Michaela Merz


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India – Highlights of mid-term review of Foreign Trade Policy 2015-203


Background

The long awaited mid-term review of the Foreign Trade Policy 2015-20 (the FTP or the Policy) was released by the government. The Policy focuses on expanding market, alignment with GST, data analytics backed policy intervention and trade facilitation with specific emphasis on MSME and labour intensive sectors. Continue reading


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India – CBEC clarifies that IGST would be levied twice on sale of goods lying in a customs bonded warehouse


The CBEC has issued circular no. 46/2017-Cus dated 24 November, 2017, clarifying that in case of sale of goods lying in a customs bonded warehouse before its clearance for home consumption, IGST is payable on the transaction of supply between original importer and the buyer, and also, at the time of clearance of such goods by buyer, as a part of the customs duty. Continue reading


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India – Government extends due date for filing GSTR 1, GSTR 2 and GSTR 3 for the months of July and August, 2017


The Government has tweeted on its official twitter handle for queries on GST about the extension of due dates for submission of detailed returns in Forms GSTR 1, GSTR 2 and GSTR 3 for the months of July and August, 2017. The formal notification for extending the timelines is expected shortly. Continue reading


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India – CBEC issues FAQs for IT/ ITES sector under GST Sectoral Series of FAQs


The CBEC has issued FAQs containing 29 Questions and Answers for “IT/ ITES” sector under ‘GST Sectoral Series’.

The FAQs give clarity on various issues affecting the IT/ ITES sector and cover several topics such as classification, rate, registration requirement for SEZ units, place of supply, input tax credits (ITC), input service distribution (ISD), composite supply, export of service, cross-charge and invoicing, etc. Continue reading


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India – CBEC issues notifications for amending tax rates on specified services


CBEC issues notifications for amending tax rates on specified services

The CBEC has issued notification nos. 20-23/2017-Central Tax (Rate) dated 22 August, 2017 amending tax rates on specified services. The news alert captures the changes made in each of the notifications in detail. Continue reading


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India – The Government reduces tax rate on 66 items, increases the composition limit from INR 5 million to INR 7.5 million, and finalises accounts and records rules


The Government reduces tax rate on 66 items, increases the composition limit from INR 5 million to INR 7.5 million, and finalises accounts and records rules.

In brief
At its sixteenth meeting, the GST Council decided to reduce the tax rates on 66 items out of the 133 items for which it had received representations. Continue reading


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PwC India Indirect Tax News Flash – Seventh and Eighth meetings of the GST Council


indien_dieter-schutz_pixelio-deSignificant progress has been made on the Goods and Services Tax (GST) front in the last two meetings of the GST Council (held on 22 and 23 December 2016, and 03 and 04 January 2017).

The draft Central GST, State GST and Integrated GST laws have been mostly finalised (except a few open areas) and have been sent to the Ministry of Law for review. Continue reading