Tax Connect with GST - 71st Issue

TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 1 Chartered Accountants 7777 TAX CONNECT 71st Issue 5 Jun 2016 – 11 Jun 2016 INCOME TAX CENTRAL EXCISE SERVICE TAX GST CUSTOMS STATE TAXES JAV & ASSOCIATES Chartered Accountants Kolkata: 1, Old Court House Corner ^To
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o House_ 1 st Floor Room No.-13 (North) Kolkata-70001 West Bengal Vadodara: Quarter no. 3/174 Gujarat Refinery Township Jawaharnagar Vadodara-391320 Gujarat Contact: +919331042424; +91931594980; +918697575185; +913322625203 Email: tb.chatterjee@dic.co.in; tb.chatterjee@yahoo.co.in; cavivekjalan@gmail.com; vivek.jalan@icai.org TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 2 Chartered Accountants Friends You are all aware that the stage is all set for Goods and “ervi
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￿ar’s Monsoon session and to be rolled out from April 2017, especially as the government has made changes to make it more amenable to other parties. The balance of power in the Rajya Sabha or the Upper House, may change now and this shall provide opportunity for the ruling BJP to pass important legislation. A third of the members of the Upper House step down every two years. Over the rest of 2016, significantly, 56 out of 245 members will be up for re-election. If GST is rolled out, The Indirect Tax Professionals in industry or profession would have to undergo a thorough education and updation program. While on the one hand it increases the workload, yet on the other hand it is a perfect opportunity to seize the moment and to start on the same plane with stalwarts in the profession. As a part of our drive to get GST ready, very soon we are rolling out a workshop on GST in the month of August. The topics covered in the workshop shall include the following: - Planning the logistics from today - Stucturing the contracts - Registration under GST - GST on inputs claimable and not claimable - Planning closing stock before GST - Return filing, payments and Refunds under GST. Please refer page 4 of the bulletin for more details. Further, we are holding dedicated GST workshops for the corporates. The initial module shall cover the GST concepts and applications relating to supply of goods and services, exempt supplies, import and export schemes and GST compliance. Also, the Indirect Taxes Committee of The Bengal Chamber of Commerce and Industry is organizing a Seminar on Services Tax in July. The Seminar will broadly deliberate on the following: - Key trends in Indirect Taxes as a precursor to GST - New Amendments under Finance Act 2016 - Recent Developments & Important Court Judgements - Cenvat Credit & Reverse Charge - Exemptions, Negative List & Rules for Place of Provision Of Services - Service Tax on Real Estate Transactions & Works Contract - Other Sectoral Issues in Service Tax including Mining, IT & Software, Leasing, Restaurants & Hotels, Banking & Financial, Intellectual Property, Intermediaries, etc Please refer the last page of the bulletin for further details. Just to reiterate that we remain available over a telecom or e-mail. Truly Yours Timir Baran Chatterjee M.Com, FCS, MBA (International Business)-IIFT, ACMA Vivek Jalan FCA, CIDT (ICAI), B. Com EDITORIAL TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 3 Chartered Accountants S. NO. TOPICS PAGE NO. 1] WORKSHOP ON GST 4 2] COMPLIANCE CALENDAR 5 3] GOODS & SERVICE TAX (GST) - REPORT OF SUB COMMITTEE - II ON MODEL GST ACT, 20 16 – APPEALS AND REVIEW : APPEAL TO HIGH COURT AND SUPREME COURT 6 4] CENTRAL TAXES a) SERVICE TAX 7 Notification/Circular Enactment of Finance Bill, 2016 Case Law Amount considered as a salary by the Income Tax Department cannot be held as co nsultancy charges by the Service Tax Department and made taxable b) CENTRAL EXCISE 8 Notification/Circular Indirect Tax Dispute Resolution