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. Read More »
Tag: India
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. Read More »
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.Read More »
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.Read More »
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. Read More »
PwC India Indirect Tax News Flash – Seventh and Eighth meetings of the GST Council
Significant 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. Read More »
India – Implementation of GST in 2017
The Goods and Services Tax (GST) bill was passed in Indian Parliament (Rajya Sabha on August 3 and has been approved by the Lok Sabha on the 8th August). It has been ratified by 50% of the states. The government is aiming for an implementation date of 1 April 2017. However based on the feedback received from our colleagues, the industry is hoping that such date could be delayed to July 2017 as a lot remain to be done to allow the implementation. The new GST Law will impact IT systems, accounting processes, contracts and business models. Read More »
PwC’s webcast on India draft Model GST law (Monday, 20th June at 2pm IST)
In the past, there has been some scepticism within industry on the time frame within which GST might become a reality. However, it looks like there may be real progress, even dramatic progress, soon. Political observers are increasingly saying that the stalled Constitution Amendment Bill could be passed by the Rajya Sabha in the monsoon session of parliament due to various political realignments.
With the release of the draft Model GST Law on 14 June 2016, we have crossed a major milestone and this step seems aligned to the overall political progress, that is being reported.Read More »
Indirect Tax Newsletters for India- February 2016
Please take note of PwC India’s monthly “Indirect Tax Newsletter” and “Customs, FTP & WTO Newsletter” – February 2016 issue.
The newsletters cover and explain important judicial and legislative developments under the Service Tax, Central Excise, VAT/CST and Customs Acts, Foreign Trade Policy & WTO provisions.Read More »
Invitation PwC Event – VAT around the world – 2 December 2015
I would like to invite you to the World Wide VAT – the international VAT forum @PwC!
This year’s World Wide VAT event presented by PwC reflects the importance of value added tax for businesses that have to deal with the complexities of indirect taxation on a daily basis. It’ll be a chance for you to catch up on the latest developments in Europe and beyond, and examine the implications for your company in more detail.
Please find more informations on the following leaflet or please contact my colleague Denise Ruhland: denise.ruhland@ch.pwc.com / +41 58 792 77 02
Michaela Merz 