Daily Archives: September 24, 2016

GST Returns Process and matching of Input Tax Credit-FAQs on GST by CBEC

By | September 24, 2016

Returns Process and matching of Input Tax Credit FAQs on GST released by CBC BUY Q 1. What is the purpose of returns? Ans. a) Mode for transfer of information to tax administration; b) Compliance verification program of tax administration; c) Finalization of the tax liabilities of the taxpayer within stipulated period of limitation; to… Read More »

GST Council gets cracking on GST deadline

By | September 24, 2016

Council gets cracking on GST deadline The GST Council on Friday took two big steps towards meeting the April 1 deadline for introduction of the goods and services tax (GST) system. On the concluding day of its two- day meeting, the council agreed on exemption thresholds and dual control over assessees. The council also decided… Read More »

Vietnam Capital Assignment Tax on Offshore assignment of capital

By | September 24, 2016

Capital Assignment Tax (“CAT”) – Offshore assignment of capital & interest deriving from Vietnam is subject to Vietnamese CAT In Vietnam, the taxable income of foreign companies is broadly defined and includes income from capital assignment, regardless of where the transactions take place. Guidance issued earlier in 2016 by the Ministry of Finance sets forth… Read More »

Australian Taxation Office updated guidance on general anti-avoidance rules

By | September 24, 2016

Australian Taxation Office updated guidance on the application of the general anti-avoidance rules. After much anticipation, the Australian Taxation Office (ATO) has released a revised practice statement on the application of the general anti-avoidance rules (Law Administration Practice Statement (PSLA) 2005/24). Click to View :   (PSLA) 2005/24).   application of the general anti-avoidance rules The… Read More »

Job Work -FAQ on GST released by CBC

By | September 24, 2016

Job Work FAQ on GST released by CBC MGL= Model GST Law BUY Q 1. What is job-work? Ans. Section 2(62) of the MGL provides that “job-work” means undertaking any treatment or process by a person on goods belonging to another registered taxable person and the expression “job-worker” shall be construed accordingly. This definition is… Read More »

Electronic Commerce -FAQs on GST by CBEC

By | September 24, 2016

Electronic Commerce FAQs on GST by CBEC BUY (MGL= Model GST Law) Q 1. What is e-commerce? Ans. Section 43B(d) of the MGL defines an Electronic Commerce to mean the supply or receipt of goods and/ or services, or transmitting of funds or data, over an electronic network, primarily the internet, by using any of… Read More »

Category: GST