"24 December 2017" Archive

Refund to Exporters under GST

In this Article, we will understand following: a) Type of refund to exporters under GST b) Process of refund to exporter under GST c) Documents required for refund under GST d) Relevant dates for refund applications under GST for exports e) Various time lines for Export refunds...

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Chartered Accountants! Check your membership status

Recently social media is abuzz about removal of membership of around 12000 Chartered Accountants for non payment of their annual membership fees. The names of members, whose annual membership fees are not received before the due date, are removed from the Register of Members, with effect from 1st October 2017. Members were required to pay...

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Deemed dividend not accrues on mere issue and cancellation of Cheque

The Commissioner Of Income Tax Bareilly And Another Respondent Vs. M/s Associated Metals Co. Ltd. (Allahabad High Court)

A division bench of the Allahabad High Court recently ruled that the provisions of deemed dividend would not attract in case of mere issuance of a cheque that was subsequently cancelled and returned. While quashing a departmental appeal against the order of ITAT, the bench clarified that payment of any sum is necessary to constitute deeme...

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Govt actively making investors aware about fraudulent companies

The Investor Awareness Programmes are conducted to prevent investment in companies floating fraudulent schemes. A list of companies against whom action has been initiated during the years for indulging in Ponzi schemes/ multi-level marketing is enclosed at Annexure II....

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142 listed companies fined for non-appointment of women director

Section 149 of Companies Act, 2013 (the Act) read with the corresponding rules requires every listed company and prescribed class of companies to have a women director. Section 172 of the Act lays down punishment for non-compliance....

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Properties of struck off companies can’t be used till they are restored

Assets, properties etc. (i.e. all movable and immovable assets/properties) of such struck off companies (which ceased to operate as legal entities) cannot be used, operated, transferred or alienated in any manner by the companies including by their ex-directors/authorised signatories, till they are restored by following the due process of...

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Detention of goods for non-accompanying certain documents not sustainable in absence of non-notification of such document

M/s. Ascics Trading Company Vs. The Assistant State Tax Officer (High Court Of Kerala At Ernakulam)

Central Government had, till date, not notified the documents that have to be carried by a transporter of the goods in the course of interstate movement. Under the said circumstances and finding that neither the State Legislature nor the State Government would have the power to make laws/rules to govern interstate movements of goods in th...

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Allow manual filing of GST advance ruling application till online facility made available: HC

Sanjeev Sharma Vs. Union Of India & Ors. (Delhi High Court)

It is held that where no facility for advance ruling was made available under GST, it was held that Department must accept manually application for advance ruling under GST since web portal would not be ready to accept the same till January, 2018....

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Law on order of Cross utilization of GST: HC issues notice to department

A & M Design & Print Production Vs. Union Of India & Ors. (Delhi High Court)

Where the assessee was trying to offset its IGST liability partially from CGST credit and partially from SGST credit but disallowed by GSTN portal with a message to first offset CGST credit completely before cross utilization. As there is no provision in GST law against such utilisation, Department was directed to file reply by next heari...

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HC issues notice to govt on double levy of cess on imported coal in stock

FC Agrawal Coal Pvt. Ltd. Vs. Union Of India (Gujarat High Court at Ahmedabad)

In this case the assessee had imported coal prior to the introduction of goods and service tax regime and had already paid clean energy cess at the prescribed rate. On the stock which the petitioner had not cleared, no credit had been allowed on such cess and Department again asked to pay fresh cess under the Goods and Service Tax (Compen...

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