Notification No. 87/2017- CUSTOMS (N.T.) Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver
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, on being satisfied that it is necessary in the public interest so to do, hereby amends the following notifications of the Government of India in the Ministry of Finance (Department of Revenue) specified in column (2) of the Table below, to the extent specified in the corresponding entries in column (3) of the said Table, namely
The Central Provident Fund Commissioner has approved a composite Pension Payment Order form (copy enclosed) replacing the existing Pension Payment Order. The Information Services Division has made requisite changes in the application Software to replace the existing Pension Payment Order with the revised Pension Payment Order.
Toor Dal, Moong and Urad have been made ‘free’ for export till further orders. The exporter will have to do prior-registration of contracts with APEDA.
This is to inform you that the International Public Sector Accounting Standard Board (IPSASB) has recently issued a Consultation paper on ‘Accounting for Revenue and Non-Exchange Expenses’ for comments which is enclosed herewith for your valuable comments and suggestions.
Prime Minister Narendra Modi has completed his cabinet reshuffle. Among the inspiring rejuvenations were Nirmala Sitharaman taking over as the first woman to be a full-time Defence Minister and Olympics Silver Medalist shooter Rajyavardhan Singh Rathore’s accession as the Sports Minister (Independent charge).
The world is soon going to become a village; therefore, it is time to standardize business practices all over the world, and global uniform accounting standards and practices are the need of the hour. The Indian Accounting Standards or IND AS have also been designed accordingly. Transactions would be perceived differently with the advent of IND AS, as it focuses on the substance of the transaction rather than merely its form or nomenclature.
Composition scheme under the GST law is for small businesses where they can opt to pay a fixed percentage of turnover as tax in lieu of standard rate of tax and be relieved from the detailed compliance of the provisions of law. Section 10 of CGST Act deals with composition levy.
The importance of place of supply is to determine (i) Nature of Supply (ii) Type of Tax to be levied and (iii) Tax Collecting Jurisdiction Authority. Under the present indirect tax system, both Central and State Government levy the taxes goods. Further Central Government has exclusive authority to levy tax on services.
Bombay High Court held in the case of CIT Vs. M/s. Parle Bisleri Ltd. that Procedural rules cannot be ignored even litigant is Government/ Revenue and Revenue should not follow tendency of blaming Advocate or procedural rules for dismissal of appeal
