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70. Customs Updates Summary of notifications issued in the month of May 19 - Hiregange & Associates
1. RATE OF EXCHANGE OF CONVERSION INTO INDIAN CURRENCY
OR VICE VERSA WITH EFFECT FROM 3rd MAY, 2019 TO 16th MAY 2019
(Notification No. 35/2019-Customs (N.T) dated 02.05.2019)
With effect from 3rd May, 2019, the CBIC has fixed the rate of exchange for conversion of each of the foreign currencies mentioned below, relating to imported and export goods, for computation of Customs Duty as per section 14 of the Customs Act, 1962.
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Clarifications on GSTR-9
Press release dated 04-06-2019
Link -à http://pib.nic.in/PressReleseDetailm.aspx?PRID=1573319
The Annual Return in the form GSTR-9 for FY 2017-18 is to be filed by 30th June 2019. However, there have been many inconsistencies in the form requiring suitable amendment therein so that the intent of the Government and legal provisions are synced and appropriate disclosure is enabled in the Annual Return. Considering that 2017-18 has been first year of implementation of GST and...
GST Valuation – Construction Service - Actual land deduction
Valuation is the measurement of value on which any tax has to be paid. The typical construction contract is the composition of three components namely
- Land or an undivided portion of land in case of apartments
- Materials/goods like cement, steel etc.,
- Services like labour in construction, designing etc.
Before GST was introduced, different indirect taxes were levied on the above mentioned three components. State government levied Stamp Duty on transfer of immovable...
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