Daily Archives: August 12, 2016

Fearing high tax rates, lobbying starts for exemption from GST

Within days of Parliament passing the Constitution Amendment Bill for rolling out the Goods and Services Tax (GST) in India, several sectors have begun hectic lobbying for exemption from the new tax. One such sector is renewable energy, where most of the equipment is imported. Solar power equipment enjoys zero customs duty, while a 5%… Read More »

Category: GST

Assam becomes first state to ratify GST Constitutional Amendment bill

Finance Minister of Assam Himanta Biswa Sarma tweeted on Friday morning that Assam has become the first state to ratify the Goods and Services Tax (GST) constitution amendment Bill. It was the last day of Assam’s ongoing legislative assembly session, its first full session after the new Bharatiya Janata Party-led coalition government was sworn in… Read More »

Category: GST

Multipurpose Empanelment Form for the year 2016-17

Multipurpose Empanelment Form for the year 2016-17 Online Multipurpose Empanelment Form (MEF) for the year 2016-17 is live at www.meficai.org. The last date for submission of online MEF Form for the year 2016-17 is 31st August, 2016 and for submission of hard copy of “DECLARATION FOR MEF 2016-17” is 12th September, 2016. In case, an applicant… Read More »

Import Manifest (Aircraft )Amendment Regulations 2016

Amending Import Manifest (Aircraft )Regulations, 1976 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 108/2016-Customs (N.T.) New Delhi, the11th August, 2016 G.S.R. … (E).- In exercise of the powers conferred by clause (a) of sub-section (2) of section 157 of the Customs Act, 1962 (52 of… Read More »

Export Manifest (Aircraft) Regulations, 1976 Amended

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION‑3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 107/2016-Customs (N.T.) New Delhi, dated the 11th August, 2016 G.S.R. (E).- In exercise of the powers conferred by clause (a) of sub-section (2) of section… Read More »

Benefits to hill, N- E states to continue under GST

Benefits to hill, N- E states to continue under GST The 10- year tax holiday given in the form of area- based excise breaks for hill and northeast states will continue under the coming goods and services tax (GST) regime until the sunset date. The Centre is deliberating a compensation mechanism for manufacturing units availing… Read More »

Category: GST

GST had changed global perception about India: FM

GST passage conveyed positive global cues: FM Finance Minister Arun Jaitley (pictured) said Parliament’s passage of the constitutional amendment Bill on a national goods and services tax (GST) had changed the global perception about India. Credit availability, he added, was achallenge for micro, small and medium enterprises (MSMEs) but amendments Parliament is considering to the… Read More »

Category: GST

Benami Transactions (Prohibition) Amendment Act 2016 Notified

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 11th August, 2016/Shravana 20, 1938 (Saka) The following Act of Parliament received the assent of the President on the 10th August, 2016, and is hereby published for general information:— THE BENAMI TRANSACTIONS (PROHIBITION) AMENDMENT ACT, 2016 NO. 43 OF 2016 [10th August, 2016.] An Act… Read More »

RBI Draft Circular on Customer Protection

Date : Aug 11, 2016 The Reserve Bank of India has today placed on its website the Draft Circular on “Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions”, for feedback. Suggestions/comments, if any, on the Draft Circular may be sent by post to the Chief General Manager, Department of Banking Regulation,… Read More »

Supply of Service under GST : Analysis

Supply of Service under GST Key Points about Supply of Service under Model GST Law Definition of service  cover even immovable property, Intangible property and actionable claim but cover money The explanation has been added in Model GST Law, but is not part of definition of service as given in proposed Article 366(26A) of Constitution of… Read More »