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The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) formerly known as National Academy of Customs, Excise and Narcotics (NACEN) [3] is the apex civil service training institute of Government of India for capacity building of civil servants in the field of indirect taxation, particularly the areas of customs, GST, central excise, service tax and narcotics control administration.
Under Indian GST Act, 2016, Any supplies (supply should be defined in accordance with GST India) made by a registered dealer as an export (both goods or services) or supply to an SEZ qualifies for Zero Rated Supplies in GST. This attracts zero rate of taxation and ITC (Input Tax Credit) can also be explained through the e-portal of GST Council.
The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and service. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
The committee submitted its report to the government in April 2008 and released its First Discussion Paper on GST in India in 2009. [2] Since the proposal involved reform/ restructuring of not only indirect taxes levied by the Central but also the States, the responsibility of preparing a Design and Road Map for the implementation of GST was ...
Direct tax in the form of an income tax was introduced by Sir James Wilson in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [12] The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act [4], 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
The Institute of Chartered Accountants of India (ICAI) has constituted a committee to deliberate on FAIS, which are expected to be framed by the end of this year 2020. The Institute of Chartered Accountants of India will be the first body in the accounting world to develop a full set of FAIS standards for forensic professionals and stakeholders ...
In India, a Chartered Accountant is a qualified accountant of the Institute of Chartered Accountants of India.Chartered Accountants have knowledge of various subjects like accounting, auditing, corporate laws, costing and various aspects of direct and indirect taxation.
The goods declared into a SEZ shall be used by the Unit or the Developer only for carrying out the authorized operations. The goods can be utilized for purposes other than for the authorized operations or if the Unit or Developer fails to account for the goods as provided under these rules, duty shall be chargeable on such goods as if these goods have been cleared for home consumption.