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1. RATE OF EXCHANGE OF CONVERSION INTO INDIAN CURRENCY

OR VICE VERSA WITH EFFECT FROM 3^rd MAY, 2019 TO 16^th MAY 2019

(Notification No. 35/2019-Customs (N.T) dated 02.05.2019)

With effect from 3^rd 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.

Schedule - I

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...

Introduction

SEIS [ Services Export Incentive Scheme] is one of the export incentive scheme of  DGFT in chapter 3 of Free Trade Policy 2015-20 of India. This scheme aims to incentivize service exporters of India with the objective to encourage and maximize export of notified services from India. A large number of service providers have not been claiming this benefit due to either lack of awareness or have doubts on it being sanctioned easily. It is available in normal course in most...

The Constitutional (101) amendment Act 2016 clearly states in the Statement of Objectives for ushering in GST that it is to remove the cascading effect of taxes and allow the seamless flow of the tax credit across the supply chain. It means that it should avaoid tax on tax.

Conceptually, GST is levied on ONLY value addition at each stage of supply chain starting from manufacture or import and till the last retail level. This is with a facility of the Input credit (‘ITC’ for short) of...