"23 February 2018" Archive

Settle IGST refund due to invoice mismatch on Priority basis: CBEC Chief

DO.No.08/CH(EC)/2018 (23/02/2018)

As a number of IGST refunds are stuck due to invoice mismatch and other mismatches, an interface has been developed in ICES where Customs officers can process refund claims and sanction refund. All the concerned Chief Commissioners are requested to ensure that all pending refund claims arising due to invoice mismatch or other mismatch whi...

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CBEC Direction on Non-transition/utilization of Blocked/Disputed Cenvat Credit

Circular No. 33/07/2018-GST (23/02/2018)

In terms of clause (i) of sub-section (1) of section 140 of the Act, a registered person shall not take in his electronic credit ledger, amount of CENVAT credit as is carried forward in the return relating to the period ending with the day immediately preceding the appointed day which is not eligible under the Act in terms of sub-section...

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Medical college collection Huge Capitation Fee as Anonymous Donations – HC disallows Tax exemption

M/s Navodaya Education Trust Vs Sri. Sunki Rajender Reddy (Karnataka High Court)

M/s Navodaya Education Trust Vs Sri. Sunki Rajender Reddy (Karnataka High Court) The petitioner – Trust in question having the cloak of an Educational Trust, to enjoy the exemption from Income Tax obtained the approval under Section 10(23-C) of the Act, was thoroughly misused and abused by the Trustees who appear to be Members of [&...

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Merchant Export- Under GST

Merchant export is popular term under EXIM policy and having equal importance with manufacturer export. Merchant exports also generate inflow of foreign exchange earnings for the Country like normal export. Merchant export mainly confined to goods exports and not services. The person who carried merchant export is called as Merchant expor...

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MVAT Audit Acknowledgement submission date extended to 26.02.2018

Due to public holidays on 24th and 25th February 2018, last date for submission of physical copy of acknowledgment of Form e-704 is extended by one day i.e. up to 26.02.2018. Source- https://mahagst.gov.in/en/due-public-holidays-24th-and-25th-february-2018-last-date-submission-physical-copy-acknowledgment...

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FCRA Registration Checklist

Following Documents are required for FCRA Registration. 1. Registration Certificate of Association. 2. Memorandum of Association/Trust Deed. 3. Activity Report for the Last 3 Years. 4. Audited Statement of accounts for the last three years. 5. Section 12A Registration Certificate Following Information is also required. Sr. No. Requirement...

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FAQ’s on applicability of GST on Rice

With the roll-out of GST and its implementation, the branded rice has become costlier due to imposition of GST of 5 % on rice with registered brand name. Rice being one of the most consumed cereals is affecting the normal consumers. A person has to pay 5% extra on the consumption of every one kg of branded rice....

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Refund of IGST on Export– Invoice mis-match Cases –Alternative Mechanism with Officer Interface

Circular No. 05/2018-Customs (23/02/2018)

Refund of IGST on Export– Invoice mis-match Cases –Alternative Mechanism with Officer Interface - Numerous representations have been received from exporters / trade associations seeking resolution of various problems which have hindered the sanction of refund of IGST paid on exports. CBEC has issued Circular No 42 / 2017 dated 07-11-2...

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New-age ULIP for New-age Millennials

Bajaj Allianz Life Insurance Company Ltd., one of the premier insurance providers in the country brings to you a new age, goal-oriented Unit Linked Insurance plan - Bajaj Allianz Life Goal Assure - for the new-age millennials offering investment benefits like Return on Mortality Charges (ROMC) and Return Enhancer....

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Amendment Booklet for CA-IPCC Income Tax (May 2018 Attempt)

In case of every Individual (resident or non-resident) or HUF or Association of Persons or Body of Individuals or any other artificial juridical person...

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