Exemptions under Advance Authorisation, EOU and EPCG extended upto March 31, 2020 – Customs Notifications issued In reference to our trailing update on the referred issue, we wish to update you that the Government has issued Notification No. 08/2019-Customs...
AAR Update – Availability of Input Tax Credit attributable to post-sales discount This is to apprise you regarding the recent Tamil Nadu Advance Ruling in the case of MRF Limited, 2019-VIL-71-AAR. The Ruling relates to availability of Input Tax Credit (‘ITC’) at the...
Exemptions under Advance Authorisation, EOU and EPCG extended upto March 31, 2020 This is to apprise you regarding recent Notification No. 57/2015-2020 dated March 20, 2019 issued by the Directorate General of Foreign Trade extending the exemption from payment of...
Update on 34th GST Council Meeting dated The GST Council in its 34th Meeting held on March 19, 2019, discussed the modus operandi for implementation of lower GST rate of 1 percent on Affordable houses and 5 percent on houses other than Affordable houses (‘Other...
Interest on supplementary invoices – Is it still payable under GST regime? By Puneet Bansal, Managing Partner, M/s NITYA Tax Associates WITH maturing commercial understanding between buyers and sellers, commercial contracts often undergo a retrospective price...
Clarifications on GST treatment of sales promotion schemes The Ministry of Finance vide its Circular No. 92/11/2019-GST dated March 7, 2019 clarified GST positions for various sales promotion schemes prevalent in the industry. The gist of various clarifications is as...
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