Legal Update - Corporate Law Reporter

Filing of Form TRAN-I to avail Input Tax Credit

Transition to GST provided for trust based transition of input tax credit of the existing taxpayers. A tax payer could file Form TRAN-1 and avail input tax credit on the basis of closing balance of the input tax credit declared in the last return under the pre GST regime. The last date for filing of… Read More

Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions

RBI/2017-18/105 DPSS.CO.PD No. 1633/02.14.003/2017-18 December 06, 2017 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Payment Banks and Small Finance Banks /All Card Network Providers Dear Madam / Sir, Rationalisation of Merchant Discount Rate… Read More

DGFT notifies revised Handbook of Procedures of Foreign Trade Policy effective from 05.12.2017

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY (PART-I, SECTION-1) Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 43 /2015-2020 New Delhi 5th December, 2017 In exercise of powers conferred under Paragraph 1.03 of the Foreign Trade Policy, 2015-2020, the Director General of… Read More

SEIS eligible period extended up to 31.3.2018 with amendments: DGFT

To be published in the Gazette of India Extraordinary Part-I, Section (I) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Public Notice 45/2015-2020 Dated the 5 thDecember, 2017 Subject: Services Exports from India Scheme (SEIS) - Schedule under Appendix 3D as annexure to the Public Notice No. 3/2015-20… Read More

Procedure for manual disbursal of budgetary support under GST Regime

Circular No. 1061/10/2017-CX F.No: 116/15/2017-CX-3 Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, dated 30th November, 2017 To The Principal Chief Commissioner/ Chief Commissioner of GST & Central Excise (Chandigarh, Meerut, Kolkata and Shillong zone) DG, GSTI, New Delhi Pr. CCA, CBEC DG, DG Audit, New Delhi… Read More

Rs 83,346 crores collected under GST for the month of October 2017

A sum of Rs 83,346 crores has been collected as Total Revenue Collection under GST for the month of October, received in November till 27th November 2017. 95.9lakh taxpayers have been registered under GST so far, of which 15.1 lakh are composition dealers who are required to file returns every quarter. 50.1 lakh returns have been… Read More

Exporters advised to file Table 6A and GSTR 3B for processing of IGST Refund and for Refund of the unutilized Input Tax Credit

Errors by exporters while filing their returns are the sole reason for delay in grant of refunds or rejection thereof; The Government of India has taken various measures to alleviate difficulty and is fully committed to provide Speedy disbursal of Refunds due to exporters. The Government of India is seized of the issue of Exporters… Read More

CBEC invites Comments on Know Your Customer (KYC) norms

Circular No. /2017-Customs F.No.450/178/2015-CUS- IV Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Room No. 227B, North Block, New Delhi, Dated the November, 2017 To All Principal Chief Commissioner/ Chief Commissioner of Customs /Custom (Preventive), All Principal Commissioner/Commissioner of Customs / Customs (Preventive), Subject: - Know Your… Read More

Circular No. 46/2017- Applicability of IGST / GST on goods transferred / sold while being deposited in a warehouse

Circular No. 46/2017-Customs F.No: 473/10/2017-LC Govt. of India Ministry of Finance Dept. of Revenue Central Board of Excise & Customs North Block, New Delhi Dated 24th November 2017 To, All Principal Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Customs Subject: Applicability of IGST / GST on goods transferred / sold… Read More

Govt. amends the condition of provisional mega power projects and permit proportionate release of FDR or BG

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 24th November, 2017 No. 89 /2017-Customs G.S.R. 1448(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 of 1962) and sub-section (12) of section 3 of Customs Tariff Act, 1975 (51 of 1975), the Central Government being satisfied… Read More

CGST rates on goods updated schedule as on 15.11.2017

Updated schedule of CGST rates on goods, as on 15.11.2017 For ease of reference only The CGST rates on certain goods have undergone changes since the introduction of GST. The rate changes are given effect through amending notifications issued from time to time. A need has been felt to publish a consolidated rate schedule in… Read More

Manual filing and processing of refund claims in respect of zero-rated supplies

Circular No. 17/17/2017 - GST F. No. 349/169/2017-GST Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs GST Policy Wing New Delhi, Dated the 15th November, 2017 To, The Principal Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Central Tax (All) The Principal Director Generals /… Read More

CBEC revises CGST rates for restaurants & job work on handicraft goods

[TO BE PUBLISHED IN THE GAZZETE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance (Department of Revenue) Notification No. 46/2017-Central Tax (Rate) New Delhi, the 14th November, 2017 G.S.R......(E).- In exercise of the powers conferred by sub-section (1) of section 9, subsection (1) of section 11, sub-section (5)… Read More