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