"11 July 2017" Archive

Aadhaar an effective instrument in removing Corruption: Shri Ravi Shankar Prasad

Aadhaar is an effective instrument in removing corruption. We have saved Rs. 50,000 Crore by removing corruption. In the country, 116 Cr people have been enrolled for Aadhaar and CSC has played a big role in it. In the last 5-6 months, Aadhaar has been linked with various government services to ensure transparency and effectiveness in sys...

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Posted Under: Corporate Law |

No GST on food supplied free at religious places

No GST is applicable on free food supplied in anna kshetras run by religious institutions; prasadam supplied by religious places like temples, mosques, churches, gurudwaras, dargahs, etc. attracts Nil CGST and SGST or IGST, as the case may be. There are media reports suggesting that GST applies on free food supplied in anna kshetras run [...

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Posted Under: Corporate Law |

MSME Certification Course on Wealth Creation by Value Investing

INVITATION TO JOIN CERTIFICATION COURSE ON Wealth Creation by Value Investing by Ministry of MSME, Govt. of India. Value investing is a structured stock selection method to create incredible amount of wealth. In spite of so many divergent methods of wealth creation, value investing fundamentals have remained the same for decades to produ...

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Stay on Circular Mandating 10% Additional Pre- Deposit for Appeals before CESTAT

Circular No. F.No.01/05/Circular /CESTAT /2015 (11/07/2017)

Hon'ble High Court of Delhi on 23.5.2017 has passed an interim order in W.P. No. 4551/2017 and accordingly, the demand of 10% additional mandatory deposit over and above the amount deposited before Commissioner (Appeals) is stayed till further orders. The circular dated 27.4.2017 issued by this office is also kept in abeyance....

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Who can sign the Tax Invoice under GST?

Supplier in relation to any goods or services or both, shall mean the person supplying the said goods or services or both and shall include an agent acting as such on behalf of such supplier in relation to the goods or services or both supplied....

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Posted Under: Corporate Law |

MoF: can we stop Litigation under GST

I am compelled to ask the mandarins in the North Block & the Finance Minister in particular because he is himself a legal luminary that can we reduce the scope of litigation per say by way of an active approach to put a stop to unnecessary litigation. I would like to touch upon certain issues, which come to my mind, which need to be put t...

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Posted Under: Corporate Law |

Revival of ‘Struck’ Companies under Companies Act, 2013

In this Flash editorial, the author begins by referring the provisions of section 248(1) of Companies Act, 2013 relating to Power of Registrar to remove name of company from register of companies and provisions of section 252 relating to REVIVAL OF COMPANIES STRUCK off from the record of the Registrar....

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Posted Under: Corporate Law |

Guidelines for participation/functioning of EFIs & FPIs in IFSC- Amendment

Cricular No. SEBI/HO/CIR/P/2017/79 (11/07/2017)

In case of participation of an EFI, not registered with SEBI as an FPI, but desirous of operating in IFSC, a trading member of the recognized stock exchange in IFSC may carry out the due diligence on its own or it may rely upon the due diligence carried out by a bank, which is permitted by RBI to operate in IFSC, during the account openin...

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Anti-Profiteering Rules in GST-Suggestions to avoid litigation

The GST Council issued Anti-Profiteering Rules 2017. However, there is still no clarity regarding methodology to determine whether there is undue profiteering by the entity. This article provides suggestions to avoid the litigation....

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Posted Under: Corporate Law |

Confiscation of goods or conveyances under GST

In case of hired conveyance, the owner has option to pay in lieu of confiscation of conveyance a fine equal to the tax payable on the goods being transported thereon....

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Posted Under: Corporate Law |

Import and Export under GST

As per the provisions of IGST law, export of goods and/or services are to be treated as zero rated supplies and a registered taxable person exporting goods or services shall be eligible to claim refund under one of the following two options:...

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Posted Under: Corporate Law |

Amendment to Investor Grievance Redressal System and Arbitration Mechanism

Circular No. CIR/CDMRD/DEICE/CIR/P/2017/77 - SEBI (11/07/2017)

SEBI, vide its Circular No. CIR/CDMRD/DIECE/02/2015 dated November 16, 2015, mandated Investor Grievance Redressal System and Arbitration Mechanism to National Commodity Derivatives Exchanges (herein after referred to as Exchanges) and directed exchanges to comply with the provisions of circulars as issued by SEBI in this regard, with eff...

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Revival/ Restoration of Struck -Off Companies U/S 252 By NCLT

In this article, it is specifically discussed about the Revival/ Restoration of Struck off Companies under section 248 of the Companies Act (the Act) under Section 252 of the Companies Act, 2013 read with National Company Law Tribunals Rules, 2016 (As amended till 05-07-2017) by making an appeal to Tribunal....

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Posted Under: Corporate Law |

GST: 28 Key Take-away under Composition Levy

1. Composition levy is an alternative method of levy of tax for small taxpayers whose turnover is up to Rs. 75 lakhs / Rs. 50 lakhs in case of Special Category States....