Scheme Rules, 2016 Case Law Payment of some amount during investigation by itself cannot be held a s admission of duty evasion. The evasion has to be decided based on material evidence collected d uring investigation. c) CUSTOMS 9 Notification/Circular Revision of exchange rate of foreign currencies into Rupee & vice versa Notification/Circular Fixation of TV of edible oil, brass, poppy seed, areca nut, gold and sliver Notification/Circular Further relaxation of Know Your Customer (KYC) norms d) INCOME TAX 10 Notification/Circular Admissibility of bad debt claim u/s 36(1) (vii) Notification/Circular Income Declaration Scheme Rules, 2016: Jurisdiction ff Income-Tax Authorities Notification/Circular 31.12.2016 appointed as due date for declaration of tax arrear under the Direct Tax Dispute Resolution Scheme, 2016 Notification/Circular Direct Tax Dispute Resolution Scheme Rules, 2016 Notification/Circular 01.06.2016 appointed as effective date for Equalisation Levy of the Finance Act 2016 Notification/Circular Equalisation Levy Rules, 2016 5] STATE TAXES 11 Notification/Circular Jharkhand: Exemption to the Central Master Canteen of Central Reserve Police Force (CRPF), group Centre, Sembo, Ranchi Kerala: Due date for filing of annual return for the year 2015-16 extended to 31.07.2016 Madhya Pradesh: Establishment of check post and barrier Telangana: Pre-Payment of Deferred Tax at specified discount r ate, Guidelines for Post Registration Inspection Visit/ Advisory Visit 6] BOOK ON GOODS AND SERVICE TAX ( CONCEPT, ISSUES, MODEL AND ROAD MAP) 12 7] BOOK EXCLUSIVELY ON WORKS CONTRACT ( SERVICE TAX AND VAT) 13 8] SEMINAR ON SERVICE TAX FROM 10.00 A.M. ONWARDS, ON 8TH JULY, 2016 AT THE PARK KOLKATA 14 INDEX TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 4 Chartered Accountants Contact: JAV & ASSOCIATES Chartered Accountants Kolkata: 1, Old Court House Corner ^Tobacco House _ 1 st Floor Room No.-13 (North) Kolkata-70001 West Bengal +919331042424; +91931594980; +918697575185; +913322625203 Email: tb.chatterjee@dic.co.in; tb.chatterjee@yahoo.co.in; cavivekjalan@gmail.com; vivek.jalan@icai.org WORKSHOP ON GST TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 5 Chartered Accountants Due date COMPLIANCES FROM 5 th Jun, 2016 to 11th Jun, 2016 STATUTE 5th Jun, 2016 Service Tax deposit of previous month (Company/ Society) Finance Act Deposit of WCT of previous month Kerala VAT Act 7th Jun, 2016 Deposit of WCT of previous month Assam VAT Act Tripura VAT Act Manipur VAT Act TDS/TCS deposit of previous month Income Tax Act 10th Jun, 2016 Deposit of WCT of previous month Chattisgarh VAT Act Madhya Pradesh VAT Act West Bengal VAT Act Nagaland VAT Act Meghalaya VAT Act Mizoram VAT Act Arunachal Pradesh VAT Act Issuance of monthly/quarterly WCT certificate Madhya Pradesh VAT Act (Monthly) Deposit of Ptax of previous month Andhra Pradesh Commercial Tax Act Madhya Pradesh Commercial Tax Act Deposit of Entry tax of previous month Chattisgarh Entry Tax Act Madhya Pradesh Entry Tax Act Deposit of VAT of previous month Chattisgarh VAT Act Madhya Pradesh VAT Act COMPLIANCE CALENDAR TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 6 Chartered Accountants REPORT OF SUB COMMITTEE - II ON MODEL GST ACT, 2016 : APPEALS AND REVIEW : APPEAL TO HIGH COURT AND SUPREME COURT The provisions relating to ^Appeals and Review _ covered in CHAPTER XV of the model GST Act can be summarized as follows: Appeal to the High Court  The party aggrieved by any order passed by the Appellate Tribunal u/s 104 may file an appeal (in the form of a memorandum) to the High Court within 180 days of the order received accompanied by a prescribed fee. Appeal after 180 days may be accepted if the High Court is satisfied that there was sufficient cause  No appeal shall lie to High Court against an order passed by the appellate tribunal under section 85 if such order relates to a matter:- - where two or more states, or a state and center, have different views regarding a transaction being intra-State or inter-State; or - where two or more states, or a state and center, have different views regarding place of supply.  