Sunday, 16 July 2017

FinMin : GST payable on difference amount on supply of second hand goods

FinMin notifies margin scheme under GST clarifying that GST on supply of second hand goods to be payable on difference between the selling price and the purchase price in terms of Rule 32(5) of CGST Rules, 2017, however where the value of such supply is negative, same shall be ignored; Further, states that Central Tax is exempted in case of intra-state buying and selling of second hand goods where the supplier is not registered since ITC is not available on such supplies; Moreover, states that margin scheme is also applicable to supplies of old and used empty bottles : FinMin Press Release  

Govt. clarifies GST applicability on "legal services" provided by Advocates / Sr.Advocates

Legal services, which includes representational services, provided by Advocates, are under reverse charge, clarifies Finance Ministry; Govt. clarifies that legal service has been defined to mean any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority; Further, states that the words "by way of legal services", appearing in Notification No. 13/2017-Central Tax (Rate), apply to an individual advocate, senior advocate and firm of advocates; Hence, legal services provided by either of them are liable for payment of GST under reverse charge by the business entity : Finance Ministry Press Release   

Monday, 3 July 2017

No IGST on import of goods & services by SEZs

Govt. exempts all goods and services imported by SEZ unit or developer from whole of Integrated tax leviable thereon u/s 3(7) of Customs Tariff Act, for authorized operations  

Finmin notifies new Central Excise Rules, CENVAT Credit Rules & Credit Transfer Document

Finance Ministry notifies new Central Excise Rules 2017 and CENVAT Credit Rules 2017 w.e.f. July 1; Prescribes ‘Credit Transfer Document’ for unregistered dealers seeking to avail transitional ITC of manufactured goods in stock subject to specified limitations, conditions and procedures; Also exempts levy of Education Cess & Secondary and Higher Education Cess on IGST and Compensation Cess on import of goods; Notifies levy of SAD at 4% on import of petroleum crude, motor spirit (petrol), High Speed Diesel, Aviation Turbine Fuel, Liquefied natural gas and Natural Gas; Further issues various Notifications prescribing effective customs duty rates on import of various goods like electronics and petroleum products, while granting exemption to reimport of goods exported under duty drawback, rebate of duty or under bond on or after July 1 : Finance Ministry Notifications  

Registrations for tax deductors & collectors to commence from July 25

On account of deferment of TDS and TCS provisions in GST, Registration for same will commence from July 25​; Enrolment window for existing taxpayers under VAT, Excise & Service Tax to remain open for next 3 months​: GSTN

Finance Ministry notifies excise duty rates on petroleum products w.e.f July 1

Finance Ministry notifies excise duty rates on petroleum products w.e.f. today, i.e. July 1; Levies duty at Rs. 8.48 per litre on Motor Spirit (Petrol) ‘intended for sale without brand name’ vs. Rs. 9.66 per litre for ‘other’; High Speed Diesel (HSD) ‘intended for sale without a brand name’ shall attract rate Rs. 10.33 per litre excise duty while 'other' shall be taxed at Rs. 12.69 per litre; Extends exemption to ‘Kerosene’ for ultimate sale through public distribution system, 5% & 10% ethanol blended petrol, HSD oil blended with alkyl esters of long chain fatty acids, LNG, and Natural Gas (other than compressed natural gas); Aviation Turbine Fuel drawn by operators or cargo operators from the Regional Connectivity Scheme (RCS) airports to be taxed at 2% till August 25, 2019; Supersedes Notification No. 12/2012-CE : Finance Ministry Notification