"12 April 2018" Archive - Page 2

GST payable on Long Term Lease Premium of Land

Builders Association of Navi Mumbai Vs Union of India (Bombay High Court)

Any lease or letting out of a building, including commercial, industrial or residential complex for business, either wholly or partly is a supply of service. It is settled law that such provisions in a taxing statute would have to be read together and harmoniously in order to understand the nature of the levy, the object and purpose of it...

Read More

Setting up of Aaykar Sewa Kendras in Pr. CCIT regions in FY 2018-19

File No. 48/1/2018/ASK/P.IX/DOMS/54 (12/04/2018)

Kind reference is invited to the fact that the CBDT has decided to expand the umbrella of its offices having Aayakar Sewa Kendra in F.Y 2018-19 for the purposes of having a more responsive tax administration....

Read More

Review of All Industry Rates (AIR) of Duty Drawback for year 2018

F.No.609/27/2018-DBK (12/04/2018)

Request for views/suggestions and data for review of All Industry Rates (AIR) of Duty Drawback for the year 2018- It is to inform that the Government proposes to review the All Industry Rates (AIRs) of Duty Drawback for the year 2018 with reference to the incidence of Customs and Central Excise duties on goods manufactured for export....

Read More

For invoking section 14A r.w. rule 8D, AO had to mandatorily record his satisfaction

DCB Bank Ltd. Vs Asstt. CIT (ITAT Mumbai)

At the outset, the learned Authorised Representative submitted that the issue raised by the revenue in second ground of appeal stands covered by the decision of the co-ordinate Bench in assessee’s own case in ITA No. 615/Mum/2014 (AY-2010-11) order dated 4-11-2015 ...

Read More

Seizure of goods for not carrying E-way bill before the applicability of the same is illegal

Proactive Plast (P.) Ltd. Vs State of U.P. (Allahabad High Court)

Proactive Plast (P.) Ltd. v. State of U.P. (Allahabad High Court) Rule 138 of the Rules framed under the Central G.S.T. provides that till such time E-Way bill system is developed and approved by the Council, the Government by notification may specify the documents which are to be carried with the consignment of goods. In […]...

Read More

North East Industrial Development Scheme (NEIDS), 2017

F. No. 10(6)/2016-DBA-II/NER. (12/04/2018)

The scheme may be called North East Industrial Development Scheme (NEIDS), 2017. The scheme will cover States of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura....

Read More

Investments by FPIs in Government and Corporate debt securities

Circular No. SEBI/IMD/FPIC/CIR/P/2018/70 (12/04/2018)

It has been decided to revise the CDIL and the limit for investment by FPIs in Government Securities and State Development Loans (SDL), for the Financial Year 2018-19, as follows:...

Read More

Performance disclosure post consolidation/ Merger of Mutual Fund Schemes

Circular No. SEBI/HO/IMD/DF3/CIR/P/2018/69 (12/04/2018)

Currently, there are no specific guidelines governing the depiction of performance of the surviving scheme, pursuant to merger of schemes. Further, it is observed that Mutual Funds adopt varied practices, such as disclosing the weighted average performance or performance of surviving schemes, while making such disclosures....

Read More

Interest rate on Small Savings Schemes for 01.04.2018 to 30.06.2018

RBI/2017-18/160 DGBA.GBD. 2573/15.02.005/2017-18 (12/04/2018)

Interest rates on Small Savings Schemes for first quarter of financial year 2018-19 starting 1st April , 2018 shall remain unchanged from those notified for fourth quarter of FY 2017-18...

Read More

LRS for Resident Individuals – daily reporting of transactions

RBI/2017-18/161 A.P. (DIR Series) Circular No. 23 (12/04/2018)

In order to improve monitoring and also to ensure compliance with the LRS limits, it has been decided to put in place a daily reporting system by AD banks of transactions undertaken by individuals under LRS, which will be accessible to all the other ADs....

Read More