If the High Court is satisfied that a substantial question of law is involved in any case, it shall formulate that question and the appeal shall be heard only on the question so formulated. Any other question may be heard only if the High Court is satisfied that the case involves such question.  The High Court shall decide and deliver judgment and may award such cost as it deems fit.  The High Court may determine any issue which has not been determined or has been wrongly determined by the Appellate Tribunal.  The appeal before the High Court shall be heard by a bench of not less than two Judges of the High Court and decision shall be taken on the basis of the majority. Wh ere there is no such majority, the Judges shall state the point of law upon which they differ which shall then be heard upon by one or more of the other Judges of the High Court  The provisions of the Code of Civil Procedure, 1908 relating to appeals to the High Court shall apply here. Appeal to the Supreme Court • For any order passed by the High Court in an appeal u/s89, an appeal shall lie to the Supreme Court either on its own motion or on oral application made by the party aggrieved. • Further, an appeal shall lie to the Supreme Court also for any order passed by the Appellate Tribunal u/s 85 in the nature referred to in section 89(2). • The provisions of the Code of Civil Procedure, 1908 (5 of 1908), relating to appeals to the Supreme Court shall apply in the case of appeals u/s 109 as they apply in the case of appeals from decrees of a High Court. • Where the judgment of the High Court is varied or reversed in the appeal, effect shall be given to the order of the Supreme Court in the manner provided in section 89 in the case of a judgment of the High Court. GOODS & SERVICE TAX (GST) TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 7 Chartered Accountants SERVICE TAX NOTIFICATIONS/CIRCULARS ENACTMENT OF FINANCE BILL, 2016 OUR COMMENTS : The Dept. of Revenue, Ministry of Finance, Government of India vide Circular No. F. No. B- 1/19/2016 -TRU dated 31.05.2016 has notified that amendments made in the Union Budget 2016-17 have come into force from the date when the Finance Bill, 2016 received the assent of the President of India i.e. 14.5.2016. Some of these include notification Nos. 13/2016 – ST, 14/2016 – ST and certain entries in notification Nos. 9/2016 – ST and 10/2016- ST, all dated 1.3.2016. CASE LAW M/S. RENTWORKS INDIA PVT. LTD. VERSUS COMMISSIONER OF CENTRAL EXCISE, MUMBAI-V. [CESTAT MUMBAI] BRIEF: Amount considered as a salary by the Income Tax Department cannot be held as consultancy charges by the Service Tax Department and made taxable. OUR COMMENTS : In the above case, the assessee is engaged in the manufacturing activity and it receives various taxable services from their foreign based service provider. They entered into an agreement with one of the directors for rendering the services on the management of market and exclusive services against payment of a fixed amount as monthly remuneration and also additional amount at the discretion of the board. The Revenue issued a show cause notice to the assessee for demand of Service Tax on the above mentioned service under the category of ^Management Consultancy Services _ and under Reverse charge mechanism. The Income Tax Department has considered the amount paid to the director as a salary in adjudication proceedings. The Hon’ble CE STAT held that if an amount is considered as a salary by the Income Tax Department, a branch of Ministry of Finance, Department of Revenue, it cannot be held by the Service Tax Department, another branch of Ministry of