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Archive: 15 November 2018

Posts in 15 November 2018

Customs Rate of Exchange of Foreign Currency Conversion wef 16.11.2018

November 15, 2018 1188 Views 0 comment Print

Customs Rate of Exchange of Foreign Currency Conversion wef 16.11.2018 notified vide Notification No. 93/2018 – Customs (N.T.) dated 15th November, 2018.

Section 234B / 234C interest on income arising from retrospective operation of any statute, decision etc.

November 15, 2018 1170 Views 0 comment Print

Imposition of interest is justified under sections 234B and 234C of the Income Tax Act, 1961, save and except on the income which arises from retrospective operation of any statute, decision etc.

Disclosures of commodity risks & risk management activities by listed entities

November 15, 2018 3330 Views 1 comment Print

Regulation 34(3) read with clause 9(n) of Part C of Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations) mandates listed entities to make disclosures regarding commodity price risk and hedging activities in the Corporate Governance Report section of the Annual Report of a listed entity.

RTGS System – Implementation of Positive Confirmation

November 15, 2018 3087 Views 0 comment Print

This document outlines the process flow for electronic credit acknowledgement message (camt.059) to the remitter bank by the beneficiary bank after successful credit to the beneficiary account.

Notification No. 92/2018-Customs (N.T.) Dated: 15.11.2018

November 15, 2018 804 Views 0 comment Print

Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 92/2018-CUSTOMS (N.T.) New Delhi, 15th November, 2018 S.O. … (E).– 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, […]

Clarification on certain issues related to GST refund in Maharashtra

November 15, 2018 3276 Views 0 comment Print

Trade Cir. No. 34T of 2018 explains on Status of refund claim after issuance of deficiency memo and recredit of electronic credit ledger and Allowing exporters who have received capital goods under EPCG to claim refund of IGST paid on exports. Also Read-Processing of refund under the GST in Maharashtra Office of the Commissioner of […]

Kerala State Goods And Services Tax (Amendment) Ordinance, 2018

November 15, 2018 1947 Views 0 comment Print

This Ordinance may be called the Kerala State Goods and Services Tax (Amendment) Ordinance, 2018. During the period of operation of this Ordinance, Kerala State Goods and Services Tax Act, 2017 shall have effect subject to amendments specified in sections 3 to 32.

Once basis of addition is not sustainable than direction for further enquiry U/s. 263 not sustainable

November 15, 2018 1281 Views 0 comment Print

Mukand Sumi Metal Processing Limited Vs PCIT (ITAT Mumbai) Provisions of section 56(2)(viib) invoked in the notice u/s. 263 by the ld. CIT is not applicable to the assessee company. As the assessee company was falling under section 2(18) of the Income Tax Act, 1961 being a company in which public are substantially interested. This […]

GST paid under one Head can be adjusted under another head: HC

November 15, 2018 23340 Views 0 comment Print

Saji S. Vs. Commissioner, State GST Department (Kerala High Court at Ernakulam) The petitioner, who is the consignee and transporter, insists that the consignor paid the tax and penalty under that only based on the ASTO’s directions. But the fact remains that the remittance must have been under the head ‘IGST’. So the authorities have […]

Release Goods detained pending adjudication on compliance of GST Rules: HC

November 15, 2018 942 Views 0 comment Print

Proper officer was directed to duly complete the pending adjudication provided under section 129 of Kerala GST Act, 2017 and was also directed that if assessee had complied with rule 140(1) of the Kerala GST Rules, 2017, the goods detained shall be released to it.

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