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Archive: 02 July 2018

Posts in 02 July 2018

Master Circular on SHG-Bank Linkage Programme- Dated: July 02, 2018

July 2, 2018 906 Views 0 comment Print

Self Help Groups have the potential to bring together the formal banking structure and the rural poor for mutual benefit. Studies conducted by NABARD in a few states to assess the impact of the linkage project have brought out encouraging and positive features like increase in loan volume of the SHGs

AMRCL is a Government Authority; AAR on functions of Municipality

July 2, 2018 1725 Views 0 comment Print

In re Amaravathi Metro Rail Corporation Limited (GST AAR Andhra Pradesh) 1. Whether M/s. Amaravathi Metro Rail Corporation Limited (AMRCL) is a Government authority as per the Notification No. 12/2017 of Central Tax ( Rate), dated 28th June 2017, read with Notification No. 32/2017 of Central Tax (Rate), dated 13th October 2017. The applicant / […]

Advance ruling cannot be given on matter pending before GST council

July 2, 2018 1725 Views 0 comment Print

The advance ruling sought in the application has been examined in detail and found that the issue of Taxation of Rectified Spirit/ Extra Neutral Alcohol (ENA) under GST is one of the agenda points placed before GST council for deliberation in the 20th meeting of the GST council held on 05.08.2017.

18% GST applicable on Lyophilizers falling under tariff heading 8419

July 2, 2018 2703 Views 0 comment Print

The process of Lyophilization, is defined as a freeze-drying process that removes water from a product after it is frozen and placed under a vacuum. It is a low temperature dehydration process which involves freezing the product, lowering pressure, then removing the ice by sublimation.

Master Circular on Detection and Impounding of Counterfeit Notes dated 02.07.2018

July 2, 2018 1077 Views 0 comment Print

Please refer to the Master Circular DCM(FNVD)G – 4/16.01.05/2017-18 dated July 20, 2017 consolidating the instructions issued till July 20, 2017, relating to Detection and Impounding of Counterfeit Notes. The Master Circular has since been updated by incorporating the instructions issued till date and has been placed on the RBI website www.rbi.org.in.

RBI Master Directions on Relief/Savings Bonds

July 2, 2018 1302 Views 0 comment Print

Agency banks may follow a simple procedure for enrolment/registration of brokers. The broker seeking enrolment/registration may submit the request for registration on their business letterhead together with business data to the agency banks.

Conversion of Coal supplied in Electricity is Manufacture not Job work: AAAR Maharashtra

July 2, 2018 3237 Views 0 comment Print

Understand the implications of the GST AAAR Maharashtra ruling on M/s JSW Energy Limited regarding coal processing into electricity. Learn about GST applicability and manufacturing considerations.

Master Circular dated 02.07.2018 Disbursement of Govt Pension by Agency Banks

July 2, 2018 1755 Views 0 comment Print

Please refer to our Master Circular RBI/2017-18/1 dated July 1, 2017 on the above subject. We have now revised and updated the Master Circular which consolidates important instructions on the subject issued by the Reserve Bank of India till June 30, 2018

Compliance Calendar For July, 2018

July 2, 2018 3339 Views 0 comment Print

To help you stay on top of everything related to compliance and HR in July, 2018, we have put together the calendar highlighting all of the key dates and deadlines for compliance related activities for anyone in Human Resources. 7th July, 2018 Deposit of tax deducted/collected at source for June 2018 (TDS & TCS) 10th […]

Identity of Company can’t be suspected merely because Director was not traceable

July 2, 2018 1257 Views 0 comment Print

M/s. Prayag Polytech Pvt. Ltd Vs ACIT (ITAT Delhi) We find that evidences which have been furnished by the assessee have not been discussed; and if the Director has not been found then it cannot be said that identity of the company is not established especially in wake of income tax records and share allotment […]

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