IGST exemption to SEZs on import of Goods by a unit/developer in an SEZ

  [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 64/2017- Customs New Delhi, the 5th July, 2017 G.S.R.—- (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts all goods imported by a unit or a developer in the Special Economic Zone for authorised operations, from the whole of the integrated tax leviable thereon under sub-section (7) of section 3 of the Customs Tariff Act, 1975 (51 of 1975) read with section 5 of the Integrated Goods and Service Tax Act,

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Press Release dt 05.07.2017 regarding meaning of registered brand name in the context of GST rates

  PRESS RELEASE The CGST rate on supply of certain goods, such as chena or paneer, natural honey, wheat, rice and other cereals, pulses, flour of cereals and pulses, other than those put up in unit container and bearing a registered brand name, is Nil. Supply of such goods, when put up in unit container and bearing a registered brand name attracts 2.5% CGST rate. 2. Doubts are being raised as to the meaning of registered brand name. In this context, the Notification No.1/2017-Central Tax (Rate), dated 28.06.2017 [which notifies the CGST rates of intra-state supply of goods] and notification No.2/2017-Central Tax (Rate), dated 28.06.2017 [which exempts intra-state supply of the specified goods] clearly defines “registered brand name” as brand name or trade name, which is registered under the Trade

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Press release on GST rate for specified items for Physically Challenged Persons

PRESS RELEASE On GST rate for specified items for Physically Challenged Persons Some questions are raised about GST rates fixed for specific devices for physically challenged persons. This matter is explained here in below. Assistive devices and rehabilitation aids for physically challenged persons, listed below, have been kept at the concessional 5% GST rate: 1) Braille writers and braille writing instruments; 2) Handwriting equipment like Braille Frames, Slates, Writing Guides, Script Writing Guides, Styli, Braille Erasers 3) Canes, Electronic aids like the Sonic Guide; 4) Optical, Environmental Sensors; 5) Arithmetic aids like the Taylor Frame (arithmetic and algebra types), Cubarythm, Speaking or Braille calculator; 6) Geometrical aids like Combined Graph and Mathematical Demonstration Board, Braille Protractors, Scales, Compasses and Spar Wheels; 7) Electronic measuring equipment such as Calipers, Micrometers, Comparators,

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Direct Tax Collections for F.Y. 2017-2018 show Growth of 14.8% ​

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 6th July, 2017. PRESS RELEASE Direct Tax Collections for F.Y. 2017-2018 show Growth of 14.8% The provisional figures for Direct Tax collections up to June, 2017 show that net collections are at Rs. 1.42 lakh crore which is 14.8% higher than the net collections for the corresponding period of last year. Net direct tax collections represent 14.5% of the total Budget Estimates of direct taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore). While the gross collection under Corporate Income Tax (CIT) grew at 4.8%, the growth under Personal Income Tax (PIT) including Securities Transaction Tax (STT) is 12.9%. However, after adjusting for refunds, the net growth in CIT collections is 22.4% while that

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Income-tax (19th Amendment) Rules, 2017

  MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 4th July, 2017 INCOME-TAX G.S.R. 826(E).—In exercise of the powers conferred by section 295 read with section 195 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1. (1) These rules may be called the Income-tax (19th Amendment) Rules, 2017. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962 (hereafter referred to as the Principal rules), in rule 29B, in sub-rule (1), clause (i), for the words “interest on securities” the words and brackets and figures “interest on securities (other than interest payable

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Government mulls leasing out airports, ports and other infrastructure assets to private operators 

The government is mulling leasing out operational roads, airports, ports and other infrastructure assets to private operators to attract investments and free up funds to step up public investment in greenfield projects. Niti Aayog, the government’s think tank, will prepare a list of projects that can be offered to the private sector and move a note for discussion on the issue. Private investment in greenfield infrastructure has almost stalled because of multiple execution risks involved and heavy indebtedness of infrastructure companies. “This (move) will free up capacity and funds for new investments,” said a senior government official. “Whatever projects are complete and there is a revenue stream coming, the government must get out of those and put them out in the market on a ‘reverse BOT’ (build-operate-transfer) basis,” the official

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Exporters need not pay IGST if bond/undertaking furnished 

Exporters can furnish bond or letter of undertaking instead of paying Integrated GST at the time of exporting goods and services with effect from July 1. In case the IGST has been paid, the exporters can seek refund of the tax paid, according to a Customs circular on export procedure in the GST regime. IGST is levied on the supply of any goods and services in the course of inter-state trade or commerce. As per the IGST Act, export and import of goods and services are deemed to be a supply in the course of inter-state trade or commerce. “Supplies of goods and services for exports have been categorised as ‘Zero Rated Supply’ implying that goods could be exported under bond or Letter of Undertaking without payment of integrated tax

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CGST: List of goods on which tax is payable under Reverse charge

  [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 4/2017-Central Tax (Rate) New Delhi, the 28th June, 2017 G.S.R. (E).- In exercise of the powers conferred by sub-section (3) of section 9 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby specifies the supply of goods, the description of which is specified in column (3) of the Table below and falling under the tariff item, subheading, heading or Chapter, as the case may be, as specified in the corresponding entry in column (2) of the said Table, made by the person as specified in the corresponding entry in

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CGST: Supplies of goods for which refund of unutilised ITC not allowed

  Supplies of goods in respect of which no refund of unutilised input tax credit shall be allowed under section 54(3) of the Central Goods and Services Tax Act, 2017 [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 5/2017-Central Tax (Rate) New Delhi, the 28th June, 2017 G.S.R. (E).- In exercise of the powers conferred by clause (ii) of the proviso to sub-section (3) of section 54 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby notifies the goods, the description of which is specified in column (3) of the Table below and falling under the tariff item,

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Refund of 50% of CGST on supplies to CSD under section 55

  [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 6/2017-Central Tax (Rate) New Delhi, the 28th June, 2017 G.S.R. (E).- In exercise of the powers conferred by section 55 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby specifies the Canteen Stores Department (hereinafter referred to as the CSD), under the Ministry of Defence, as a person who shall be entitled to claim a refund of fifty per cent. of the applicable central tax paid by it on all inward supplies of goods received by it for the purposes of subsequent supply of such goods to the Unit

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