"13 November 2018" Archive

MCA notifies National Financial Reporting Authority (NFRA) Rules, 2018

G.S.R. 1111(E) (13/11/2018)

MCA has notified the National Financial Reporting Authority (NFRA) Rules, 2018, which inter-alia includes provisions relating to Classes of companies to be governed by NFRA along with its Functions and duties, ICAI to Recommend and NFRA to monitor and enforce compliance of accounting/ auditing standards. Besides, NFRA has been empowered t...

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Companies (Registered Valuers and Valuation) Fourth Amendment Rules, 2018

G.S.R (E). (13/11/2018)

MCA vide its notification dated 13 November 2018  notified Companies (Registered Valuers and Valuation) Fourth Amendment Rules 2018. Companies (Registered Valuers and Valuation) Fourth Amendment Rules, 2018 will come into force on the date of their publication in the Official Gazette. Government of India Ministry of Corporate Affairs Not...

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GST on services provided under ICT @ School Project

In re Telecommunication Consultants India Ltd (GST AAR Odisha)

In re Telecommunication Consultants India Ltd (GST AAR Odisha) Whether the services provided by the Applicant to the Government and government aided higher secondary schools under the ICT Project, are covered under the scope of Entry No. 72 of Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 a) Recipient of the service OKCL is...

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GST on custom milling of paddy with transportation of rice & usage of gunny bags

In re Taranjeet Singh Tuteja & Brothers (GST AAR Chhattisgarh)

In re Taranjeet Singh Tuteja & Brothers (GST AAR Chhattisgarh) Tax liability in the business of job work activity of custom milling of paddy involving milling activity, transportation of rice and usage charges of gunny bags. Applicant has been allotted the principal job work of Custom Milling of Paddy for manufacturing of rice, along ...

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GST payable on amortised cost of tools which are re-supplied back for free

In re Nash Industries (I) Pvt Ltd. (GST AAR Karnataka)

The amortised cost of tools which are re-supplied back to the applicant free of cost shall be added to the value of the components while calculating the value of the components supplied as per the Section 15 of the CGST / SGST / IGST Act 2017....

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GST on long duration post graduate diploma/ degree granting programmes by IIM, Bengaluru

In re M/s Indian Institute of Management (GST AAR Karnataka)

Whether the long duration post graduate diploma/ degree granting programmes offered by the Indian Institute of Management, Bengaluru other than specifically mentioned in Sl.No.67 of Notification No. 12/2017 - Central Tax (Rate) dated 28th June 2017 as amended by Notification No. 2/2018 dated 25th January 2018 are exempted from the GST out...

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Guidelines for Enhanced Disclosures by Credit Rating Agencies (CRAs)

Circular No. SEBI/HO/MIRSD/DOS3/CIR/P/2018/140 (13/11/2018)

SEBI, vide Circular dated November 01, 2016, had prescribed the standard format for press release regarding rating action by CRAs. While CRAs are required to monitor and analyse the relevant factors that affect the creditworthiness of an issuer and discuss the same in the rating notes considered by the rating committee for assignment of r...

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Rounding Off Railway Fares Prima Facie Abuse of Dominance: CCI

Mr. Meet Shah Vs Union of India, Ministry of Railway (Competition Commissioner of India)

Mr. Meet Shah Vs Union of India, Ministry of Railway (Competition Commissioner of India) Railway and IRCTC (Opposite Parties) have not been able to convince the Commission as to why the policy of rounding off of actual base fares to the next higher multiple of Rs.5 is applicable to the sale of online tickets, when […]...

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Uploading of Licenses/Permits/Certificates/Other Authorizations (LPCOs) by PGAs

Circular No. 44/2018-Customs (13/11/2018)

It is proposed to introduce a facility to upload digitally signed Licenses / Permits / Certificates / Other Authorizations (LPCOs) by Participating Government Agencies (PGAs) on eSANCHIT at all ICES locations across India from 16.11.2018. ...

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Process of Acceptance of TDS Credit by Deductee under GST

Section 51 of the CGST/SGST Act 2017, Section 20 of the IGST Act, 2017, Section 21 of the UTGST Act, 2017 provide for Tax Deduction at Source( TDS) . GST Council in its 28th Meeting held on 21-07-2018 recommended the introduction of TDS From 01.10.2018....

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