This paper has been written purely as a good and honorable citizen of India wanting us to reach the pride of place in the world tomorrow.
The GST is said to be the biggest tax reforms in indirect taxation. The merger of 11 taxes; reduction in 200 + rates to less than a dozen; lesser compliance burden to the traders, manufacturers and some service sectors; the start of breaking down the barriers between the States- one unified market; reduction in costs – making goods competitive...
Read moreMechanism of availing Cenvat credit in case of manufacturers or service providers having both taxable and non-taxable activities has been subject to litigation. Lot of developments have happened in Rule 6 of Cenvat credit Rules 2004 in specifying the mechanism for availing the credits. The latest was in the year 2016. The scope of exempted services was enhanced with amendment of ‘exempted services’ meaning. Assesses would have opted for proportionate credit reversals for FY 2016-17...
Read moreExcise duty was imposed on article of jewellery in the Union Budget 2016-17. There were many apprehensions of the trade and industry regarding taxability, valuation, exemption, removal procedures, documentation and interventions by departmental officials. The government had constituted high level committee to make suggestions on critical aspects. The committee had made its suggestion last month and accepting the suggestions made by committee, government has come out with necessary...
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