Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020.This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
Newsletter on daily professional updates- 23/03/2020CA PRADEEP GOYAL
Stay Healthy, Stay Strong.
Stay at your home, we will come out of it soon.
Keep studying, keep learning, I will update you regularly.
Here is your Daily dose of professional updates 23.03.2020
Newsletter on daily professional updates- 16/01/2020CA PRADEEP GOYAL
“Education is the passport to the future,
for tomorrow belongs to those who prepare for it today.”
Here is your Daily dose of professional updates 16.01.2020
DECODING GST- INPUT TAX CREDIT OF CGST, SGST AND IGSTCa Ashish Garg
Basic Concepts of Input Tax Credit, availment, utilization and reversal of input tax credit.
In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes.
There are various problematic areas which will make the road of GST difficult for the assessees to ride upon. We have summarized some of the problems in the draft Model GST Law in this article.
Newsletter on daily professional updates- 23/03/2020CA PRADEEP GOYAL
Stay Healthy, Stay Strong.
Stay at your home, we will come out of it soon.
Keep studying, keep learning, I will update you regularly.
Here is your Daily dose of professional updates 23.03.2020
Newsletter on daily professional updates- 16/01/2020CA PRADEEP GOYAL
“Education is the passport to the future,
for tomorrow belongs to those who prepare for it today.”
Here is your Daily dose of professional updates 16.01.2020
DECODING GST- INPUT TAX CREDIT OF CGST, SGST AND IGSTCa Ashish Garg
Basic Concepts of Input Tax Credit, availment, utilization and reversal of input tax credit.
In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes.
There are various problematic areas which will make the road of GST difficult for the assessees to ride upon. We have summarized some of the problems in the draft Model GST Law in this article.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall look at various important definitions and terminologies under the GST Law.
Newsletter on daily professional updates- 2nd October 2019CA PRADEEP GOYAL
Sharing knowledge is the most fundamental act of friendship. Because it is a way you can give something without loosing something
Here is your Daily dose of professional updates in newsletter form- 2nd October 2019
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
Input tax credit & matching with return under gstNikhil Malaiyya
Input tax credit under GST, Matching with return under GST, Annual Return, Final Return, Monthly return, late filing fees under GST, Transitional Provision
Goods and Services Tax - Input Tax Credit Eligibility
Basic Provisions. How can a taxpayer claim ITC what are the conditions and restrictions for claiming ITC under GST.
Knowledge is always changing. For the moment, the best approach to managing it is one that keeps things moving along while keeping options open. Good morning attached today's Newsletter 19.09.2020.
On 12th January 1946, Rs. 500 was demonetized and people were given 10 days for exchange. After this period explanation was required as to why exchange was not done in the first 10 days.
The Scheme was a failure as out of the total issue of Rs. 143.97 crores of High Denomination Notes, Rs. 134.90 crores were exchanged. Thus only Rs. 9 crores were demonetized.
1946 exercise turned out to be only an exchange.
Newsletter on daily professional updates- 6th September 2019CA PRADEEP GOYAL
The greater our knowledge increases, the greater our ignorance unfolds
Here is your Daily dose of professional updates in newsletter form- 6th September 2019
CASE STUDY PAPER - GST- INTRICATE ISSUES IN ENTERTAINMENT & HOSPITALITY SEC...Ramandeep Bhatia
Dear Sir/Madam, I have recently taken a session in an IDT Study circle organized by the Bombay Chartered Accountants Society (BCAS) on the case study based topic INTRICATE ISSUES IN ENTERTAINMENT & HOSPITALITY SECTOR, Pleased to share with you the case study paper and background material prepared for discussion for common benefit. Thanks - Ramandeep Singh Bhatia
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020. This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
We bring you our analysis of Direct Tax proposals announced by the Hon'ble Finance Minister at her budget speech. Some of the key takeaways are highlighted below:
• 15% concessional tax regime for new domestic manufacturing companies will now be applicable to Power-generating companies as well;
• Alternative personal tax regime made available for Individual/ HUFs
• Abolition of Dividend Distribution Tax (DDT);
• Advance Pricing Agreement and Safe Harbour Rules to cover Income Attribution to a Permanent Establishment (PE);
• Thin Capitalization provisions liberalized and have been made inapplicable to a debt provided by PE of non-resident engaged in the business of banking in India;
• TDS on e-commerce transactions;
• TCS on overseas remittances under Liberalised Remittance Scheme (LRS), purchase of overseas tour packages and purchase of goods;
• Threshold of residency for citizens & PIOs visiting India reduced from 182 days to 120 days. Further, definition of ‘Not ordinarily resident’ is also narrowed;
• Donations to charitable institutions made to be pre-filled in IT return form to claim exemptions for donations easily. Further the Income Tax exemption approvals to Charitable Institutions is made subject to renewal every five years
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall look at various important definitions and terminologies under the GST Law.
