"14 August 2018" Archive

Condonation of delay in submission of installation certificate to RAs under EPCG Scheme

Public Notice No. 30/2015-2020-DGFT (14/08/2018)

One time relaxation and condonation of delay in submission of installation certificate to RAs under EPCG Scheme for authorizations issued upto 31.03.2015, without payment of any penalty....

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Computation of deduction u/s 10A of Income Tax Act, 1961

Circular No. 4/2018-Income Tax (14/08/2018)

As per section 10A(4) of Income Tax Act, 1961, profits derived from export of articles or things or computer software shall be amount which bears to the profits of the business of the undertaking , the same proportion as the export turnover in respect of such articles or things or computer software bears to the total turnover of the busin...

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Customs (Finalisation of Provisional Assessment) Regulations, 2018

Notification No. 73/2018-Customs (N.T.) (14/08/2018)

CBIC notifies vide Notification No. 73/2018-Customs (N.T.) dated 14th August, 2018 Customs (Finalisation of Provisional Assessment) Regulations, 2018...

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Exchange Rates Notification No. 72/2018-Custom(N.T.) Dated 14.08.2018

Notification No. 72/2018-Customs (N.T.) (14/08/2018)

Customs Rate of Exchange of Foreign Currency Conversion wef 15.08.2018 notified vide Notification No. 72/2018 – Customs (N.T.) dated 14th August, 2018...

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Tariff Notification No. 71/2018-Customs (N.T.) dated 14th August, 2018

Notification No. 71/2018-Customs (N.T.) (14/08/2018)

Tariff Notification No. 71/2018-CUSTOMS (N.T.) dated 14th August, 2018 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg...

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Allow Form TRAN-1 upload & ITC credit available during migration: HC

Naga Distributors vs Union of India (Kerala High Court)

If the petitioner applies within two weeks after receiving this judgment, the Nodal Officer will consider and take steps within a week thereafter. If the uploading of FORM GST TRAN-1 is not possible for reasons not attributable to the petitioner, the authority will also enable him to take credit of the input tax available at the time of m...

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Clarification regarding bank guarantee requirement for bond executed by EOUs

Circular No. 27/2018-Customs (14/08/2018)

Various representations have been received regarding difficulties faced by EOUs with respect to requirements of bank guarantees in view of Circular no. 48/2017-Customs dated 08.12.2017 issued by CBIC. The matter has been examined....

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GST on Transfer of capital goods by a job-worker to another job-worker which were originally received pre-GST Regime

In re Silgan Dispensing Systems India Private Limited (GST AAR Maharashtra)

The basic issue before us is whether on transfer of Machines & moulds (being capital goods), from the premises of the job-worker to another job-worker, which were originally received by said job-worker under the erstwhile Central Excise Act, 1944 will constitute as supply under GST....

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Condonation of Delay Scheme, 2018- Decoded

Looking at the humongous number of affected people, combined with the pressure from the Industry, the MCA opened a window for redressal in the form of CONDONATION OF DELAY SCHEME, 2018(CODS)....

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Posted Under: DGFT |

Section 29A of Insolvency and Bankcruptcy 2016: Harsh on Promoters?

Section 29A of Insolvency and Bankruptcy Code, 2016 is a restrictive provision which impedes any person falling in the negative list from submission of a resolution plan....

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Posted Under: DGFT |

Rate of GST on various poultry feed products- Advance Ruling

In re Uttara Impex Private Limited (GST AAR Maharashtra)

In re Uttara Impex Private Limited (GST AAR Maharashtra) UTTRA IMPEX PRIVATE LTD is engaged in trading of various poultry feed products But company is facing some ambiguity in correct classification of Products (which are those products is not specified in question). In companies view products shall be covered under the HSN CODES 2301, 23...

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Benefit of Exemption Notification- Reference Answered by Supreme Court

What is the interpretative rule to be applied while interpreting a tax exemption reportable provision/notification when there is an ambiguity as to its applicability with reference to the entitlement of the assessee or the rate of tax to be applied?...

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Posted Under: DGFT | ,

Who are eligible for composition scheme?

Under the GST law, Composition scheme is an expedient way to escape from various GST formalities and pay the tax at a low prescribed percentage based upon the turnover of the business. The composition scheme was introduced to bring straightforwardness and to minimize the compliance cost for the small taxpayers. Businesses with an aggregat...

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Posted Under: DGFT |

Provisions of TDS And TCS Under GST Law

Article explains Provisions of TDS And TCS Under GST Law which includes Threshold limit of  TDS deduction, Registration of GST TDS / TCS  deductors, Rate of TDS / TCS under GST, Payment of TDS / TCS under GST, TDS / TCS  Certificate under GST, TDS / TCS credit under GST, Delay in deposit of TDS […]...

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Posted Under: DGFT |

Unutilized Subsidy shown as Current Liabilities is Not An Income As Per Matching Concept

CIT Vs Canon India Private Limited (Delhi High Court)

Where an Assessee follows the Accrual/Mercantile system of Accounting – as in this case – income can be recognised only when the matching expenditure is also accounted for irrespective of the cash outflows/inflows during the year. It would thus, not be correct to recognize the subsidies received for incurring specific expenditure as i...

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What is special audit under GST framework?

A Special Audit under GST can be initiated by the Assistant Commissioner of CGST/SGST, considering the nature and complexity involved in the case and interest of revenue. During any stage of scrutiny/ inquiry/investigation, if the assistant commissioner is of the opinion that the value of the taxable supplies declared by the registered pe...

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Posted Under: DGFT |

How Businesses operates in UAE

Your type of business will determine the kind of license you require. Whether it’s commercial, professional or industrial licenses, these will define the basis of your operations. However, while selecting, remember that certain activities such as food trading, jewellery trade, veterinary activities and legal consultancy require furt...

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Posted Under: DGFT |

All About Loans to Directors – Section 185- Companies Act, 2013

Substituted Section 185 deals with the restrictions on part of the Companies in advancing any loan or giving any guarantee or providing any security and to those whom a Company can provide such loan or guarantee or security subject to compliances under the Act....

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Posted Under: DGFT |

ASK centres to not to accept ITRs for A.Y. prior to AY 2018-19 without verifying copy of notice

ITBA-ASK Instruction No. 6 (14/08/2018)

ASK centres under your charge not to accept ITRs for A.Y. prior to AY 2018-19 without verifying copy of notice / order u/s 119(2)(b), 139(9), 142(1), 148, 153A & 153C and applicability of Rule 12 of IT Rules....

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Is receipt equal to an invoice under GST Regime?

What does the Law say on Invoice/Receipt Voucher? Government have specifically issued CGST Rules, notifications and concerned laws while issuing an invoice. Few of the general core areas are mentioned below....

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Posted Under: DGFT |

Rajasthan VAT- Due date for filing VAT Return of Q1 of 2018-19 extended

No.F.26 (315) ACCT/MEA/2014/564 (14/08/2018)

The Rajasthan Govt has Extended the due date of Filing of Quarterly VAT Return for Q1 of 2018-19 to 15th September 2018 vide Notification dated-August 14, 2018...

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