"16 March 2018" Archive

107 companies and 7 LLPs under SFIO scanner in PNB fraud case

The Government has ordered investigation into the affairs of 107 companies and 7 LLPs under the provisions of Section 212(1)(c) of the Companies Act, 2013 and Section 43(3)(c)(i) of Limited Liability Partnership Act, 2008 on 17.02.2018 belonging to Mr Nirav Modi (Firestar Diamond group) and Mr Mehul Chinubhai Choksi (Gitanjali Group) to b...

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Posted Under: Corporate Law |

Refund of IGST on Export – EGM Error related cases

Circular No. 06/2018-Customs (16/03/2018)

IGST Refund module for exports is operational in ICES from 10.10.2017. The module has an inbuilt procedure to automatically grant refund after validating the Shipping Bill data available with Customs against the GST Returns data available with GSTN....

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Figures of GST Export Refunds in print media are highly speculative: CBEC

It has been noticed that at regular intervals, unverified estimates of pending GST refunds on account of exports are published in the print media or put forward by various trade bodies. These figures are highly speculative and mostly inaccurate...

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Posted Under: Corporate Law |

Environmental crimes, offences/ violations in relation to import & export

Public Notice No. 42/2018-JNCH (16/03/2018)

Environmental crimes, in relation to import & export include: Illegal dumping of hazardous waste, electronic waste, including chemicals in India. Illegal import / export of plants and animal species; Smuggling of “Ozone Depleting Substances (ODSs)”; Smuggling of any other environmental pollutant (any solid, liqui...

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Broad features of Transparent Political Funding System

Transparent Political Funding System The Government notified the Electoral Bond Scheme, 2018 on January 02, 2018 to establish and cleanse the system of political funding in the country. Broad features of the said Scheme are under: Electoral Bond (EB) would be a bearer instrument in the nature of a Promissory Note and an interest free [&he...

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Posted Under: Corporate Law |

Stop Chasing Past Mutual Fund Returns

It is a widely-acknowledged practice to invest in a mutual fund that has yielded good returns in the past believing it will do well in future as well....

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Posted Under: Corporate Law |

Claim Tax Benefit on HRA as well as Tax Deduction on Home Loan

For some people, the tax-planning season has just started. You know that house rent allowance (HRA) and the deduction related to home loan repayment can lower your tax liability. You will be pleased to know, in certain cases, you can avail tax benefits from both of these....

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Posted Under: Corporate Law |

e-way bill system for inter-State movement of goods from 1st April, 2018

DO.No. 11/CH(EC)/2018 (16/03/2018)

As you are aware, the 26th meeting of the GST Council was held on 10th March, 2018 wherein certain recommendations have been made. In this meeting it was decided that e-way bill system for inter-State movement of goods across the country would be implemented from 1st of April, 2018...

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Clarifications on exports related refund issues in Circular No. 37/11/2018- GST

Clarifications on exports related refund issues in GST – Circular No. 37/11/2018- GST dated March 15, 2018- Board vide Circular No. 17/17/2017 – GST dated 15th November 2017 and Circular No. 24/24/2017 – GST dated 21st December 2017 clarified various issues in relation to processing of claims for refund. ...

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Posted Under: Corporate Law |

Demo and GST led to slow growth of India’s trade: ASSOCHAM-Deloitte study

While the year 2017 saw global trade expansion as a consequence of acceleration in global trade growth in the first six months of the year, India’s slow growth of trade has been a concern. Many are attributing this short term down turn as a negative fallout from the reforms - Demonetization and Goods and Service Tax (GST)....

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Posted Under: Corporate Law |