"02 January 2019" Archive

Cabinet approves first-ever three way merger in Indian Banking

G.S.R. 2(E) (02/01/2019)

Cabinet approves first-ever three way merger in Indian Banking with amalgamation of Vijaya, Dena and Bank of Baroda The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the scheme of amalgamation for amalgamating Bank of Baroda, Vijaya Bank and Dena Bank, with Bank of Baroda as the transferee bank and Vijaya Bank [&...

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5 Factors That Should Affect Your Decision of Buying a Term Plan Online

The central idea behind purchasing term insurance is to safeguard your family against future financial contingencies in the event of any eventuality.  Therefore, if you happen to purchase a term plan that is poorly chosen, the decision often proves worthless when the time comes since you hadn’t evaluated your requirements before buying...

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Posted Under: Corporate Law |

Transfer and posting of the officers in the grade of JCIT / Additional CIT

Office Order No. 03 of 2019 (02/01/2019)

Office Order No. 03 of 2019 The following transfer/postings of the officers in the grade of Joint Commissioner/Additional Commissioner of Income Tax. are hereby ordered with immediate effect and until further orders:...

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CGST (Amendment) Act, 2018- Clarification on Transitional Credit

Circular No. 87/06/2019-GST (02/01/2019)

The CENVAT credit of service tax paid under section 66B of the Finance Act, 1994 was available as transitional credit under section 140(1) of the CGST Act and that legal position has not changed due to amendment of section 140(1) on account of following reasons:...

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Aadhaar and Other Laws (Amendment) Bill, 2018

Bill No. 261 of 2018 (02/01/2019)

THE AADHAAR AND OTHER LAWS (AMENDMENT) BILL, 2018 A BILL to amend the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 and further to amend the Indian Telegraph Act, 1885 and the Prevention of Money-laundering Act, 2002....

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CBIC releases 44 GST Notification / Circular / Order on 31.12.2018

GST Council has made several recommendations related to GST Rate Reduction on Good and Services, Late Return Filing Fees Waiver, Extension of Due date of GST Return Filing, Simplification of Annual GST Return and to provide clarification related to GST on Various Services in its 31st GST Council Meeting held on 22nd December 2018. To [&he...

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Questioning present system of GST paid by Housing Societies/ Apartment Owners Associations

GST is presently being paid by Apartment Owners’ Associations on the monthly contributions collected and not on the value of services actually provided which is an anomaly and according to the author not as per the GST Act. . Registered AOAs unless they ar e NPOs cannot obtain the benefit of Sl No 70 of exemption notification No 12/2017...

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Posted Under: Corporate Law |

Procedure & Eligibility for Reimbursement of GST Under Seva Bhoj Yojna

The Ministry of Culture has introduced a Central Sector financial assistance scheme called the„ SEVA BHOJ YOJNA‟ for the reimbursement of GST paid on the purchase of certain raw food items such as ghee, edible oil, atta/ maida/rava/flour and pulses used for distributing free food to general public/devotee by charitable/religious insti...

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Posted Under: Corporate Law |

GST on Healthcare Services

In a recent article in the leading national daily, it was brought to our notice that the hospitals are getting GST notices for implants and the details of medicines and implants supplied to IPD (hospital in patient care) were being sought from these hospitals. One wonders that when health care services are exempt, the intention of the ta...

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Posted Under: Corporate Law |

IGST Export Refunds: Resolution of Export General Manifest errors

Circular No. 01/2019-Customs (02/01/2019)

CBIC Circular No. 01/2019-Customs deals with Errors related IGST Export Refunds and resolves issues in IGST Export Refunds  due to (i) Online filing of both local and Gateway EGM not being done on time by the concerned stakeholders. (ii) Mismatch in local and gateway EGM details wherever both are filed online. and (iii) Non-filing of st...

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