Daily Archives: August 9, 2016

Delhi may be among first few states to ratify GST bill

Delhi may be among first few states to ratify GST bill The AAP government is all set to place the GST Bill for ratification before the Delhi Assembly during its four-day session beginning August 22 as the Centre aims to get the legislation cleared by at least half of the 29 states to roll out the new… Read More »

Category: GST

GST will spare the poor : Modi

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

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 »

GST will end tax terrorism and kuchcha bills ; Prime Minister

GST will make ‘kuchcha’ bills a thing of the past – Modi Implementation of a goods and services tax will end “tax terrorism”, incentivise traders to maintain clean accounts, make “kuchcha bills” (informal bills) a thing of the past and empower the customer, PM Narendra Modi said on Monday. A “pucca bill” (proper receipt) will… Read More »

Category: GST

Provisional assessments in respect of imports of PVC Flex Film

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

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 »

Anti-dumping duty on imports of Sodium Nitrite imported from China

seeks to extend the levy of anti-dumping duty on imports of Sodium Nitrite, originating in, or exported from People’s Republic of China, (imposed vide notification No.46/2014-Customs(ADD), dated 8th December, 2014) for a period of one year i.e. upto and inclusive of the 16th August, 2017. Notification No 39/2016-Cus (ADD), dt. 08-08-2016

Application of principle of unjust enrichment in case of refund

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 debate over money versus financial Bills

The Aadhaar Bill had done so. Now, the yet- to- be- framed Bills on a national goods and services tax (GST) have stirred a debate, over money Bills versus financial Bills. In a debate on the constitutional amendment in the Rajya Sabha on Thursday, the Congress party wanted Finance Minister Arun Jaitley to commit that… Read More »

Govt may reduce Tax exemption list of GST

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

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

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