Finance, Department of Revenue, as amount paid for consultancy charges and taxable under Finance Act. Therefore, the amount paid has to be treated as salary to the director and the salary is not to be considered as to fall under the category of ^Management Consultancy Services _ and liable for Service Tax. The impugned order wa s accordingly set aside. [Decided in favour of assessee] CENTRAL TAXES TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 8 Chartered Accountants CENTRAL EXCISE NOTIFICATIONS/CIRCULARS INDIRECT TAX DISPUTE RESOLUTION SCHEME RULES, 2016 OUR COMMENTS : The Ministry of Finance, Government of India vide Notification No 29/2016-CE(NT) dated 31 .05.2016 and vide Instruction No. F No 1080/06/DLA/IDRS/2016 dated 01.06.2016 has made Indirect Tax Dispute Resolution Scheme Rules, 2016 which shall come into force on 01.06.2016. The rules prescribe the following forms to be used fo r making the scheme operational: i) Form 1: For making declaration under the scheme. ii) Form 2: Here the designated authority shall acknowledge the receipt of declaration post which the proceedings before the Commissioner (Appeals) shall remain suspended for 60 days. iii) Form 3: To be filed by the declarant giving the details of the amount to be deposited by him within fortnight of the receipt of the dated acknowledgement and report the details of deposit made within 7 days of making the deposit to the designated authority. iv) Form 4: Here the designated authority shall pass an order of discharge of dues in respect of the case before Commissioner (Appeals) for which the declaration has been made in Form 1. On receipt of Form 4 from the declarant, the Commissioner shall match the same with the copy received directly from the designated authority and shall remove the appeal from his pendency as being disposed off. The said disposal of appeal shall have no binding precedent value. CASE LAWS CST, DELHI - I VERSUS M/S MAYFAIR INDUSTRIES [CESTAT NEW DELHI] BRIEF: Payment of some amount during investigation by itself cannot be held as admission of duty evasion.The evasion has to be decided based on material evidence collected during investigation. OUR COMMENTS : In the above case, the assessee is a manufacturer of plastic parts for motor vehicles liable to Central Excise duty. The Department initiated proceedings against the assessee on the premise that the appellants have evaded payment of Central Excise duty on the goods cleared by them. The searches conducted in various business and residential premises, documents recovered and statements recorded from various persons formed the basis of the premise. They also contended that the statements given by various persons are admissible evidence against the assessee. Further, it was argued that respondent voluntarily deposited some amount which indicates the acceptance of their clandestine activity The Hon’ble CE“TAT held that statements given before the excise officers are admissible evidence, however, the contents of such statements should clearly bring out the nature of offence with specific details which can be cross verified also. In the present case specific details and such cross verification and corroboration is lacking. Mere payment of some amount during investigation by itself cannot be held as admission of duty evasion which has to be decided based on material evidence collected during investigation. Accordingly, the appeal of the Department was set aside. [Decided in favour of assessee] TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 9 Chartered Accountants CUSTOMS NOTIFICATIONS/CIRCULARS REVISION OF EXCHANGE RATE OF FOREIGN CURRENCIES INTO RUPEE & VICE VERSA OUR COMMENTS : The CBEC (Dept. of Revenue), Ministry of Finance, Government of India vide Notification No. 80 /2016-Customs (N.T.) dated 02.06.2016 & in supersession of Notification No. 77/2016-Customs (N.T.) dated 19.05.2016 has revised the exchange rate of foreign currencies specified in col.