Newsletter on daily professional updates- 2nd October 2019CA PRADEEP GOYAL
Sharing knowledge is the most fundamental act of friendship. Because it is a way you can give something without loosing something
Here is your Daily dose of professional updates in newsletter form- 2nd October 2019
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
Input tax credit & matching with return under gstNikhil Malaiyya
Input tax credit under GST, Matching with return under GST, Annual Return, Final Return, Monthly return, late filing fees under GST, Transitional Provision
Goods and Services Tax - Input Tax Credit Eligibility
Basic Provisions. How can a taxpayer claim ITC what are the conditions and restrictions for claiming ITC under GST.
Knowledge is always changing. For the moment, the best approach to managing it is one that keeps things moving along while keeping options open. Good morning attached today's Newsletter 19.09.2020.
On 12th January 1946, Rs. 500 was demonetized and people were given 10 days for exchange. After this period explanation was required as to why exchange was not done in the first 10 days.
The Scheme was a failure as out of the total issue of Rs. 143.97 crores of High Denomination Notes, Rs. 134.90 crores were exchanged. Thus only Rs. 9 crores were demonetized.
1946 exercise turned out to be only an exchange.
Newsletter on daily professional updates- 6th September 2019CA PRADEEP GOYAL
The greater our knowledge increases, the greater our ignorance unfolds
Here is your Daily dose of professional updates in newsletter form- 6th September 2019
CASE STUDY PAPER - GST- INTRICATE ISSUES IN ENTERTAINMENT & HOSPITALITY SEC...Ramandeep Bhatia
Dear Sir/Madam, I have recently taken a session in an IDT Study circle organized by the Bombay Chartered Accountants Society (BCAS) on the case study based topic INTRICATE ISSUES IN ENTERTAINMENT & HOSPITALITY SECTOR, Pleased to share with you the case study paper and background material prepared for discussion for common benefit. Thanks - Ramandeep Singh Bhatia
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020. This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
We bring you our analysis of Direct Tax proposals announced by the Hon'ble Finance Minister at her budget speech. Some of the key takeaways are highlighted below:
• 15% concessional tax regime for new domestic manufacturing companies will now be applicable to Power-generating companies as well;
• Alternative personal tax regime made available for Individual/ HUFs
• Abolition of Dividend Distribution Tax (DDT);
• Advance Pricing Agreement and Safe Harbour Rules to cover Income Attribution to a Permanent Establishment (PE);
• Thin Capitalization provisions liberalized and have been made inapplicable to a debt provided by PE of non-resident engaged in the business of banking in India;
• TDS on e-commerce transactions;
• TCS on overseas remittances under Liberalised Remittance Scheme (LRS), purchase of overseas tour packages and purchase of goods;
• Threshold of residency for citizens & PIOs visiting India reduced from 182 days to 120 days. Further, definition of ‘Not ordinarily resident’ is also narrowed;
• Donations to charitable institutions made to be pre-filled in IT return form to claim exemptions for donations easily. Further the Income Tax exemption approvals to Charitable Institutions is made subject to renewal every five years
Daily dose of professional updates in newsletter form- 29th August 2019CA PRADEEP GOYAL
Sharing knowledge is the most fundamental act of friendship. Because it is a way you can give something without loosing something.
Here is your Daily dose of professional updates in newsletter form- 29 August 2019
Newsletter on daily professional updates- 01/04/2020CA PRADEEP GOYAL
“True strength lies in submission which permits one to dedicate his life, through devotion, to something beyond himself."
