Monthly Archives: October 2017

US apparel retailer Gap Inc to sell online in India on fashion portal NNNow.com

SnS124

Economic Times October 05, 2016

New Delhi: US apparel retailer Gap Inc

will sell its products online in India exclusively on Arvind Group’s fashion portal NNNow.com. Gap’s online sales in India will commence ahead of Diwali, Kulin Lalbhai, executive director at Arvind, told ET. The company had opened its first store in the country in May last year. The online launch will make Gap products available beyond the metros and tier I cities, giving the company an edge over rivals Zara and H&M, which have no digital presence in India yet.

“The digital launch will be a key growth plank for Gap in India and will increase the revenue by up to 15%, as the brand will now have access to shoppers in tier II and tier III cities also,” Lalbhai said. Zara and H&M are focusing on expanding their offline retail presence. “Online shopping is a natural expansion for…

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Surat diamond tycoon again presents cars, flats to staff for Diwali

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source: Business News / 28-Oct-2016

Surat: Known for his benevolent Diwali gifts to his employees, Surat-based billionaire diamond merchant Savji Dholakia has this year too kept over a thousand cars and 400 flats to his well-performing staffers with the company bearing part of the monthly instalments.

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Dholakia, who owns the Hare Krishna Exports, has gifted 400 flats and 1,260 cars as Diwali bonuses to his employees. However, the company will bear a part, Rs 5,000, of the loan instalments on the flats and the cars for five years.

“We have selected 1,716 employees as the best performers this year. We are arranging for houses for those who already own cars, while those who don’t have a four-wheeler will get one,” Dholakia told IANS.

He said the 400 flats each of 1,100 square feet would be allotted in a housing scheme of the company itself. “The flats…

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Illegal import of fireworks/crackers

Regarding ban on import of fireworks, the “Anti-Smuggling Unit”, Central Board of Excise & Customs, Ministry of Finance, New Delhi have issued an Instruction No. 13/2017- Customs dated 27th September, 2017

the text of which is reproduced hereunder

Instruction No. 13/2017- Customs dated 27th September 2017

F. No. 394/150/2014-Cus (AS)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
(Anti-Smuggling Unit)

New Delhi,

 

To,

All Principal Chief Commissioners/Chief Commissioners of Customs / Customs (Preventive),
All Principal Chief Commissioners/Chief Commissioners of Customs & Central Tax/Central Excise,
All Principal Commissioners/Commissioners of Customs / Customs (Preventive),
All Principal Commissioners/Commissioners of Customs & Central Tax/Central Excise,
The Director General, Directorate General of Revenue Intelligence

Subject: Illegal import of fireworks/crackers – Judgment dated 12.09.2017 of the Hon’ble Supreme Court in Writ Petition (Civil) No.728 of 2015 – reg.

Madam / Sir,

The Directorate of Revenue Intelligence has been, from time to time, issuing alerts regarding sensitization of officers and taking suitable measures to ensure prevention of illegal import of fireworks/ crackers of foreign origin.

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2. In this context, attention is invited to the Judgment dated 12.09.2017 of the Hon’ble Supreme Court delivered in I. A. No. 52448 of 2017 in Writ Petition (Civil) No. 728 of 2015 in the matter of Arjun Gopal & ors. Vs UOI & ors. The Apex Court, in the said matter, has inter-alia directed the Union of India to take action as under:

“The Union of India will ensure strict compliance with the Notification GSR No. 64 (E) dated 27th January, 1992 regarding the ban on import of fireworks. The Union of India is at liberty to update and revise this notification in view of the passage of time and further knowledge gained over the last 25 years and issue afresh notification, if necessary.”  

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2.   The Department of Industrial Development (now Department of Industrial Policy & Promotion), vide Notification G.S.R. No. 64 (E) dated 27.01.1992 prohibited the manufacture, possession and importation of any explosive consisting of or containing sulphur or sulphuret in admixture with chlorate of potassium or any other chlorate.

