GST Law

Section 16 of the IGST Law defines zero rated supply which means export of goods or services or both and it includes supply of goods and services to Special Economic Zone (SEZ). Regarding zero rated supply the procedures are prescribed and according to which the goods can be exported either without payment of IGST and the unutilized Input...

Posted Under: Income Tax |

Who Else Wants More Returns and a Simple, Hassle-free Investment Method?

What is the best investment strategy to earn more return on investments? Is there a simple, hassle-free, proven, sure-fire investment method available? Having a routine on investing, yield more rewards. Is this a true statement? How can we set a routine, that too, on investments? Is it really possible? Confused with lots of things spinnin...

Posted Under: Income Tax |

What you need to know for exporting under GST

Quoting PAN (Permanent Account Number), which is authorized as Import Export code by DGFT, would suffice if the exporter exclusively deals with products which are either wholly exempt from GST or out of GST regime....

Posted Under: Income Tax |

Designation of officers under Maharashtra GST Act, 2017

Trade Circular No. 30T of 2017 13/07/2017

Government of Maharashtra has issued a notification cited at Ref. (2) above. Vide said notification, for carrying out the various purposes under the MGST Act, the Government of Maharashtra has appointed officers working under Maharashtra Value added Tax Act, 2002 to be the officers under the MGST Act....

Govt Creates two new Directorates DIC & DGARM

The Central Government has decided to constitute two new Directorates, namely, 1. The Directorate of International Customs (DIC) & 2. The Directorate General of Analytics and Risk Management (DGARM), e.f 1st July 2017...

Posted Under: Income Tax |

GST Valuation of Supply and its Rules – simplified

Section 15: Value of Supply: When the Supplier and Recipient are not related & The price is the sole consideration for the supply, then Transaction value = the price paid or payable for the supply of goods/services/both....

Posted Under: Income Tax |

GST on legal services lacks clarity and creating doubts: Delhi HC

J K Mittal & Company Vs. Union Of India & Ors. (Delhi High Court)

In this case Delhi High Court held that as of date there is no clarity on whether all legal services (not restricted to representational services) provided by legal practitioners and firms would be governed by the reverse charge mechanism. ...

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