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FTP Corner October 2017
Amendments to Hand Book of Procedures 2015-20: Public Notice 26/2015-2020 dated 20th
September, 2017 -
a) Para 4.06 of chapter 4 of HBP 2015-2020:
- In case where norms have not been notified or where applicant wants to get the ad-hoc norms fixed before making an application for Advance Authorisation, application in ANF 4B, along with prescribed documents, shall be uploaded online to concerned Norms Committee (NC) in DGFT headquarters for fixation of...
Harmonising MEIS Schedule in the Appendix 38 (Table-2) with ITC (HS), 2017
The Directorate General of Foreign Trade had notified the Harmonised MEIS Schedule in Appendix 3B vide Public Notice NO.61 dated on 07.03.2017. Some of the ITC (HS) 2012 Codes eligible under MEIS were not notified.
In exercise of powers conferred under Foreign Trade Policy (2015-2020), the Director General of Foreign Trade has notified the MEIS Schedule, Appendix 3B (Table-2) for the ITC(HS) Codes vide Public Notice 17/2015-2020, Dated the 22nd August, 2017 that were not included...
Read moreTaxability of Advances under GST
Time of Supply is the key factor that determines the taxability of advances. Before analyzing the taxability of advances under GST, It is pertinent to note the taxability of advances under old laws (VAT, Excise & Service tax), which is as followed:
- Time of supply for for supply of goods, under old laws (Excise/VAT), time of supply date of Removal of goods / Date of Invoice.
- For the services, Time of supply in brief, was earliest of receipt of payment / date of completion of...