Daily Archives: April 7, 2017

Reduction in Import Duty to stabilize the domestic prices

Reduction in Import Duty to stabilize the domestic prices The Government has reduced the import duty on many items in the recent months. In order to, inter alia, stabalise the domestic prices, the Government has reduced import duty on the following goods in the recent past: i.    With effect from 23.09.2016, import duty on palm… Read More »

More Than Rs. 1.37 lakh crore of Tax Evasion Detected by Govt of India

Department of Revenue, Ministry of Finance achieves phenomenal success towards eliminating Domestic Black Money in last three years; 23064 searches/surveys have been conducted (Income Tax 17525; Customs 2509; Central Excise 1913; Service Tax 1120); More than Rs. 1.37 Lakh Crore of tax evasion has been detected (Income Tax 69434; Customs 11405; Central Excise 13952; Service… Read More »

66 Special audit – CGST Billl 2017

CGST Billl 2017 AS INTRODUCED IN LOK SABHA Bill No. 57 of 2017 THE CENTRAL GOODS AND SERVICES TAX BILL, 2017 Special audit.   (1) If at any stage of scrutiny, inquiry, investigation or any other proceedings before him, any officer not below the rank of Assistant Commissioner, having regard to the nature and complexity… Read More »

61 Scrutiny of returns – CGST Billl 2017

CGST Billl 2017 AS INTRODUCED IN LOK SABHA Bill No. 57 of 2017 THE CENTRAL GOODS AND SERVICES TAX BILL, 2017 Scrutiny of returns. (1) The proper officer may scrutinize the return and related particulars furnished by the registered person to verify the correctness of the return and inform him of the discrepancies noticed, if… Read More »

59 Self-assessment -CGST Billl 2017

CGST Billl 2017 AS INTRODUCED IN LOK SABHA Bill No. 57 of 2017 THE CENTRAL GOODS AND SERVICES TAX BILL, 2017 CHAPTER XII ASSESSMENT Selfassessment.   Every registered person shall self assess the taxes payable under this Act and furnish a return for each tax period as specified under section 39.

55 Refund in certain cases – CGST Billl 2017

CGST Billl 2017 AS INTRODUCED IN LOK SABHA Bill No. 57 of 2017 THE CENTRAL GOODS AND SERVICES TAX BILL, 2017 Refund in certain cases.   The Government may, on the recommendations of the Council, by notification, specify any specialised agency of the United Nations Organisation or any Multilateral Financial Institution and Organisation notified under the… Read More »

Practical Guide to Depreciation Under Companies Act 2013 -Book 2017 -Sanjeev Singhal

A Practical Guide to Depreciation Under Companies Act, 2013: Law Practice and Procedure Paperback – 2 Jan 2017 by Sanjeev Singhal (Author) The Companies Act, 2013 has introduced one of the most important provisions for companies as well as auditors in the form a new method of calculating depreciation as per Schedule II Part C of… Read More »

MVAT – Changes in Taxation of Liquor & Revision in Tax Rates -Post Budget 2017-18

8th floor,Vikrikar Bhavan, Mazgaon, Mumbai — 400010. TRADE CIRCULAR Sub: Changes in the rate of tax, extension to exempted commodities & changes in taxation of liquor under the Maharashtra Value Added Tax Act, 2002. Ref: 1) Notification No. VAT 1517/ C.R.28/Taxation-1 dated 29th March 2017, issued u/s. 9(1) of the MVAT Act, 2002. 2) Notification No. VAT 1517/CR… Read More »

TRQ for Raw Sugar : Amendment in import policy

To be published in the Gazette of India Extraordinary Part-II, Section – 3, Sub-Section (ii)) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No.01/2015-2020 New Delhi, Dated: 5th April, 2017 Subject: TRQ for Raw Sugar: Amendment in import policy of raw sugar classified under Exim Code 170114… Read More »

Digitization of Drawback Refund claims u/s 74, Supplementary & Manual Brand rate Drawback claims

OFFICE OF THE COMMISSIONER OF CUSTOMS (NS – II) JAWAHARLAL NEHRU CUSTOM HOUSE, POST: SHEVA, TALUKA: URAN, DIST: RAIGAD, MAHARASHTRA, PINCODE – 400 707. F.No.S/ 12-Gen-Misc-696/ 2016- 17DBK/NS-II(JNCH) Date: 31.03.2017 PUBLIC NOTICE NO. 44/2017 Sub:- Digitization of Drawback Refund claims under section 74, Supplementary and Manual Brand rate Drawback claims at JNCH, Nhava Sheva –… Read More »

Amendment in Import Policy of Raw Sugar – CBEC Notification

GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No.12/2017-Customs New Delhi, the 5th April, 2017 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do,… Read More »

Guide To Transfer Pricing With Transfer Pricing Audit – 7th Edition 2017 Book -Taxmann- After Finance Act 2017

Guide To Transfer Pricing With Transfer Pricing Audit As Amended by Finance Act 2017 Price Rs 1775. Click to buy Online Paperback: 1208 pages Publisher: Taxmann Publications Pvt. Ltd.; 7th Edition edition (2017) View Contents of this Book – Guide To Transfer Pricing With Transfer Pricing Audit Related Books of Income Tax Subjects Books Transfer… Read More »

Parliament Passes 4 GST Bills, July 1 Rollout Likely

Parliament Passes 4 GST Bills, July 1 Rollout Likely India took a decisive step towards a possible July 1, 2017 rollout of the goods and services tax (GST) with Parliament on Thurday giving nod to four related legislations that detail the provision of this single tax regime that will replace multiple state and central taxes… Read More »

Category: GST

52 Collection of tax at source. CGST Billl 2017

CGST Billl 2017 AS INTRODUCED IN LOK SABHA Bill No. 57 of 2017 THE CENTRAL GOODS AND SERVICES TAX BILL, 2017 Collection of tax at source.    (1) Notwithstanding anything to the contrary contained in this Act, every electronic commerce operator (hereafter in this section referred to as the “operator”), not being an agent, shall collect… Read More »

51 Tax deductionat source.CGST Billl 2017

CGST Billl 2017 AS INTRODUCED IN LOK SABHA Bill No. 57 of 2017 THE CENTRAL GOODS AND SERVICES TAX BILL, 2017 Tax deductionat source.   (1) Notwithstanding anything to the contrary contained in this Act, the Government may mandate,–– (a) a department or establishment of the Central Government or State Government; or (b) local authority; or… Read More »

Cash Withdrawal from Bank not covered in Section 269ST – Notification

( Read 269ST- Cash Receipt Rs 2 Lakh or more Banned w.e.f 01.04.2017] MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 5th April, 2017 S.O. 1057(E).—In exercise of the powers conferred by clause (iii) of the proviso to section 269ST of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that… Read More »

Director- Vigilance & Anti-Corruption, Govt of Tamilnadu -specified u/s 138 of Income Tax Act

MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 30th of March, 2017 S.O. 1056(E).—In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961, the Central Government hereby specifies Director, Vigilance and Anti-Corruption, Government of Tamilnadu for purposes of the… Read More »