Latest Tax News & Updates

Posted in Articles News Judiciary Notification

CBIS amends new GST composition schemes rules related to ITC

Goods And Services Tax - 03-Apr-2019

New Delhi, the 29th March, 2019 G.S.R. 268(E).– In exercise of the powers conferred by sub-section (1) of section 9, sub- section (1) of section 11, sub-section (1) of section 16 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (herein after referred to as the “said Act”), the Central Government, on the recommendations of the Council, and on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments...

Continue Reading...

Taxability of Fabric & Furnishing Cloth under MVAT Act

Goods And Services Tax - 03-Apr-2019

The Trade Circular was issued to clarify the taxability of the goods covered under Entry 101(a) and 101(b) of the Schedule-C appended to the MVAT Act. It was clarified that the sales of the notified furnishing fabric are exempted from tax in respect of all sales made other than the last point. The Notification cited at Ref. (1) above specifies the last point of sales as sale made for consumption. In other words, the sales of furnishing fabric as covered under entry 101 made by the registered...

Continue Reading...