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Posted Under: Corporate Law |

Advance Ruling under GST (Section 95 to 106)

Advance Ruling under GST (Section 95 to 106) Advance ruling is a written decision given by the tax authorities to an applicant on questions relating to applicability of GST on supply of their goods or services....

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Posted Under: Corporate Law |

Procedure for chemical examination of cargo of non-hazardous category to be exported in ISO tanks

Public Notice No. 94/2017-JNCH (11/07/2017)

Attention of all the importers, exporters, Customs Brokers, and other stake holders is invited to the Public Notice No. 46/2017 dated 31.03.2017 on the subject Procedure for clearance of export cargo categorised as Hazardous Goods....

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Conditions and safeguards for export without payment of IGST

Notification No. MGST-1017/C.R.111/Taxation.-1 (11/07/2017)

The Letter of Undertaking shall be furnished in duplicate for a financial year in the annexure to FORM GST RFD –11 referred to in sub-rule (1) of rule 96A of the said rules and it shall be executed by the working partner, the Managing Director or the Company Secretary or the proprietor or by a person duly authorized by such working part...

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GST-Corrigendum to Notification Rate Schedule-Goods CR-104 dated 11.07.2017

No. MGST. 1017/C.R.104/Taxation-1. (11/07/2017)

No. MGST. 1017/C.R.104/Taxation-1.—In the Government notification of the Finance Department No. MGST-1017/C.R.104/Taxation-1 [No. 1/2017-State Tax (Rate)], dated the 29th June 2017, published in the Maharashtra Government Gazette, Part IV-B, Extra-ordinary No. 183 dated the 29th June 2017...

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Corrigendum to Notification for Exempted Goods CR-103 dated 29.06.2017

No. MGST. 1017/C.R.103(1)/Taxation-1 (11/07/2017)

No. MGST. 1017/C.R.103(1)/Taxation- 1.—In the Government notification of the Finance Department No. MGST. 1017/C.R. 103(1)/Taxation-1 [No. 2/2017-State Tax (Rate)], dated the 29th June 2017, published in the Maharashtra Government Gazette, Part IV-B, Extraordinary No. 182, dated the 29th June 2017...

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CBDT Central Action Plan for 2017- 18

CBDT Central Action Plan for 2017- 18 deals with Budget Collection, Reduction and Cash Collection Out Of Arrear Demand, Litigation Management, Service Delivery and Redressal of Grievances, Assessment Units (Including International Taxation & Transfer Pricing, Exemptions) International Taxation & Transfer Pricing, TDS Units, Intelligence ...

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Posted Under: Corporate Law |

Standard procedure for import of cosmetic product

Standing Order No. 22/2017-JNCH (11/07/2017)

The cosmetic products packaged for retail sale are subjected to provisions contained in the Packaged Commodity Rules, 2011 as well as Drug and Cosmetics Act, 1940 and rules made thereunder. ...

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Report on Compulsory Registration of Marriages

Report with regard to various issues relating to compulsory registration of marriages. In spite of the relentless efforts of the lawmakers and the judiciary, social evils such as child marriages, bigamy and gender violence continue to prevail in our society....

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Posted Under: Corporate Law |

Transportation & House-keeping of Egg-laying hens & Broiler Chickens

The Law Commission of India received a reference dated 2nd March 2017, from the Ministry of Law and Justice asking the Commission to look into the existing laws and international practices on the transport and housekeeping of poultry birds. On 12 April 2017, the Commission put up an Appeal on its website, requesting all stakeholders to pr...

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Posted Under: Corporate Law |

MCA issues notification for amendments dated 05th July, 2017

In this article, we will highlight the recent amendments by Central Government read with section 469 of the Companies Act, 2013 (18 of 2013) under the following heads issued by Ministry of Corporate Affairs through a notification dated 05th July 2017....

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Posted Under: Corporate Law |

Digital Currency- A New Era

Digital currency or digital money is distinct from physical. Digital currency is a payment method which exists only in electronic form and is not tangible. Digital currency can be transferred between entities or users with the help of technology like computers, smartphones and the internet. ...

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Posted Under: Corporate Law |

How to be an ultimate CS?

Post clearing professional programme examination and completing management training the first thing a Company Secretary must do to be best, unique or ultimate, whether someone is opting for corporate or for practice. A professional must possess some ultimate skill to the path of success in corporate world; following are the key qualitie...

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Posted Under: Corporate Law |

Changes in Income Tax Return Forms AY 2017-18, Deduction limits & TDS rates

Introduction of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form. The number of Income Tax Return Forms AY 2017-18 (FY 2016-17) has been reduced from the existing nine to seven forms....

