"14 March 2018" Archive

Guidance Note on CGST Transitional Credit

D.O. F. No. 267/8/2018-CX.8 (14/03/2018)

In the Guidance Note on CGST Transitional Credit, various checks have been prescribed in relation to the various entries provided in various tables of TRAN The verification in terms of the above mentioned Guidance Note has to be conducted in respect of the list of top 50,000 GSTINs in the order of transitional credit availed. ...

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Request to Taxpayers to register on e-way bill Portal for generation of e-way bill

As you are aware, taxpayers sending or receiving goods are required to generate e-way bill for such movement of goods, as provided in Section 138 of the CGST Rules, 2017. The e-way bill is to be necessarily generated for movement of goods in certain cases...

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Can Only Advocates Practices Law or Other Professions Like CA, CS can also Practices It ?

The Apex Court in its landmark judgement on whether the foreign law firms / lawyers are permitted to practice in India held that practicing of law includes not only appearance in courts but also giving of opinion, drafting of instruments, participation in conferences involving legal discussion....

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Chit Funds (Amendment) Act, 2018

BILL NO. 72 OF 2018 (1) This Act may be called the Chit Funds (Amendment) Act, 2018. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....

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Criminal And Civil Liabilities For Misstatement in Prospectus

A prospectus is issued either by or on behalf of a public company on its formation or subsequently or on behalf of a person engaged in formation of a public company....

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Procedure for obtaining the Refund under the GST Act

As we all are aware that under the GST regime, all the major three acts i.e. Central Excise Act, Service Tax Act & VAT Act are merged and the system prevalent under the GST is creating the refunds, almost for every dealer especially for exporters and the dealers those are purchasing the goods as a raw material at higher rates and ultimate...

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PNB clarification -Rs. 942 cr not new fraud but recall of credit limits: Geetanjali Group

The amount of Rs. 942 cr were the regular limits sanctioned to Geetanjali Group under consortium lending, and were standard credit exposure at the time of detection of the fraud. Now, this exposure is being added to the existing fraudulent amount. This amount has nothing to do with any new fraudulent LoUs/LoCs. ...

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Not received export refund due to mismatch? Approach IGST Refund Facilitation Camp’

Public Notice No. 39/2018-JNCH (14/03/2018)

Exporter who exported from JNPT and not received export refund due to mismatch details may approach JNPT from 15.03.2018 to 29.03.2018...

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Once importer declares intention to use DEPB Scrip he is not allowed to change

Public Notice No. 40/2018 -JNCH (14/08/2018)

i) Once importer declares their intention to use DEPB Scrip, during the filing of the Bill of Entry, he will not be allowed to change that option during assessment stage. ii) If the duty payable as per the Bill of Entry is more than whole amount available in the DEPB scrip, then whole amount available in the DEPB scrip needs to be used fo...

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Launch of e-MPS- facility to make online payment for miscellaneous applications

Trade Notice No. 25/2018-DGFT (14/03/2018)

DGFT has always endeavoured to promote ease of doing business by providing online mode for submission of applications for various FTP schemes and digital payment for these applications. Still, there are applications like amendment of license, payment of composition fee etc. where facility of online payment is not available. ...

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