1. Under
GST Composition, Supplier is required to issue Bill of Supply. Suppliers dealing
in non-taxable goods will also have to issue Bill of Supply instead of Tax
Invoice.
2. Under
GST, Supplies to or by SEZ Developer/Unit to be deemed as Interstate Supplies. Supplies
to SEZ to be Zero Rated with facility of Refund for tax paid.
3. Violation
of SEBI Act is now treated as a criminal offence.
4. The reference to valuation principles will not be made
in case the price charged for the supply of goods and/or services has not
been influenced by relation between supplier and recipient.
5. In
a major relief to foreign investors, the government today clarified that income
arising from transfer of unlisted shares by certain categories of alternative
investment funds will not be liable for taxation.
6. No
service tax under reverse charge when service recipient reduces transportation
charges from invoice value
7. Investment
can be made out of advance received under sale agreement for Income Tax section
54EC relief for saving tax on capital gain arising from such transfer of long
term capital asset.
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