Instant

CIRCULARS 1. CLARIFICATION ON LAPSING OF ITC AS ON 31st JULY 2018 IN CASE OF FABRIC MANUFACTURERS:  In Fabric manufacturing, inputs like yarn, process chemicals, packing materials and other services are sub− ject to GST at varied rates from 5% to 18%. The finished fabrics are subject to GST at

Brief of Update:  This update pertains to pertains to release of press release as a consequence of 22nd GST Council Meeting at New Delhi.  The highlights of 22nd GST Council meet are as under:  Composition Scheme:  Threshold for availing composition scheme has been increased to 1 Crore from existing 75

Brief of Update: This update pertains to release of notifications and circular regarding providing relaxation from furnishing of bond for all exporters and suppliers to SEZs. The summary of the notification and circular is as under:  The CBEC has issued a Notification No 37/2017 – CT and Circular 8/8/2017-GST dated

Brief of Update: This update pertains to release of various notifications under GST as a consequence of 21st GST Council Meeting at Hyderabad. The summary of the notifications is as under: Key Take Away: Handicraft: The casual taxable persons making inter-state taxable supplies of handicraft goods are ex- empted vide

Brief of Update:  This update pertains to release of a press note as a consequence of 21st GST Council Meeting at Hyderabad. The summary of the press note is hereunder:  The date for filing the GSTR – 1 for July 17 has been extended to 10th October 17; The date

Brief of Update:  Central Government has notified e-way bill rules on 30th August 17 which prescribe the proce- dure relating the e-way bills under GST.  Salient Features of the Rules:  Effective Date: These rules will come into force from the date to be notified by Central Gov- ernment  E-Way bill

Brief of Update:  An update pertaining to deduction under Section 54F of Income Tax Act, 1961 for under con- structed property can be claimed second or third time if the cost is within the capital gain as per the recent judgment as discussed herein.  Income Tax Act provides exemption from

Brief of Update:  Non-competing fee from business accrued or received by the assesse though capital in nature is chargeable to tax as per Section 28 of the Income Tax Act, 1961. This judgement throws light on nature of receipt of non-competing fee from business based on facts and cir- cumstances

Brief of Update: Section 208 of Income Tax Act, 1961 provides that advance tax shall be payable during the fi- nancial year in case where the amount of tax payable is Rs. 10,000/- or more. Section 209 re- quires that assessee shall first estimate his current income and income tax