Daily Archives: September 23, 2016

Govt exempt Service Tax on upfront amount on Lease of Industrial Plots by State Government Industrial Development Corporations/ Undertakings

Seeks to exempt taxable service provided by State Government Industrial Development Corporations/ Undertakings by way of granting long term (thirty years, or more) lease of industrial plots to industrial units from so much of service tax which is leviable on the one time upfront amount (called as premium, salami, cost, price, development charges or by… Read More »

Valuation in GST -FAQ’s on GST by CBEC

Valuation in GST -FAQ’s on GST by CBEC MGL = Model GST Law Q 1. What is the value of taxable supply to be adopted for the levy of GST? Ans. The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the actually the price paid or payable,… Read More »

CBDT Signs 5 ore Unilateral Advance Pricing Agreements -APAs

Central Board of Direct taxes (CBDT) Signs Five (5) more Unilateral Advance Pricing Agreements (APAs); Total Number of APAs Entered Into by the CBDT Reaches 103.   The Central Board of Direct Taxes (CBDT) entered into five (5) unilateral Advance Pricing Agreements (APAs) today with Indian taxpayers. One of these Agreements has a rollback provision… Read More »

ISCA made easy -CA Final-Nov. 2016 Onwards-Book

ISCA made easy [CA Final] Nov. 2016 Onwards Paperback – 2016 BUY ISCA made easy [CA Final] Nov. 2016 Onwards Paperback – 2016 For Nov. 2016 and May 2017 — “IT may be difficult, ISCA needn’t be” – This Edition has ben thoroughly revised, updatd and sustainably enlarged in light of the value suggestions received… Read More »

Consensus eludes GST threshold

A consensus on turnover threshold over which the proposed goods and services tax (GST) would apply eluded the first meeting of the recently constituted GST Council on Thursday. However, there was a broad agreement that all pending issues, including GST rates and legislative Bills, be thrashed out within two months, so that the new tax… Read More »

GST Council Divided over Tax Rate on Day 1

There was no consensus on the key issues of tax rate and threshold for taxation on the day one of the first meeting of the Goods and Services Tax Council, which drew up a draft timetable for finalising of crucial issues including tax legislations and framework for its functioning. The meeting will continue on Friday.… Read More »

After Panama Papers, now Bahamas leak revealing 475 India related files

After Panama Papers, here comes Bahamas leak revealing 475 India related files  After the biggest-ever leak of offshore entities in Panama Papers, here comes the Bahamas leaks. It reveals incorporation details of more than 175,000 companies, trust and foundations registered in Bahamas, the Caribbean tax heaven. An investigation of list by the Indian Express has… Read More »

Refund of Terminal Excise Duty (TED) under Deemed Exports

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Date : 22nd Sep 2016 Trade Notice No 17/2016 To All Regional Authorities Members of Trade Sub: Refund of Terminal Excise Duty (TED) under Deemed Exports where Duty has been paid from CENVAT Credit and… Read More »

MEIS -Increase in reward Rate of 575 Items & addition of 2901 new items

In the backdrop of the continued challenging global environment being faced by Indian exporters, Department of Commerce has extended support to certain new products and enhanced the rate of incentives for certain other specified products under the Merchandise Exports from India Scheme (MEIS).  This has been implemented through DGFT public Notice No 32 dated 22.09.2016.… Read More »

South African Rand Exchange Rate w.e.f 23.09.2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 122/2016 – Customs (N.T.) Dated the 22nd September, 2016 In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendments in… Read More »

Setting up of Clearance Facilitation Committee for Land Customs Stations and Inland Container Depots

F. No. 450/115/2016-CUS.-IV Govt. of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Circular No. 44/2016 – Customs New Delhi, dated the 22nd September, 2016 To, All Principal Chief Commissioners/ Chief Commissioners of Customs, All Principal Chief Commissioners/Chief Commissioners of Customs & Central Excise, All Directors General, All Principal Commissioners/Commissioners… Read More »

Limitation Period under Income Tax Act

Section Nature of compliance Limitation of time (1) (2) (3) 9A(5) Section 9A provides that fund management activity carried out by an eligible offshore investment fund through an eligible fund manager acting on behalf of such fund shall not constitute business connection in India (subject to certain conditions). Within 90 days from the end of… Read More »

RBI Shifted issue date of 5th tranch of Sovereign Gold Bond

Sovereign Gold Bonds, 2016-17 Series II The Reserve Bank of India, in consultation with Government of India, had notified the issuance of Sovereign Gold Bonds, 2016-17 Series II videIDMD.CDD.No.462/14.04.050/2016-17 and IDMD.CDD.No.463/14.04.050/2016-17. The fifth tranche of Sovereign Gold Bonds was open for subscription from September 01, 2016 to September 09, 2016. The bonds were to be… Read More »

Category: RBI

Govt announces enhanced support under Merchandise Exports from India Scheme (MEIS) of the Foreign Trade Policy

Government announces enhanced support under Merchandise Exports from India Scheme (MEIS) of the Foreign Trade Policy In the backdrop of the continued challenging global environment being faced by Indian exporters, Department of Commerce has extended support to certain new products and enhanced the rate of incentives for certain other specified products under the Merchandise Exports… Read More »

Income Tax Deptt raids roadside eateries to make IDS a success

Dept. intensifies action on black money hoarders; raids roadside eateries to make IDS a success The CBDT had notified Income Declaration Scheme (‘IDS’) with effect from June 1, 2016. The last date to file declaration under IDS is September 30, 2016. So, with less than 10 days left for the deadline the income tax department… Read More »