Goods and Services Tax : Introduction Coronavirus (COVID-19), a virus that grew stealthily from the end of 2019 has become one of the deadliest viruses tha...
Goods and Services Tax : Rule 36(4), i.e. the ITC matching and claim based on vendor GSTR filings is one such insertion into the law which is creating more...
Goods and Services Tax : Though GST department claims only a miniscule percentage of exporters have been selected for risky exporter verification, it appea...
Goods and Services Tax : Government should consider providing the benefit of zero tax even for the dies and moulds manufactured for further use in manufact...
Goods and Services Tax : One of the GST objectives is to ensure the seamless flow of the credit & avoiding the cascading effect. The success of ITC is ...
The Goods and Service Tax is a levy on supply. All intra-states supplies attract Central and State GST whereas all the inter states supplies attract IGST. Hence, Supply is at the root of GST. This is our second article in the series wherein we discuss on the term supply and its relevance in current tax structure.
GST is said to be levied on supply in legal words taxable event is supply thereby dispensing with the existing different taxable events for different levies of duties/taxes like Manufacture for levy of excise duty, ‘sale’ for levy of VAT/sales tax etc., Therefore understanding of the expression ‘supply’ is highly important.
GST seems to be reality now. Many well run, anxious business entities are looking for the impact study to analyse how GST would impact their business in terms of pricing policies, procurement, sales, procedural compliances, cash flow and its internal control system and software.
The article is first in the series of articles to discuss intricacies of transitional provisions from existing indirect tax laws to Goods and Service Tax (GST) regime. This also highlights various open issues which need to be addressed timely by government so that there is smooth transition to Goods and Service Tax (GST) without any hiccup.
After issuing Joint Committee Reports on registration, refund, tax payment and filing of return last month, the government has issued draft model law on GST. There would be separate Acts for CGST, SGST and IGST. The model Act would guide for drafting GST Act for each of the state.
What is the present amendment? Upto 29.02.2016 only concrete mix manufactured and used at site was exempted from excise duty. However from 01.03.2016 the exemption is also extended to RMC manufactured and used at same site.
Excise Duty has been imposed on the article of jewellery in the Union Budget 2016-17. There has been protest by trade fearing the nuisances of excise. There fear is not without justifiable reasons considering the rigorous provisions of Gold Control Act, 1968 which they were subjected to. It is perceived that if the duty is reintroduced, they would again be going back to the old regime where inspector raj would prevail.
Valuation is one of the most crucial aspects for a manufacturer engaged in manufacturing of jewellery considering high value transactions and frequent fluctuation in prices leave little margin for error. This also necessitates that the value adopted for duty purpose is properly documented with supporting evidence so that the valuation is not questioned by excise officers at the time of enquiries, audits, scrutinizes or investigation proceedings.
Registration with tax authorities is first step for any assessee to make compliance with the law and similar is the case for jewelers who have been brought within excise ambit in Budget 2016-17. But it is very interesting that special provisions have been made for registration of person engaged in manufacturing of jewellery under excise and these provisions could sometime offer tremendous planning opportunities to optimize the tax liability.
CA Rajesh Kumar T R CA Ashish Chaudhary Textile has been subjected to duty of excise at different point of time. In 2004, exemption was granted on textile articles falling under chapter 61, 62 and 63 from duty of excise by issuing Notification No. 30/2004-CE. It was again subjected to duty in 2011-12. After remaining […]
