The excess exports done towards the average export obligation fulfilment of an EPCG authorization during a year can be used to offset any shortfall in the Average EO done in other year(s) of the EO period or the block period as the case may be provided Average EO imposed is maintained on an overall basis, within the block period or the EO period as applicable.
Reference is invited to the Minutes of the Meeting dated 9.5.2018 under the Indo-Sri Lanka Free Trade Agreement as uploaded on the DGFT’s website
Conclusion: Notional interest on delay in realization of trade debt could not be charged from AE as there was uniformity in the act of the assessee in not charging interest from both AE and Non-AE debtors for delayed realization of export proceeds.
Facility to change return frequency for normal taxpayer is now available on GST Portal Taxpayers whose turnover is above Rs. 1.5 Cr and who have wrongly selected option as quarterly filing, now has been provided with facility to change the option to monthly, provided the taxpayer has not filed any return, as per the wrongly […]
A Company may reduce paid up share capital by following ways; 1. Reduction of share capital with the approval of NCLT 2. Reduction through buyback of paid up capital from the existing shareholders
Stepwise IT procedures for creating the liability and offsetting the liability in respect of tax and penalty collected from registered and unregistered tax payers during the enforcement activities
In case Demand ID is created under Section 74 of the CGST Act, 2017, the GST Portal now allows reduced payment towards penalty, as per law. A message is shown to the user, about the reduction in amount of penalty mentioned in the order, if he makes the payment within 30 days from the date of communication of the order andhe is making full payment of tax and interest, stated in the order.
Madrid Protocol means the Protocol relating to the Madrid Agreement Concerning the International Registration of Marks adopted at Madrid on the 27th day of June, 1989, as amended from time to time. The Madrid Protocol gives trade mark owners the possibility of having their trademarks protected in several countries by simply filing one application directly with their own national or regional trade mark office.
A company, being an artificial person, is managed and controlled by its officers called the directors of the company. According to the inclusive definition under the Companies Act, 2013, a Director means a Director appointed to the Board of a company. The Directors are the head of a company. They are the supreme authority controlling the managerial and other affairs of the company.
Where an institution is not driven primarily by a desire or motive to earn profits but to do charity through the advancement of an object of general public utility, it cannot but be regarded as an institution established for charitable purposes and proviso to section 2(15) could not be applied so as to deny exemption under section 11.
