There was no consensus on the key issues of tax rate and threshold for taxation on the day one of the first meeting of the Goods and Services Tax Council, which drew up a draft timetable for finalising of crucial issues including tax legislations and framework for its functioning. The meeting will continue on Friday.… Read More »
After Panama Papers, here comes Bahamas leak revealing 475 India related files After the biggest-ever leak of offshore entities in Panama Papers, here comes the Bahamas leaks. It reveals incorporation details of more than 175,000 companies, trust and foundations registered in Bahamas, the Caribbean tax heaven. An investigation of list by the Indian Express has… Read More »
BACKGROUND MATERIAL FOR TRAINING ON GOODS AND SERVICES TAX’ National Academy of Customs Excise and Narcotics (NACEN) Download GST Background material for Training released by CBEC
Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Date : 22nd Sep 2016 Trade Notice No 17/2016 To All Regional Authorities Members of Trade Sub: Refund of Terminal Excise Duty (TED) under Deemed Exports where Duty has been paid from CENVAT Credit and… Read More »
In the backdrop of the continued challenging global environment being faced by Indian exporters, Department of Commerce has extended support to certain new products and enhanced the rate of incentives for certain other specified products under the Merchandise Exports from India Scheme (MEIS). This has been implemented through DGFT public Notice No 32 dated 22.09.2016.… Read More »
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 122/2016 – Customs (N.T.) Dated the 22nd September, 2016 In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendments in… Read More »
F. No. 450/115/2016-CUS.-IV Govt. of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Circular No. 44/2016 – Customs New Delhi, dated the 22nd September, 2016 To, All Principal Chief Commissioners/ Chief Commissioners of Customs, All Principal Chief Commissioners/Chief Commissioners of Customs & Central Excise, All Directors General, All Principal Commissioners/Commissioners… Read More »
Section Nature of compliance Limitation of time (1) (2) (3) 9A(5) Section 9A provides that fund management activity carried out by an eligible offshore investment fund through an eligible fund manager acting on behalf of such fund shall not constitute business connection in India (subject to certain conditions). Within 90 days from the end of… Read More »
GST-Time of Supply FAQ’s on GST by CBEC (Note MGL = Model GST Law) Q 1. What is time of supply? Ans. The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed to have been made. The MGL provides separate time of supply… Read More »
Sovereign Gold Bonds, 2016-17 Series II The Reserve Bank of India, in consultation with Government of India, had notified the issuance of Sovereign Gold Bonds, 2016-17 Series II videIDMD.CDD.No.462/14.04.050/2016-17 and IDMD.CDD.No.463/14.04.050/2016-17. The fifth tranche of Sovereign Gold Bonds was open for subscription from September 01, 2016 to September 09, 2016. The bonds were to be… Read More »