(2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, w.e.f. 03.06.2016 to be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods. SCHEDULE-I Sl. No Foreign Currency Rate of exchange of one unit of foreign currency equivalent to Indian rupees (1) (2) (3) (a) (b) (For Imported Goods) (For Export Goods) 1. Australian Dollar 49.70 47.95 2. Bahrain Dinar 185.25 172.90 3. Canadian Dollar 52.45 50.75 4. Danish Kroner 10.35 9.95 5. EURO 76.85 74.30 6. Hong Kong Dollar 8.80 8.55 7. Kuwait Dinar 230.70 215.90 8. New Zealand Dollar 46.95 45.15 9. Norwegian Kroner 8.30 8.00 10. Pound Sterling 98.90 95.75 11. Singapore Dollar 49.85 48.30 12. South African Rand 4.45 4.20 13. Saudi Arabian Riyal 18.60 17.40 14. Swedish Kroner 8.30 8.00 15. Swiss Franc 69.55 67.10 16. UAE Dirham 19.00 17.80 17. US Dollar 68.30 66.60 18. Chinese Yuan 10.45 10.10 SCHEDULE- II Sl. No Foreign Currency Rate of exchange of 100 units of foreign currency equv. to Indian rupees (1) (2) (3) (a) (b) (For Imported Goods) (For Export Goods) 1. Japanese Yen 62.90 60.90 2. Kenya Shilling 69.15 64.65 FIXATION OF TV OF EDIBLE OIL, BRASS, POPPY SEED, ARECA NUT, GOLD AND SLIVER OUR COMMENTS : The CBEC (Dept. of Revenue), Ministry of Finance, Government of India vide Notification No. 78/2016-Customs (N.T.) dated 31.05.2016 has amended Notification No. 36/2001 -Customs, dated 03.08.2001 and fixed tariff value of edible oil, brass, poppy seed, areca nut, gold and silver by substituting tables, TABLE – 1, TABLE – 2 and TABLE – 3. FURTHER RELAXATION OF KNOW YOUR CUSTOMER (KYC) NORMS OUR COMMENTS : The Dept. of Revenue, Ministry of Finance, Government of India vide Notification No. 79/2016-Customs (N.T.) dated 31.05.2016 has appoint ed officers to act as a Common Adjudicating Authority to exercise powers and discharge duties conferred or imposed on specified officers in respect of specified noticees for the purpose of adjudication of certain show cause notices The notification is self-explanatory. The readers may refer the same. TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 10 Chartered Accountants INCOME TAX NOTIFICATIONS & CIRCULARS ADMISSIBILITY OF BAD DEBT CLAIM U/S 36(1) (VII) OUR COMMENTS : The CBDT, Dept. of Revenue, Ministry of Finance, Government of India vide Circular No. 12 /2016 dated 30.05.2016 has clarified that claim for any debt or part thereof shall be admissible u/s 36(1)(vii) of the Act, if it is written off as irrecoverable in the books of accounts of the assessee and it fulfills the conditions sub-section 36(2)(2) of the Act. The Hon'ble Supreme Court in the case of TRF Ltd. In CA Nos. 5292 to 5294 of 2003 vide judgment dated 9.2.2010 has settled that for allowing deduction for the amount of any bad debt or part thereof under section 36(1) (vii), it is not necessary for assessee to establish that the debt, in fact has become irrecoverable; it is enough if bad debt is written off as irrecoverable in the books of accounts of assessee. INCOME DECLARATION SCHEME RULES, 2016 : JURISDICTION OF INCOME-TAX AUTHORITIES OUR COMMENTS : Rule 4 of the Income Declaration Scheme, 2016, provides that a declaration of income or income in the form of investment in any asset u/s 183 shall be made in the prescribed manner to the Principal Commissioner or the Commissioner who exercises jurisdiction over the declarant. The Dept. of Revenue, Ministry of Finance, Government of India vide Circular No. 19/2016 dated 25.05.2016 has clarified that the jurisdictional Principal Commissioner or the Commissioner who exercises jurisdiction u/s 120 of the Income-tax Act, 1961 shall be the Principal Commissioner or the Commissioner to whom declaration under section 183 is to be made. 31.12.2016 APPOINTED AS DUE DATE FOR DECLARATION OF TAX ARREAR UNDER THE DIRECT TAX DISPUTE RESOLUTION SCHEME, 2016 OUR COMMENTS : The CBDT, Dept. of