APPLICABILITY OF GST ON PACKAGED GROCERY ITEMS – by NIDHI GUPTA, Advocate

APPLICABILITY OF GST ON PACKAGED GROCERY ITEMS With the introduction of GST, a tax of 5% was imposed on majority of Grocery Products like Wheat Flour, Gram Flour, Rice and Pulses etc., when sold in packaged form under a registered

Major Relief to Small Taxpayer’s in GST REVERSE CHARGE U/s 9(4) EXEMPTED for Inward Supply Value upto Rs. 5000 in a Day The Central Government has issued Exemption Notification No. 8/2017-CT(Rate) dated 28-06-2017 giving relaxation to Registered Persons under GST

Budget 2017 – Customs (Tariff)

BUDGET 2017 – CUSTOMS (TARIFF)       In the budget 2017, Customs Duty rate in respect of certain commodities have been changed.  All these changes are effective from 2nd of February, 2017.  The Chapter wise changes in Rates of Duty are

Budget 2017 – Central Excise (Tariff)

BUDGET 2017 – CENTRAL EXCISE (TARIFF)   In the budget 2017, Central Excise Duty rate in respect of certain commodities have been changed.  All these changes are effective from 2nd of February, 2017.  The Chapter wise changes in Rates of

Reversal of CENVAT Credit

Manufacturers of Dutiable Goods and providers of Taxable Services avail and utilise CENVAT Credit of duties / taxes paid on inputs, capital goods and input services.  If they also manufacture exempted goods or provide exempted services, then they have to

Jaitly

BUDGET 2016- Customs & Central Excise (Non-Tariff Amendments)

In Budget 2016, various amendments are made in Customs and Central Excise.  The amendments effecting the rate of duty are compiled separately.  In this compilation,  amendments, other then effecting the rate of duty are compiled.  Please feel free to communicate

Services

BUDGET 2016 – Service Tax Amendments.

In  budget 2016, various changes are proposed in the Service Tax Law.  These Changes are effective from different dates.  The said amendments are compiled with respect to the date of their effect. Any further clarification is always welcome.  Some amendments

SLIDER2-980x360

Budget 2016 – Change in Excise Duty

 Basic Excise Duty increased on pan masala [2106 90 20] from 16% to 19%.  Accordingly, the duty leviable under the compounded levy scheme has also been modified. Excise duty on “waters, including mineral waters and aerated waters, containing added sugar or other sweetening

Customs

BUDGET 2016- Change in Customs Duty

  Basic Custom duty on cashew nuts in shell classifiable under CTH 0801 31 00  increased from Nil to 5%. Basic Customs duty on denatured ethyl alcohol (ethanol) classifiable under CTH 2207 20 00 reduced from 5% to 2.5% for

SVBs Revampled

CBEC, in much relief to trade ind Industry,  has overhauled the procedure with regard to functioning of SVBs.  The salient   features of new procedure are as under.   No Control of the DGOV: The  control of SVBS was entrusted to Director