Whether handling portion and maintenance including incineration facilities by one party on behalf of another is in the nature of providing ‘Storage and Warehousing Services’ falling under Section 65(105)(zza) of Finance Act, 1994
Whether burden of Service tax can be transferred to other party through contractual agreement? Further, whether Revenue can be asked to recover tax dues from the third party or wait till amount has been recovered from contractors?
Whether Customs duty and Excise duty portion of drawback already claimed by the assessee can be recovered by the Department consequent to the non-realization of export proceeds?
Whilst the Government is keen to make Goods and Services Tax (GST) a reality by envisaged April 1, 2017 deadline, efforts put in by the Government to look into the voluminous suggestions submitted by various stakeholders, on First cut Model GST Law (put on public domain on June 14, 2016), is indeed commendable.
Taking into consideration majority of the concerns raised by the Trade and Industry, the Government has, on November 26, 2016, released the Revised version of the Model GST Law along with Draft GST Compensation Bill.
With step-by-step progress towards Goods and Services Tax (GST), the Country is all set to witness the biggest indirect tax reform of unmatched importance in independent India. GST is a biggest game changing indirect tax reform for Indian economy, aimed at undoing Inter-State barriers to trade in goods and services by subsuming around 17 indirect taxes, viz. Excise Duty, Service Tax, VAT, CST, Luxury tax, Entry Tax, etc.
Supreme Court upheld constitutional validity of Entry tax imposed by States. A nine-judge Constitution Bench, overrules ‘compensatory tax’ theory propounded by 7 judges bench
Article explains Withdrawal of Service tax exemption on cross border B2C online information & database access or retrieval services w.e.f. December 1 2016
Enrolment of existing taxpayer on GSTN Portal www.gst.gov.in and FAQs on registration and migration of existing taxpayers
Moving swiftly on the road to formalising the biggest reform of the indirect tax regime, the Goods and Services Tax (“GST”) Council on November 3, 2016, has decided four-tier GST tax structure of 5, 12, 18 and 28%, with zero rate for essential items and the highest for luxury and de-merits goods that would also attract an additional cess.
