"02 November 2018" Archive

Companies to comply with Trade Receivables Discounting System platform

S.O. 5621(E) 02/11/2018

Central Government instruct companies with a turnover of more than Rs. 500 crore and all Central Public Sector Enterprises to get themselves onboarded on Trade Receivables Discounting System platform...

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Half Yearly Reporting of payment to MSMEs after 45 days

S.O. 5622(E) 02/11/2018

Central Government hereby directs that all companies who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty five days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of the Act, shall submit a...

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Synopsis on Sarfaesi Act Vs Insolvency and Bankruptcy code, 2016

Introduction Introduction of INSOLVENCY AND BANKRUPTCY CODE, 2016 has done away with overlapping provisions contained in The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, (SARFAESI ACT) 2002. Let’s distinguish between both Acts. SARFAESI Act The Securitisation and Reconstruction of Fina...

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Posted Under: Corporate Law |

GST RFD-01A- Filing of Refund Application on Account of Assessment/Provisional assessment/ Appeal/ Any Other Order

The GSTN has introduced the new RFD-01A form for Filing of Refund Application on Account of Assessment/Provisional assessment/ Appeal/ Any Other Order. In these article we will see the detailed analysis related to the Refund form, Rules and how to file the refund form online....

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Posted Under: Corporate Law |

Applicability of TCS under GST & it’s impact on E-commerce

The TCS & TDS provisions which were deferred has become applicable w.e.f from 01st October 2018. Hence the notified persons would be required to deduct TDS & collect TCS on transaction under GST....

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Posted Under: Corporate Law |

Maharashtra Tax on Lotteries Act, 2006 is Constitutionally valid

Sri Mangal Murty Marketing Vs State of Maharastra (High Court Bombay)

Sri Mangal Murty Marketing Vs State of Maharastra (High Court Bombay) As a result, perusal of the Lotteries (Regulation) Act 1988 only regulates the lotteries and the Regulation is in form of the stipulation of terms and conditions when the Government organizes, conduct or promotes a lottery. The intention of the Parliament in introducing...

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How to claim GST Refund if no specific refund application available in refunds section

Article explains When the refund application on account of Any Other ground of reason can be filed? What are the relied upon documents which I have to upload with refund application on account of excess payment of tax? To whom should I file my application with?...

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Posted Under: Corporate Law |

Interest income from money lending activities is business income despite non-registration of assessee as NBFC

Soham Securities Ltd. Vs ITO (ITAT Ahmedabad)

Interest income earned by assessee engaged in money lending in a systematic manner had to be taxed as business income in spite of the fact that assessee was not having registration with RBI as NBFC....

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Total APAs entered into by CBDT increases to 244

Total number of APAs entered into by the CBDT has gone up to 244, which includes 220 UAPAs and 24 BAPAs. It is noteworthy that one of the UAPAs signed in October is a renewal application and the same has been concluded in a time span of only 7 months....

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Posted Under: Corporate Law |

Online issuance of RCMC by EPCs & its uploading on DGFT server

Trade No. 37/2018-19 02/11/2018

F.No.01/93/180/08/AM-19/PC-2(I3)/E-11168 Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhavan, New Delhi Dated the: 02/11/ 2018 TRADE NOTICE NO. 37/2018-19 To All EPCs Subject:- Online issuance of RCMC by EPCs and its uploading on the DGFT server reg. This has refer...

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