G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 10 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.8/2017 - Central Tax, dated the 27th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide numbe...

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G.S.R (E).- In exercise of the powers under section 3 read with section 5 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and section 3 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Board of Indirect Taxes and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.2/2017- Central Tax, dated the 19th June, 2017, published in the Gazette of India, Extraor...

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G.S.R……(E). - In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-...

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G.S.R. …..(E).— In exercise of the powers conferred by sub-section (2) of section 1 of the Central Goods and Services Tax (Amendment) Act, 2018 (31 of 2018), the Central Government hereby appoints the 1st day of February, 2019, as the date on which the provisions of the Central Goods and Services Tax (Amendment) Act, 2018 (31 of 2018), except clause (b) of section 8, section 17, section 18, clause (a) of section 20, sub-clause (i) of clause (b) and sub-clause (i) of clause (c) of se...

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RBI/2018-19/109 A.P. (DIR Series) Circular No. 17 January 16, 2019 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy – New ECB Framework Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraph 7 of theStatement on Developmental and Regulatory Policiesof theFifth Bi-monthly Monetary Policy Statement for 2018-19 released on December 5, 2018. Reference is also invited to paragraphs 2 and 3 ofMa...

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GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS] Notification No. 1/2019-Central Tax New Delhi, the 15th January, 2019 G.S.R. (E).- In exercise of the powers conferred by section 147 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance, Dep...

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RBI/2018-19/107 DBR.Dir.BC.No.22/04.02.001/2018-19 January 11, 2019 All Scheduled Commercial Banks (excluding RRBs) Small Finance Banks and Primary (Urban) Cooperative Banks Dear Sir / Madam, Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit Please refer to the operational instructions for the captioned scheme contained in RBI circular on Interest Equalisation S...

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RBI/2018-19/106 DBR.BP.BC.No.20/21.06.201/2018-19 January 10, 2019 All Scheduled Commercial Banks (Excluding RRBs and LABs) Dear Sir/Madam, Basel III Capital Regulations- Review of transitional arrangements Please refer to para 4.5 ‘Transitional Arrangements’, para 15.2.2 of Part D ‘Capital Conservation Buffer Framework’ and para 2.3 of Annex 16 of theMaster Circular, DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015on ‘Basel III Capital Regulatio...

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RBI/2018-19/104 DBR.IBD.BC.19/23.67.001/2018-19 January 9, 2019 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam Gold Monetization Scheme, 2015 In exercise of the powers conferred on the Reserve Bank of India under Section 35A of the Banking Regulation Act, 1949, the RBI makes the following amendments in theReserve Bank of India (Gold Monetization Scheme, 2015)Master Direction No.DBR.IBD.No.45/23.67.003/2015-16 dated October 22, 2015, with immediate effect. 1. Th...

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RBI/2018-19/103 DPSS.CO.PD No.1463/02.14.003/2018-19 January 08, 2019 The Chief Executive Officer / President All authorised card payment networks Madam / Dear Sir, Tokenisation – Card transactions Continuing the efforts to improve safety and security of card transactions, Reserve Bank of India had permitted card networks for tokenisation in card transactions for a specific use case. 2. It has now been decided to permit authorised card payment networks to offer card tok...

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Attention is invited to sub-section (a) of section 28 of the CGST (Amendment) Act, 2018 (No. 31 of 2018) which provides that section 140(1) of the CGST Act, 2017 be amended with retrospective effect to allow transition of CENVAT credit under the existing law viz. Central Excise and Service Tax law, only in respect of “eligible duties”. In this regard, doubts have been expressed as to whether the expression “eligible duties” would include CENVAT credit of Service Tax withi...

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Category : GST | Comments : 0 | Hits : 1159

Representations have been received seeking clarification on following two issues: (i) What is the value to be adopted for the purpose of computing GST on services provided by BF/BC to a banking company? (ii) What is the scope of services provided by BF/BC to a banking company with respect to accounts in its rural area branch that are eligible for existing GST exemption?...

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Representations have been received seeking clarification as to the rate of GST applicable on supply of food and beverages services by educational institution to its students. It has been stated that the words “school, college” appearing in Explanation 1 to Entry 7 (i) of Notification No. 11/2017-Central Tax (Rate) dated 28.06.2017 give rise to doubt whether supply of food and drinks by an educational institution to its students is eligible for exemption under Notification No. 12/2017...

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Category : GST | Comments : 0 | Hits : 1066

It has been brought to the notice of the Board that the service of “printing of pictures” correctly covered under service code 998386 - “Photographic and videographic processing services” is being classified by trade under service code 998912 - “Printing and reproduction services of recorded media, on a fee or contract basis”. The two service codes attract different GST rate of 18% and 12% respectively and therefore wrong classification may lead to short payme...

