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Archive: 24 February 2018

Posts in 24 February 2018

Alternative mechanism to issued IGST refunds in case of refund stuck due to invoice mismatch SB005

February 24, 2018 15879 Views 0 comment Print

Ministry of Finance, Government of India on 23rd February 2018 issued a circular no. 05/2018-Customs providing alternative mechanism with Officer Interface in case of Refund of IGST on Export stuck due to Invoice mis-match (Code SB005).

Nil Rated, Zero Rated, Non-taxable and Exempt Supplies under GST

February 24, 2018 114699 Views 19 comments Print

With the Introduction of Goods and service Tax (GST), the traders are left confused with some of the provisions of the Act. Taking into consideration one such tangled provision, as to what is the difference between Nil rated and zero rated supplies, as well as non-taxable and exempt supplies.

SEBI qualifies QIP for achieving MPS

February 24, 2018 1692 Views 1 comment Print

SEBI, in its board meeting held on December 28, 2017[1] decided to introduce Qualified Institutions Placement (QIP) and Sale of shares up to 2% held by promoters/promoter group in open market, subject to certain conditions, to enable listed companies to comply with the MPS requirement.

Steps for filing Letter of Undertaking online on GST Portal

February 24, 2018 14124 Views 19 comments Print

Step: – 1: Login on GST Portal. Enter the Username, password and Captcha code, Click on ‘Login’ Step:-2 Click on Go to User Services and Select the Tab Furnishing Letter of Undertaking

Transitional treatment of Blocked Credits and Disputed Credits under GST

February 24, 2018 4980 Views 0 comment Print

Ministry of Finance, Government of India on 23rd February 2018 issued a circular no. 33/07/2018-GST providing Directions under Section 168 of the CGST Act regarding non-transition of CENVAT credit under section 140 of CGST Act or non-utilization thereof in certain cases

IBBI seeks public comments on contents of Request for Proposal (RFP)

February 24, 2018 966 Views 0 comment Print

IBBI seeks public comments on contents of Request for Proposal (RFP) for inviting resolution plans for a corporate debtor going through Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code, 2016.

Additional methods for listed entities to achieve minimum public shareholding

February 24, 2018 1002 Views 0 comment Print

Additional methods for listed entities to achieve minimum public shareholding requirements and amendments to ICDR Regulations for the purpose with respect to Qualified Institutions Placement (QIP)

Input Tax Credit Utilisation Mechanism on GST Portal has gone beyond Statutory provisions of CGST Act 2017

February 24, 2018 9915 Views 0 comment Print

The Central Government vide circular number 33/07/2018-GST dated 23 Feb 2018 has provided the following directions: – (i) Non-utilisation of Disputed Credit carried forward: – The circular provides that amount of Cenvat Credit carried forward in GST regime, which is held to be disallowed vide order in original or order in appeal, as it existed […]

From Satyam to PNB -Audit Mechanism Collapse Is Evident

February 24, 2018 27879 Views 96 comments Print

We have seen many financial scams during the last few years from Satyam, Saradha, Kingfisher (Mr. Vijay Mallya), NSEL to PNB where public money running into thousands of crores of rupees has been involved. There may be many such scams which still hidden in dark room. These scams have shattered the faith of investors, citizens & other stake holders.

Share Application Money: Addition U/s. 68 not justified if AO not enquired on details submitted by Assessee

February 24, 2018 3462 Views 0 comment Print

CIT (Central) Vs. M/S Russian Technology Center (P) Ltd. (Delhi High Court) The preceding enumeration of the circumstances of the case show that the assessee had furnished all relevant data before the AO and the CIT(A), which, however, were not inquired into by the AO. Instead he obdurately adhered to his first impression and/or initial […]

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