Central Government exempts all goods imported by a unit or a developer in the Special Economic Zone for authorised operations, from the whole of the integrated tax leviable thereon under sub-section (7) of section 3 of the Customs Tariff Act, 1975 (51 of 1975) read with section 5 of the Integrated Goods and Service Tax Act, 2017 (13 of 2017).
G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance
There has been a lot of confusion and multiple interpretations are doing rounds over the past few weeks in respect of the taxability of Jewellery. In the ensuing paragraphs, an effort has been made to clear the air around this issue
Section 9(3) of CGST/SGST acts provides that, Government may specify categories of supply of goods or services which shall be paid on reverse charge basis i.e. tax shall be paid by the recipient of such goods or services. In this regards two notifications have been issued providing the list of goods and services, wherein the purchaser/recipient has the liability to pay GST.
As per clause 6(b) of Schedule II, Restaurant services are specified as composite supply and have been defined as follows:- Supply by way of or as part of any service or in any other manner whatsoever, of goods, being food or any other article for human consumption or any drink
However, other than writing and registering a Will, there are other ways to pass on the wealth without any hassles is by having joint accounts with the person whom you want to pass on the wealth (namely, one’s spouse). Joint accounts are more hassle free even compared to a Will.
In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 16 Property, Plant and Equipment. The amendments would prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity would recognise those sales proceeds in profit or loss.
The Nagaland Goods and Services Tax Act, 2017 An ACT to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the State of Nagaland and the matters connected therewith or incidental thereto
Article Compares Tax Exemption under Service Tax Regime and under GST Regimes. Article discusses exemption which was there in Service Tax Regime but been deleted under GST Regime and also the exemptions which were not there in Service tax Regime but been added in GST regime. Service Tax exemptions which has been segregated in multiple […]
You can be entitled for Input Tax Credit if you satisfy the below mentioned conditions: To get the benefits of ITC, you must satisfy the following conditions:
