"September, 2018" Archive - Page 7

Cabinet approves increasing of Govt ownership in GSTN to 100%

Cabinet approves increasing of Government ownership in Goods and Services Tax Network and change in the existing structure with transitional plan...

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Income tax offices to remain open on 29 & 30th Sep 2018 in North West Region

F.No. Pr.CC/ CHD/CB-II & III/Misc/2018-19/839 28/09/2018

In view of the Time Barring matters, all the officers/officials of Income Tax Department, North West Region are being informed that the Income Tax Offices shall remain open and the receipt counters shall also work during normal office hours on 29.09*2018 [Saturday] and 30.09.2018 (Sunday)....

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Dir 3 Kyc – Practical Aspects

Most of the Stakeholders have complied with DIR 3 KYC Guidelines and some of the Stakeholders are in the process of uploading the form. Most of the Stakeholders successfully uploaded form . However various Practical difficulties must have been faced by some of them. ...

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Tax Benefits in respect of rent paid, PPF & National Pension System

Generally Salaried are entitled to various tax benefits and investment avenues to save tax which are not available to self employed. However the government has tried to do the balancing act at some places by providing tax benefits/investment avenue to self employed as well which are not identically similar but are somewhat similar. Let us...

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Sarfaesi Act: Role & Powers of District / Chief Metropolitan Magistrate

Amendment to SARFAESI Act introduced in 2013 brought out certain changes in the Act wherein under section 14 compulsory filing of an affidavit by the secured creditor through their Authorised Officer with the District Magistrate / Chief Metropolitan Magistrate, as the case may be, to take possession of the secured assets is introduced....

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Govt. should provide easy, non expensive process to boost Cashless system

The Government has rightly decided to popularise Net banking in order to minimise cash transactions. The idea is laudable, as it will motivate all, particularly limited income group. But if the government is serious in its intention in needs to remove a few hitches which is hampering this process....

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Nil import duty on parts/ components of specified textile machinery

Notification No. 72/2018-Customs 28/09/2018

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and subsection (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments i...

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Import duty exemption on specified goods for use in manufacture of specified goods

Notification No. 71/2018-Customs 28/09/2018

Seeks to further amend notification No. 25/2002-Customs, dated the 1st March, 2002  to provide Import duty exemption on specified goods for use in manufacture of specified goods Government of India Ministry of Finance (Department of Revenue) Notification No. 71/2018-Customs New Delhi, the 28th September, 2018 G.S.R.943(E).– In exe...

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GST Annual Return – Time has come for First Annual Return

An annual return under GST has to be filed once in a year by the registered taxpayers including those registered under composition levy scheme. All the registered taxable persons under GST must file GSTR-9. However, following persons are not required to file Annual GST Return (GSTR 9) Casual Taxable Person Input service distributors Non-...

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TCS by e-commerce operators on inter-Union Territory taxable supplies

Notification No. 13/2018-Union Territory Tax [G.S.R. 941(E)] 28/09/2018

Every electronic commerce operator, not being an agent, shall collect an amount calculated at a rate of one per cent. of the net value of inter-Union Territory (without legislature) taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by the said operator. MINISTRY OF...

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