"January, 2019" Archive

First Time Amendments in CGST and IGST Act, 2017

COMPREHENSIVE ANALYSIS UPDATED WITH THE AMENDMENTS IN THE RULES Vide CGST (Amendment) Act, 2018 as well as IGST (Amendment) Act, 2018; CGST Act, 2017 as well as IGST Act, 2017 have been amended respectively for the first time since the implementation of GST in our Country. Present write-up is an attempt to analyze the said […]...

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Where to show nil rated supply in GSTR-1

Suppose registered dealer A has sold goods worth Rs. 100000/- to registered dealer B. The category of goods is nil rated. Now as law, it should be shown in Table 8. If it is shown here then it is shown here as consolidated figure for the period for one month or three month as the case may be. No details regarding GST registration number...

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Extension of time to submit declaration in Form GST TRAN-1 to 31.03.2019

Order No. 01/2019-GST (31/01/2019)

Commissioner hereby extends the period for submitting the declaration in FORM GST TRAN-1 till 31st March, 2019, for the class of registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal and whose cases have been recommended by the Council....

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Ombudsman Scheme for Digital Transactions, 2019 – FAQs

The Reserve Bank of India has introduced an Ombudsman Scheme for Digital Transactions, 2019 (the Scheme). It is an expeditious and cost-free apex level mechanism for resolution of complaints regarding digital transactions undertaken by customers of the System Participants as defined in the Scheme. The Scheme is being introduced under Sect...

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RBI Ombudsman Scheme for Digital Transactions, 2019

Ref. CEPD. PRS. No. 3370/13.01.010/2018-19, Press Release: 2018-2019/1802 (31/01/2019)

 RESERVE BANK OF INDIA The Reserve Bank introduces Ombudsman Scheme for Digital Transactions As announced in the Monetary Policy Statement of December 5, 2018, the Reserve Bank of India (RBI) today launched the Ombudsman Scheme for Digital Transactions (OSDT) vide Notification dated January 31, 2019 for redressal of complaints against Sy...

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Imports of PUF panels/doors for chilled rooms/cold storages under EPCG Scheme

Public Notice No. 71/2015-20-DGFT (31/01/2019)

Imports of PUF panels/doors for chilled rooms/cold storages for storage of fresh fruits and vegetables are allowed under the EPCG Scheme....

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Export Policy for Export of bio fuels from EOU/ SEZ / DTA Reg.

Trade Notice. 44/2018-19-DGFT (31/01/2019)

Trade and industry are informed that export of bio fuels for non-fuel purposes from EOU/SEZ will be regulated as under:- (i) The export would be in accordance of the para 6.01 of FTP for EOU and / or Rule 26 of SEZ Rules, 2006 (for SEZ units);...

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Relief in average export obligation in terms of Para 5.19 of HBPs

Policy Circular No. 18/2015-20 (31/01/2019)

The Regional Authorities, while considering requests of discharge of Export Obligation, will ensure that in case of shortfall in Export Obligation fulfillment, the Policy Circulars earlier issued in terms of Para 5.11.2 of HI3P 2009-14 and Para 5.19 of Hand Book of Procedure of FTP 2015-20 are also considered before issuance of the demand...

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2019

Notification No. FEMA. 20(R) (6)/2019-RB (31/01/2019)

These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2019....

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Major GST Amendments applicable w.e.f. 01-02-2019

1. Upper limit of turnover for opting of composition scheme shall be raised from Rs. 1 Cr to Rs. 1.5 Cr. 2. A Composite dealer (in goods) shall be allowed to supply services (other than restaurant services), for a value not exceeding - ...

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