News
CBIC removes 'pre-import' condition for Advance Authorisation Scheme
CBIC removes pre-import condition in respect of physical exports made under Advance Authorization (AA) scheme; Provides that where exports have already.....
FinMin announces constitution of 7 member GoM for boosting Real Estate Sector
FinMin announces constitution of Group of Ministers (GoM) constituting of 7 members, to boost the Real Estate Sector under GST.....
Govt. issues clarification on various technical & operational issues pertaining to Budgetary Support Scheme
CBIC clarifies on various technical and operational issues which were discussed during meeting convened to review progress of implementation of.....
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Eye Share : CSR – Business test and ITC eligibility under GST
Corporate Social Responsibility (CSR) is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders,.....
32nd Council meeting grants huge impetus to MSME sector, approves 1% Calamity Cess in Kerala
32nd GST Council meeting concludes today, with huge impetus granted to MSME sector; Exemption threshold limit for supplier of goods.....
Council announces composition scheme for service providers with threshold upto Rs. 50 lacs
Council announces composition scheme for Small Service Providers; Service taxpayers with a threshold of up to Rs 50 lacs p.a. to.....
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GST Council raises threshold limit to Rs. 40 lakh, proposes annual returns for composition taxpayers
GST Council during its 32nd meeting today proposes increase in threshold limit for registration from Rs 20 lakh to Rs 40 lakh;.....
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Eye Share : Extension in claiming ITC for FY 2017-18 - positive or coupled with challenges?
CBIC recently issued an Order no. 2/2018-Central Tax dated December 31, 2018 allowing registered person to take ITC till due date of furnishing.....
GSTN releases 7 new functionalities/enhancements on GST Portal
GSTN deploys new functionalities/enhancements on GST Portal as on January 09, 2019 to make GST compliance easy and smooth for.....
Eye Share : Inverted duty structure - Anomalies and suggestions
The GST provides for a refund mechanism of unutilized ITC accumulated on account of GST rate on inputs being higher.....
Govt. releases figures of tax evasion/recovery for last 3 FYs, evasion higher post-GST
Finance Ministry explains that investigations have been initiated in whooping 3626 cases of GST evasion/violations in the present financial year (up.....
Indirect tax collections stood at Rs. 6,12, 653 crore during April-Nov. 2018
Govt. explains Total Net Indirect Tax (IDT) collection (inclusive of CGST, IGST and GST-Compensation Cess) in the current financial year.....
MSME GoM recommends hike in composition threshold, separate scheme for service providers
MSME GoM recommends hike in composition threshold from Rs. 1 crore to Rs. 1.5 crore, annual returns for composition dealers and.....
Amendment Acts shall come into force from February 1, reiterates Govt.
Finance Ministry reiterates that the Central Goods and Services Tax (Amendment) Act, 2018, the Union Territory Goods and Services Tax.....
Eye Share : Addition of Services under RCM - Analyzing the Policy Considerations and Some Legal Implications
Govt. has vide Notification No. 29/2018-CGST dated December 31, 2018 included three more services for which GST will have be paid under.....
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CBIC provides resolution for EGM errors hampering processing of IGST refund
CBIC instructs that all custodians/carriers/shipping lines operating at ICDs/Gateway ports should file Export General Manifest (EGM) online, re-iterating that “first.....
Credit of service tax paid available as 'transitional credit', clarifies CBIC
CBIC clarifies that CENVAT credit of service tax paid u/s 66B of Finance Act, 1994 was available as transitional credit.....
CBIC notifies certain services to be taxed under Reverse charge Mechanism
CBIC notifies addition to list of services liable to be taxed under Reverse Charge Mechanism (RCM); Provides that a banking.....
Govt. exempts tax on gold under scheme for “Export against supply by Nominated Agency”
CBIC exempts inter-state & intra-state supply of ‘gold’ falling under Heading 7108 of First Schedule to Customs Tariff Act, 1975.....
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Services by Asian Development Bank (ADB) and International Finance Corporation (IFC) exempt from GST
CBIC clarifies that services provided by Asian Development Bank (ADB) and International Finance Corporation (IFC) are exempt from GST in.....