Search Result for : Service Tax

By Ranjeet Mahtani and Suhasini Joshi The Duty Drawback Scheme introduced for incentivizing and facilitating exports has been continued under the GST regime. This drawback scheme is an export beneficiation where either a part, or in some cases the entire customs and central excise duties levied on inputs used in manufacturing export goods and Service tax on services used for export of such goods are refunded by the Central Government to the exporter. The exports that are eligible under this scheme are: export of goods which were imported into India as such, or export of goods which were imported into India for use for identified purposes and export of goods which are manufactured or produced out of materials which were either imported or indigenously procured. Under this ...

The Dollar Business Bureau Manohar Lal Khattar, the CM of Haryana said the Goods and Services Tax (GST) is not going to adversely affect the textile business. This comes after several textile traders and unions have gone on a strike against the imposition of GST. "Textile has been placed in the slab of 5% under the GST. Presently, there is an embedded tax of central excise duties of 3.38% and 2.8% of VAT on cotton yarn," he said. Therefore, the 5% tax on fabric is not going to put additional burden on textile, Khattar claimed. "Moreover, the cascading effect would be mitigated with the event of the GST and the net effective tax on fabric would be minimal," he said at a seminar on ...

The Dollar Business Bureau  The Ministry of Commerce on Thursday constituted a Goods and Services Tax (GST) facilitation cell with the purpose to address issues related with the new tax regime with regards to the Foreign Trade Policy. The facilitation cell is to be constituted in the Directorate General of Foreign Trade (DGFT) headquarter. “To ensure smooth and successful rollout of GST, it is decided to constitute a ‘GST Facilitation Cell’ in DGFT Headquarter and all Regional offices of DGFT to serve as the first point of contact for addressing any issues regarding GST in respect of Foreign Trade Policy,” the DGFT said in trade notice (No.08/2018) dated June 8. Additional DGFT Nikunj Kumar Srivastava will head the GST facilitation cell. It would also ...

PTI  Finance Minister Arun Jaitley and his ministry officials on Wednesday presented to the Council of Ministers a blueprint for launch of the path-breaking GST from July 1 to transform the Indian economy. Revenue Secretary Hasmukh Adhia made a detailed presentation to the Council -- the supreme executive organ headed by Prime Minister Narendra Modi -- on how the Goods and Services Tax (GST) will be implemented and the challenges before it is rolled out. The biggest tax reform since Independence, GST has been in the works for more than a decade. It will transform the $2 trillion economy and market of 1.3 billion people into a single economic zone with a single national sales tax. GST will subsume central taxes ...

The Dollar Business Bureau  After the Lok Sabha approved the four supplementary GST legislations - Central GST (CGST), Integrated GST (IGST), Union Territory GST (UTGST) and the Compensation law, the Centre and the State governments will on Friday come up with the final rules and regulations of the new tax framework. The GST Council has already cleared five sets of norms pertaining to registration, payments, refund, invoice and returns. However, these sets of rules will need some minor tweaking by the council. The GST Council will discuss four more rules related to composition, valuation, input tax credit and transitions. The similar rules for registration, payment, returns, invoice and refund will be made as one and presented before the Council. The GST will subsume excise ...

PTI The Union Cabinet today approved amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST. The amendments in the Customs Act, 1962, allow furnishing of information relating to import or export of goods by specified persons to enable analysis and detection of cases of under or over-valuation in imports and exports. It also aims to check misuse of export promotion schemes, including the Drawback Scheme, and violations of the provisions of the Customs Act and various other laws under which Customs officials have been authorised to implement these laws. "Amendments or repeal of various provisions of other Acts which will no longer be relevant consequent on rollout ...

Ranjeet Mahtani & Sweta Rajan All eyes and ears are on the GST Council's meeting this weekend. At the time of stop press, the update is that the GST Council has reached a consensus on the CGST  and IGST bills, but the State GST bill could not be discussed - it emerges that some amendments by the Law Department are yet to be incorporated. These agreed bills will be taken up later this month by the Parliament, and the GST Council will have a further meeting on March 16th. Ahead of the GST Council’s meetings today, March 4th and tomorrow, a limited indication of some of its proposals to the provisions of the GST laws has been provided.  Peak rate at 40% One such ...

PTI Government's revenue collection from indirect tax grew by an impressive 23.9% during the April-January period, while that from direct tax rose by 10.79%. Total direct and indirect tax collections at the end of January stood at Rs.12.85 lakh crore, 76% of the Rs.16.99 lakh crore target, as per revised estimate for 2016-17. Belying fears of slowdown due to demonetisation, indirect tax collection grew at a decent 16.9% in January buoyed mainly by excise, reflecting an uptick in manufacturing. At the end of January, the total direct tax collection stood at Rs.5.82 lakh crore and indirect tax-mop up was Rs.7.03 lakh crore led by robust collections in personal income tax and excise duty, respectively. Direct tax revenue includes corporate and personal income tax. Indirect tax ...