Taxability of “free of cost” supplies for GST purposes For purposes of valuing works contracts under the model goods and services tax (GST) law, there can be issues regarding the taxability of “free of cost” supplies. Read an August 2016 report of KPMG [PDF 319 KB]
Taxability of capital gains, Mauritius investment company The AAR determined that the capital gains arising from the transfer of shares is not taxable in India pursuant to Article 13(4) of the India-Mauritius income tax treaty. The case is: Shinsei Investment I Limited. Read a September 2016 report of KPMG
MINISTRY OF COMMERCE AND INDUSTRY (Department of Industrial Policy and Promotion) NOTIFICATION New Delhi, the 11th August, 2016 S.O. 2737 (E).- In exercise of the powers conferred by sub-section (1) of section 29B of the Industries (Development and Regulation) Act, 1951 (65 of 1951), the Central Government hereby makes the following further amendments in the… Read More »
F.No. 354/45/2016-TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) Circular No. 200/10/2016-Service Tax Dated: 6th September, 2016 To Principal Chief Commissioners of Customs and Central Excise (All) Principal Chief Commissioners of Central Excise & Service Tax (All) Principal Director Generals of Goods and Service Tax/System/CEI Director General of Audit/Tax Payer… Read More »
Seeks to amend Notification No. 25/2012- Service Tax, dated 20.06.2012, so as to make necessary amendment by substituting the clause (a) of entry 5 in opening paragraph GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 40/2016-Service Tax New Delhi, the 6th September, 2016 GSR__(E).- In exercise of the powers conferred by sub-section… Read More »
MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 5th September, 2016 S.O. 2866(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints 7th September, 2016 as the date on which the provisions of section 124, sub-sections (1) to (4), (6)… Read More »
VALUE OF TAXABLE SUPPLY OF GOODS AND SERVICES UNDER GST Sponsored Book BUY Transaction value is basis for valuation The value of a supply of goods and/or services shall be the transaction value, that is the price actually paid or payable for the said supply of goods and/or services where the supplier and the recipient… Read More »
GST on ELECTRONIC COMMERCE Sponsored Book BUY E-commerce companies selling goods on portal are being made liable to collect GST at source. In effect, the e-commerce companies will be paying advance GST. The actual supplier supplying goods to ultimate customer can avail input tax credit of GST paid by the electronic commerce operator. ‘Electronic commerce‘ shall… Read More »
The government has said no adverse action will be taken by Financial Intelligence Unit or the income-tax department solely on the basis of the information regarding cash deposit made consequent to the declaration under the black money scheme. Credit for unclaimed tax deducted at source made on declared income shall be allowed and no capital… Read More »
PROSECUTION AND COMPOUNDING UNDER GST Sponsored Book BUY Prosecution for Offences under GST Law As per clause 73(1) of GST Model Law, 2016, whoever commits any of the following offences, namely— (a) supplies any goods and/or services without issue of any invoice or issues an incorrect or false invoice with regard to any such supply;… Read More »