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Posted Under: Corporate Law |

Dismantling check posts, post- GST save 24-36 hrs trucking time on trunk routes: ASSOCHAM

New Delhi, 10 July 2017: Notwithstanding some teething troubles, the GST is saving trucking time on trunk routes, connecting top cities, between 24-36 hours besides saving the fleet owners Rs 5,000 -7,500 per trip by way of corruption at the octroi and sales tax/VAT check posts which have since been dismantled by most of the states...

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Posted Under: Corporate Law |

Controversies in GST Law

GST has come into force with effect from 1st July, 2017. Everybody is busy in interpretation of law as well as application of law to its business models. During interpretation of law sometimes we come across controversies in legal provisions. Language of law must be clear and not ambiguous. Ambiguity in law creates scope for misinterpreta...

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Posted Under: Corporate Law |

Category of Registered Person: Composition Taxable Person

As per Rule 7 of CGST Rules, 2017 read with Section 10(1) of the CGST Act, 2017, rates fixed for composition levy (to be paid as CGST) for different classes of persons taxable person registered in composition levy scheme are as follows:...

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Posted Under: Corporate Law |

GST: Creation of Directorate of international Customs –reg.

F. No. A-1101312012017-Ad.1V (11/07/2017)

The Directorate of International Customs will be headed by a Principal Commissioner. The mandate of the Directorate of International Customs is to assist CBEC in the following areas of work:...

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GST: E-book on Transitional Provisions on Input Tax Credit

In this document, the provisions of CGST Act, 2017 have been mentioned with reference to Central taxes namely, Central Excise duty or Service tax. However, for each of the situations discussed in this document, corresponding provision of SGST/UTGST Act, 2017 should also be seen with reference to State Taxes such as VAT, Purchase tax and [...

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Posted Under: Corporate Law |

No hold up of import /export consignments for GSTIN unless legally required

Public Notice No. 93/2017-JNCH (11/07/2017)

It is being clarified and assured that there is no hold up of import and export consignments, wherever GSTIN is legally not required. Importers, Exporters and Customs Brokers are requested to quote authorized PAN in the bills of entry or shipping bills for such clearance...

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Rates of GST for Restaurants

There is lot of confusion on rate of GST Applicable to Restaurants under Composition Scheme, Restaurant with no air-conditioning in any part thereof and not serving liquor, Restaurant with partial or full air-conditioning or serving liquor, Rate of tax on food parcel cooked as per order, Rate of tax on parcel of pre- packed and […]...

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Posted Under: Corporate Law |

GST: Creation of DGARM- Charter of functions – regarding

F. No. A-11013/19/2017-Ad.IV (11/07/2017)

Charter of Functions of Center for Business Intelligence and Analytics (CBIA): This Unit shall be responsible for identification of different information requirements of CBEC. It will utilize data feeds from internal sources including historical data, offence data, business data, etc. ...

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CBDT e-Filing Common Verification Service user manual

1 Introduction The World Wide Web (WWW) is increasingly being used for communication between applications. The programme interfaces is available over the Web for application-to application communication named as Web services. There are various types of applications that can be considered Web services, however, interoperability between the...

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Posted Under: Corporate Law |

SCN issued to 5,922 Associations for cancellation of FCRA registration

Show Cause Notice issued to 5,922 Associations for cancellation of FCRA registration As a one-time measure, all associations were given an opportunity by way of a Public Notice uploaded on fcraonline.nic.in on May 12, 2017 requiring the associations to file their missing Annual Returns pertaining to FY 2010-11 to 2014-15 within a period o...

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Posted Under: Corporate Law |

Here comes a handy tool for all your GST related issues

Goods and Services Tax is the newest taxation law in India. It is one of the biggest tax reforms in the historic Indian economic set-up. The Goods and Services Tax regime seeks to strengthen and streamline the taxation regime with respect to trade in goods and services which would reduce numerous internal processes and will improve ease o...

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Posted Under: Corporate Law |

GST rate for Sanitary Napkins

Sanitary napkins are classifiable under heading 9619. In pre-GST, they attracted concessional excise duty of 6% and 5% VAT and, the pre-GST estimated total tax incidence on sanitary napkins was 13.68%. Therefore, 12% GST rate had been provided for sanitary napkin....

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Posted Under: Corporate Law |

Video: GSTR1 detailed explanation in easiest way

The GST R1 return is again a most important document which shall be generated through invoice. All the key components of GST R1 should be present in the invoice....

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Posted Under: Corporate Law |

Video: Composition scheme under GST good or bad?

Composition scheme should be opted by only those manufacturers or traders who sells directly to the consumers. Composition scheme can also be opted by restaurants and their aggregate turnover exceeds Rs. 20 Lakhs and is upto Rs. 75 Lakhs....

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Posted Under: Corporate Law |

Video: Happiest profession post GST implementation

Any person who is in reverse charge is the happiest man or woman. There life is in good shape. They can take holidays. They can spend good time with their friends and families for 30 days in a month....

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Posted Under: Corporate Law |

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