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By Ranjeet Mahtani & Stella Joseph As companies gear up for the final stages of implementing GST, a crucial exercise which is being carried out is a re-look at the existing contracts and negotiation with vendors from the perspective of alignment of contracts with the GST regulations. A crucial point of negotiation is for the vendor to pass on all benefits accruing or arising under GST to the recipient. In this context, the legislative backing comes in the form of Section 171 of the Central Goods and Services Tax Act, 2017 (“CGST Act”) which embodies the Anti-Profiteering provisions and the Anti-Profiteering Rules which have been finalised by the GST Council in its 17th meeting held on 18th June 2017. In terms of Section ...

Ranjeet Mahtani & Stella Joseph  The nation awaits the outcome of the GST Council’s 15th meeting. The agenda is loaded with the finalisation of rates for certain commodities, certain rules & regulations and issues raised by trade & industry.  Yet, as industry and Governments rush to meet the stated (01st July, 2017) deadline for embracing and implementing GST, various nuances of the GST legislations are slowly coming to the fore. The devil lies in the detail.  One provision which is likely to have serious implications for businesses is Section 7(5) of the Integrated Goods and Services Tax Act, 2017 (“ÏGST Act”). When the supplier is located in India and the place of supply is outside India (as determined by an application of the ...

The Dollar Business Bureau In a bid to check the rising onion prices and ensure adequate supply of the key kitchen staple in the domestic market, the government on Wednesday asked the state-owned MMTC to import 10,000 tonnes of onion. “MMTC will float a global tender for import of 10,000 MT of onion shortly,” Agricultural Ministry said in a statement. In the domestic markets, onion prices are hovering around Rs.60-80 a kg, mainly due to lower output in the current crop season and eroding stock of previous yields. At present, the demand in the domestic market has been met through increased supply from the National Agricultural Cooperative Marketing Federation of India (NAFED), Small Farmers Agribusiness Consortium (SFAC) and other agencies. Last month, NAFED ...