"05 October 2018" Archive - Page 4

Reward scheme for informers of GST / Custom Duty evasion amended

Circular No. 36/2018- Customs 05/10/2018

Consequent to the introduction of GST, a need was felt to include recovery in cases under CGST and IGST Acts under the Reward Guidelines to ensure their parity with cases booked under the Customs Act, NDPS Act, Service Tax and Central Excise References were also received in the Board to treat officers of other Government agencies, who pla...

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Govt extends tenure of National Committee for Promotion of Social and Economic Welfare

Notification No. 02/2018-Income Tax [S.O. 5160(E)] 05/10/2018

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 5th October, 2018 S.O. 5160(E).—Whereas in exercise of the powers conferred by section 35AC of the Income-tax Act, 1961 (43 of 1961) read with rule 1 1G of the Income Tax Rules, 1962, the Central Government constituted the National Committee for Promotion of Social...

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RBI releases Discussion Paper on ‘Voluntary Retention Route’ (VRR) for investment by FPIs

‘Voluntary Retention Route’ (VRR) for investment by FPIsPress Release : 2018-2019/806 05/10/2018

Reserve Bank of India today released a discussion paper on ‘Voluntary Retention Route’ (VRR) for investment by FPIs. Comments on the discussion paper are invited from market participants and other interested parties by October 19, 2018. Feedback on the discussion paper may be forwarded to: The Chief General Manager, Reserve Bank of ...

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CA held guilty of Misconduct for failure to exercise due diligence

Mahavir Jain Vs Disciplinary Committee (Appellate Authority)

Mahavir Jain Vs Disciplinary Committee (Appellate Authority) 1. This Appeal has been filed by the Appellant before this Authority against the Order dated 7th November, 2017 passed by the Disciplinary Committee (Bench-I) of the Institute of Chartered Accountants of India under Section 21B (3) of the Chartered Accountants Act, 1949 read wi...

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Foreign embassies to comply CGST notifications to claim compensation cess refund

Circular No. 68/42/2018-GST 05/10/2018

Representations have been received by the Board regarding the entitlement of UN and specified international organizations, foreign diplomatic mission or consular posts, diplomatic agents and consular offices post therein to refund of Compensation Cess payable on intra-State and inter-State supply of goods or services or both received by t...

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MCA extends last date of filing annual return to Dec 31, 2018 in Kerala

General Circular No. 09/2018 05/10/2018

It has been decided to relax the additional fees payable to companies having registered office in the State of Kerala on e-forms AOC-4, AOC (CFS) AOC-4 XBRL and e- Form MGT-7 upto 31.12.2018, wherever additional fee is applicable....

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Procedure for Registration of TDS deductor in GST with explanation

TDS stands for Tax Deduction at Source (TDS).It facilitates sharing of responsibility of tax collection between the deductor and the tax administration. It also ensures regular inflow of cash resources to the Government. It acts as a powerful instrument to prevent tax evasion and expands the tax net, as it provides for the creation of [&h...

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Posted Under: Custom Duty |

Ocean Freight under GST

1) What is Ocean Freight transport? Ocean Freight transport is the physical process of transporting commodities and merchandise goods and cargo through shipping line. Ocean freight under GST A) CIF (Cost, insurance, freight) basis: If goods imported by importer, without any separate charges of transportation (because supplier or exporter ...

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Posted Under: Custom Duty |

Need for amending Section 116 and Rule 83 of CGST Law

there is an utmost need to AMEND the Sub-section (2) of Section 116 of the GST Act, to ADD therein, another category like Practicing Income Tax Practitioners, with the addition of words, which are to read as any Income Tax Practitioner, who hold a ‘Certificate to Practice’ and who has not been barred from practice...

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Posted Under: Custom Duty |

Annual Return under GST

Format for Annual GST Return Government notified Form GSTR 9 for registered persons and GSTR 9A for persons opting composition scheme. Every registered person whose aggregate turnover during a financial year exceeds Rs. 2 Crores shall get his accounts audited and he shall furnish a copy of audited annual accounts and a reconciliation sta...

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Posted Under: Custom Duty |

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