"15 August 2018" Archive

ICAI Election 2018: Draft List of Voters / Proposed Polling Booths

The members whose professional addresses are falling within the cities/towns shown in the List of proposed Polling Booths would be eligible to vote by poll at the polling centre shown in the List. ...

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Posted Under: CA, CS, CMA |

Governance of Insolvency Professional Agencies and Information Utilities

The IPAs have responsibility to develop and regulate the profession of IPs. They carry out quasi-legislative, executive and quasi-judicial functions. While they are public utilities and front-line regulators, they must compete with one another in terms of service rendered by their members acting as IPs....

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Posted Under: CA, CS, CMA |

AAAR on classifications of skin care preparations as Medicaments / Cosmetics

Akansha Hair & Skin Care Herbal Unit Pvt Ltd (GST AAAR West Bengal)

Akansha Hair & Skin Care Herbal Unit Pvt Ltd (GST AAAR West Bengal) The core issue involved in this appeal is whether Ayurvedic Products manufactured by the Appellant, are classifiable under Chapter 33, or any other Chapter, or as medicaments under Chapter 30 of the Tariff. Also Read AAR Ruling- Skincare preparations are medicaments f...

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Expense cannot be disallowed merely for not having direct bearing on earning

Loesche India Pvt. Ltd. Vs. Addl. CIT (ITAT Delhi)

Loesche India case: it is not necessary that all the payments/expenditure incurred by the assessee should have direct bearing on earning of income, but some payments are also made under certain business expediency...

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Revised guidelines for companies to facilitate claimant’s refund by IEPF Authority

MCA Vide its Notification No. 07/05/2017-IEPFA, dated July 19, 2018 has revised and updated the guidelines for the company to facilitate refund of claims by IEPF Authority in light of resubmission option provided in e-form IEPF-5....

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Posted Under: CA, CS, CMA |

UAE VAT- Important Definitions and their meaning

In the context of UAE VAT law Goods means physical property that can be supplied including real estate, water, and all forms of energy as specified in the Executive Regulation of this Decree-Law. ...

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Posted Under: CA, CS, CMA |

Recent amendments by DGFT in IEC registration process?

Export-import entities have been encountering numerous difficulties in the entire process of IEC registration and IEC modification due to, inter alia, technical glitches such as internet browser errors and disrupted browser settings of DSCs (digital signs). In order to cope with the abovementioned hitches, the Directorate General of Forei...

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Posted Under: CA, CS, CMA |

CBIC notifies due date for filing GSTR- 3B and GSTR-1 from July 2018 to March, 2019

Notification No. 34/2018 – Central Tax dated 10th August, 2018 On the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B of the said rules for each of the months from July, 2018 to March, 2019 shall be furnished electronically through the common portal, on or before the twentieth day of the […]...

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Posted Under: CA, CS, CMA |

An insight into GST Amendments as passed by Lok Sabha

On August 9, 2018 the Lok Sabha has passed the GST Amendment Bill, 2018. The Bill provides for more than 40 amendments to the GST Act. These amendments aim to simplify the GST law and to ensure administrative convenience for the Small and Medium Enterprises. These amendments shall come into force form such date as […]...

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Posted Under: CA, CS, CMA |

GST on services provided by one unit to other unit of same Company

Breaking the ice on much-debated taxability of inter-company supply of services in GST, the Hon’ble Authority for Advance Ruling, Karnataka while deciding the application filed by M/s Columbia Asia Hospitals Private Limited [Advance Ruling No. KAR ADRG 15/2018 dated July 27, 2018], has ruled that the activities performed by the employee...

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