Revenue, Ministry of Finance, Government of India vide Notification No. 34 /2016 dated 26.05.2016 has appointed the 31st day of December, 2016 as the date on or before which a person may make a declaration to the designated authority in respect of tax arrear or specified tax under the Direct Tax Dispute Resolution Scheme, 2016. DIRECT TAX DISPUTE RESOLUTION SCHEME RULES, 2016 OUR COMMENTS : The CBDT, Dept. of Revenue, Ministry of Finance, Government of India vide Notification No. 35 /2016 dated 26.05.2016 has made Direct Tax Dispute Resolution Scheme Rules, 2016 which shall come into force on 01.06.2016. The notification is self-explanatory. The readers may refer the same. 01.06.2016 APPOINTED AS EFFECTIVE DATE FO R EQUALISATION LEVY OF THE FINANCE ACT 2016 OUR COMMENTS: The CBDT, Dept. of Revenue, Ministry of Finance, Government of India vide Notification No. 37 /2016 dated 27.05.2016 has appointed the 1st day of June, 2016 as the date on which Chapter VIII (EQUALISATION LEVY) of the Finance Act 2016 shall come into force. EQUALISATION LEVY RULES, 2016 OUR COMMENTS : The CBDT, Dept. of Revenue, Ministry of Finance, Government of India vide Notification No. 38/2016 dated 27.05.2016 has made Equalisation levy Rules, 2016 which shall come into force on 01.06.2016. The notification is self-explanatory. The readers may refer the same. TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 11 Chartered Accountants JHARKHAND EXEMPTION TO THE CENTRAL MASTER CANTEEN OF CENTRAL RESERVE POLICE FORCE (CRPF), GROUP CENTRE, SEMBO, RANCHI OUR COMMENTS : The Commercial Taxes Department, Government of Jharkhand vide Notification No. S.O.26 dated 01.06.2016 has granted exemption to CRPF Group Centre, Sembo, Ranchi from payment of tax on any goods (excluding Automobiles & Luxury items like Cosmetics, Electronics Goods and Electrical Goods and Liquor) required for their bonafide use. Luxury items like Cosmetics, Electronics Goods, Electrical Goods and Automobiles will be taxable @ 5%. Th e notification shall be effective from the date of its issue till 31.03.2017. KERALA DUE DATE FOR FILING OF ANNUAL RETURN FOR THE YEAR 2015-16 EXTENDED TO 31.07.2016 OUR COMMENTS : The Office of the Commissioner of Commercial Taxes, Government of Kerala vide Circular No. 06/2016 dated 01.06.2016 has extended the due date of filing annual return for the year 2015-16 to 31.07.2016. MADHYA PRADESH ESTABLISHMENT OF CHECK POST AND BARRIER COMMENTS : The Commercial Tax Department, Government of Madhya Pradesh vide Notification No. No. F-A-3- 21-2016-1-V-(31) dated 30.05.2016 has established the following two check post and barrier: 1. Village Talav in the district Barwani on Sendhwa- Khetia-Nandoorwar road 2. Village Ata in the district Sagar on Sagar-Lalitpur road. TELENGANA PRE-PAYMENT OF DEFERRED TAX AT SPECIF ED DISCOUNT RATE OUR COMMENTS : The Revenue (Commercial Taxes-II ) Department, Government of Telengana vide Notification G.O.MS.No. 115 dated 01.06.201 6 has rescinded the Notification G.O.Ms No.136 dated 17. 08.2015 and changed the discount rate for NPV of deferred taxes from 7% to 8% by an industrial unit provided the current year instalment is paid at least 10 months in advance. The discount rate of 8% is valid from 01.06.2016 to 31 .03 .2017 and shall come into effect from 01- 06-2016. GUIDELINES FOR POST REGISTRATION INSPECTION VISIT/ ADVISORY VISIT OUR COMMENTS : The Commercial Taxes Department , Government of Telengana vide Circular CCT's Ref. No. CS(1)/18/2015 dated 25.05 .2016 has reiterated the guidelines for Post Registration Inspection Visit/ Advisory Visit to be carried out on all new VAT dealers after obtaining the VAT Registration. The same has been done keeping in line the principles defined in the General Procedures ..Manual- II. . Disclaimer: This e-bulletin is for private circulation only. Views expressed herei n are of the editorial