On account of implementation of GST there may be instances where the retail sale price of a pre-packaged commodity is required to be changed. Department of Consumer Affairs has therefore issued an advisory on the matter. Further, vide this advisory it has been informed inter alia, that for reducing the Retail Sale Price (MRP), a sticker with the revised lower MRP (inclusive of all taxes) may be affixed and the same shall not cover the MRP declaration made by the manufacturer or the packer or importer, as the case may be, on the label of the package, which includes the packed water bottles also. The said information has already been disseminated to all the Controllers of Legal Metrology of all States/ UTs for immediate necessary action. Further, Section 171 of the GST Act provides that: (1) Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices. (2) The Central Government may, on recommendations of the Council, by notification, constitute an Authority, or empower an existing Authority constituted under any law for the time being in force, to examine whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by him. This information was given by Shri C. R. Chaudhary, the Minister of State for Consumer Affairs, Food and Public Distribution, in a written reply to a question in Rajya Sabha, today.
With a view to have consolidated relevant information at one place and based upon inputs from all law enforcement agencies, the Serious Fraud Investigation Office under the Ministry of Corporate Affairs has undertaken the exercise of preparing comprehensive digital database of shell companies and their associates that were identified by various law enforcement agencies.
Non-Resident Indians (NRIs) can invest in India as per the following regulation of Foreign Exchange Management (Transfer or issue of Security by a person resident outside India) Regulations, 2000 dated May 3, 2000 as amended from time to time: i. As per Regulations 5(1), NRIs may invest in shares/Compulsorily Convertible Preference Shares (CCPS)/ Compulsorily Convertible […]
S. 271(1)(c): If the basis on which penalty is initiated by the AO and the basis on which the quantum is confirmed on merits by the Tribunal are different, penalty cannot be levied
It appears that BGs are not being properly monitored by the Regional Authorities of DGFT. Foreign Trade Policy and the Foreign Trade Procedures (Vol.I) provide for furnishing of BG.
The present appeal arises out of the order dated 12.08.2004 passed by the Division Bench of the High Court of Judicature at Bombay in Chartered Accountants Reference No. 5/2000.
Major Amendment proposed in Companies Amendment Bill, 2017 are as follow: A. Definition of Related Party [Section 2(76)]: A explanation added after clause (viii) Investing Company or the Venture Company: means a body corporate whose investment in the Company would result in the Company becoming an associate Company of the body Corporate.
The Companies (Amendment) Bill, 2017 introduced in Lok Sabha on 16th March, 2016 as the Companies (Amendment) Bill, 2016, was referred to Standing Committee. The government after considering the suggestions of the Committee gave notice of amendment as approved by the Cabinet to the Lok Sabha. The Lok Sabha has passed the Company (Amendment) Bill, 2017 on 27th July, 2017.
Everyone relates with money in a different way. How good is your relationship with money? Is there a better way to improvise your relationship with money? Many money problems or issues arise out of the way we look at money.
Commissioner has invoked its powers under Section 12(AA)(3) of the Act. The said powers are circumscribed by the limitations imposed under Sub Section 3 of Section 12AA of the Act. The Commissioner, nowhere has given the finding that the activities of the Respondent institution are not genuine one or that the said activity carried out are not in consonance with the object of the institution.