Presenting Daily dose of professional updates dated 01.04. 2020. This is 200th edition and 1st Newsletter of Financial Year 2020-2021
Newsletter on daily professional updates- 07/01/2020CA PRADEEP GOYAL
“If four things are followed –
having a great aim,
acquiring knowledge,
hard work, and
perseverance –
then anything can be achieved.”
Here is your Daily dose of professional updates 07.01.2020
ALBANIA Chinese citizens excluded from Type C Visa regime
Fiscal package 2020 in Albania
Tax Procedures in Albania 2020
Value Added Tax 2020
Albania Personal And Profit Tax 2020
Albania National Taxes 2020
ALBANIA TAX FREE Real Estate Donation to Family Members 2020
These slides include presentations on some changes on GST. This presentation does not include complete information. I hope whatever you read is up to your expectation. If not mentioned me in th ecomments
Presentation on Indirect Proposal of Budget 2023.
Our Partner Ramandeep Singh Bhatia presented the same before the august gathering of members from trade and profession.
#GST #tax #gstupdates #gstindia #gstind
#budget2023 #budget
RBSA-Budget-Finance Bill 2023-Key Proposals.pdfRBSA Advisors
Keeping a people-centric approach, various amendments in individual tax provisions and amendments providing benefits under the new tax-rate regime is a welcome move.
The Goods & Service Tax regime is most likely to become a reality from April 2017. The Government of India has been taking a number of steps at unbelievable speed to implement the new regime. Following the Model Law, the Draft Rules for registration, payment, invoice, returns and refunds were released. The Government has also released an FAQ on GST.
Similar to Snr budget 2020 indirect tax proposals (20)
We are pleased to share our June 2022 edition of the GST Bulletin covering recent amendments/ updates in the realm of GST.
This issue covers in detail the following:
1. Judicial Updates
• No GST on services by security manager located outside India for subscription to secured notes placed in USA.
• Concessional GST rate of 0.75% on construction applies to promoter and not to sub-contractor.
• Ocean freight levy violates 'Composite supply' principle under GST.
• Secondment of employees by Overseas Group Company is covered under Manpower Supply & liable to service tax.
• Charitable clubs imparting sports training exempt, however entrance/membership fees taxable.
2. Notifications/ Circulars
• Due date for filing GSTR-3B for April 2022 extended.
• Due date for payment of tax in GST PMT-06 for April 2022 extended.
• Late fee for delay in filing of Form GSTR-4 waived off.
3. GST Compliance Calendar for June 2022
Pleased to share the third edition of "Income Tax Compliances Handbook" wherein our Tax team has summarized the important compliance related provisions of Income Tax Act 1961 as applicable to FY 2022-2023 (AY 2023-2024)
In a recent ruling, the Uttar Pradesh Authority for Advance Ruling (‘AAR’) has ruled that Input Tax Credit (ITC) shall be available on expenses incurred to comply with the requirements of Corporate Social Responsibility (CSR) under Companies Act, 2013 (CSR Expenses). In this video, we have discussed the aforesaid AAR ruling and relevant legal provisions on the subject.
This ruling would enable companies to consider taking ITC on various Covid relief expenses incurred which are being claimed as CSR expenditure in accordance with the FAQs issued by Ministry of Corporate Affairs through General Circular No.15/2020 dated 10th April 2020.
Further the ruling only deals with CSR mandated under Companies Act, 2013 and ITC eligibility in case of CSR activities undertaken voluntarily or beyond the limits prescribed under Companies Act, 2013 still remain an open area. Though according to rationale given by UP AAR, ITC would only be available if the expenditure is mandatory and not voluntary.
Link of Article : https://taxguru.in/goods-and-service-tax/detailed-analysis-itc-csr-expenditure.html
Recently Karnataka AAR has given a ruling in the matter of “Mr. Anil Kumar Agrawal” holding that salary paid to executive director is not liable to GST as it is covered under schedule III of CGST Act, 2017, thus not to be considered for computing aggregate turnover for registration. This ruling has effectively put aside the confusion of applicability of GST under RCM on director’s remuneration ruled by Rajasthan AAR in the matter of “Clay Craft India Private Limited”. Brief facts and findings of the present ruling are analysed in this update.
