Over two weeks into the goods and services tax (GST) regime, the all powerful GST Council have met on Monday, July 17, 2017 to take stock of the implementation of the new indirect tax and GST tax rate on Cigarette.
Majority of Business Expenses are liable for tax under Reverse Charge Mechanism (RCM) in GST. Even though liability to pay tax under RCM is in the hands of service receiver under GST, in practice such registered dealers are collecting tax from the service provider while making payments to them.
Every Person who is going to start a business of Import or Export in India is required to get his PAN based Import-Export Code (IEC) from Director General of Foreign Trade (DGFT), whether a person is willing to export his goods and services outside India or he is willing to import his goods or service from outside India.
Government hereby exempts intra-State supplies of second hand goods received by a registered person, dealing in buying and selling of second hand goods and who pays the goods and services tax compensation cess on the value of outward supply of such second hand goods as determined under sub-rule (5) of rule 32 of the Central Goods and Services Tax Rules, 2017,
CBEC hereby determines that the rate of exchange of conversion of each of the foreign currencies WEF 21.07.2017 vide Notification No. 72/2017-Customs (N.T.)
No credit to customer’s account is to be given for counterfeit notes, if any, detected in the tender received over the counter or at the back-office / currency chest.
Even under the new GST regime, the rationale of excluding the tax component from the purview of TDS remains valid, the Board hereby clarifies that wherever in terms of the agreement or contract between the payer and the payee, the component of ‘GST on services’ comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid or payable without including such ‘GST on services’ component.
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its ex-post facto approval for the promulgation of the Central Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Central Goods and Services Tax (Amendment) Bill, 2017.
Provision for grant of family pension to a widowed/divorced daughter beyond the age of 25 years has been made vide OM dated 30.08.2004. This provision has been included in clause (iii) of sub-rule 54 (6) of the CCS (Pension), Rules, 1972.
Cabinet approves MOC in respect of tax matters between India and BRICS countries – Brazil, Russia, China and South Africa The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given the approval for the signing of Memorandum of Cooperation (MOC) in respect of tax matters between India and the Revenue administrations of […]
