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GST-Corrigendum to Notification Rate Schedule-Goods CR-104 dated 11.07.2017

July 11, 2017 3852 Views 1 comment Print

No. MGST. 1017/C.R.104/Taxation-1.—In the Government notification of the Finance Department No. MGST-1017/C.R.104/Taxation-1 [No. 1/2017-State Tax (Rate)], dated the 29th June 2017, published in the Maharashtra Government Gazette, Part IV-B, Extra-ordinary No. 183 dated the 29th June 2017

Corrigendum to Notification for Exempted Goods CR-103 dated 29.06.2017

July 11, 2017 1452 Views 0 comment Print

No. MGST. 1017/C.R.103(1)/Taxation- 1.—In the Government notification of the Finance Department No. MGST. 1017/C.R. 103(1)/Taxation-1 [No. 2/2017-State Tax (Rate)], dated the 29th June 2017, published in the Maharashtra Government Gazette, Part IV-B, Extraordinary No. 182, dated the 29th June 2017

Standard procedure for import of cosmetic product

July 11, 2017 1557 Views 0 comment Print

The cosmetic products packaged for retail sale are subjected to provisions contained in the Packaged Commodity Rules, 2011 as well as Drug and Cosmetics Act, 1940 and rules made thereunder.

Dismantling check posts, post- GST save 24-36 hrs trucking time on trunk routes: ASSOCHAM

July 11, 2017 1137 Views 0 comment Print

New Delhi, 10 July 2017: Notwithstanding some teething troubles, the GST is saving trucking time on trunk routes, connecting top cities, between 24-36 hours besides saving the fleet owners Rs 5,000 -7,500 per trip by way of corruption at the octroi and sales tax/VAT check posts which have since been dismantled by most of the states

GST: Creation of Directorate of international Customs –reg.

July 11, 2017 3816 Views 0 comment Print

The Directorate of International Customs will be headed by a Principal Commissioner. The mandate of the Directorate of International Customs is to assist CBEC in the following areas of work:

Assessee cannot be taxed for money received as power of attorney of land owner

July 10, 2017 5727 Views 0 comment Print

Gyan Chand Agarwal Vs Addl. CIT (ITAT Jaipur) The issue in this ground is whether the sale consideration of the land belonging to Shri Sultan Meena can be taxed in the hands of the assessee, who is admittedly Power of Attorney holder of Shri Sultan Meena. There is no dispute with regard to the fact […]

CBEC increases import duty on sugar to 50%

July 10, 2017 1689 Views 0 comment Print

CBEC increases import duty on sugar [Raw sugar, Refined or White sugar, Raw sugar if imported by bulk consumer under tariff head 1701, from the present 40% to 50% with immediate effect and without an end date

Inadequacy of consideration is not a ground for cancelling of a contract

July 9, 2017 8688 Views 1 comment Print

Unfortunately undervaluing of immovable properties so as to either pay less stamp duty or for other reasons of concealment of income etc, is ripe in this country, however, the appellant/plaintiff cannot take any benefit of the same in view of the provision of Section 25 of the Indian Contract Act, 1872 and which specifies that inadequacy of consideration is not a ground for cancelling of a contract. In any case, it is very much possible that the declared consideration need not have been the actual consideration, and which of course this Court does not deal with or is not concerned with in view of the categorical provision of Explanation II to Section 25 of the Indian Contract Act.

11 Basic FAQs on GST

July 8, 2017 5055 Views 2 comments Print

What is GST? Ans. Simply put GST stands for Goods and Services Tax, which is levied on supply of goods or services or both. Sale of goods, for example is a type of supply. Various economic activities are all different types of supply.

12 FAQs on Returns under GST

July 8, 2017 4347 Views 0 comment Print

From when do the first Returns need to be filed by taxable person in respect of outward supplies? Ans: First Return of outward supplies need to be filed from the date on which he became liable for registration till the end of the month in which the registration has been granted.

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