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Representations have been received seeking clarification regarding applicability of GST on Asian Development Bank (ADB) and International Finance Corporation (IFC). The matter has been examined....

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I am directed to invite your attention to the Indian Institutes of Management Act, 2018 which came into force on 31 st January, 2018. According to provisions of the IIM Act, all the IIMs listed in the schedule to the IIM Act are “institutions of national importance”. They are empowered to (i) grant degrees, diplomas, and other academic distinctions or titles, (ii) specify the criteria and process for admission to courses or programmes of study, and (iii) specify the academic content ...

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Reference is invited to Circular No. 29/2017 dated 05.12.2017 whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under Section 192 of the Income-tax Act, 1961 (hereinafter ?the Act‘), during the financial year 2017-18, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2018-19 and explains certain re...

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Category : CBDT | Comments : 0 | Hits : 1348

S.O.(E). --- WHEREAS, sub-section (4) of section 52 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this Order referred to as the said Act) provides that every operator who collects the amount specified in sub-section (1) shall furnish a statement, electronically, containing the details of outward supplies of goods or services or both effected through it, including the supplies of goods or services or both returned through it, and the amount collected under sub-section...

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S.O.(E).––WHEREAS, sub-section (1) of section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this Order referred to as the said Act) provides that every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically in such form and manner as may be prescribed on or before the ...

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S.O.(E).––WHEREAS, sub-section (4) of section 16 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this Order referred to as the said Act) provides that a registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoices or invoice re...

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Category : GST | Comments : 0 | Hits : 1186

Clarification regarding GST tax rate for Sprinkler and Drip Irrigation System including laterals–reg. Representations have been received seeking clarification as regards the scope and coverage of entry No. 195B of the Schedule II to notification No. 1/2017- Central Tax (Rate), dated 28.06.207. The entry No. 195B was inserted vide notification No. 6/2018- Central Tax (Rate), dated 25th January, 2018 and reads as below:...

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Category : GST | Comments : 0 | Hits : 955

Clarification regarding GST rates & classification (goods)–reg. Representations have been received seeking clarification in respect of applicable GST rates on the following items:...

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Category : GST | Comments : 0 | Hits : 941

Clarification on refund related issues – Reg. Various representations have been received seeking clarification on various issues relating to refund. In order to clarify these issues and to ensure uniformity in the implementation of the provisions of law across field formations, the Board, in exercise of its powers conferred by section 168 (1) of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “CGST Act”), hereby clarifies the issues detailed hereunder:...

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Clarification on export of services under GST – Reg. Representations have been received seeking clarification on certain issues relating to export of services under the GST laws....

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Category : GST | Comments : 0 | Hits : 969

Denial of composition option by tax authorities and effective date thereof - Reg. Rule 6 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the “CGST Rules”) deals with the validity of the composition levy. As per the said rule, the option exercised by a registered person to pay tax under the composition scheme shall remain valid so long as he satisfies the conditions mentioned in section 10 of the Central Goods and Services Tax Act, 2017 (hereinafter refe...

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Category : GST | Comments : 0 | Hits : 994

Clarification on certain issues (sale by government departments to unregistered person; leviability of penalty under section 73(11) of the CGST Act; rate of tax in case of debit notes / credit notes issued under section 142(2) of the CGST Act; applicability of notification No. 50/2018-Central Tax; valuation methodology in case of TCS under Income Tax Act and definition of owner of goods) related to GST-Reg....

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Category : GST | Comments : 0 | Hits : 977

G.S.R......(E).- In exercise of the powers conferred by sub-section (3) of section 6 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, and on being satisfied that it is necessary so to do for the purpose of clarifying the scope and applicability of the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No.8/2017- Integrated Tax (Rate), dated the 28th June, 2017, published in th...

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Category : GST | Comments : 0 | Hits : 950

GSR......(E).- In exercise of the powers conferred by sub-section (3) of section 5 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.10/2017- Integrated Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section...

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Category : GST | Comments : 0 | Hits : 1077

G.S.R......(E).- In exercise of the powers conferred by sub-section (1) of section 6 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No.9/2017- Integrated Tax (Rate), dated the 28th June, 2017, publish...

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Category : GST | Comments : 0 | Hits : 921

G.S.R......(E).- In exercise of the powers conferred by sub-section (1) of section 5, subsection (1) of section 6 and clause (iii) and clause (iv) of section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) read with sub-section (5) of section 15 and subsection (1) of section 16 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, and on being satisfied that it is necessary in the public interest so to do, ...

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Category : GST | Comments : 0 | Hits : 920