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Archive: 17 August 2018

Posts in 17 August 2018

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

No need to report clause 30C (GAAR) & 44 (GST) of Revised 3CD Report till 31.03.2019

August 17, 2018 51879 Views 4 comments Print

Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred.

Insolvency and Bankruptcy Code (Second Amendment) Act, 2018

August 17, 2018 3546 Views 0 comment Print

Ministry of Law and Justice notifies Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 vide notification No. 26 of 2018 dated 17th August, 2018.

Educational Material on Ind AS 115, Revenue from Contracts with Customers

August 17, 2018 1422 Views 0 comment Print

The objective of Ind AS 115 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The core principle of Ind AS 115 is that an entity recognises revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Exposure Draft of ASLB 23, Revenue from Non-Exchange Transactions (Taxes and Transfers)

August 17, 2018 453 Views 0 comment Print

Keeping in view the significance and volume of non-exchange transactions in Government sector, the Exposure Draft of ASLB 23 is being issued which provide guidance on recognition & measurement principles and disclosure requirements in respect of revenue arising from non-exchange transactions in Local Bodies.

Know your General Insurance Rights

August 17, 2018 5844 Views 0 comment Print

Understand your general insurance rights and how to claim them. Learn about the importance of general insurance and how it can protect you from unforeseen losses.

DGFT Allows import of 125 MT of Peas (under Exim Code 07131000)

August 17, 2018 426 Views 0 comment Print

Allowing import of 125 MT of Peas (under Exim Code 07131000) or less (entire quantity as applied) per contract irrespective of advance payment made before 25.04.2018. Reference is invited to the Notification No. 04, dated 25.04.2018 and Trade Notice No. 19/2018-19, dated 05.07.2018, wherein it was provided that RAs shall issue Registration Certificate for quantity proportionate to the amount paid in advance by the importer before 25.04.2018.

Amendment of import policy condition of Petcoke

August 17, 2018 1059 Views 1 comment Print

S.O. (E): In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby, inserts chapter policy condition No.6 in Chapter 27 of ITC (HS) 2017, Schedule 1 (Import Policy):

GST Classification of Cargo Trolley used in for transportation of baggage

August 17, 2018 6513 Views 0 comment Print

In re Aakash Engineers (GST AAR Daman, Diu & DNH) Issue- Classification of Cargo Trolley, used to carry cargo from one place to another place, towable in nature and has solid tyre designed for transportation of baggage and light cargo with minimum payload. Held by GST AAR Daman, Diu & DNH We further note that […]

An Overview of GST Composition Scheme

August 17, 2018 13101 Views 3 comments Print

Goods and Services Tax (GST) introduced to the Indian economy to bring a new regime of business compliance by subsuming most of the indirect taxes such as excise, VAT, service tax etc. In order to minimize the tax compliances for Start-ups and Small and Medium Enterprises, the government has introduced the concept of Composition levy under GST.

No TDS on export commission to non-residents for services rendered outside India

August 17, 2018 11769 Views 0 comment Print

Where payment of commission on exports to non-resident was not taxable in India due to services rendered outside India, the same was not subject to TDS under section 195.

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