"11 July 2018" Archive - Page 3

Cleaning services supplied to Railways are not exempt from GST: AAR Delhi

In re VPSSR Facilities (GST AAR Delhi)

It is held that the cleaning services supplied by the applicant to the Northern Railways are not exempted under S. No. 3 of the Notification No. 09/2017 — Integrated Tax (Rate) dated 28.06.2017, as amended by Notification No. 2/2018 — Integrated Tax (Rate) dated 25.01.2018 and parallel Notifications of CGST and SGST....

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SEBI modifies Stress testing method for credit risk for commodity derivatives

Circular No. SEBI/HO/CDMRD/DRMP/CIR/P/2018/111 (11/07/2018)

Vide circular SEBI/HO/CDMRD/DRMP/CIP/P/2016/86 dated September 16, 2016, SEBI had continued norms related to, inter-alia, Settlement Guarantee Fund (SGF) and Stress test to determine adequacy of SGF prescribed by erstwhile Forward Markets Commission for National Commodity Derivatives Exchanges....

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Foreign Venture Capital Investors And Related Regulations

Venture Capital is a type of seed funding in which investment is made at the initial growing stage of ventures. It is a financing to small and start-up ventures, which has high risk and potential to develop near future. The Venture Capital Investors are generally put their funds in those companies, which are with new ideas, innovations an...

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GST Rate on inputs used for constructing warships & submarines

In re Mazagon Dock Shipbuilders Limited (GST AAR Maharashtra)

Issue that is raised before us by the applicant is whether the inputs mentioned in Annexure B of the application, which are used for constructing the warships and submarines are forming parts of such warships/submarines and therefore chargeable to reduced tax @ 5% under Sr.No.252 of Notification No.1/2017 Central Tax (Rate) dated 28.06.20...

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Exposure Drafts of Revised SA 800, SA 805 and SA 810 for comments

Exposure Drafts 1. SA 800 (Revised), Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 2. SA 805 (Revised), Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement 3. SA 810 (Revised), Engagemen...

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PP Leno bags of woven PP fabric classifiable as Sacks & Bags under HSN 63053300

In re RLJ Woven Sacks Pvt. Ltd (GST AAR West Bengal)

In re RLJ Woven Sacks Pvt. Ltd (GST AAR West Bengal) ‘PP Leno Bags’, if specifically made from woven Polypropylene fabric using strips or the like of width not exceeding 5 mm and without any impregnation, coating, covering, or lamination with plastics, are to be classified under Tariff Sub Heading 63053300. FULL TEXT OF ORDER [&hellip...

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CBDT increases appeal filing limit – ITAT 20L, HC 50L, SC 1Cr

Circular No. 3/2018-Income Tax (11/07/2018)

CBDT increases appeal filing limit Substantially and new limit for filing appeal with various Appellate Forum is as follows :ITAT Rs. 20,00,000/‑, High Courts Rs. 50,00,000/‑ and Supreme Court Rs. 1,00,00,000/-....

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DIR-3 KYC certification by Professionals- What needs to be certified

In this editorial the author made an effort to discuss the key check points for professionals while preparing, verifying and certifying the e-form DIR-3 KYC. As its is mentioned in the form that it should be certified by the professionals which includes-...

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CBIC increases appeal filing limit – Cestat 20L, HC 50L, SC 1Cr

F.No.390/Misc./116/2017-JC (11/07/2018)

CBIC increases appeal filing limit Substantially and new limit for filing appeal with various Appellate Forum is as follows :- CESTAT Rs. 20,00,000/‑, High Courts Rs. 50,00,000/‑ and Supreme Court Rs. 1,00,00,000/-. F.No.390/Misc./116/2017-JC Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs (Judi...

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GST Audit an overview

GST Audit shall be conducted by a Chartered Ac­countant (CA) or a Cost Accountant if the turnover of the taxable person crosses the threshold limit. ...

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