"03 August 2018" Archive

Minimise impact of GST on private security industry: FICCI

Finance Ministry is actively considering FICCI's recommendation to reduce the GST rate on private security agencies from the current level of 18% to minimise the impact of the levy on the industry and capitalise on its job-creation potential....

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Calendar of Compliances Applicable on Listed Entities

We are in the smart era of economy with wide range of listed Companies/Entities and their compliances are very stringent here we will gain some more summarized knowledge of quarterly/half yearly compliances applicable on listed companies which has made transparency in the system also save time & avoid big data analysis....

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GST Refund: What is available and what is not

Government has sanctioned GST refunds worth thousands of crores as per the latest figures but inspite of that most people are still facing problems applying for refund while some are facing issues with getting there GST refund issued after application. In the course of this article we will try to solve few issues relating to GST refunds....

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Amendments to the Goods and Services Tax (GST) Laws

The Government has proposed around 46 Amendments to the Goods and Services Tax (GST) laws viz., the Central Goods and Services Tax Act, 2017 along with the respective State Goods and Services Tax Act, 2017, Integrated Goods and Services Tax Act, 2017, Union Territory Goods and Services Tax Act, 2017 and GST (Compensation of States) [&hell...

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Notices for assessment/reassessment of income of old cases

Under the provisions of Income-tax Act, 1961, notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year can be issued only in the following exceptional situations: i. Under clause (c) of sub-section (1) of section 149 of the Act, in cases where income in […]...

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Empanelment of CA Firms as forensic auditors with SEBI

SEBI invites applications of eligible CA firms / companies for empanelment to take up assignments relating to forensic audit of financial statements of listed companies....

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SOP related to Opening of GST migration window

Trade Notices No. 10/2018 (03/08/2018)

Opening of migration window for tax payers till 31st August, 2018 and related Standard Operating Procedure (SOP)- The GST Council, in its 28th meeting, held on 21st, July, 2018, has approved the proposal to open the migration window for taxpayers, who received Provisional IDs but could not complete the migration process....

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Month-wise Goods & Services Tax (GST) collections

Goods & Services Tax collections The Government maintains month-wise data of Goods & Services Tax collection. The details of collections from July, 2017 to June 2018 are at Annexure. The accounting of GST collections in the Central Government is done on the cash basis. Accordingly, the accounting with regard to CGST, IGST and Comp...

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MCA ordered inquiry in 87 real estate companies

MCA has ordered inquiry in 87 companies, inspection of books and papers in 17 companies and investigation in 7 cases involving 149 entities including 5 LLPs engaged in real estate activities. ...

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2,25,910 companies under MCA scanner

2,25,910 companies under scanner of MCA for not filing returns for Year 2015-16 & 2-16-17 Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during financial year 2018-19, a total of 2,25,910 companies have been identified for action under Section 248 of Companies the [...

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Anti-dumping Duty on import of Specified Stainless Steel Products

Anti-dumping Duty on the import of Specified Stainless Steel Products for providing relief to the Domestic Steel Industry The Government has imposed Anti- Dumping Duties on imports of specified Stainless-Steel Products vide: i. Notification No 61/2015- Customs (ADD) dated 11.12.2015 on imports of Cold Rolled Flat Products of Stainless Ste...

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10 Consequences of Non compliance with TDS provisions

In case of payments made to resident, the deductor is allowed to claim deduction for payments as expenditure in the previous year of payment, if tax is deducted during the previous year and the same is paid on or before the due date specified for filing of return of income under section 139(1) of the Act....

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Format of LLP Annual Report

CONTENTS:- √ Members Report, √ Partners Responsibilities Statement, √ Independent Auditors Report, √ Limited Liability Partnership Balance Sheet, √ Limited Liability Partnership Profit & Loss Account, √ Notes to the Financial Statements...

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Interest & Remuneration to Partners: Section 40(b)

Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The deductions regarding salary to partners and any payment of interest to partners cannot exceed...

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Tax on sale of under construction property

In case you sale a property booked by you before you you take the possession, the profits made on such sale will depend on the time interval between your date of booking the property and the date of agreement to transfer your right in the under construction property. In case the interval is not more than 24 months, the profits so made sh...

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Income Tax Refund stuck – Steps to take & Reasons for Delay

Unfortunately in our country, many honest tax-payers have pending income tax refunds. Whether it's the Income Tax (I-T) department's lethargy or the growing number of tax payers, delayed refunds remain high on the list of complaints against the department. One of the challenges for any tax payer is getting a refund, because it is a length...

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Taxation of Gift- Under Income Tax

A receipt of sum of money or property* without consideration chargeable to tax under S. 56(2)(VII) if the following condition are satisfied. 1. Individual or HUF 2. Received on or after 01.10.2009and  before 01.04.2017 3. Sum of money or property falls in any of the following category 4. It does not fall under exempted category...

