"18 August 2018" Archive

PHISHING – Awareness would be a key to save any financial loss

Phishing comes from the word FISHING which essentially means to trap someone into a fake identity by using either fake website, links or via spearing etc. This is one of the major areas which need awareness and at the same time it is really crucial for all FORENSIC ACCOUNTANTS to understand the concept who go for any kind of financial inv...

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Posted Under: CA, CS, CMA |

Letters of Credit (LC): Basic Concepts – Part I

A letter of credit is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. ...

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Posted Under: CA, CS, CMA |

Big Relief to 100% EOU on account of Waiver of Bank Guarantee for Imports

It has been noticed that the customs department was insisting to furnish the Bank Guarantee from 100% EOU units by virtue of circular no. 48/2017 Customs dated 8th Dec 2017. However, Foreign Trade Policy 2015-20 provides reverse view as below. “Unit will not be required to furnish bank guarantee at the time of import or […]...

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Posted Under: CA, CS, CMA |

Tax-treatment of share of a company in income of an AOP

An Opinion was sought by a company relating to the tax-treatment of its share of income in an association of persons (AOP). Presently, a trend is visible in the Indian business circles, where certain entities including companies undertake big infrastructure jobs, etc. through the medium of a joint venture (JV) with other entities. In othe...

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Posted Under: CA, CS, CMA |

GST Rate applicability on Rakhi

In earlier regime of Indirect Taxes, Rakhis were called Raksha Sutra or Kalava (like sacred Hindu threads Moli) and its HSN code or local VAT Code was given accordingly. After GST, shopkeepers were clueless about the code that should be on rachis....

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Posted Under: CA, CS, CMA |

18% GST Payable on Laterals of sprinklers such as clamps, bends, tee, coupler, bush, foot button etc.

In re M/s Smita Gupta (Viney Irrigation) Jaipur (Raj) (GST AAR Rajasthan)

In re M/s Smita Gupta (Viney Irrigation) (GST AAR Rajasthan) Issue- Classification of any goods or services or both;  Whether the laterals such as clamps, bends, tee, coupler ,bush  which form part of an Sprinkler System or Drip Irrigation System shall form part of Entry No. 195B of schedule II of Notification No. 01/2017 dated 28.06.2...

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GST on supply, installation, commissioning and maintenance of Solar Water Pumping Systems

In re M/S Tag Solar System (GST AAR Rajasthan)

In re M/s. Tag Solar System (GST AAR Rajasthan) Whether Supply, Commissioning, Installation and maintenance of Solar Water Pumping System would attract 5% GST and if such transaction is Work Contract. Further, if the applicant can raise sepertae bills for Supply of goods and Supply of Services. Held by AAR 1. As per the statement of [&he...

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Duty free clearance of materials imported for Flood Relief in Kerala

Public Notice No. 10/2018 18/08/2018

CBIC is receiving numerous requests regarding procedure for duty free clearance of materials imported for relief and rehabilitation of people affected by floods in Kerala....

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Register / Track PAN Card Related Complain / Status

Register and Track your PAN Card Related Complain online and Track Status - Income Tax Department has started a website namely Sparsh India to help Assessee to Register their complain related to PAN Card applied through NSDL or UTIISL and they can also check the status of their grievance online. Nature of Complain may be any of the fo...

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Briefing about Restaurant Service under GST Regime

Definition A full service restaurant is defined as a sit down eatery where food is served directly to the customers’ table. These establishments may sell alcoholic beverages; provide takeout, delivery or present live entertainment. The term “full service” can encompass anything from a family-style eatery to an elegant restaurant; fr...

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Posted Under: CA, CS, CMA |

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