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M/s XYZ is engaged in export of goods only having exports of approx. Rs. 5 crores and no clearances for home consumption are affected. M/s XYZ was not required to be registered under Central Excise. Whether M/s XYZ would be required to get itself registered under GST?
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Whether an EOU can clear goods to another EOU (inter-unit transfer)? And whether an EOU can send goods for carrying out job work on such goods? In such situations, how will be the tax liability be discharged?
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What procedure will be followed by EOU to import goods without payment of Customs duty in the GST regime?
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Whether the EOU scheme will continue to be in operation in the GST regime and whether EOU is required to take registration under the GST Law?
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What is deemed export under GST Law? Whether any supply has been categorized as deemed export by the Government?
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- Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
- Clarification on Cash sale of agricultural produce by cultivatorslagriculturist
- Order under section 119 of the Income-tax Act, 1961 (‘the Act’)
- Clarification related to guidelines for establishing ‘Piace of Effective Management’ (PoEM) in India-reg.
- Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
- Modification of Circular No.1 of 2014 in view of substitution of Service Tax by Goods and Services Tax (GST).
- F.No.370142/10/2017-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) (TPL Division) *** Dated 03rd July, 2017 Clarifications in respect of section 269ST of the Income-tax Act, 1961 With a view to promote digital economy and create a disincentive against cash economy, a new section 269ST has been inserted in the Income-tax Act, 1961(the Act) vide Finance Act, 2017. The said section inter-alia prohibits receipt of an amount of two lakh rupees or more by a person, in the circumstances specified therein, through modes other than by way of an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account. Penal provisions have also been introduced by way of a new section 271DA, which provides that if a person receives any amount in contravention to the provisions of section 269ST, it shall be liable to pay penalty of a sum equal to the amount of such receipt. 2. Subsequently, representations have been received from non-banking financial companies (NBFCs) and housing finance companies (HFCs) as to whether the provisions of section 269ST of the Act shall apply to one instalment of loan repayment or the whole amount of such repayment. 3. In this context, it is clarified that in respect of receipt in the nature of repayment of loan by NBFCs or HFCs, the receipt of one instalment of loan repayment in respect of a loan shall constitute a ‘single transaction’ as specified in clause (b) of section 269ST of the Act and all the instalments paid for a loan shall not be aggregated for the purposes of determining applicability of the provisions section 269ST.
- Non-Applicability of the provisions of section 194-1 of the I.T. Act, 1961 on remittance of Passenger Service Fees (PSF) by an Airline to an Airport Operator – reg.
- Applicability of Explanation 2 to Section 132B of the I. T. Act, 1961- reg. –
- Settled View on section 2(22)(e) of the Income Tax Act, trade advances -reg.
- Seeks to amend notification No. 12/2017-CT(R) so as to extend exemption to admission to “protected monument” and to consolidate entry at Sl. No. 11A & 11B.
- Seeks to amend notification No. 11/2017-CT(R) so as to specify rate @ 2.5% for standalone restaurants and @9% for other restaurants, reduce rate of job work on “handicraft goods” @ 2.5% and to substitute “Services provided” in item (vi) against Sl No. 3 in table.
- seeks to provide concessional GST rate of 2.5% on scientific and technical equipments supplied to public funded research institutions.
- seeks to amend notification no. 5/2017- Central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of ITC on certain fabrics.
- seeks to amend notification no. 4/2017- Central tax(rate) dated 28.06.2017 to give effect to gst council decision regarding reverse charge on raw cotton.