"26 March 2018" Archive

GST on Education Services

The word Education has not been defined under the CGST Act, 2017. However, the Apex Court decision in the case of Loka Shikshana Trust vs CIT has decided that education is process of training and developing knowledge, skill and character of students by normal schooling....

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ICAI announces scheme for retrospective restoration of membership

With a view to mitigate the hardships being faced by members whose names stand removed as on date due to non-payment of membership fee, the Council in its 374th meeting held in March 2018 has decided to give an opportunity by way of Scheme for restoration of their names retrospectively. ...

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ICAI suggests Simple User Friendly GST return filing & credit Model

The Institute of Chartered Accountants of India (ICA1) is a statutory body established under the Chartered Accountants Act, 1949 which regulates the profession of Chartered Accountancy in India....

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GST Rate on Rubber Wood is 18%: AAR

In re Sri.N.C. Varghese (GST AAR Kerala)

Sri.N.C. Varghese, Thrissur, a small scale contractor (hereinafter called the applicant), has preferred an application for Advance Ruling on the rate of tax of standing rubber trees. The applicant is engaged in the purchase and cutting and removal of rubber trees from the plantations of certain public sector undertakings owned by the Gove...

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Investor Grievance Redress Mechanism – New Policy Measures

SEBI/HO/OIAE/IGRD/CIR/P/2018/58 (26/03/2018)

SEBI encourages investors to lodge complaints through electronic mode in SCORES. However, complaints received from investors in physical form are also digitized by SEBI and uploaded in SCORES. Thereafter, follow-up actions of the complaint are done in electronic form only i.e. through SCORES....

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18% GST applicable on supply of rubber wood / standing rubber trees

In re Sri.N.C. Varghese, Thrissur (GST AAR Kerala)

In GST, firewood is exempted as per HSN Code 4401. There is no differentiation between soft wood and hardwood in GST. It is hereby clarified that rate of tax on rubber wood in the aforesaid transaction is 18% under the HSN 4403....

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GST on Canteen Food / Services provided by Company to its employees

In re Caltech Polymers Pvt. Ltd. (GST AAR Kerala)

It is hereby clarified that recovery of food expenses from the employees for the canteen services provided by company would come under the definition of 'outward supply' as defined in Section 2(83) of the Act, 2017, and therefore, taxable as a supply of services under GST....

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ICSI PPT on Secretarial Standards

Role of Secretarial Standards Set a unified code of secretarial practices and ethics to be followed by corporates Facilitate dispute resolution between various stakeholders Provide clarity where the law is silent or ambiguous Boost confidence of investor and in particular, the Institutional Investor. Provide assuranc...

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Guidelines for Liquidity Enhancement Schemes in Commodity Derivatives Contracts

SEBI/HO/CDMRD/DMP/CIR/P/2018/55 (26/03/2018)

It has been decided to permit LES in commodity derivatives contracts subject to the requirements stipulated vide above mentioned SEBI Circular dated April 23, 2014....

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Enrollment of member under Employees’ Pension Scheme- Reg

No :Pension-1/17(10)2016-17/Jeevan Parman/23945 (26/03/2018)

It has been decided to make available following additional route for allotment of UAN for enrollment as member of EPS, 1995 in the event of non-possession of aadhar number to facilitate immediate enrollment as member and to avoid delay in remittance of contributions in respect of the new employees....

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