Saturday, 28 January 2017

Some recent updates that you would not like to miss – ( 28th January 2017)

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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