"18 October 2017" Archive

Evidences required to be produced by supplier of deemed export for claiming refund

Notification No. 49/2017-Central Tax [G.S.R. 1306(E)] (18/10/2017)

Seeks to notify the evidences required to be produced by the supplier of deemed export supplies for claiming refund under rule 89(2)(g) of the CGST rules, 2017...

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Draft Notification of amendment of Income Tax Rule 17A and Form 10A

Vide Finance Act, 2017, a new clause (ab) was inserted in sub-section (1) of section 12A the Income-tax Act, 1961 (the Act) w.e.f 01.04.2018 to the effect that where a trust or an institution, which has been granted registration under sections 12A or 12AA of the Act ...

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Tips for Taxpayers while Installing new version of Offline Tool on GST Portal

Uninstall any previous version of the tool installed on your system. Extract the -OfflineTool.zip downloaded from portal and install by selecting GST offline Tool icon. For detailed instruction, for installation please refer Read Me file in the extracted folder. ...

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CBEC notifies certain supplies as deemed exports under CGST Act, 2017

Notification No. 48/2017-Central Tax [G.S.R. 1305(E)] (18/10/2017)

Central Government hereby notifies following supplies of goods as deemed exports, namely:-Supply of goods by a registered person against Advance Authorization...

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Are Safe Harbor margins attractive?

Under Transfer Pricing regulation, Safe Harbor rules means binding rules laid down under law which mandates income tax authorities to accept the transfer price declared by the assesse, if opted for. Further section 92CB provides methods for determination of arm’s length price....

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An easy understanding of Insolvency & Bankruptcy code 2016

The Insolvency and Bankruptcy Code, 2016 (the Code) passed by the Lok Sabha on 5th May 2016 seeks to provide a framework for time-bound settlement of insolvency by formulating a survival mechanism or by ensuring speedy liquidation through a formal insolvency resolution process (IRP)...

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Section 247 of Companies Act 2017-Valuation by Registered Valuers- Applicable from 18.10.2017

F. No. 1/27/2013-CL-V (18/10/2017)

Central Government hereby appoints the 18th October, 2017 as the date on which the provisions of section 247 of the Companies Act 2013 shall come into force....

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EPFO members can link their UAN with Aadhaar online

EPFO is pleased to introduce a new facility for its esteemed members having Universal Account Number (UAN) and other relevant details to link their respective UAN with Aadhaar online. This, in turn, would facilitate the members, a better and speedy EPFO services....

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Companies (Registered Valuers and Valuation) Rules, 2017

G.S.R 1316(E) (18/10/2017)

1. Short title and commencement.— (1) These rules may be called the Companies (Registered Valuers and Valuation) Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....

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Amendment in policy for import / Export from North Korea

Notification No. 35/2015-2020-DGFT (18/10/2017)

Amendment in Para 2.17 of the foreign trade policy 2015-2020 on imports and exports to Democratic People`s Republic of Korea (DPRK) in terms of UNSC resolutions concerning DPRK...

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Issue / Renewal of Nominated Agency Certificate for Four / Five Star Export House status holders

Notification No. 34/2015-2020-DGFT (18/10/2017)

Henceforth no Nominated Agency Certificate shall be issued/ renewed for Four Star Export House and Five Star Export House status holders. Import of gold by Four Star and Five Star Houses with existing Nominated Agency Certificate is subjected to Actual user condition and are permitted to import gold as input only for the purpose of manuf...

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FTP: Clubbing of Advance Authorisations, extension of Export Obligation period

Public Notice No. 32/2015-2020-DGFT (18/10/2017)

Amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020, related to clubbing of Advance Authorisations, extension of Export Obligation period and regularisation of bonafide default in the cases where an Authorisation was issued for import of drugs from unregistered sources with pre import condition....

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Power of Regional Authorities of DGFT to issue/renew Nominated Agency Certificates removed

Public Notice No. 31/2015-2020-DGFT (18/10/2017)

Public Notice No. 31/2015-2020 Power of Regional Authorities of DGFT to issue/renew Nominated Agency Certificates has been removed....

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Reg. Import of Flat-rolled products of stainless steel under Advance Authorisation

Public Notice No. 30/2015-2020-DGFT (18/10/2017)

Import of Flat-rolled products of stainless steel covered under ITC(HS) Codes: 7219 or 7220 under Advance Authorisation is subjected to pre-import condition with 6 months Export Obligation Period from the date of clearance of each import consignment by Customs Authority....

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GSTR-1: How to create & Submit Outward Supplies Return

To create, submit and file details for the inward supplies in the GSTR-1, perform the following steps: 1. Login and Navigate to GSTR-1 page...

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UTGST rate reduced on Food preparations in containers for weaker sections

Notification No. 39/2017-Union Territory Tax (Rate) [G.S.R. 1312 (E)] (18/10/2017)

Notification No. 39/2017-Union Territory Tax (Rate)- Seeks to reduce GST rate on Food preparations put up in unit containers and intended for free distribution to economically weaker sections of the society under a programme duly approved by the Central Government or any State Government. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Departmen...

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List of audit cases for internal audit in ITBA (Audit module)- reg

ITBA Instruction No. 2 (18/10/2017)

The list of audit able cases for the period 1st April to 31st August, 2017 of the current financial year has been made available in ITBA now. These cases are arranged in descending order of Audit Potential Index (API) in accordance with Board's Instruction No. 6 of 2017 dated 21/07/2017. the CsIT. (Audit) will be able to view the list of ...

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Actions That A Receiver Taxpayer Can Take In GSTR 2

The records added (Saved /Submitted) by supplier in GSTR-1 will be available in B2B invoices and Credit/Debit Notes section under tab Uploaded by Supplier....