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3.   The import of fireworks is ‘restricted’ under ITC (HS) and requires an import licence from the DGFT. Further, till date, no license to import fireworks has been granted for possession and/or sale under the Explosives Rules, 2008 by Petroleum and Explosives Safety Organization.

4.   In view of the above, it is requested that the officers under your jurisdiction may be suitably alerted and appropriate measure may be taken to ensure strict compliance with the Notification GSR No.64 (E) dated 27.01.1992 regarding the ban on import of fireworks.

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Yours faithfully,

(Rohit Anand)

Under Secretary to the Government of India

No extension of last date for filing GSTR-1 for July, 2017

No extension of last date for filing GSTR-1 for July, 2017

The last date for filing GSTR-1 for the month of July, 2017 is 10th October, 2017. An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately.

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2. Once a taxpayer files GSTR-1 by 10th October, the corresponding entries in GSTR-2A of his buyer shall get auto populated. The buyer shall finalize his GSTR-2 after making modifications (additions, corrections or deletions), if required, in GSTR-2A. The Input Tax Credit (ITC) shall be availed by the buyer based on his GSTR-2. If a taxpayer does not file GSTR-1 by 10th of October, then his buyer may face difficulty in availing ITC of the tax paid on his supplies. It is therefore advised that all suppliers of goods or services,

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especially B2B suppliers, furnish their outward supply details in GSTR-1 by the due date so that no difficulty is faced by their buyers in availing ITC and the return cycle can be completed in due course.

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source; CBEC PRESS RELEASE -9th October, 2017

 

Relief package for exporters – EXPORT PACKAGE GST

PRESS BRIEF
The GST Council under Chairmanship of Union Finance Minister Shri Arun Jaitley has in its 22nd Meeting held at Delhi today approved a major relief package for exporters.

2. Mindful of the difficulties faced by exporters post-GST leading to a decline in export performance and export competitiveness, the Council had last month set up a high power Committee on Exports under Revenue Secretary Shri Hasmukh Adhia to recommend suitable strategies for helping this sector. This Committee had five senior Government functionaries from the Centre and an equal number from the States as members.

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 विश्वसनीय एवं सुरक्षित खरीदारी के लिए क्लिक करें!!! 

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3. After wide ranging discussions with major Export Promotion Councils including FIEO, AEPC, GJEPC, EEPC, CLE, CHEMEXIL, PARMAEXCIL and Handicrafts EPC etc. and interacting with all stakeholders the Committee presented its recommendations to the Council today.

4. The Council identified the major difficulties constraining the export sector are on account of delays in refunds of IGST and input taxes on exports and working capital blockage as exporters have to upfront pay GST on inputs and capital goods for export production or for procuring goods for export. Another difficulty was that the duty credit scrips such as MEIS was losing value due to its reduced usability as it could no longer be used to pay IGST / GST.

5. The Council was unanimous that it is in the national interest to take all possible measures to support the exporting community, which earns valuable foreign exchange and provides significant employment especially in the small and medium sector. Accordingly, the Council approved the following package of relief and incentives for exporters with immediate affect:–

a. Within the next 4 days i.e. by 10.10.2017 the held-up refund of IGST paid on goods exported outside India in July would begin to be paid. The August backlog would get cleared from 18.10.2017 and refunds for subsequent months would be handled expeditiously. Other refunds of IGST paid on supplies to SEZs and of inputs taxes on exports under Bond/LUT, shall be processed from 18.10.2017 onwards. For this, the Council agreed to suitably empower Central and State GST officers so that exporters get refunds from one authority only. Related matters of settlement of funds are being resolved.

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 विश्वसनीय एवं सुरक्षित खरीदारी के लिए क्लिक करें!!! 

