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Input Tax Credit Rules under GST Regime - Key 8 Provisions
ITC can be availed only if all particulars as prescribed in Invoice Rules are contained in the document (invoice / debit note / BoE / ISD document) and such relevant information is furnished in Form GSTR-2. However, no ITC can be claimed in respect of tax paid pursuant to any order where demand arises on account of fraud, wilful misstatement or suppression of facts
Author : BSA Taxation Team
Date : April 5, 2017
 
 
15 key features of CGST, IGST bills cleared by GST Council
The Goods and Services Tax GST) Council, in its meeting held today in Vigyan Bhawan in New Delhi under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Shri Arun Jaitley has approved the draft CGST Bill and the draft IGST Bill as vetted by the Union Law Ministry. This clears the deck for the Central Government to take these two Bills to the Parliament for their passage in the ongoing Budget Session.
Author : Govt. Press Release
Date : March 4, 2017
 
 
Union Budget 2017-18: Indirect Tax Highlights

Omission of “Services by way of carrying out any process amounting to manufacture or production of goods excluding alcoholic liquor for human consumption” from the negative list. However, service tax exemption on such services is being continued by incorporating them in general exemption notification. Services provided by Army, Naval and Air Force Group Insurance Funds by way of life insurance to members of the Army, Navy and Air Force under the Group Insurance Schemes of the Central Government is exempted from service tax. 

Author : BSA Taxation Team
Date : February 1, 2017
 
 
Clarification on Services Provided by Government / Local Authority to business entity

In Budget 2016, service provided by Government / local authority to a business entity has been made taxable w.e.f April 1, 2016. Moreover, Assignment by Government of right to use spectrum as well as subsequent transfers of assignment of such right to use has been made taxable. Vide. Circular No. 192/02/2016-Service Tax dated April 13, 2016, Ministry of Finance has issued detailed clarification in this regard. 

Author : BSA Taxation Team
Date : April 14, 2016
 
 
Trade facilitation Circulars: Takeaways
In order to further improve the trade-enabling environment, CBEC (vide Circular No. 1016-1019/5/2016-CX) has issued four Central Excise related Circulars. This is in line with CBEC’s assurance to create and maintain a trade environment by not just simplifying, standardizing and harmonizing the trade procedures and formalities, but also by adopting streamlined and transparent policies. 
Author : BSA Taxation Team
Date : March 1, 2016
 
 
 
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