Tax point or time of supply provided under revised Model GST Law is different from current scenario. In excise, time of supply is removal of goods. In service tax, point of taxation is date of invoice and date of payment subject to date of completion of service. However, in VAT Laws, tax point is date of invoice since sale cannot be made without invoice.
GST Law is in process of formation. There is need of removing laxity and absolute powers to authorities in respect of inspection, search, seizure, detention, suspicion etc.
Article explains Benefits, Penalties, Applicability and Registration under Food Safety and Standards Act, 2006 by Food Safety and Standards Authority of India (FSSAI).
RBI decided to keep key rates unchanged in its 5th Monetary Policy 2016-17. Bond markets reacted negatively given that 25 bps was already factored
Generally speaking ,policies issued abroad are illegal in India ;i.e., insurance documents required in this country must be issued by a licensed insurer in India.
These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Eighteenth Amendment) Regulations, 2016.
As you are aware. after notification of the Government on 08.11.2016 declaring the old high denomination currency notes of Rs. 1000/500 invalid from 09.11.2016, investigation Directorates have intensified enforcement actions in detecting serious irregularities, They arc, however, seriously handicapped because of non-availability of manpower.
The online information and database access or retrieval services were exempted under Reverse charge as per Place of provision rules i.e the services provided from outside India and received in India were non-taxable (Exempt) under service tax.
GST Council has released revised draft of Model GST law on November 26, 2016 wherein key changes has been introduced in Place of Supply Rules.The earlier version of draft GST law was silent on place of supply rules related to Imports, Exports & SEZ units. The new version tries to clarify & brings in provisions of Imports & Exports separately.
All Taxation laws define an event, called in legal language Taxable Event, on the happening of which, one becomes taxable. Eg., in Excise, manufacturing is the Taxable event, However, liability arise on Removal of Goods. In GST, Supply is proposed to be the Taxable Event, however, liability to pay shall arise at Time of Supply as determined under section 12/13.