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7 Advantage of Online Income Tax Payment

1. You can pay taxes from any location at any time through your net-banking account.2. Instant transfer of funds from your account. 3. What you write on the e-challan will be directly sent to Income Tax Department. Banks will not do any data entry...

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e-way bill for intra-state movement of unmanufactured tobacco not required in MP

In re Ashok Kumar Patel (GST AAR Madhya Pradesh)

The notification number F-A-3-08-2018-1-V (43), DATED 24-4-2018 issued under MPGST Act/Rules 2017, is not applicable on unmanufactured tobacco described under Chapter HSN 2401 i.e. to say generation of e-way bill for intra-state movement of unmanufactured tobacco described under Chapter HSN 2401 is not required as per the notification....

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UAE VAT: Public clarification on recoverability of Entertainment expenses

FTA clarifies the scope of blocked credit for entertainment services. Such clarification has relieved business from certain doubts for the recovery of VAT input, yet many are still unclarified vide this clarification....

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Public clarification on Compensation type payments under UAE VAT Law

The public clarification sought to relieve and doubts on VAT applicability on some type of payments such as the claim for loss, fines and penalties. Specific transactions are however subject to different treatment based on the facts of the case....

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E-way Bill System- Statement by Government

The E-way Bill System has been introduced nation-wide for inter-State movement of goods with effect from 1st April, 2018 while the States were given the option to choose any date till 3rd June, 2018 for the introduction of the E-way bill system for intra-State supplies. Consequently, all the States have notified the E-way bill system [&he...

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AAR cannot decide on applicability of FTP and related procedure

In re Spentex Industries Ltd. (GST AAR Madhya Pradesh)

M/s. Spentex Industries Ltd. (hereinafter referred to as the Applicant), having its registered office at 51-A, B & C, Sector-Ill, Industrial Area, Pithampur Distt. Dhar (M.P.), are engaged in the manufacture of Textile Yarn. The Applicant are registered with the GSTN holding GSTIN 23AADCK3039P2ZC....

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Refund of Accumulated Credit : Textile Industry Not Happy & Confused Detailed Analysis

The recent Notification by allowing Refund of Accumulated Credit to Fabric Manufacturer brought some relief, but Textile Industry is not happy as still some other issues are not very clear and are in their favour....

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GST on Supply of bus body on chasis supplied by principal on job work basis

In re Arpijay Fabricators Pvt. Ltd (GST AAR Madhya Pradesh)

Activity of Body Building undertaken by the Applicant, carried out on the chasis supplied by the principal in the capacity of a job worker, would amount to 'Composite Supply' as define under CGST Act 2017/MPGST Act 2017;...

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GST on Complimentary IPL Tickets- Kings XI Punjab withdraws AAR Application

In re Kph Dream Cricket Pvt. Ltd (GST AAR Madhya Pradesh)

Whether free tickets given as Complimentary tickets by Kings XI Punjab for IPL Matches falls within the definition of supply under the CGST Act, 2017 and thus whether the Applicant is required to pay GST on such free tickets?; Whether the Applicant is eligible to claim Input Tax Credit (for short ITC) in respect of complimentary tickets?...

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Securities Contracts (Regulation) (Second Amendment) Rules, 2018

Notification No. G.S.R. 738(E) (03/08/2018)

Every listed public sector company which has public shareholding below twenty five per cent on the commencement of the Securities Contracts (Regulation)(Second Amendment) Rules, 2018, shall increase its public shareholding to at least twenty five-per cent, within a period of two years from the date of such commencement, in the manner spec...

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Construction of Pooling Substation with transmission line is composite supply: AAR

In re Vihan Enterprises, Swati Dubey (GST AAR, Madhya Pradesh)

What is HSN in which the service of construction of new 33/220 kV Pooling Substation at Badwar, REWA along with associated 220 kV DCDS Transmission Line and associated feeder bay work on total Turnkey basis against Bid Identification No. RUMS/2016-17/372/014 (Lot-I) under World Bank Financing shall fall?...

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No GST on project management consultancy services under PMAY contract

In re Egis India Consulting Engineers Private Limited (GST AAR Madhya Pradesh)

Whether the Project Development and Management Consultancy services ('PDMC') provided by Applicant to recipient under the Contract for AMRUT; and the Project Management Consultancy services ('PMC') under the Contract for PMAY would qualify as an activity in relation to function entrusted to Panchayat or Municipality under Article 243G or ...

