"11 December 2018" Archive

360 degree analysis of Rule 43 of CGST Rules 2017

Determination and apportionment of input tax credit in respect of capital goods (Critical analysis of Rule 43 of Central Goods and Services Tax Rules, 2017) Input tax credit (the ITC) is the backbone of GST. In GST law as prevalent in India, on referring section 73 and section 74 of CGST Act, 2017 (the Act), […]...

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Solution for Problems faced by taxpayer for filing Profession Tax Return!

Employer whose tax liability exceeds Rs. 50000/- in the previous year are required to file monthly returns. Remaining tax payers have to file yearly return. Newly registered tax payers in any year are also required to file monthly returns in that year. For subsequent year, their periodicity depends on the tax payment of the previous year....

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Operationalization of “one-time default intimation” to Shipping Lines by DPD importers at JNCH -Reg

Public Notice No. 156/2018 (11/12/2018)

Various instances have been reported by the DPD importers wherein shipping lines were found to be moving the DPD containers to the CFSs of their own preference & not in accordance with the default stacking code shared to them through the CSLA. Movement of DPD containers to the CFSs other than the choice of the DPD importers may result in ...

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Companies with Zero Fees

Government has announced the incorporation of companies with zero fees and with simple procedures. Five procedures for starting a business are now integrated and can be done simultaneously. The ease of doing business policy of the government is in the form of these simple steps to form a company. RUN ( Reserve Unique Name) Reserving [&hel...

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Understanding The Applicability of NFRA Rules

Summary: National Financial Reporting Authority Rules, 2018 (NFRA Rules) notified by the MCA vide its Notification dated 13th November 2018, w.e.f 13th November 2018. The NFRA rules deal with the jurisdiction (scope), function, duties and powers of the NFRA. In this Article, we have covered applicability of the Rules and confusions among...

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Direct Tax Collections for F.Y. 2018-19 up to November, 2018

Gross collections at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last year The Provisional Figures of Direct Tax Collections up to November, 2018 show that gross collections are at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period...

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Due date of GST Annual Return / Audit extended to 31st March, 2019

Order No. 1/2018-Central Tax (11/12/2018)

every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December f...

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Part delivery of DPD consignment selected for scanning – reg

Public Notices No. 155/2018-JNCH (11/12/2018)

As per Public Notice 161/2016 an undertaking had to be produced by DPD importers in case of part delivery. It has been decided that henceforth only importers having manufacturing facilities (manufacturer importers) can avail the facility of part delivery on submission of an undertaking as per the procedure laid down in PN 47/2007, dated 0...

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Compliance track for NC Debentures & NC Redeemable Preferences Shares of Listed Entities

SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015: Compliance track for ‘Debt Listed Entities’: Chapter V of SEBI(LODR) Regulations 2015 prescribes the obligations for those Listed Entities which has listed its “Non-Convertible Debt Securities and Non-Convertible Redeemable Preferences Shares” A. Ann...

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CBDT notifies Special Courts under Black Money Act for West Bengal & Andaman and Nicobar Islands

Notification No. 87/2018-Income Tax [S.O. 6141(E)] (11/12/2018)

Special Courts for the purposes of sub-section (1) of section 280A of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 within their respective jurisdiction in the State of West Bengal and in the Union Territory of Andaman and Nicobar Islands....

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