Various notifications have been issued by CBIC, notifying numerous changes with effect from 01.10.2019. These notifications hace been issued to implement decisions taken at 37th GST Council meet at Goa on 20.09.2019. A gist of the changes are as follows; Change in Rate of Goods & Services: (i) Dry Tamarind/ Plates and cups made up […]
Real estate is backbone of the economy of any country. It is the largest asset class owned by people of any country. It is one of the biggest sectors getting credits from the financial institutions. Investment in under construction housing is one of the biggest investments of Indian middle class. However, unfortunately numerous projects of […]
Tobacco products attracted National Calamity Contingent Duty (NCCD) under erstwhile Central Excise duty regime. CBIC has clarified that NCCD shall continue to be levied on tobacco and tobacco products at the rates as applicable prior to 1st July, 2017. This paper is an attempt to understand the legality of imposition of NCCD on products which […]
Recently a number of decisions have come in which Income Tax Appellate Tribunal has dismissed appeals for non-persecution. This paper is an attempt to understand the legal provisions regarding dismissal of appeal for non-appearance. Rule 24 of the Income Tax Appellate Tribunal Rules reads as, 24. Hearing of appeal ex parte for default by the […]
Ocean freight on imported goods has always been a controversial topic in indirect taxation regime. Transport of ocean freight is a physical process of transporting commodities and merchandise goods and cargo through ship line. Even under Service Tax, the issue was shuffled in and out of the negative list. We have been receiving queries from […]
Recently hundreds of show cause notices were issued to equipment manufacturers alleging that drawing/designs supplied to them by the principal manufacturers are additional considerations received by such manufacturers and value of designs/drawings are required to be included in the assessment value of the goods supplied. Such notices threaten the very survival of such manufacturers who […]
Taxing real estate sector has always been a difficult proposition due to numerous practices followed, division of power between union and states. As it affects the headlines rate of GST, the government tries to keep the headline rate lower while making all the effort to tax the sector as much as possible. The sector makes […]
When a services falls under the definition of intermediary, the provision of place of supply becomes different. Thus classification of a service under intermediary or otherwise affects various provisions like inter-state/intra-state supply or export or import of service. Therefore, it is necessary to under the provision of intermediary under GST. Intermediary Under Goods and Services […]
Central Board of Indirect Taxes and Customs have come out with a clarification vide Circular No. 92/11/2019-GST dated 07.03.2019, clarifying on various doubts regarding treatment of sales promotion scheme under GST. The circular clarifies following points; (i) It is clarified that samples which are supplied free of cost, without any consideration, do not qualify as […]
With effect from 01.04.2019, various changes are being implemented in the composition scheme. As the scheme is required to be opted, this article is an attempt to explain the provision as it shall be applicable with effect from 01.04.2019 for composition dealers.
