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Archive: 11 April 2018

Posts in 11 April 2018

Review of Framework for Stocks in Derivatives Segment

April 11, 2018 1629 Views 0 comment Print

Derivatives on stocks (new/existing) which meet the enhanced eligibility criteria (given at para 4 above) shall be cash settled until further notification, however such stocks, if they fail to satisfy any of the enhanced eligibility criteria for a continuous period of three months, shall move from cash settlement to physical settlement.

Section 10AA deduction allowed in previous year can’t be denied in current year

April 11, 2018 5181 Views 0 comment Print

The aforesaid appeal has been filed by the assessee against final assessment order dated 27.9.2017 passed u/s 143(3) read with section 144C(5) in pursuance of directions given by the Dispute Resolution Panel (DRP) vide order dated 7.9.2017.

No GST on Packed Meat not qualifying as product put up in ‘Unit Container’

April 11, 2018 6687 Views 0 comment Print

Meat of Sheep or goat or poultry, frozen and packed in LDPE/HDPE bags having varied weight and quantity printed/labelled on such pickings, whether could be held to be packed in unit containers?

AAR cannot decide on Questions of Zero rated supply / GST Refund

April 11, 2018 1821 Views 0 comment Print

In re Esprit India Private Limited (GST AAR Haryana) i. Taxability of services provided by Esprit India to its associate concern in Hong Kong EDCFE under GST regime. The services provided by Esprit India to its associate concern in Hong Kong EDCFE are taxable supplies, as discussed in para 6 above ii. Whether the services […]

Forfeited Issuance fee of Reward points is fee for supply of Services: AAR

April 11, 2018 3354 Views 0 comment Print

In case the customer does not or is not able to redeem the rewards points, within their validity period of 36 months from the date of issue, the reward points are forfeited by the applicant. Whether this amount of issuance fee retained/forfeited by LSRPL, would amount to consideration for actionable claims and subject to GST.

RBI imposes monetary penalty on IDBI Bank Limited

April 11, 2018 717 Views 0 comment Print

The Reserve Bank of India (RBI) has imposed, through an order dated April 09, 2018, a monetary penalty of ₹ 30 million on IDBI Bank Limited (the bank) for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms.

Rajasthan HC explains Rule 18 (Input Tax Credit) of Rajasthan VAT

April 11, 2018 13368 Views 0 comment Print

R.S. Infra-Transmission Ltd Vs State of Rajasthan (Rajasthan High Court) The contention of Mr. R.B. Mathur is that Rule 18 will take care of the situation. However, while considering the matter, we have to look into the matter whether the benefit envisaged under the Rajasthan VAT Act especially under sub-Section (1) shall be allowed only […]

Sec. 56(2)(viib) not applicable to startups having paid up share capital upto Rs. 10 crore

April 11, 2018 23592 Views 0 comment Print

pproval for the purposes of clause (viib) of sub-section (2) of section 56 of the Act -A Startup being a private limited company and in conformity with the definition as per definition stipulated at Para 1(a) shall be eligible to apply for approval for the purposes of clause (viib) of sub-section (2) of section 56 of the Act, if the following conditions are fulfilled: —

19 Goods requiring e-way bill for Intra-State Movement in Gujarat wef 15.04.2018

April 11, 2018 32613 Views 1 comment Print

Commissioner of State Tax, Gujarat State hereby notifies that no E-Way Bill is required to be generated for intra-city movement as well as intra-state movement of all goods within whole of the territory of the State except for intrastate movement within whole of the territory of the State of following 19 goods of consignment value exceeding fifty thousand rupees:

Section 80TTB: Rs. 50000 deduction on interest income to senior citizen

April 11, 2018 448389 Views 118 comments Print

New section 80TTB to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be allowed in these cases.

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