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Budget 2024 Updates

India successfully tests two ballistic missilesKhalistani activists polluting Canada: Canadian MP Chandra AryaUK Foreign Minister David Lammy meets PM ModiRs 1.72 lakh crore allocated for capital acquisition for defenceI-T- Re-assessment - additions quashed as assessee given fresh opportunity to adduce evidence; nevertheless, assessee failed to participate in hearing despite multiple notices - costs of Rs 40000/- imposed on assessee: HCVaishnaw hails Rs 2.62 lakh crore capex for RailwaysCX - Final product is copper cathodes and not sulphuric acid, which is a by-product - Oxygen gas captively consumed in manufacture of sulphuric acid is entitled to exemption in terms of notification 67/95-CE: HCElectric Mobility Promotion Scheme, 2024 notified to promote green mobilityGST - Same input and output supplies though attracting different tax rates at different points of time - Since para 3.2 of Circular 135 has been struck down as ultra vires, refund to be extended: HCBIS sanctions 82 projects to faculty members of various prominent institutionsGST - Demand confirmed since petitioner failed to file a reply - Petitioner can be given one opportunity to explain subject to they depositing 25% of disputed tax from its Electronic Cash register: HCBihar passes bill to curb paper leaks with Rs one crore fine & 10-yr jailGST - Petitioner's assertion that the ITC available in GSTR-2A exceeds that availed of in GSTR-3B was not considered - Matter remanded; bank attachment lifted: HC380-feet asteroid to fly past earth at 29K Kmph tomorrow: NASAGST - Legitimate trade and commerce by every supplier should be allowed to be carried on subject to payment of tax and statutory compliance - Registration to be revived: HCPax plane crashes with 23 onboard at Kathmandu airport; 18 killedGST - Petitioner unaware of SCNs and the orders passed - Subject to petitioner depositing 25% of disputed tax, matter remanded: HCINDIA bloc boycotts Parliament; says Budget is discriminatoryTaxonomy is not about taxesBudget for Vikasit BharatWill the Old Tax Regime be Consigned to A Margadarshak Role?July 21 (Sunday) was hottest day on earth since Ice Age: Scientists

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Execution of Bond/LUT-services exporters at receiving end


BOND or LUT for exporters

The exporters Bond was originally introduced for exporter of goods to safeguard revenue interest from the place of removal to the port of export, during the movement of goods. Even now the government is confining with this requirement for export of goods. As the GST is common to goods and services the requirement of bond is extended to Service exporters also. The service exporters will do the exports first and then invoice or receives in advance. There is no scope for discarding with the export. The realization of foreign exchange will be monitored by RBI. In this scenario I do not find any need for the Bond or LUT by the Service Exporters. Consequence to this requirement there are penal provisions if there is a delay in realizing the proceeds by the exporters. The requirement for BOND or LUT is must be waived for the Service Exporters. As the author mentioned this is draconian provision, which discourages the service exporters. R Vaidyanathan Consultant Indirect Taxation

Ramadoss Vaidyanathan 25/07/2017

 

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