GST Refunds FAQs on GST released by CBC BUY Q 1. What is refund? Ans. Refund has been discussed in section 38 of the MGL. “Refund” includes refund of tax on goods and/or services exported out of India or on inputs or input services used in the goods and/or services which are exported out of… Read More »
Attention of all Exporters/ Customs brokers / members of Trade is invited to the scheme for implementation of Rebate of State Levies on textile garments (ROSL) notifed vide Notification Nos. 12020/03/2016-IT dated 12.8.2016 and 31.8.2016 by the Ministry of Textiles. Further, the Central Government (Ministry of Textiles) has issued Notification No. 12020/03/2016-IT dated 13.8.2016 notifying the rates of rebate in Schedule… Read More »
GST -Assessment and Audit FAQs on GST released by CBC BUY MGL= Model GST Law Q 1. Who is the person responsible to make assessment of taxes payable under the Act? Ans. Every person registered under the Act shall himself assess the tax payable by him for a tax period and after such assessment he… Read More »
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 »
Concept of Input Service Distributor in GST FAQs on GST by CBEC BUY Q 1. What is Input Service Distributor (ISD)? Ans. As per Section 2(56) of MGL, ISD means an office of the supplier of goods and / or services which receives tax invoices issued under section 23 towards receipt of input services and… Read More »
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 »
China Country Value Added Tax (VAT) Essentials Guid The 2016 edition of the China Country Value Added Tax (VAT) Essentials Guide provides an overview of the indirect tax system in mainland China. It is intended to assist companies doing business in or with China to navigate the indirect tax system. China’s indirect tax system was… Read More »
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 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 »
GST – CONCEPT & STATUS – AUGUST, 2016 (by CBEC) Download GST – Concept & Status Aug 2016