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What's New

  • As per service tax notification no.06/2017 dated 30th January 2017, Service tax payable in case of ONLINE INFORMATION DATABASE ACCESS OR RETRIEVAL SERVICES provided by any person located in non taxable territory and received by non assessee online recipient for the month of Dec 2016 and Jan 2017 should be credited to the CENTRAL GOVERNMENT by 6th MARCH 2017      

    Wide notification no. 05/2017 dated 30th January 2017, exemption stands withdrawn in regards to services provided by ONLINE INFORMATION DATABASE ACCESS OR RETRIEVAL SERVICES from non taxable territory to GOVERNMENT OR LOCAL AUTHORITY OR an entity registered under section 12AA of the INCOME TAX ACT, 1961  located in taxable territory

  • CBDS also issued a press release stating that POEM Guidelines shall not apply to companies having turnover or gross receipts of Rs. 50 crore or less in a financial year.

  • CBDT has issued Guiding Principles for determination of Place of Effective Management (POEM) of a company for determination of the residential status

  • Apex Court holds that Trade discount is deductible under VAT even if it is given subsequent to sale via credit note

  • 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.

  • 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. 

     

  • Check out new posts on our Tax Blog: thetaxkey.wordpress.com

Expert Views

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