team. JAV & Associates or any of its employees do not accept any liability whatsoever direct or indirect that may arise from the use of the information contained herein. No matter contained h erein may be reproduced without prior consent of JAV & Associates. While this e -bulletin has been prepared on the basis of published/other publicly available information considered reliable, we do not accept any liabil ity for the accuracy of its contents. STATE TAXES STATE TAXES STATE TAXES TAX CONNECT - 46th Issue JAV & ASSOCIATES (13 Dec. 2015 – 19 Dec. 2015) Page 12 Chartered Accountants BOOK ON GOODS AND SERVICE TAX ( CONCEPT, ISSUES, MODEL AND ROAD MAP) AVAILABLE IN ALL LEADING LEGAL BOOK SHOPS INCLUDING TAX N L AW There will be significant changes in Indirect Tax system in India with the implementation of GST effective from1st April'2016. The concept of GST being a destination based tax is totally new in India. At present we follow origin based tax . We have to unlearn most of the present tax system and to relearn the new GST structure for effective implementation. ERP system will undergo major changes. On a rough estimate the corporates are expected to reduce its material cost by minimum 1% and logistic cost by 10 -15% provided proper GST structure is established. It means lot of money provided the benefits are not passed on to the customers. It is expected that the country's GDP will increase by 2% on implementation of GST. In the background of the above, we are pleased to inform you that we have launched a book on ' GOODS AND SERVICE TAX ( CONCEPT, ISSUES, MODEL AND ROAD MAP) on All India basis. We solicit your blessings and good wishes in the whole endeavour. Authors: Timir Baran Chatterjee M.Com, FCS, MBA (International Business)-IIFT, ACMA Knowledge Partner: Bengal Chamber of Commerce and Industry ( the first chamber of the Country) Published by: Tax N Law, Kolka ta 6, Old Post Office St., B. B. D. Bag Kolkata- 700001 Phone: 033 2242 7092 TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 13 Chartered Accountants BOOK EXCLUSIVELY ON WORKS CONTRACT ( SERVICE TAX AND VAT) AVAILABLE IN ALL LEADING LEGAL BOOK SHOPS INCLUDING BOOK CORPORATION Works Contract has been one of the most complex and litigation prone areas in Indirect Taxes. However with good understanding of al l the provisions under Service Tax & VAT which hit Works Contracts & proper planning, Trade & Industry can not only a void litigation but can also save around 5% - 10% on indirect taxes which by no means is an ordinary saving in the competitive market. For Trade & Industry, the problems on the subject have been many. Over the last few years we have received queries and replied to the issues at various forums. Vide this publication, we have made an attempt to cover in detail all issues related to Service Tax: Valuation, Point of Taxation, Place of Taxation, Abatement, Reverse Charge, Input Tax Credit Mechanism & VAT: Contractual Transfer Price, Modes of Valuation, WIP, STDS as well as GST . We have also focused on the issues faced by various sectors on account of Works Contract. This book is divided into Seven Parts covering several broad areas. Each area has the provisions directly from the Statue in the beginning and detailed discussions on the provisions in the form of questions and answers thereafter. Since litigations on the subject have been manifold, we have also covered judicial pronouncements extensively. Authors: Timir Baran Chatterjee M.Com, FCS, MBA (International Business)-IIFT, ACMA Vivek Jalan B. Com, FCA, CIDT (ICAI) Pu blished by: BOOK CORPORATION 4, R. N. Mukherjee Road Kolkata 700001 Phones: (033) 64547999, 22306669, 22205367 Cell : 9830010297 , 9331018333 Order by email: bookcorporation@gmail.com Website : www.bookcorporation.com TAX CONNECT – 71 st Issue JAV & ASSOCIATES (5 Jun 2016 – 11 Jun 2016) Page 14 Chartered Accountants SEMINAR ON SERVICE TAX