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Union Budget 2018-19: Indirect Tax Highlights
Change in the name of the Central Board of Excise and Customs (CBEC) to the Central Board of Indirect Taxes and Customs (CBIC) has been proposed. A new section 25A & 25B are being inserted, so as to empower the Central Government to exempt goods imported for repair and reimported after export for repair, further processing or manufacture from payment of whole or any part of duty of customs, leviable thereon subject to certain conditions.
Author : BSA Taxation Team
Date :
 
 
Highlights of CBEC Clarification on LUT / Bond for exports under GST

CBEC vide. Circular 5/5/2017 – GST dated August 11, 2017 has issued clarification on submission of new LUT / Bond for exports as prescribed after implementation of GST.

 

Author : BSA Taxation Team
Date : August 12, 2017
 
 
Highlights of 20th GST Council Meeting
GST on Job-work services in respect of textiles and textile products changed from 18%/5% to 5%. In case of Rent-a-cab service, Govt. allows an option of 12% GST with full ITC, while 5% with no ITC will also continue.
Author : BSA Taxation Team
Date : August 6, 2017
 
 
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
 
 
 
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