#gst #gstupdate #gstupdate #update #snr #krestonsnr
Recently Hon’ble Delhi High Court has given a landmark judgment in the matter of “Brand Equity Treaties Limited & Others Vs The Union of India & Others” holding that all the taxpayers are allowed to the transitional claim of tax credit as available as on 30th June, 2017 under Pre-GST regime by filing form TRAN-1 till 30th June 2020. Hon’ble High Court has held that the statutory time limit given is only directory and therefore, the period of limitation of 3 years under the Limitation Act would apply. More details about this ruling is given in this update #gst #gstupdate #snr #krestonsnr
Amidst extended lockdown period due to coronavirus outbreak, the Central Board of Indirect Taxes & Customs (CBIC) has extended various GST compliance deadlines. Brief of the notifications issued is provided in this GST update. #gstupdate #cbic #snr #krestonsnr #gst
Recently Hon’ble Karnataka Authority of Advance Ruling (AAR) has given a ruling in the matter of “M/s T&D Electricals” holding that no Registration is required under the CGST Act, 2017 for execution of a works contract in other state where there no fixed establishment in that state. In this update, we have analysed the captioned AAR ruling.
#taxlaws #gstupdate #gst #krestonsnr #snr
In the attached handbook, we have included major legal compliance applicable on NGOs in India under Income Tax Act, Foreign Contribution Regulation Act, Payment of Gratuity Act, Provident Fund & Misc Provisions Act. #ngos #Taxation #Compliances #SNR #krestonsnr
Recently Hon’ble Rajasthan Authority of Advance Ruling (AAR) has given a ruling in the matter of “Clay Craft India Private Limited” holding that the remuneration paid to Director whether whole time or not will attract GST under Reverse Charge Mechanism (RCM). In this update, we have analysed the captioned AAR ruling along with capturing the current legal position on the matter. #taxlaws #gst #gstupdate #krestonsnr #snr
From the current financial year 2020-21, Individuals & HUFs are having an option to select between old tax system & New Tax system to discharge their tax obligations. CBDT has recently issued a circular clarifying that employees need to intimate their respective employers regarding their choice and accordingly employer shall compute TDS. However in the absence of intimation, employer shall proceed according to existing tax system. Our tax team has explained the nuances of old and new tax system alongwith detailed comparison making the selection easy.
Our Tax team has summarised the important compliance related provisions of Income Tax Act 1961 and prepared the compliance hand book for easy reference.
In the Finance bill passed by Lok Sabha, the government has made certain significant changes predominantly with regard to the applicability of various provisions as were originally introduced in the Finance Bill. Our tax alert providing brief summary of the significant changes in relation to Income Tax Act, 1961
Summary of announcements made by Hon'ble Finance Minister on 24th March 2020 regarding extension of due dates and other relaxations in compliances pertaining to Income Tax & GST.
Vivaad Se vishwas scheme has been introduced by Government of India to provide one time opportunity for settlement of pending litigation by paying the basic tax amount and complete waiver of interest and penalty.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
This guide aims to provide information on how lawyers will be able to use the opportunities provided by AI tools and how such tools could help the business processes of small firms. Its objective is to provide lawyers with some background to understand what they can and cannot realistically expect from these products. This guide aims to give a reference point for small law practices in the EU
against which they can evaluate those classes of AI applications that are probably the most relevant for them.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
4. Introduction to
Page 4 of 15Private & Confidential
Union Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2020-2021 on 1st February 2020
in the Lok Sabha that has placed significant emphasis on agriculture, wellness and education. These three areas have huge
potential to impact the lives of a large part of the population. There is also a strong message towards gaining people’s
confidence and trust through assurance about the stability of the banking system, making proposals like decriminalizing the
Companies Act, relooking at other laws, fine-tuning the Contract Act, increasing the deposit insurance and creating a
Taxpayers’ Charter in the statute to prevent harassment.
Recognizing urban centers as the growth engines and giving importance to the role of the private sector, there are proposals
to develop five smart cities, promoting electronics manufacturing, solar infrastructure, more trains, more airports and data
center parks under the PPP mode.