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b. To prevent cash blockage of exporters due to upfront payment of GST on inputs etc. the Council approved two proposals, one for immediate relief and the other for providing long term support to exporters. Immediate relief is being given by extending the Advance Authorization (AA) / Export Promotion Capital Goods (EPCG) / 100% EOU schemes to sourcing inputs etc. from abroad as well as domestic suppliers. Holders of AA / EPCG and EOUs would not have to pay IGST, Cess etc. on imports. Also, domestic supplies to holders of AA / EPCG and EOUs would be treated as deemed exports under Section 147 of CGST/SGST Act and refund of tax paid on such supplies given to the supplier.

c. Merchant exporters will now have to pay nominal GST of 0.1% for procuring goods from domestic suppliers for export. The details would be released soon.

d. The permanent solution to cash blockage is that of “e-Wallet” which would be credited with a notional amount as if it is an advance refund. This credit would be used to pay IGST, GST etc. The details of this facility would be worked out soon. The Council desired that the “e-Wallet” solution should be made operational w.e.f. 1st April 2018.

e. Exporters have been exempted from furnishing Bond and Bank Guarantee when they clear goods for export.

f. Specified banks and Public Sector Units (PSUs) are being allowed to import Gold without payment of IGST. This can then be supplied to exporters as per a scheme similar to Advance Authorization.

g. To restore the lost incentive on sale of duty credit scrips, the GST on salepurchase of these scrips is being reduced from 5% to 0%.

h. GST on bunker fuel is being reduced to 5% for both coastal vessels and foreign going vessels. This will boost coastal shipping. It will also improve India’s competitiveness.

6. The Council is confident that these measures would provide immediate relief to the export sector and enhance export competitiveness of India. The Council also decided to continue to monitor the situation closely so that going forward all required support continues to be extended to this important sector.

source; CBEC: Oct.06, 2017

Details of Vendors providing e-seals to Exporters, for Implementing electronic sealing of containers by exporters

The Central Board of Customs and Excise, Department of Revenue, Ministry of Finance, Government of India vide file No. F. No. 450/188/2017-Cus IV have issued Details of Vendors providing E-seals as per Circular 36/2017-Customs & 37/2017-Customs.

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 विश्वसनीय एवं सुरक्षित खरीदारी के लिए क्लिक करें!!! 

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In terms of Para 3.1 of Circular 37/2017-Customs, the details of Vendors seeking to provide E-seals to exporters as per requirement of Circulars 26/2017, 36/2017 & 37/2017 of Customs as on date 29th September 2017 is as under:

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A) List of Vendors who have submitted complete set of documents to the CBEC and their documents having been found complete as per requirements of the above mentioned Circulars is Provided [click>>> for List of Vendor]

B) List of Vendors whose documents have not been received as prescribed as on date and the process to obtain/verify the same is on is also provided [click>>> for List of Vendor]

Note:
1. Applicants may please note that the process of verifying the documents of the Vendors is an ongoing process. As and when aspiring vendors complete the required documentation their names will be put up on CBEC website. Other desirous vendors may submit the documents, duly self-attested, as prescribed under the Board’s Circulars to Director (Customs), Room No. 227 B, North block, New Delhi with a copy on email dircus@nic.in.

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2. The vendors as mentioned in List B have been informed by e-mail regarding the deficiencies in their documents. They are advised to submit the same at the earliest.

3. Vendors in List A, whose complete set of documents have been received would be informed separately by a letter wherein terms & conditions would be mentioned. Those vendors are required to adhere to all requirements as mentioned in Circulars 26/2017, 36/2017 & 37/2017. Any non-observance to such conditions would lead to disqualification of that vendor.

4. Vendors have to provide RFID readers at the ports/ICDs under intimation to the CBEC. They are advised to install the same at the Ports/ICDs and intimate the list of such ports/ICDs to CBEC to their potential customers i.e. Exporters. The department reserves the right to direct vendor to provide reader at any Customs port/ICD.

उड़े देश का आम नागरिक  

– UDE DESH KA AAM NAGRIK (UDAN)

5. As exporters have to purchase e-seals directly from the vendors, they are advised to take appropriate precautions with regards to the financial transactions or any other dealings with the Vendor. The department is in no way responsible for the conduct of the vendor.

6. The vendor has to ensure that the transaction history of the self-sealing should be visible to the exporters for their reference.

