"05 April 2018" Archive

Pass speaking order on re-assessment, within fifteen days: CBIC

Instruction No. 07/2018-Customs (05/03/2018)

Proper officer shall pass a speaking order on the re-assessment, within fifteen days from the date of re-assessment of the bill of entry or the shipping bill, as the case may be.'...

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CBEC clarifies on Job work Procedures & Compliances

Central Board of Excise Indirect Taxes and Customs vide Circular No. 38/2018 dated March 26, 2018 has clarified various provisions of job work w.r.t. issuance of challan, requirement of registration, liability to issue invoice, availability of Input Tax Credit and other compliances for both principal and job worker....

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Posted Under: Custom Duty |

RBI defers implementation of Ind AS for banks by one year

Press Release : 2017-2018/2642 (05/04/2018)

Scheduled Commercial Banks (SCBs), excluding Regional Rural Banks (RRBs), were required to implement Indian Accounting Standards (Ind AS) from April 1, 2018 vide our Circular dated February 11, 2016....

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ICAI not released GST Audit report circulating on social media

This is to inform that ICAI is drafting a format for GST audit (Form 9C) for submission to the Government for their consideration. The same is proposed to be submitted by April, 2018 and what is moving on what’s up or Social Media is not the proposed one....

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Posted Under: Custom Duty |

Standard deduction available on pension from former employer: CBDT

The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head Salaries. The Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961...

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Posted Under: Custom Duty |

Process to be followed for registration as Registered Valuer with IBBI

With an objective to familiarize the eligible and desirous individuals and entities with the process of registration as a valuer with the Insolvency and Bankruptcy Board (IBBI) , the IBBI today released the process required....

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Posted Under: Custom Duty |

Monitoring of Foreign Investment limits in listed Indian companies

IMD/FPIC/CIR/P/2018/61 (05/04/2018)

As per FEMA, the onus of compliance with the various foreign investment limits rests on the Indian company. In order to facilitate the listed Indian companies to ensure compliance with the various foreign investment limits, SEBI in consultation with RBI has decided to put in place a new system for monitoring the foreign investment limits....

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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15 „Ind AS Transition Facilitation Group‟ (ITFG) of Ind AS Implementation Group has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Stan...

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Posted Under: Custom Duty |

Steps in E Way bill creation

E Way Bill Step 1. Go to GST Portal  https://services.gst.gov.in/services/ewaybill/ewaybillsystem 2. Select E way Bill Dashboard 3. Go to E way Bill Portal :- https://ewaybillgst.gov.in/ 4. Select Login Detail 5. Put your User ID & Password and Enter your Captcha 6. Select E way Bill 7. Click on Generate New Option 8. Select Transact...

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Posted Under: Custom Duty |

Education cess increased from 3% to 4% as Health & Education cess from FY-2018-19. What will be its effect on Taxpayer’s Tax liability?

This article contains the meaning of Cess & Surcharge, difference between cess & surcharge, Education cess & it's rate. Also, according to Budget 2018, existing 3% Education cess will be replace by a 4% Health & Education Cess. So, how it will effect on taxpayer's tax liability, is also discussed here....

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Posted Under: Custom Duty |
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