As outlined by the Finance Minister, the budget is woven around three prominent themes:
Aspirational India in which all sections of the society seek better standards of living, with access to health, education
and better jobs;
Economic Development for all, indicated in the Prime Minister’s exhortation of “SabkaSaath, SabkaVikas, SabkaVishwas”.
This would entail reforms across swathes of the economy. Simultaneously, it would mean yielding more space for the
private sector. Together, they would ensure higher productivity and greater efficiency; and
Caring Society that is both humane and compassionate.
6. Highlights
It has been proposed to allow Input Tax credit vis-à-vis a debit note in the year of issuance,
instead of the year of the debit note’s underlying tax invoice;
Omission of supplies relating to transfer of business assets without consideration
Penalties for beneficiary of transaction introduced
Exclusion of Certain Categories of Taxable Persons from Composition Scheme
Health Cess at the rate of 5% will be levied as duty of customs on import of specified medical
equipments
Additional measures will be implemented to curb misuse of Free Trade Agreements (FTAs) and
Rules of Origin will be revisited
Additional safeguard measures on imports will be implemented to protect the domestic industry
Electronic credit ledger has been introduced for making duty payment by way of direct duty
credit for export and other benefits.
There has been an upward revision of duty rates across sectors to provide a level playing field
for domestic players.
Page 6 of 15Private & Confidential
8. Page 8 of 15Private & Confidential
Time Limit for availing ITC of debit notes
Section 16 of CGST Act has been amended to delink the time limit of availing ITC of debit notes
from the ‘date of invoice relating to such debit note’ to the date of debit note itself.
With this, credit in respect of debit note issued in say financial year 2019-2020 for an invoice
pertaining to 2018-2019 could now be claimed by the recipient by the due date of September
2020 return of the date of Annual return of 2019-2020 whichever is earlier.
Omission of Supplies relating to transfer of Business Assets without consideration
As per Schedule II of CGST Act, transfer of business assets where goods forming part of the assets
of a business are transferred or disposed of by or under the directions of the person carrying on
the business so as no longer to form part of those assets, whether or not for a consideration, such
transfer or disposal is considered as taxable supply of goods by the person.
Entries at 4(a) & 4(b) in Schedule II of the CGST Act is being amended with retrospective effect
from 1st July 2017 to make provision for omission of supplies relating to transfer of business assets
made without any consideration from Schedule II of the said Act.
With the aforesaid amendment, Transfer of Business Assets without any consideration will not be
treated as taxable supplies and will be exempt from levy of GST.
GOODS & SERVICES TAX
9. Page 9 of 15Private & Confidential
Penalties for beneficiary of transaction introduced
Penalty provisions expanded to make the beneficiary of certain transactions at whose instance
specified transactions are conducted liable for penalty of an amount equivalent to the tax evaded
or input tax credit availed or passed.
The specified transactions are supply of goods without invoices or under false/incorrect invoice,
incorrect availment of utilization of input tax credit and incorrect availment or distribution of
input tax credit by input service distributor
Section 132 of CGST is being amended to make the offence of fraudulent availment of ITC without
an invoice or bill a cognizable and non-bailable offence. The person who commits the offence or
retains the benefit of involved transactions shall be liable for punishment prescribed u/s 132.
Alignment in Definition of 'Union Territory’
Jammu and Kashmir Re-organization Act, 2019 whereby Jammu and Kashmir is considered as
Union Territory instead of State and Ladakh is considered as a Union Territory separate from
Jammu and Kashmir; and
Dadra and Nagar Haveli and Daman and Diu (Merger of Union Territories), Act, 2019 where Union
Territory ‘ Dadra and Nagar Haveli and Daman and Diu’ was created by merger of existing Union
Territories.’
According to above legislative changes, consequent amendment in list of states and Union
Territories is being done.
10. Page 10 of 15Private & Confidential
Exclusion of Certain Categories of Taxable Persons from Composition Scheme
Following categories of taxable persons are excluded from ambit of Composition Scheme who are
engaged in making:-
• Supply of services not leviable to tax under CGST Act
• Inter State outward supply of services
• Outward supply of services through E-Commerce Operator
Other changes
Power of cancellation/suspension of registration extended to taxpayers who intend to opt out of
voluntary registration
Power to condone delay in filing of application for revocation of cancellation of registration up to
30 days granted additional commissioner/joint commissioner. Power to condone further delay up
to 30 days granted to commissioner.