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IGST reduced on Food preparations in containers for weaker sections

Notification No. 40/2017-Integrated Tax (Rate) [G.S.R. 1311(E)] (18/10/2017)

Notification No. 40/2017-Integrated Tax (Rate)- Seeks to reduce GST rate on Food preparations put up in unit containers and intended for free distribution to economically weaker sections of the society under a programme duly approved by the Central Government or any State Government. ...

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Anti-dumping duty on Soda Ash import from Russia & Turkey to continue

Notification No. 51/2017-Customs (ADD) [G.S.R. 1314 (E)] (18/10/2017)

Seeks to rescind notification No. 08/2013-Customs (ADD) dated 18.04.2013, in supersession of notification No. 56/2016-Customs (ADD) dated 21.12.2016.This notification has been issued since the time limit of three months for issuing the notification is ending shortly. However, the operation of the said rescinding notification shall remain ...

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Anti-dumping duty on Soda Ash import from China PR, EU, Kenya, Pakistan, Iran, Ukraine & USA to continue

Notification No. 50/2017-Customs (ADD) [G.S.R. 1313 (E)] (18/10/2017)

Notification No. 50/2017-Customs (ADD) Anti-dumping duty under notification No.34/2012-Customs (ADD) dated 03.07.2012 [imposing anti-dumping duty on the imports of Soda Ash, originating in or exported from China PR, EU, Kenya, Pakistan, Iran, Ukraine and USA] will continue to be levied till the final decision of the High Court of Gujarat ...

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MGST: GST reduced to 5% on Pushtaahar supplied to economically weaker section

Notification No. 39/2017-State Tax (Rate) (18/10/2017)

No. MGST.1017/CR-187/Taxation-1.—In exercise of the power conferred by the sub-section (1) of section 9 of the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017), the Government of Maharashtra, on the recommendations of the Council...

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GST Rate on Food for free distribution to economically weaker sections

Notification No. 39/2017-Central Tax (Rate) (18/10/2017)

Seeks to reduce GST rate on Food preparations put up in unit containers and intended for free distribution to economically weaker sections of the society under a programme duly approved by the Central Government or any State Government....

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GST Refund of deemed exports supply can be claimed by either recipient or supplier

Notification No. 47/2017–Central Tax [G.S.R. 1304 (E)] (18/10/2017)

Provided also that in respect of supplies regarded as deemed exports, the application may be filed by, -(a) the recipient of deemed export supplies; or (b) the supplier of deemed export supplies in cases where the recipient does not avail of input tax credit on such supplies and furnishes an undertaking to the effect that the supplier may...

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MGST: Evidences required to be produced by the supplier of deemed exports

Notification No. 49/2017-State Tax (18/10/2017)

Acknowledgment by the jurisdictional Tax officer of the Advance Authorization holder or Export Promotion Capital Goods Authoritative holder, as the case may be, that the said deemed export supplies have been received by the said Advance Authorization or Export Promotion Capital Goods Authorization holder, or a copy of the tax invoice unde...

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CIPAM-DIPP Launches Logo and Tagline Contest for Geographical Indications of India

The Cell for IPR Promotions & Management (CIPAM) under the aegis of the Department of Industrial Policy Promotion (DIPP), Ministry of Commerce and Industry, has launched a logo and tagline/slogan contest for Geographical Indications (GIs) of India on MyGov.in website....

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MGST: List of supplier of Goods treated as deemed exports

Notification No. 48/2017-State Tax (18/10/2017)

Government of Maharashtra, on the recommendations of the Council, hereby notifies the supplies of goods listed in column (2) of the Table below as deemed exports, namely :—...

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Rate of exchange of conversion of foreign currency WEF 19.10.2017

Notification No. 96/2017-Customs (N.T.) (18/10/2017)

CBEC hereby determines rate of exchange of conversion of each of foreign currencies into Indian currency or vice versa with effect from 19th October, 2017...

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10th Amendment to MGST Rules 2017

Notification No. 47/2017-State Tax (18/10/2017)

Government of Maharashtra hereby makes the following rules further to amend the Maharashtra Goods and Services Tax Rules 2017, namely :— Maharashtra Goods and Services Tax (Tenth Amendment) Rules, 2017....

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Interest subvention scheme for Women SHGs – Year 2017-18

RBI/2017-18/80 FIDD.GSSD.CO.BC.No.17/09.01.03/2017-18 (18/10/2017)

Reserve Bank of India RBI/2017-18/80 FIDD.GSSD.CO.BC.No.17/09.01.03/2017-18 October 18, 2017 The Chairman / Managing Director Public and Private Sector Banks (As per list in Annexure II) Dear Sir / Madam, Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) – Aajeevika – Interest Subvention Scheme P...

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CBI arrests Ahmedabad businessman in demonetised currency note case

The case relates to depositing of demonetized currency notes in UCO Bank, St. Xavier’s High School Road Branch, Ahmedabad, it was registered on 07.04.2017 on the allegations that the said accused, Propriator of Ahmedabad based private company...

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GST: Clarification on movement of goods on approval basis

Circular No. 10/10/2017-GST (18/10/2017)

Clarification on issues wherein the goods are moved within the State or from the State of registration to another State for supply on approval basis- Various communications have been received particularly from the suppliers of jewellery etc. who are registered in one State but may have to visit other States (other than their State of regi...

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Officer authorized for enrolling or rejecting application for GST Practitioner

Circular No. 9/9/2017-GST (18/10/2017)

CBEC hereby specifies the Assistant Commissioner/Deputy Commissioner, having jurisdiction over the place declared as address in the application for enrolment as Goods and Service Tax Practitioner in FORM GST PCT-1 submitted in terms of sub-section (1) of section 48 of the Central Goods and Services Tax Act, 2017 read with sub-rule (2) of ...

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