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The days of Central Excise Duty (ED) are over[1], a cool and exquisite tax it was. Make no mistake about it, half of the Goods and Service Legislation’s learnings are down to the Central Excise Act, 1944 and its sub-ordinate rules. Revenue’s audits and investigations would be more of a dead letter, for the better part the maximum period of inventing new avenues of generating demands (outta nowhere) expires on 10^th July 2022. Some things never changes though, DG-CEI (now known by its...

The transactions in the real estate sector have their own peculiarities and thereby one has always felt the need for having a separate set of provisions that would be more specific to this sector rather than the general provisions that would be applicable to any other sector. This need was felt right from the sales tax ( later VAT) as well as in service tax regime. 

However, with the series of changes that have been made effective from 1^st April, 2019 it can be seen that the step in...

ORIGIN:

The OEMs manufacture vehicles out of the parts and components (P&C) procured from various suppliers. The P&Cs are customized for every item, such that they require customized Tools and Dies (T&Ds). The building up process of making T&Ds starts with goal setting, it requires Designs, Drawings and Specifications (DDSs) (in paper form or CAD/ CAM), and finally the T&Ds are made through CNCs.

In their investigation and show cause notices (SCNs), the DGCEI (now DG-GSTI) have...

Introduction:

Joint development agreement (JDA) is an agreement entered between the landowner and the developer wherein the landowner would provide the right to the developer to develop the land, in return for construction services to be provided by the developer.The developer would be entitled for a share in the developed property(generally allotted through supplementary agreement (SA))in return for such construction services. Without getting into whether GST is liable or not on these...

BACKGROUND:  

Priority Sector Lending Certificates (PSLCs) are tradable certificates issued against priority sector loans of banks so as to enable banks to achieve their specified target and sub-targets for priority sector lending through purchase of these instruments in the event of a shortfall and at the same time incentivizing the surplus banks to lend more to these sectors. It was first proposed by A.M. Godbole in his article "How to lend more to the poor" (Mint, 28 March 2007)....

Background:

The textiles and apparel industry in India accounts for about 10% of manufacture or production and 2% of India's Gross Domestic Product (GDP) and constitutes about 13% of country's export earnings. The industry is currently estimated at around $ 108 billion and is expected to reach $ 223 billion by 2021. Textile industry has been enjoying various tax exemptions, benefits and concessions under indirect taxes. Introduction of GST could have a considerable impact on textile...

The Indian auto industry is one of the largest in the world. The industry accounts for 7.1 per cent of the country's Gross Domestic Product (GDP). Almost 13% of the revenue from central excise is from this sector and claims a size of 4.3% of total exports from India. Despite its contribution to the economy and growth potential, this sector has been combating the hardship of high tax rates for substantially a long period of time now with central excise duty ranging between 12.5% to 30%...

Background:

The textiles and apparel industry in India accounts for about 10% of manufacture or production and 2% of India's Gross Domestic Product (GDP) and constitutes about 13% of country's export earnings. The industry is currently estimated at around $ 108 billion and is expected to reach $ 223 billion by 2021. Textile industry has been enjoying various tax exemptions, benefits and concessions under indirect taxes. Introduction of GST could have a considerable impact on textile...

Background:  

The manufacturing industries ( larger and medium) nowadays stick to their core competencies and get most jobs done on job work basis from others. The alternative nomenclatures used are: sub contracting, loan licensing, processing or labour charges. At times the principal send tools needed as well as the part/ entire raw material required for the process free of cost. The material procured by principal may be sent directly to the job worker from the supplier. In...