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Archive: 28 May 2018

Posts in 28 May 2018

E-Way Bill and Provisions of Non- compliance

May 28, 2018 19458 Views 4 comments Print

E-Way was made compulsory for interstate supplies from 01st April 2018, however for intra state supplies E-Way has been enabled in various states at respective dates. In Maharashtra E-Way bill was applicable from 25Th May 2018, E-Way bill has to be given for inter as well as intra state supplies exceeding Rs 50,000.

All About Reverse Charge Mechanism On Services Under GST Regime

May 28, 2018 44076 Views 6 comments Print

Concept of Reverse charge mechanism on Services under GST Regime is same as it was under pre-GST regime. For better understanding first I am going to give brief explanation of Normal Charge Mechanism. Generally GST is payable by the provider of Service. For eg:- When service is provided by a Chartered Accountant to its client then in this case service provider i.e Chartered Accountant is liable to pay GST and comply with other general provisions of return filing etc. However in Reverse Charge Mechanism Service Received is made liable to pay GST and comply with other provisions of IGST Act, CGST Act and SGST Act (Hereinafter these 3 acts will be referred as “GST Act”).

Incorporation of Producer Company through SPICe

May 28, 2018 25578 Views 7 comments Print

Incorporation of a Company including Producer Company can only be done through SPICe. This article tries to accumulate provisions related to Producer Company and how same can be incorporated through SPICe.

Reverse Book Building (solved question of CS executive Dec 2017 attempt)

May 28, 2018 2166 Views 0 comment Print

Concept of Reverse Book Building It is a process of book building used when the shares of a company are delisted from Stock Exchanges. This concept is conceptualised in SEBI (Delisting of Equity Shares) Regulations 2009 which provides a comprehensive framework for delisting of equity shares. Special provisions have been provided in case of voluntary […]

No penalty u/s 271B if appellant had bonafide belief

May 28, 2018 3021 Views 0 comment Print

Hon’ble Kolkata ITAT has deleted penalty u/s 271B in the case of Dr. Shantanu Datta in I.T.A. No. 261/Kol/2017 as there was a bona fide belief entertained by the assessee in the facts and circumstances of the case and the same constituted a reasonable cause for the failure of the assessee to comply with the requirement of section 44AB.

SEBI Circular on System-driven Disclosures in Securities Market

May 28, 2018 2430 Views 0 comment Print

SEBI, vide circular dated December 01, 2015, had introduced system-driven disclosures in securities market detailing the procedure to be adopted for its implementation with effect from January 01, 2016. The procedure was further streamlined vide SEBI circular dated December 21, 2016.

CSR: Companies should give preference to Local area & areas around it where it operates

May 28, 2018 8439 Views 0 comment Print

Company shall give preference to the local area and areas around it where it operates, for spending the amount earmarked for Corporate Social Responsibility (CSR) activities.

HC ask CBDT to Reconsider practice of appointing retired revenue officers as panel counsel

May 28, 2018 1107 Views 0 comment Print

Principal CIT vs. Grasim Industries Ltd (Bombay High Court) We understand that while appointing panel Advocates for the Revenue, the requirement of having practiced for some number of years is not insisted upon in case a person has domain expertise, such as retired Officers of Revenue. If this indeed be the practice, it would, in […]

Early hearing cannot be allowed until there are strong compelling and justifiable reasons

May 28, 2018 11253 Views 1 comment Print

It is one of the most time-honoured and cardinal rule of administration of justice that a party (adversary) should be heard by any Court or Tribunal in the manner he has approached the Court/Tribunal and that he should never be preferred or selected over other litigants/adversaries from the long pending queue unless and until, we repeat, unless and until there are strong compelling and justifiable reasons for bestowing a preferential treatment to a party for hearing him on priority and out of turn basis.

Entitlement for duty free import of sector specific inputs re-inserted for 5 Sectors

May 28, 2018 867 Views 0 comment Print

Entitlement for duty free import of sector specific inputs which were available in Chapter 1B of FTP 2009-14 have been re-inserted in Chapter 1 of FTP 2015-20 w.e.f. 01.04.2015. for Handlooms, Handicrafts, Leather and Footwear, Marine Sector, Sports Goods and Toys.

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