Under the GST regime, goods upon import shall be subject to integrated tax and compensation cess in terms of Sections 3(7) and 3(9) respectively of the CTA, 1975. Further, in terms of Section 3(12) of the CTA, 1975, the provisions of the Customs Act, 1962 and rules and regulations made thereunder relating inter alia to drawback shall apply to integrated tax and compensation cess Accordingly, drawback under Section 74 would include refund of integrated tax and compensation cess along with basic customs duty, etc.
PBs are permitted to act as Business Correspondents (BCs) of other banks. Under the BC arrangement and with prior specific or general consent of the customer, PB may effect the transfer of funds deposited by her into her account with another eligible bank, so that the balance in her account with the PB does not exceed ₹100,000 or any such lower amount as specified by her.
Since GST is being introduced w.e.f. 01/07/2017, the following points as mentioned below are pertinent and need to be followed diligently by all the DDOs of West Bengal Government Department and Local Authorities, along with other deductees like Banks, Educational Institutions, Hospitals, Nursing Homes, Private/Public Ltd. Companies as mentioned in Section 40(1) of the WBVAT Act, 2003.
GST would be implemented from 1st July, 2017. It is proposed to wind up Large Taxpayer Units (LTUs) in the new regime as the concept of state wise registration applies in GST. In this regard, reference has been received on the issue of handling of legacy work of the present LTUs in the GST regime.
Implementation of Ind AS in the Insurance Sector in India has been deferred for a period of two years and the same shall now be implemented effective 2020-21.
Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular no. 30 dated February 02, 2017 has permitted Non Resident Indians (NRIs) to participate in the exchange traded currency derivatives market to hedge the currency risk arising out of their investments in India under FEMA, 1999.
In reference to the above referred Trade Circulars, the activity of GST data migration and distribution of Provisional Ids and Access Token is in progress since 14th November 2016. This activity has been carried out by Maharashtra Sales Tax Department (MSTD) in stage-wise manner in 5 phases.
The GST Act will come into force from 1st July 2017. A large number of Tax Payers were not required to take registration as per provisions of VAT Act. Now as per the provisions of GST Act, most of the Tax Payers will be required to take registration under GST Act.
Reopening of GST Portal for Migration of existing taxpayers and New Registration under GST Act and availability of GST Registration and Migration services through Aaple Sarkar’s Service Centers
The Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017) (hereinafter referred to as MGST Act) is published in the Official Gazette dated 15th June 2017. Further, vide Notification cited at Ref. (2) above sections pertaining to the registration i.e. section 22 to section 30 have come into force with effect from 22nd June 2017
