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Daily Tax Updates ( Date May 22, 2017)

Tax Updates:
Date May 22,2017



  1. GST Council specifies rates 5%, 12%, 18% & 28% for 35 services with or without ITC. 83 services exempt. Remaining services to be taxed at 18%.
  2. GST council has deferred the decision on the tax rates for gold, and also on bidis and cigarettes, to its next meeting, which is scheduled for June 3.
  3. No VAT on Royalty received under Franchise Agreements for transferring the use of Trade Mark, Logo, and Brand Name etc: Delhi High Court. 
  4.  Foreign direct investment (FDI) equity inflows into India rose 9% to a record $43.5 billion during fiscal year 2016-17, at a time when global FDI inflows are falling.
  5. Due Date: for Return of DVAT for quarter ending March: 30.05.2017, E-payment of DVAT & CST for April: 21.05.2017 and Payment of ESI of April: 21.05.2017. 
  6. ICAI Council has passed a Resolution that the direct teaching hours devoted to such activities taken together should not exceed 25 hours a week in order to be able to undertake attest functions. 


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