"15 October 2018" Archive

HC declines to direct CBIC to allow rectification of GST–Tran1 already filed

Jay Chemical Industries Limited Vs Union Of India (Gujarat High Court)

Jay Chemical Industries Limited Vs Union Of India (Gujarat High Court) While the entire tax structure within the country was thus being replaced by a new framework, it was necessary for the legislature to make transitional provisions. Section 140 of the CGST Act, which is a transitional provision, essentially preserves all taxes paid or...

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Reg. Anti-dumping duty on the import of Phthalic Anhydride

Notification No. 52/2018-Customs (ADD), 15/10/2018

Seeks to not to continue levy of anti-dumping duty on the import of Phthalic Anhydride, originating in or exported from Korea RP, Taiwan and Israel which was levied by rescind Notification No. 58/2012-Customs (ADD) dated 24th December, 2012. NOTIFICATION No. 52/2018-Customs (ADD) Dated: 15th October, 2018...

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Interest u/s 234A despite due date extension: HC issue Notice to CBDT

Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court)

Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) As far as prayer no.1 of the petitioner-association for issuance of a mandamus to the respondents to extend the “Due Date” of filing of Income Tax Return of Tax Audit Cases from 15.10.2018 to at least up to 31.10.2018 or such other date is concerned, [&hel...

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Procedure for Right Issue of Shares with Relevant Formats

Background- As per Section 62(1) of the Companies act, 2013 if the Company decides to issue fresh shares, these should be offered to existing shareholders in proportion to existing persons who are holders of equity shares. ‘Right Issue’ means offering shares to existing members in proportion to their existing share holding. The object...

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Reduction in share capital under Companies Act, 2013

Procedure For Reduction Of Share Capital Under Section 66 Read With NCLT (Procedure For Reduction Of Share Capital) Rules, 2016 i. Convene a Board Meeting to approve the reduction of share capital and fixing the date of general meeting of the company. ii. Hold the general meeting and have the Special Resolution passed. iii. File […...

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GST on Renting of buses to Municipality for passenger transportation

In re SST Sustainable Transport Solutions India Private Limited (GST AAR Maharashtra)

In re SST Sustainable Transport Solutions India Private Limited (GST AAR Maharashtra) Applicant is rendering services to NMC by way of giving out on rent/hire, Buses which are further used by NMC for transportation of passengers. Such renting of Buses by the applicant squarely falls under Sr. No. 10, Heading No 9966 sub clause (ii) [&hell...

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Procedure for payment of stamp duty on shares

PROCEDURE FOR SUBMISSION OF STAMP DUTY: A. First Company will Allot Shares. B. Company will issue Share Certificates within 60 days of Allotment of Shares. C. PREPARE DOCUMENTS: After issue of shares, Stamp duty shall be paid to the exchequer of government within 30 (Thirty) days from issue of Share Certificates. Following documents shall...

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Notification No. 86/2018-Custom (N.T.), Dated: 15.10.2018

Notification No. 86/2018-Custom (N.T.) 15/10/2018

Notification No. 86/2018-CUSTOMS (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India...

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GST Raavandahan: 10 Burning Issues of GST

Following are the major 10 Burning Issues under GST: The September 2018 GST Return, The Annual GST Return, GSTR 2A, Reversal of Credit, Extra Tax payment in Cash Ledger, Composition Scheme- purchase reporting, Issues of GSTR 3B, Issues of GSTR 1, Taxation of Agricultural Commission agent and Joint Development Agreement and Trans 1 issues...

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Guidelines to handle/store valuable goods seized/confiscated by Customs

Instruction No. 17/2018-Customs 15/10/2018

The packages containing the valuables should be bar coded so as to ensure correct inventorisation and tallying of packages at the time of handing over/taking over etc. The 'e-malkhana' system of Delhi Customs could be adopted by other formations....

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June 2021