The last few years have seen a spurt in the number of start-ups in India. Many people are actually fascinated with the idea of being their own bosses. It might even sound like a piece of cake for few. But that is not true. It takes a lot of efforts, hard work, thinking, and of course, capital to sustain a business.
India is an emerging economy and is considered as a bright investment destination, riding on its high growth and savings rate. According to a report by United Nations Population Fund, more than 50 percent of the country’s population is below the age of 25, with most of them joining the workforce for the very first time.
In exercise of powers conferred by sub-section (1B) of section 129A of the Customs Act, 1962 (52 of 1962), read with Notification No. 13/2017-Central Excise (NT) dated 09.06.2017 and Notification No. 17/2017-Central Excise (NT) dated 19.06.2017
NOTIFICATION No. 35/2017-Customs (ADD) Seeks to Impose provisional anti-dumping duty on imports of ‘O-Acid” originating in exported from China PR
As per Sec 22 of the CGST Act 2017 every supplier (including his agent) who makes a taxable supply i.e. supply of goods and / or services which are leviable to tax under GST law, and his Aggregate turnover in a financial year exceeds the threshold limit of 20 lac/10 lac rupees shall be liable to register himself in the State or the Union territory from where he makes the taxable supply.
ASSOCHAM urged union government to review GST rates for select agriculture inputs viz., bio fertilizers, bio pesticides/bio control agents (BCA), organic manures/vermicompost/farmyard manure (FYM) and others.
Petitioner cannot urge and/or seek directions to the respondents to postpone the decision to implement GST with effect from 1.7.2017, for simple reason that herein levy and collection of taxes on goods and services has sanction of law.
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 Madhya Pradesh and the matters connected therewith or incidental thereto
Aggregate Turnover: total value of (Taxable supplies + exempt supplies + export of goods and services + inter-state supplies) in a Financial Year. Since Composition Taxable person cannot make inter-state supply, value of inter-state supply has to be Zero in case of such Taxable person. Further, for determination of aggregate turnover, the tax paid under GST law is not to be included.
The textile industry has historically enjoyed tax exemptions on the cotton value chain. Currently, attracts zero Central excise duty (under optional route) .VAT is not applicable on fabrics, but yarn and garments attract VAT according to state rates. On an average, the items used by the textile industry such as machinery and chemical agents have been taxed at around 20% throughout the country.