Time limit for issuing Removal of Difficulty Orders increased from expiry of three years from date
of commencement to five years from the date of commencement of the GST Act.
Harmonize the conditions for eligibility for options to apply under Composition Scheme.
Empowers government to notify categories of services or supplies in respect of which tax invoice
shall be issued and to make rules regarding time and manner of its issuance.
Empowers government to make rules to provide for forms and manner in which a certificate of
tax deduction at source shall be issued.
12. Page 12 of 15Private & Confidential
Customs Law
Duty Scrips for reversion of duties and taxes on exported products introduced
The government has proposed to digitally refund to exporters, duties and taxes levied at the
Central, State and Local Levels such as electricity dues and VAT on fuel used for transportation,
which are not getting exempted or refunded under any other existing mechanism.
Benefit of the scheme will be granted by way of duty credit in the customs automated system in
the form of an electronic duty credit ledger
Measures to Protect Domestic Industry
Safeguard duty introduced on goods imported into India in such increased quantity and under
such conditions so as to cause or threaten to cause serious injury to domestic industry.
The measures include imposition of safeguard duty, application of tariff- rate quota or such other
measure as the Government may consider appropriate.
Scope of Anti dumping Rules expanded to cover cases of circumvention of anti-dumping duty.
13. Page 13 of 15Private & Confidential
Power to Central Government
- Importation and exportation of Goods
Clause(f) of sub-section (2) in section 11 of the Customs Act, 1962 has been amended so as to
include any other goods along with Gold or Silver to enable the Central Government to prohibit
either absolutely or conditionally the import or export of such goods to prevent injury to the
economy on account of uncontrolled import or export of such goods.
- To make rules
Clause (ja) is inserted in sub-section (2) of section 157 of The Customs Act, 1962 so as to
empower the board to make regulations for the manner of maintaining electronic duty ledger,
making of payment from that ledger, transfer of duty credit from ledger of one person to another
and the conditions, restrictions and the same time limit relating thereto.
Clause (i) has been inserted in sub- section (2) of section 156 of The Customs Act, 1962 so as to
empower the Central Government to make rules providing for the form, time limit, manner,
circumstances, conditions, restrictions and such other matters for carrying out the provisions of
chapter VAA.
- To make regulations
14. Page 14 of 15Private & Confidential
Make in India for Medical Devices
The government has proposed imposition of health cess at 5% on the value of goods, specified in
fourth schedule, imported into India w.e.f. 2nd February 2020.
The cess collected will be utilized for the purposes of financing the health infrastructure and
services.
The value of goods shall be calculated in the same manner as the value of goods is calculated for
the purpose of customs duty under the section 14 of the Customs Act, 1962.
The cess shall be applicable on all goods falling under headings 9018, 9019, 9020, 9021 and 9022.
Illustrative list includes scanners, X-ray Machines, pacemakers, etc.
Exemptions provided on specified medical devices and inputs/parts for manufacture of medical
device.
Tariff and Rate Changes
New HSN classification has been provided for certain goods such as Wall Fans, Open cell for
television sets, solar cells-assembled and not assembled, etc,
BCD on Furniture increased from 20% to 25% and BCD reduced on specified parts microphones.
Electric Motor Vehicles to attract higher custom duties for CBU, SKD and CKD from 1st April 2020.
15. Locations
Delhi
Email : snr@snr.company Website : www.snr.company
A-15, Second Floor, Hauz Khas,
New Delhi- 110016
Tel. +91 11 26856421, 41655801, 26855884
Fax: +91 11 26567540
No. 5A, Second Floor, 6th Main, KHB
Colony, Basaveshwaranagar,
Bangalore - 560079
Tel. +91 80 42064178
Bangalore
Pune
Office No. 5,Kalashree Apartment,
Opposite Bank of Maharashtra,
Karve Road,
Pune 411004
Ph: +91 20 25435788
Private & Confidential Page 15 of 15