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Composite supply of works contract to Govt- Term ‘Business’ clarified

July 26, 2018 4182 Views 0 comment Print

CBIC inserts following explanation in notification No. 11/2017 – Central Tax (Rate) in Table, against serial number 3 (Related to Composite supply of works contract to Government) , in column (3), in item (vi)- For the purposes of this item, the term ‘business’ shall not include any activity or transaction undertaken by the Central Government, a State Government or any local authority in which they are engaged as public authorities.

CGST on Services in relation to a function entrusted to a municipality

July 26, 2018 2013 Views 0 comment Print

CBIC notifies with effect from 27th of July, 2018 vide Notification No. 16/2018-Central Tax (Rate), Dated: 26th July, 2018 that services by way of any activity in relation to a function entrusted to a municipality under Article 243W shall be treated neither as a supply of good nor a service

CGST: RCM on services by individual DSAs to banks/ NBFCs wef 27.07.2018

July 26, 2018 15036 Views 1 comment Print

CBIC amends notification No. 13/2017- Central Tax (Rate) so as to specify services supplied by individual Direct Selling Agents (DSAs) to banks/ non-banking financial company (NBFCs) to be taxed under Reverse Charge Mechanism (RCM) vide Notification No. 15/2018-Central Tax (Rate), Dated: 26th July, 2018.

Concessional IGST rate on specified handicraft items WEF 27.07.2018

July 26, 2018 3033 Views 0 comment Print

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 6 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby exempts the inter-state supplies of handicraft goods

CBIC allows Refund of IGST credit to fabric manufacturers

July 26, 2018 1941 Views 1 comment Print

G.S.R. (E).- In exercise of the powers conferred by clause (ii) of the proviso to sub-section (3) of section 54 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) the Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance

Changes in List of goods exempt from IGST wef 27.07.2018

July 26, 2018 2781 Views 0 comment Print

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 6 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.2/2017- Integrated Tax (Rate), dated the 28th June, 2017

Revised IGST rates on various Goods WEF 27th July, 2018

July 26, 2018 6315 Views 0 comment Print

CBIC notifies reduced IGST Rates on Several Goods vide Notification No. 19/2018-Integrated Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018.

IGST on Composite supply of works contract to Govt: Term ‘Business’ clarified

July 26, 2018 1584 Views 0 comment Print

CBIC inserts following explanation in notification No. 8/2017 – Integrated Tax (Rate) in Table, against serial number 3 (Related to Composite supply of works contract to Government) , in column (3), in item (vi)- For the purposes of this item, the term ‘business’ shall not include any activity or transaction undertaken by the Central Government, a State Government or any local authority in which they are engaged as public authorities.

Discussion Paper on Delisting of Equity Shares – Review of “Reverse Book Building Process”

July 26, 2018 4488 Views 0 comment Print

urrently, in voluntary delisting an issuer/promoter has to first take the approval of shareholders of that class, then an in-principal approval of the stock exchange followed by RBB Process to discover the price. The promoter may choose to pay a price equal to or more than the discovered price to the shareholders who had tendered their shares in the RBB process.

Eligibility criteria for entitlement under MEIS for courier/ post exports

July 26, 2018 2856 Views 0 comment Print

The value limit for exports through Courier service/ Post has been placed at Rs 5,00,000 and the eligibility criteria for entitlement under MEIS for courier/ post exports have been increased to Rs 5,00,000 per consignment from the earlier Rs 25,000 per consignment. The limitation on the port of exports for courier exports for the purpose of incentivisation under MEIS has been done away.

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