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Archive: September, 2018

Posts in September, 2018

No separate category of ‘Commodity Derivatives Exchanges’ w.e.f. October 1, 2018

September 28, 2018 597 Views 0 comment Print

As per the amendments in Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 as notified on April 02, 2018 in the Gazette of India, there would be no separate category of ‘Commodity Derivatives Exchanges’ w.e.f. October 1, 2018.

PP Leno bags of woven PP fabric classifiable as Sacks & Bags under HSN 63053300

September 28, 2018 1614 Views 0 comment Print

In re RLJ Woven Sacks Pvt. Ltd (GST AAR West Bengal) ‘PP Leno Bags’, if specifically made from woven Polypropylene fabric using strips or the like of width not exceeding 5 mm and without any impregnation, coating, covering, or lamination with plastics, are to be classified under Tariff Sub Heading 63053300. FULL TEXT OF ORDER […]

Usance interest for delayed payment to holding company liable to TDS

September 28, 2018 3678 Views 0 comment Print

Usance interest paid for the delayed payment to its holding company was not any part of purchase price of goods and was interest within the definition of term ‘interest’ under section 2(28A), therefore, assessee was liable to withhold tax under section 195 from said payment.

Deduction allowable for Salary / interest to partners in computing undisclosed profit

September 28, 2018 4734 Views 0 comment Print

Where the partners of assessee firm were working partners entitled to salary and interest as per the partnership dead payment of such interest and salary was allowable in case best judgment assessment is made by AO.

Tax Audit Due Date Extension: Allahabad HC dismisses Appeal as infructuous

September 28, 2018 2190 Views 0 comment Print

Sri Mathur has placed before us an order under Section 119 whereby the due date has already been extended by this order till 15th October, 2018. In view of the above, it appears that the matter has become infructuous as it has lost its efficacy.

Tariff Notification No. 84/2018-Customs (N.T.) dated: 28.09.2018

September 28, 2018 984 Views 0 comment Print

Tariff Notification No. 84/2018-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver dated: 28th September, 2018 Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 84/2018-CUSTOMS (N.T.) New Delhi, 28th September, 2018 6 Asvina, 1940 (SAKA) S.O. […]

RBI releases Draft Directions on Prohibition of Market Abuse

September 28, 2018 438 Views 0 comment Print

Date : Sep 28, 2018 The Reserve Bank of India today released draft directions on Prohibition of Market Abuse. Comments on the draft directions are invited from market participants and other interested parties by October 31, 2018 Feedback on the draft directions may be forwarded to: The Chief General Manager, Reserve Bank of India Financial Markets Regulation […]

ITC on maintenance of township, guest house, hospital, horticulture in ordinary course of business

September 28, 2018 1578 Views 0 comment Print

In re National Aluminium Company Ltd. (GST AAR Odisha) Advance Ruling in respect of entitlement to take credit of input tax paid on various goods and services used for maintenance of applicant’s township, guesthouse, hospital, horticulture in its ordinary course of business. Establishment of hospitals and maintenance thereof may be for discharging the statutory obligation […]

GST ITC on maintenance of township, guesthouse, hospital, horticulture

September 28, 2018 15228 Views 0 comment Print

In re National Aluminum Company Limited (Nalco)- GST AAR Odisha Advance Ruling is sought in respect of entitlement to take credit of input tax paid on various goods and services used for maintenance of applicant’s township, guesthouse, hospital, horticulture in its ordinary course of business. Establishment of hospitals and maintenance thereof may be for discharging […]

GST on differential payment on Settlement, Washout or Closure of Cotton Purchase / Sale Contract

September 28, 2018 22950 Views 0 comment Print

In forward contracts in cotton sales, being settled with the other party to the contract by way of payment of the differential of forward rate and prevailing market rate on the settlement date, the same would be falling within the purview of ‘securities’ as defined in Section 2(101) of the CGST Act, 2017 and would therefore not be chargeable to GST.

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