In brief
The GST Council has released a set of draft amendments in the CGST Act, IGST Act and GST (Compensation to States) Act for public comments, which are requested to be submitted by 15 July, 2018. The significant amendments proposed and its impact are described in this tax insight.Read More »
Tag: India
India – CBIC issues clarification on mechanics of charging IGST on goods supplied from customs bonded warehouse
Central Board of Indirect Taxes and Customs (CBIC) has issued circular no. 3/1/2018-IGST dated 25 May, 2018 clarifying certain aspects regarding levy of IGST on goods supplied from the customs bonded warehouse (CBW). The clarification is summarised below:Read More »
India: Government issues clarifications to further ease the procedure for filing and sanction of export refunds
Based on representations and to ensure uniformity in the implementation of the refund provisions relating to export of goods and services, the Central Board of Excise and Customs (Board) has issued Circular No. 37/11/2018 – GST dated March 15, 2018 to clarify various aspects relating to processing and sanction of refund claims. Read More »
India – SC holds that no service tax is payable on reimbursable expenditure or cost incurred by the service provider before 14 May, 2015
Background
Section 67 of the Finance Act, 1994 (the FA, 1994) deals with the valuation of taxable services for the purpose of levy of service tax. Further, the Service Tax (Determination of Value) Rules, 2006 (the Rules) were also issued, to specify inclusion or exclusion of various amounts in the value of taxable services. Read More »
India – 200 days of GST – The Road Ahead
India successfully implemented its most ambitious tax reform on 1st July 2017. The transition to the new regime has been relatively smooth except for the technology related challenges for GST compliances. The Government of India (‘GOI’) has also been quick in taking remedial action such as simplifying the GST compliances, reduction in GST rates and enforcing the anti-profiteering provisions. Read More »
India – GST Council temporarily extends the present system of filing of returns and export benefits for procurement of goods and recommends implementation of e-way bill scheme in a phased manner from 01 April 2018
Introduction
In its 26th meeting held on 10 March 2018, the GST Council has decided to extend the present system of compliance for taxpayers for another 3 months up to June 2018, and the export benefits for procurement of goods for another 6 months up to 01 October 2018. Read More »
India – Google tax to be imposed
Google tax is a term used to refer to anti-avoidance provisions that have been passed in several jurisdictions dealing with profits or royalties that have been moved to other jurisdictions with lower or zero rates.Read More »
India – Trade discounts are permissible deductions from total turnover and cannot be disallowed as original tax invoice issued did not indicate discount
The tax authorities have always disputed the claim of post-sale trade discounts (cash or quantity discounts) claimed by the taxpayers on the ground that the said discounts were not linked to any sale invoices. Hence, claim of deduction towards such discounts from the sales turnover were disallowed. Read More »
India – GST Council rationalises GST rates on a wide ambit of goods and services in different sectors and recommends issuance of clarifications on rates and taxability
In its 25th meeting held on 18 January 2018, the GST Council has made many recommendations granting relief on the GST rates applicable on goods and services in many sectors. The Council has also recommended issuance of certain clarifications relating to GST rates and taxability of certain goods and services.Read More »
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.Read More »
Michaela Merz 