Daily Archives: August 9, 2016

GST will spare the poor : Modi

By | August 9, 2016

Prime Minister Narendra Modi on Monday tried to sell the goods and services tax (GST) as one that would help small businesses, spare the poor, generate additional jobs and help in regional development. Parliament cleared the Constitution (122nd Amendment) Bill, shifting the focus to states. The government had moved six amendments, including scrapping of 1… Read More »

Category: GST

Know Your Customer Guidelines

By | August 9, 2016

Source : RBI Know Your Customer Guidelines (updated up to December 22, 2014) (This is a summarised and simplified version of the Reserve Bank of India’s Know Your Customer guidelines. For further details, please refer to the links which are provided below.) Q 1. What is KYC? Why is it required? Response: KYC means “Know… Read More »

Provisional assessments in respect of imports of PVC Flex Film

By | August 9, 2016

seeks to finalize the provisional assessments in respect of imports of PVC Flex Film, originating in or exported from ChinaPR by M/s Haining Tianfu Warp Knitting Co. Ltd., People’s Republic of China (Producer) and M/s Manna, Korea RP (Exporter), at rate of anti-dumping duty imposed vide Notification No. 82/2011-Customs (ADD) dated 25th August, 2011 [and… Read More »

Anti-dumping duty on imports of certain Rubber Chemicals namely MBTS

By | August 9, 2016

seeks to extend the levy of anti-dumping duty on imports of certain Rubber Chemicals, namely MBTS [Dibenzothiazole disulphide] originating in, or exported from, People’s Republic of China, (imposed vide notification No. 98/2011-Customs, dated 20th October, 2011) for a period of one year i.e. upto and inclusive of the 19th October, 2017. Notification No 40/2016-Cus (ADD), dt.… Read More »

Application of principle of unjust enrichment in case of refund

By | August 9, 2016

Draft Circular / / 2016-Service Tax F. No. 137/29/2016-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Service Tax Wing Dated August 2016 To All Principal Chief Commissioners of Central Excise All Chief Commissioners of Central Excise/ Service Tax Principal Directors General of Service Tax/Central Excise Intelligence/Systems… Read More »

GST -Highlights of Chief Economic Adviser Report on GST

By | August 9, 2016

Chief Economic Adviser Report on GST Report on the Revenue Neutral Rate and Structure of Rates for the Goods and Services Tax (GST) Source : Press release –Ministry of Finance, 04-December, 2015 Committee headed by the Chief Economic Adviser Dr. Arvind Subramanian on Possible Tax rates under GST submits its Report to the Finance Minister;… Read More »

Govt may reduce Tax exemption list of GST

By | August 9, 2016

Govt mulls pruning tax exemption list of GST About 200 items, including premium tea and coffee, ready- to eat food and branded biscuits, could lose tax exemptions when the goods and services tax comes into effect. The Union government is planning to prune the list of excise duty exemptions from the current 300 to the… Read More »

Category: GST

Making GST work for India Inc

By | August 9, 2016

An important objective of the proposed Goods and Services Tax ( GST) is to ensure a uniform tax base, same or similar tax rates, and aharmonised tax regime in India, which would unify India into a single market. However, under the Indian federal system, such need for harmonisation is often in conflict with the principles… Read More »

Category: GST

Text of PM’s address in Lok Sabha on GST Bill

By | August 9, 2016

Text of PM’s address in Lok Sabha on GST Bill on 08.08.2016 आज 8 अगस्त है। अगस्त क्रांति का बिगुल 8 अगस्त को बजा था और महात्मा गांधी ने भारत छोड़ो इस मंत्र के साथ देश को आजादी के पूरे आंदोलन एक बहुत बड़ी तीव्रता के साथ आंदोलित किया था। और 9 अगस्त को आजादी… Read More »

Category: GST