Schedule I – 5% (2.5% CGST and 2.5% SGST) S. No. Chapter / Heading / Sub-heading / Tariff item Description of Goods (1) (2) (3) 1. 0303 Fish, frozen, excluding fish fillets and other fish meat of heading 0304 2. 0304 Fish fillets and other fish meat (whether or … [Read more...]
GST Rate Schedule
[TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No.1/2017-Central Tax (Rate) New Delhi, the 28th June, 2017 G.S.R. (E).- In exercise of the powers conferred by … [Read more...]
Multilateral Instrument (MLI) Convention
INTRODUCTION MLI Convention aims to implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. On 7th June, 2017, 70 Ministers and other high level representatives participated in the signing ceremony of MLI. This Convention is a product of Organisation for Economic … [Read more...]
Low Value-Adding Intra-Group Services – A welcome introduction
The Safe Harbour Rules (SHR) were amended by Notification No. 46/2017 dated 07-06-2017 issued by the Ministry of Finance, Central Board of Direct Taxes (CBDT). The term Safe Harbour is defined under section 92CB of the Income Tax Act, 1961 as circumstances under which the authorities shall accept … [Read more...]
Format of Invoice under GST
As per Rule 1 of GST revised Rules, the tax invoice shall include - Name, address and GSTIN of the supplier; a consecutive serial number containing only alphabets and/or numerals, unique for a financial year; date of its issue; name, address and GSTIN/ Unique ID Number, if … [Read more...]
Amendment in Safe Harbour Rules – A step towards sanity
Introduction Due to the increasing complexity of transaction between enterprises of the same group and manipulation of prices by them in order to avoid the burden of taxation in relation to international transactions, the Transfer pricing regulations by the Finance Act 2001 were … [Read more...]
End of Foreign Investment Promotion Board – Maximum Governance minimum Government
India has a very well formulated Foreign Direct Investment (FDI) policy. FDI is channeled into India subjected to entry regulations. FDI entry can be made under two categories – Approval route and Automatic route. The FDI Policy, Press Notes and other related notified guidelines formulated by … [Read more...]
Tarpaulin: Shed over the head, burden on the pocket
India is moving quickly towards the biggest tax reform Goods and Services Tax (GST). The GST Council fixed tax rates on of 1211 items, most of which will likely become cheaper as the new rates will be lower than the current effective levies. Though the reaction from the public at large is quite … [Read more...]
Burden of tax on Heena Manufacturers and Traders under GST
The GST Council at its meeting on May 18, 19 has evolved a consensus on GST rates for goods and services, leading us closer to July 1 implementation. The underlying objective of rate declaration was clear for some time, which is to maintain the current effective indirect tax burden to control … [Read more...]
Stipend to articled clerks
[TO BE PUBLISHED IN THE GAZETTE OF INDIA , EXTRAORDINARY, PART III, SECTION 4] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTIFICATION New Delhi, the 23rd January, 2015 No. 1-CA(7)/167/2014.- Whereas certain draft regulations further to amend the Chartered Accountants … [Read more...]
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