Latest Tax News & Updates

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Rationalization of customs duty & Procedures to Boost Make In India

Custom Duty - 02-Apr-2019

RFID technology to be used to improve export logistics  The Government has undertaken rationalization of customs duties and procedures to promote the “Make in India” initiative. While presenting the Interim Budget 2019-20 in Parliament today, the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said, “The Government has abolished duties on 36 capital goods. A revised system of importing duty-free capital goods and...

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Analysis of Goods And Services Tax

Goods And Services Tax - 29-Mar-2019

Goods and Services Tax (GST) is an indirect tax (or consumption tax) imposed in India on the supply of goods and services. GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer. Goods and services are divided into five tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. 32% However, Petroleum products, alcoholic drinks, electricity,...

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RBI Trade Credit Policy Framework

Fema/RBI - 29-Mar-2019

Trade Credits (‘TC’) refer to the credits extended by the overseas supplier, bank, financial institution and other permitted recognised lenders for maturity, as prescribed in this framework, for imports of capital/non-capital goods permissible under the Foreign Trade Policy of the Government of India. Depending on the source of finance, such TCs include suppliers’ credit and buyers’ credit from recognised lenders.  Buyer’s Credit: Means finance for...

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Service Tax Audit

Service Tax - 29-Mar-2019

Service Tax is dead but still the undying ghost of Service Tax Audit approaching the pillars and posts of the assessee, department and the professionals. The department is trying its best to salvage their ground and right of an audit till June 2017 setting aside the numerous judgements against their moves. The department still making bombardment of roving inquiries ignoring objections of the assessee over the frequency of audits and currency of their audit powers. The CGST officials have...

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Authorized Economic Operator (AEO) Aq privileged Certification For Importers And Exporters

Custom Duty - 29-Mar-2019

 AEO is a Trade Facilitation Scheme for ease of doing businessin light of international development > Holder of this Certificate is Entitled for Privilege, Benefits, Exemption and Relaxation on account of import and export > This certificate is issued for Particular Period after that to be renewed. > This scheme is based on principle of sharing role and responsibility of customs with trade and industry and objective is to delink...

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