"06 December 2018" Archive

Advance Ruling under GST – Is it worth exploring?

The introduction of Goods and Service Tax (‘GST’) from 1 July 2017 was a biggest tax reform in India since independence as GST had subsumed majority of key indirect taxes which were there in system since decades. GST has also made substantial change not only on taxability of the goods/ services, but also the time when the same would ...

Read More

Customs Rate of Exchange of Foreign Currency wef 07.12.2018

Notification No. 96/2018-Customs (N.T.) (06/12/2018)

Customs Rate of Exchange of Foreign Currency Conversion wef 07.12.2018 notified vide Notification No. 96/2018 – Customs (N.T.) dated 6th December, 2018. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 96/2018-Customs (N.T.) New Delhi, dated the 6th Dece...

Read More

Taxation of pension

People working in government services or those working with government departments get pensions after retirement from their services additionally people who have contributed towards Employee Provident Fund (EPF) also get pension under Employee Pension Scheme (EPS), 1995. Even after the death of the employee their family members are also e...

Read More

“Board Meeting Compliance’s – An Overview”

Board Meeting:  A meeting of the board of directors of a company at which the policy of the Company and major decisions as to its future actions are discussed. The powers of the board are usually set out in the company’s Articles of Association (AOA). Frequency of Board Meetings (u/s 173 of CA, 2013 & SS-1) […]...

Read More

Exposure Drafts of Guidance Note on Audit of Banks 2019 Edition

This year also, the Board is in the process of bringing out the Guidance Note on Audit of Banks 2019 edition. It may be noted that this year, the Guidance Note has been divided into 3 separate Guidance Notes dealing with (1) Statutory Central Audit, (2) Foreign Exchange Transactions and Integrated Treasury, and (3) Bank Branch Audit other...

Read More

Revised All Industry Duty Drawback Rates applicable from 19 Dec. 2018

CBIC notifies Revised All Industry Duty Drawback Rates Schedule applicable w.e.f. 19 Dec. 2018, vide Notification No. 95/2018 Customs (NT) dt. 6 Dec. 2018 Government Of India Ministry Of Finance (Department Of Revenue) Notification No. 95/2018-CUSTOMS (N.T.) New Delhi, the 6 December, 2018 G.S.R. (E). – In exercise of the powers conferr...

Read More

Errata to Public Notice No. 50/2015-2020 dated 26th November, 2018

Public Notice No. 57/ 2015-20 (06/12/2018)

Errata to Public Notice No. 50/2015-2020 dated 26th November, 2018 notifying procedure for allocation of quota for import of (i) Calcined Pet Coke for use as Calcined Pet coke (CPC) in Aluminium Industry and (ii) Raw Pet Coke for CPC manufacturing industry....

Read More

Clarification on Customs & Central Excise notifications related to EOUs

Circular No. 50/2018-Customs (06/12/2018)

EOU/EHTP/STP/BTP schemes are governed by Chapter 6 of Foreign Trade Policy (FTP), duly supported by the relevant Customs and Central Excise notifications. These notifications have now been amended in order to align them with the present Foreign Trade Policy (FTP), 2015-2020, as amended...

Read More

FAQ’s on Form GSTR – 9C (GST Audit Report)

Q 1. Are the accounts maintained by the registered taxable person required to be audited by a Chartered Accountant/Cost Accountant under GST? Ans. It has been stated in the law that every registered person whose aggregate turnover during a financial year exceeds the prescribed limit of Rs. 2 Crore, shall get his accounts audited by [&hell...

Read More

ITR Processing or Assessment in Fraudulent PAN/TAN cases: SOP

ITBA - Assessment Instruction No 10 (06/12/2018)

. The suspected fraud cases are being reported to CPC-ITR, Bengaluru by CPC-TDS and various field formations. Such suspected cases are broadly classified in two categories i.e (i) Suspected Fraud PANs (ii) PANs linked with the suspected fraud TANs. ...

Read More

Featured Posts