Legal Update

Central Govt. notifies Goods and services Tax Settlement of funds Rules, 2017

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 27th July, 2017 G.S.R. 964(E).—In exercise of the powers conferred by section 53 read with section 17 of the Central Goods and Services Tax Act, 2017 (12 of 2017), section 17 and 18 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017)… Read More

Exporter to declare no input tax credit of CGST or IGST has been availed on export products

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 26th July, 2017 No. 73/2017-CUSTOMS (N.T.) G.S.R. 954(E).—In exercise of the powers conferred by sub-sections (2) and (3) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central , and if necessary, establish to the… Read More

Impact of GST on Civil Aviation Sector

Impact of GST on Civil Aviation Sector  Under the GST regime the applicable tax rate on economy class passenger tickets has been reduced from 6% to 5% (non-creditable for goods), while the tax rate on business class has been increased from 9% to 12% with input tax creditable for both goods and services procured by… Read More

FAQ’s on sectoral series for MSME, TEXTILE and EXPORTS

Central Board of Excise and Customs releases FAQ on GST Sectoral series for MSME, TEXTILE and EXPORTS sectors respectively. FAQ Sectoral Series-MSME FAQ Sectoral Series -TEXTILE FAQ Sectoral Series -EXPORTS Read More

CBDT amends Notification S.O. 1590(E), dated the 16th May, 2017

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th July, 2017 (INCOME TAX) S.O. 2321(E).— In exercise of the powers conferred by sub-section (1) and (2) of section 120 of the Incometax Act,1961 (43 of 1961), read with section 6 of the Black Money (Undisclosed Foreign Income and… Read More

Govt. issues corrigendum to NOT No. 47/2017-Customs, dt. 30th June, 2017

CORRIGENDUM New Delhi, the 22nd July, 2017 G.S.R. 944(E).—In the notification of the Government of India, in the Ministry of Finance, Department of Revenue, No. 47/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 782(E), dated the 30th June, 2017,— (i) at… Read More

CBEC issues corrigendum to NOT No. 46/2017- dt. 30th June, 2017

CORRIGENDUM New Delhi, the 22nd July, 2017 G.S.R. 943(E).—In the notification of the Government of India, in the Ministry of Finance, Department of Revenue, No. 46/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 781(E), dated the 30th June, 2017,— (i) at… Read More

Govt. issues corrigendum to NOT No. 43/2017-Customs, dated the 30th June, 2017

CORRIGENDUM New Delhi, the 22nd July, 2017 G.S.R. 941(E).—In the notification of the Government of India, in the Ministry of Finance, Department of Revenue, No. 43/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 778(E), dated the 30th June, 2017,— (i) at… Read More

Government issues corrigendum to NOT No. 45/2017-Customs, dt. the 30th June, 2017

CORRIGENDUM New Delhi, the 22nd July, 2017 G.S.R. 942(E).—In the notification of the Government of India, in the Ministry of Finance, Department of Revenue, No. 45/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 780(E), dated the 30th June, 2017,— (i) at… Read More

Govt. issues corrigendum to NOT No. 38/2017-Customs dt. 30th June, 2017

MINISTRY OF FINANCE (Department of Revenue) CORRIGENDUM New Delhi, the 22nd July, 2017 G.S.R. 940(E).—In the notification of the Government of India, in the Ministry of Finance, Department of Revenue, No. 38/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 773(E), dated… Read More

Govt. extends time of applying for Cancellation of Registration till 30 Sept 2017

To address the concerns of taxpayers arising from Transition to the GST regime, the Government decides to extend the time limit for filing intimation for Composition Levy (filing of intimation FORM GST CMP-01) up to 16th August, 2017; The period of applying for Cancellation of Registration is being extended up to 30th September, 2017.  The… Read More

Government has constituted Central Monitoring Committee to monitor the impact of GST

Government has constituted a Central Monitoring Committee headed by the Cabinet Secretary to monitor the impact of GST  The Government of India has setup a Central Monitoring Committee headed by the Cabinet Secretary. Three meetings of the Central Monitoring Committee have been held on 2nd July, 11th July and 18th July. The reports include the… Read More

Number of Registration of GSTN crosses 77.5 lakhs

Number of Registration of GSTN crosses 77.5 lakhs  Till 18th July 2017, the total number of GSTIN registrations is 77,55,416. No major problems have been reported post Goods and Services Tax (GST) from the field offices across the country Internet is not required for doing / conducting business. It would be required only for the… Read More

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