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Notification No.3/2017-ST, dated 12th January 2017, amends notification no. 30/2012 dated 20th June 2012. The said notification amends the reverse charge provisions by making service receiver liable to pay service tax wherein the services are being provided by way of transportation of goods by a vessel from a place outside India up to the Customs station of clearance in India. This shall come into force from 22nd January 2017.
Notification No. 4/2017-ST, dated 12th January 2017, amends notification no. 26/2012-ST dated 20th June 2012. Under the said notification, services provided by a tour operator would be eligible for 40% abatement. This would make tour operator services valued at 60% of the Invoice Value. This shall come into force from 22ndJanuary 2017.
RBI permits startup companies to issue convertible note under FDI guidelines
Enrolment of taxpayers who are registered under Central Excise Act but not registered under state VAT have to get them registered from 5th January 2017.
Enrolment of taxpayers who are registered under Service tax but not under state VAT have to get themselves registered from 9th January 2017.
A new window under the website www.gstn.gov.in has been created for assesses who have sought registration under VAT/SERVICE TAX/EXCISE after August 2016. The registration for the same would start from 1st February 2017.
Last date for Migration to GST for existing VAT/Excise Taxpayers has been extended up to 31st January 2017.
India on Friday signed a third protocol with Singapore to amend the bilateral double taxation avoidance agreement, in a move to check tax evasion.
The amendment, which is in line with the revised pacts with Mauritius and Cyprus, would allow India to levy capital gains tax on investments coming from Singapore from April 1, 2017.
CBDT clarifies that Mere increase in sales due to acceptance of digital payment won’t trigger reassessment of past years under section 147
Schedule II of the Companies Act, 2013, amended to provide that for Intangible Assets the relevant Ind-AS shall apply and where a company is not required to comply with Ind-AS, the relevant Accounting Standards under Companies (Accounting Standards) Rules 2006 shall apply.
Our Firm's international reach expands significantly. Morison International (MI) and KS International (KSi) have merged to form a US$1 billion strong international association. The name of the new association will be Morison KSi.
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