2 Archive - 21 March 2018

"21 March 2018" Archive

MCA notifies norms for appointment of Chairperson & members of NFRA

G.S.R. (E) ._ 21/03/2018

These rules may be called The National Financial Reporting Authority NFRA (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018....

Read More

Due diligence and reporting requirements under FATCA and CRS

Circular No. IMD/ FPIC/CIR/P/2018/53-SEBI 21/03/2018

SEBI has informed all intermediaries regarding due diligence and reporting requirements under Rules 114F to 114H of the Income- tax Rules (hereinafter referred as Rule) and Guidance Note on FATCA and CRS issued by the CBDT, New Delhi, vide F.No.500/137/2011-FTTR-III dated August 31, 2015...

Read More

Amendment in import policy of pepper

Notification No. 53/2015-2020-DGFT 21/03/2018

Import of pepper over and above CIF Rs. 500/ per kilogram is free and import below CIF Rs. 500/ is prohibited. Amendment in import policy and policy condition of pepper classified under Chapter 09 of ITC (HS), 2017–Schedule-1(Import Policy)....

Read More

SEBI Risk Management norms for commodity derivatives

Circular No. SEBI/HO/CDMRD/DRMP/CIR/P/2018/52-SEBI 21/03/2018

SEBI has issued various circulars from time to time prescribing risk management norms for commodity derivatives exchanges. Post the transfer of clearing and settlement functions from commodity derivatives exchanges to Clearing Corporations, Clearing Corporations shall be required to comply with all such norms....

Read More

MCA notifies Provisions related to appointment of Chairperson and Members of NFRA wef 21.03.2018

File No. 1/4/2016-CL.I 21/03/2018

In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 21st March, 2018 as the date on which the provisions of sub­-sections (3) and (11) of section 132 of the said Act shall come into force....

Read More

Income from share transaction on daily basis is business Income

Smt. Anju Gaggar Vs. Asstt. Commissioner of Income Tax (ITAT Hyderabad)

Smt. Anju Gaggar Vs. ACIT (ITAT Hyderabad) During the relevant financial year, there were repeated purchase of same scrip and sale thereof immediately, almost on daily basis to take advantage of the market fluctuations. Further that, records of the broker clearly revealed that she had no intention to make investments for long periods. Hen...

Read More

Cenvat credit eligible on expense for Repair & Maintenance of Plant & Machinery Eligible

CCE-Kutch (gandhidham) Vs Almac Enterprise (CESTAT Ahmedabad)

CCE Kutch (Gandhidham) Vs. Almac Enterprise (CESTAT Ahmedabad) Repair and maintenance of plant and machinery is an activity without which smooth manufacturing is not possible. Commercially, manufacturing activity is not possible with malfunctioning machines, and leaking tanks, pipes and tubes....

Read More

Cenvat credit allowable on MS Steel items used for structural support

Thiru Arooran Sugars Ltd. Vs Commissioner of Central Excise (CESTAT Chennai)

The issue involved in both these appeals being the same were heard together and disposed by this common order. The parties hereinafter referred to as assessee and department for the sake of convenience....

Read More

Reinstatement / Access charges paid to Municipal Authorities liable to GST: AAR

In re Reliance Infrastructure Limited (AAR Maharashtra)

In re Reliance Infrastructure Limited (AAR Maharashtra) Reliance Infrastructure Limited, the applicant, seeking an advance ruling in respect of the following : 1. Whether reinstatement charges paid to Municipal Authorities would be liable to GST? 2. Whether access charges paid to Municipal Authorities would be liable to GST? Question Whet...

Read More

Canteen Services provided in Customer’s premises taxable at 18% GST as outdoor catering service

In re M/s. Rashmi Hospitality Services Private Limited (AAR Gujarat)

In re M/s. Rashmi Hospitality Services Private Limited (AAR Gujarat) Issue- One of the customer, who is recipient of services, has given the contract for catering services to be provided to the staff and premise for services to be provided for canteen has also been made available to the applicant, which is non Air-conditioned. Whether [&h...

Read More