Daily Archives: September 24, 2016

GST Council gets cracking on GST deadline

Council gets cracking on GST deadline The GST Council on Friday took two big steps towards meeting the April 1 deadline for introduction of the goods and services tax (GST) system. On the concluding day of its two- day meeting, the council agreed on exemption thresholds and dual control over assessees. The council also decided… Read More »

China Country Value Added Tax (VAT) Essentials Guide -2016

China Country Value Added Tax (VAT) Essentials Guid The 2016 edition of the China Country Value Added Tax (VAT) Essentials Guide provides an overview of the indirect tax system in mainland China. It is intended to assist companies doing business in or with China to navigate the indirect tax system. China’s indirect tax system was… Read More »

Vietnam Capital Assignment Tax on Offshore assignment of capital

Capital Assignment Tax (“CAT”) – Offshore assignment of capital & interest deriving from Vietnam is subject to Vietnamese CAT In Vietnam, the taxable income of foreign companies is broadly defined and includes income from capital assignment, regardless of where the transactions take place. Guidance issued earlier in 2016 by the Ministry of Finance sets forth… Read More »

Australian Taxation Office updated guidance on general anti-avoidance rules

Australian Taxation Office updated guidance on the application of the general anti-avoidance rules. After much anticipation, the Australian Taxation Office (ATO) has released a revised practice statement on the application of the general anti-avoidance rules (Law Administration Practice Statement (PSLA) 2005/24). Click to View :   (PSLA) 2005/24).   application of the general anti-avoidance rules The… Read More »

Job Work -FAQ on GST released by CBC

Job Work FAQ on GST released by CBC MGL= Model GST Law BUY Q 1. What is job-work? Ans. Section 2(62) of the MGL provides that “job-work” means undertaking any treatment or process by a person on goods belonging to another registered taxable person and the expression “job-worker” shall be construed accordingly. This definition is… Read More »

Electronic Commerce -FAQs on GST by CBEC

Electronic Commerce FAQs on GST by CBEC BUY (MGL= Model GST Law) Q 1. What is e-commerce? Ans. Section 43B(d) of the MGL defines an Electronic Commerce to mean the supply or receipt of goods and/ or services, or transmitting of funds or data, over an electronic network, primarily the internet, by using any of… Read More »

Category: GST

Regulatory Framework for Commodity Derivatives Brokers

Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/92 Dated: September 23, 2016 To, The Managing Directors / Chief Executive Officers All Commodity Derivatives Exchanges Dear Sir / Madam, Sub: Regulatory Framework for Commodity Derivatives Brokers 1. As per Section 131(B) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made… Read More »

MVAT- Grant of Administrative Relief.

Commissioner of Sales Tax, 8th floor, Vikrikar Bhavan, Mazgaon, Mumbai- 400 010. CORRIGENDUM To No. DC (A&R)/VAT/MMB-2015/62/ADM-8 Mumbai, dated: :23.09.2016 Trade Circular No. 28T of 2016 Sub:- Grant of Administrative Relief. Ref:- Trade Circular No. 13T of 2016 dated 5th May 2016. Sir/ Madam, Trade Circular No. 13T of 2016 dated 5th May 2016 is modified as… Read More »

CBEC Classification of inorganic chemicals – mono potassium phosphate,calcium nitrate,potassium magnesium phosphate as fertiliser

F.NO. 528/79/2016-STO (TU) Government Of India Ministry Of Finance Department Of Revenue Central Board of Excise and Customs (Tariff unit) **** North Block, New Delhi 2nd September, 2016 To, All Principal Chief Commissioners Customs/All Principal Chief Commissioners of Customs and Central Excise, All Chief Commissioners of Customs/Chief Commissioners of Customs & Central Excise, All Directors… Read More »

DGFT Clarified Common Service Providers under EPCG

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Trade Notice No. 18/2016 Dated 23rd September 2016 To All RAs of DGFT Department of Revenue Members of Trade Export Promotion Councils Subject: Clarification in respect of definition of service provider under Common Service Providers (CSP)… Read More »

Guidelines for designating/certifying of Common Service Provider (CSP) under Para 5.02 (b) of FTP 2015-20

Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 33/2015-2020 New Delhi: The 23rd September, 2016 Subject: Amendment in ANF-5A [Application for issue of EPCG Authorisation] incorporating the guidelines for designating/certifying a Common Service Provider (CSP) under Para 5.02 (b) of FTP 2015-20 – reg.… Read More »

CBDT withdrawn clarification of Sec. 138 within 2 day

F. No. 225/120/2016/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, Dated the 22nd of September, 2016 Subject : withdrawal of clarification regarding Sec. 138 of the Income tax Act, 1961 with reference to CBDT earlier notification No. SO 576 dated 23/05/2003, which was issued by… Read More »

Printing of email address and phone number on Notice u/s. 143(2)

DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan  Extension, New Delhi-110055 Email: adg2 .systems@incometax.gov.in,   Telephone:  0120-2770029 F.No. DGIT(S)/ADG(S)-2/CASS 2016-17/93/2016  Dated: 22.09.2016 The Principal Chief Commissioner of Income-Tax/ CCsIT (By Name) Ahmadabad /Allahabad I Amritsar / Bangalore /Baroda /Bhopal /Bhubaneswar /Bareilly /Chandigarh /Chennai / Cochin /Coimbatore /Dehradun /Delhi /Durgapur /Guwahati /Hubli /Hyderabad /Indore /Jaipur /Jalpaiguri… Read More »

Manual Scrutiny of Return Filed u/s 35 and 80G for AY 2014-15 and AY 2015-16 — reg.

DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 Dated : 23-Sep-2016 F.No. DIT(S)-III/2015-16/e-Filing Txn/ To, The Chief Commissioner of Income-Tax (Exemption) Pratyaksh Kar Bhawan, Block E-2, 25th Floor, Civic Centre, J.L. Nehru Marg, New Delhi — 110002.. Sub: : ITR-7 data related to exemptions approved u/s 35 and… Read More »

GST Payment of Tax -FAQs on GST by CBEC

GST Payment of Tax BUY Q 1. What are the Payments to be made in GST regime? Ans. In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into the account of the concerned… Read More »