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7. The vendor shall ensure that the Tag identification (TID) number is captured in their data base and the IEC code of the exporter is linked to the same at the time of sale of the seals. Upon reading at the port/ICD, the software application, provided by the vendor, shall ensure that the seal’s identity is checked with its TID.

source; Central Board of Excise & Customs

Recommendations made by the GST Council in the 22nd meeting at New Delhi on 6th October, 2017

Recommendations made by the GST Council in the 22nd meeting at New Delhi on 6th October, 2017

 GST package for Small Units 

The GST Council, in its 22nd meeting held at New Delhi on 6th October 2017, has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses:

 Composition Scheme 

1. The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore. The facility of availing composition under the increased threshold shall be available to both migrated and new taxpayers up to 31.03.2018. The option once exercised shall become operational from the first day of the month immediately succeeding the month in which the option to avail the composition scheme is exercised. New entrants to this scheme shall have to file the return in FORM GSTR-4 only for that portion of the quarter from when the scheme becomes operational and shall file returns as a normal taxpayer for the preceding tax period. The increase in the turnover threshold will make it possible for greater number of taxpayers to avail the benefit of easier compliance under the composition scheme and is expected to greatly benefit the MSME sector.

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2. Persons who are otherwise eligible for composition scheme but are providing any exempt service (such as extending deposits to banks for which interest is being received) were being considered ineligible for the said scheme. It has been decided that such persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.

3. A Group of Ministers (GoM) shall be constituted to examine measures to make the composition scheme more attractive.

Relief for Small and Medium Enterprises 

4. Presently, anyone making inter-state taxable supplies, except inter-State job worker, is compulsorily required to register, irrespective of turnover. It has now been decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services. This measure is expected to significantly reduce the compliance cost of small service providers.

उड़े देश का आम नागरिक  

– UDE DESH KA AAM NAGRIK (UDAN)

5. To facilitate the ease of payment and return filing for small and medium businesses with annual aggregate turnover up to Rs. 1.5 crores, it has been decided that such taxpayers shall be required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, starting from the third quarter of this financial year i.e. October-December, 2017. The registered buyers from such small taxpayers would be eligible to avail ITC on a monthly basis. The due dates for filing the quarterly returns for such taxpayers shall be announced in due course. Meanwhile, all taxpayers will be required to file FORM GSTR-3B on a monthly basis till December, 2017. All taxpayers are also required to file FORM GSTR-1, 2 & 3 for the months of July, August and September, 2017. Due dates for filing the returns for the month of July, 2017 have already been announced. The due dates for the months of August and September, 2017 will be announced in due course.

6. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under subsection (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018 and will be reviewed by a committee of experts. This will benefit small businesses and substantially reduce compliance costs.

7. The requirement to pay GST on advances received is also proving to be burdensome for small dealers and manufacturers. In order to mitigate their inconvenience on this account, it has been decided that taxpayers having annual aggregate turnover up to Rs. 1.5 crores shall not be required to pay GST at the time of receipt of advances on account of supply of goods. The GST on such supplies shall be payable only when the supply of goods is made.

8. It has come to light that Goods Transport Agencies (GTAs) are not willing to provide services to unregistered persons. In order to remove the hardship being faced by small unregistered businesses on this account, the services provided by a GTA to an unregistered person shall be exempted from GST.

Other Facilitation Measures 

9. After assessing the readiness of the trade, industry and Government departments, it has been decided that registration and operationalization of TDS/TCS provisions shall be postponed till 31.03.2018.

10. The e-way bill system shall be introduced in a staggered manner with effect from 01.01.2018 and shall be rolled out nationwide with effect from 01.04.2018. This is in order to give trade and industry more time to acclimatize itself with the GST regime.

11. The last date for filing the return in FORM GSTR-4 by a taxpayer under composition scheme for the quarter July-September, 2017 shall be extended to 15.11.2017. Also, the last date for filing the return in FORM GSTR-6 by an input service distributor for the months of July, August and September, 2017 shall be extended to 15.11.2017.

12. Invoice Rules are being modified to provide relief to certain classes of registered persons.

Press Release: CBEC / Oct.06, 2017