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KKC not eligible for Input Tax Credit under GST- AAAR, Maharashtra

In re Kansai Nerolac Paints Limited (GST AAAR Maharashtra)

Accumulated credit by way of Krishi Kalyan Cess (KKC) as appeared in the Service tax return of Input Service Distributor (ISD) on June 30, 2017 which is carried forward in the electronic credit ledger maintained by the Appellant under CGST Act 2017, shall not be allowed to be taken as admissible input tax credit. ...

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Total Rs 54,378 Crores of Refunds processed under GST

CBIC has successfully concluded third refund fortnight from 16th July, 2018 to 31st July, 2018. Till 31st July, 2018, total GST refunds disposed by Centre and States are to the tune of Rs 54,378 Crore....

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Two arrested for fraudulent issuance of GST Input Tax Credit invoices

Central GST Delhi West Commissionerate arrested two Rohini based businessmen on 01.08.2018 in a case of fraudulent issuance of Input Tax Credit invoices without actual supply of goods involving evasion of approximately Rs. 201 crores relating to plastic granule industry....

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How to Download GST Notices and Demand Orders

Can I View Notices & Orders issued by the Tax Officials at the GST Portal? All the notices and demands raised by the Tax Authorities are displayed on the Taxpayer’s dashboard in a descending chronological order. On clicking View Notices and Demand Orders, all the notices and demand orders issued to you will be displayed in descending c...

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All About GST Return

GST Return filing due date Below mentioned are the due date for filing of returns under GST regime pertaining to the FY 17-18: i) Form GSTR 3B for March’18 – Last date for filing the return is 20th April 2018 ii) Form GSTR 1 for Feb’18 – Last date for submitting the details is 10th April 2018 iii) Form GSTR [&...

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TDS and TCS Return

Type of TDS / TCS Return Form Deductor is liable to deduct tax and file the TDS Return.  There are various types of TDS Return Forms that are applicable for different situations based on the Nature of Income of the deductee or the type of deductee on whom the TDS is imposed. Type of TDS […]...

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Implementation of retaliatory duties against US delayed till 18th September, 2018.

Notification No. 56/2018-Customs [G.S.R. 740 (E)] (03/08/2018)

Seeks to further amend notification No. 50/2017-customs dated 30th June 2017, to give effect to serial number 14A and the second proviso to the notification from the 18th day of September, 2018 to delay the implementation of retaliatory duties against US till 18th September, 2018. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Rev...

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Independent Director’s appointment – Board Resolution

On a brief go through with Section 149 & Schedule IV i.e. Code of Conduct for Independent Directors, it has been provided that the appointment of Independent Director is subject to the approval of members in the general meeting....

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PIL in SC challenging withdrawal of Pending Tax Appeal Cases

Ashish Gopal Garg has challenged by way of PIL in Supreme Court Circular No. 3/2018 dated 11.07.2018 and Instruction No. F.No.390/Misc./116/2017-JC dated 11.07.2018 issued by CBDT and CBIC respectively, whereby the threshold limit to file appeal at Supreme Court of India, by the government in Direct Tax Cases as well as Indirect Tax Cases...

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Notification No. 70/2018-Customs (NT), dated 3rd August, 2018

Notification No. 70/2018-Customs (NT) (03/08/2018)

CBIC notifies Commissioner of Central Excise and Central Tax, Aizawl, Dimapur and Imphal as officer of Customs and assigns the said officers of Customs to function as Commissioner of Customs (Appeals), Kolkata vide Notification No. 70/2018-Customs (NT) dated 3rd August, 2018. ...

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Simplified GST Returns Forms, A Big Relief For Taxpayers

GST council in 28th meeting held on 21st July 2018 has approved new simplified return forms for GST taxpayer. The format and process approved today are in line with basic principle of the GST i.e. minimize compliance pain. ...

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Notification No. 69/2018-Customs (N.T.) Dated 3rd August, 2018

Notification No. 69/2018-Customs (N.T.) (03/08/2018)

SEBI notifies Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2018 vide Notification No. 69/2018-Customs (N.T.) dated 3rd August, 2018...

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No fresh registration to any person as Sub-Broker; Registered Sub-Brokers to migrate to act as AP and / or TP

Circular No. SEBI/HO/MIRSD/DoP/CIR/P/2018/117 (03/08/2018)

a) No fresh registration shall be granted to any person as Sub-Broker. Any pending applications for registration as Sub-Brokers under process, shall be returned to the concerned Stock Exchanges for onward transmission to the applicant. b) The registered Sub-Brokers shall have time till March 31, 2019 in order to migrate to act as an AP an...

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Courier Imports and Exports (Clearance) Amendment Regulations, 2018

Notification No. 68/2018-Customs (N.T.) (03/08/2018)

These regulations may be called Courier Imports and Exports (Clearance) Amendment Regulations, 2018 as notified by Notification No. 68/2018-Customs (N.T.) dated 3rd August, 2018...

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