"05 October 2017" Archive

GST implementation – Hasty turns out nasty

Anticipations from over a decade were put to rest on July 1, 2017 when India's biggest tax reform since independence, Goods and Services Tax (GST) was launched. With an attempt to create historic mark, the Government although claims to have succeeded in this smooth transition from the earlier tax regime to the new tax regime, but the scen...

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Recent 62 FAQs on Goods & Services (GST)

Q 1. What is the GST rate for rice bran? Ans: 1. Rice bran falls under HS code 2302., 2. Rice bran for use as aquatic feed including shrimp feed and prawn feed, poultry feed & cattle feed attracts Nil GST., 3. Rice bran for other uses attracts 5% GST....

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All About Revised Procedure of LUT and Bond Under GST for Export

Letter of undertaking & Bond under GST 1.1 Who is eligible for Letter of undertaking With effect from 4th October 2017 the facility of export of goods and/or services under LUT has now been extended to all registered persons except to those who have been prosecuted for any offence under the CGST/IGST Act /any of […]...

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SC issues Notices to Centre, EC on PIL Challenging amendment to Political Funding Laws

Association for Democratic Reforms Vs Union of India (Supreme Court of India)

The Petitioners are filing the instant Public Interest Litigation under Article 32 of the Constitution of India on the issue of corruption and subversion of democracy through illicit & foreign funding of political parties and opaqueness in the accounts of all political parties. ...

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Steps to resolve GST Migration Issue: Edited Details in Part-B are Not Getting Saved

Some taxpayers have approached with the complaint that their migration is incomplete and they are trying to edit some details in Part-B, but the details filled are not getting saved. This is mainly due to some technical error in any of the following sections...

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VAT In Gulf Countries

Lets welcome yet another tax reform in the world in Gulf Countries. VAT is being introduced for the first time in Gulf countries as recommended by Gulf Cooperation Council (GCC)....

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GST Export Relief – Bond or LOU – Procedure

Exporters are facing a lot of issues due to some compliance burden related to Bond plus Bank Guarantee, So now through Notification 37/2017 CGST, some relief is provided to them...

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Rate of exchange of conversion of foreign currency WEF 06.10.2017

Notification No. 94/2017 - Customs (N.T.) (05/10/2017)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise and Customs No. 90/2017-CUSTOMS (N.T.), dated 21st September, 2017, except as respects things done or omitted to be done before such super session, the Central Board of Excise and...

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Concept of Reverse Charge under GST

The levy of tax on supply of goods and / or services can be grouped under three categories :- (i) in the hands of the supplier or (ii) in the hands of the recipient of goods / services under reverse charge mechanism and, (iii) in case of specified services, in the hands of electronic commerce […]...

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IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Second Amendment) Regulations, 2017

Notification No. IBBI/2017-18/GN/REG017 (05/10/2017)

No. IBBI/2017-18/GN/REG017 These regulations may be called the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2017....

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