"08 January 2019" Archive

जीएसटी कौंसिल की 32वीं मीटिंग- उम्मीदें और आशाएं

जीएसटी कौंसिल की 32 वीं मीटिंग अब 10 जनवरी 2019 को हो रही है, माहौल और कारण कोई भी हो, जिनके कारण हम अब जीएसटी में तीव्र सुधारों की आशा कर र...

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Internal Auditors cannot claim same pay scale parity as of Head Clerk in PSEB: SC

Punjab State Power Corporation Limited Vs Rajesh Kumar Jindal & Others (Supreme Court of India)

Internal auditors could not claim parity of pay scale as that of the Head Clerk in the Punjab State Electricity Board (PSEB) merely because they were categorised in same Group XII of Head Clerks as the nature of duties and responsibilities of Internal Auditors were different from Head Clerks. ...

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Detection of GST Evasion and comparison with pre-GST period

Investigation in 3626 cases of GST evasion/violations has been initiated in the present financial year by CGST (Central GST) formations (up to December, 2018). On the basis of investigation conducted so far it emerges that the amount of tax involved in these 3626 evasion/violations cases as mentioned in part(a) above is estimated to be Rs...

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Powers of Reserve Bank of India (RBI) 

The Reserve Bank of India (RBI) regulates and supervises Public Sector And Private Sector Banks. Under the provisions of the Banking Regulation Act, 1949, it can, inter alia―i. inspect the bank and its books and accounts (section 35(1) ibid.); ii. examine on oath any director or other officer of the bank (section 35(3) ibid.);...

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Complaints received by National Anti-Profiteering Authority (NAA) 

The National Anti-Profiteering Authority (NAA) has been constituted under Section 171 of the Central Goods and Services Tax Act, 2017 to ensure that the reduction in rate of tax or the benefit of input tax credit is passed on to the recipient by way of commensurate reduction in prices. Further, the following steps have been taken by the N...

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Deduction u/s 36(1)(va) allowable on contribution to staff welfare fund A/c

CIT Vs M/s. Muthoot Finance Ltd. (Kerala High Court)

Assessee-employer had  contributed a specific amount to each employee which was credited to a Staff Welfare Fund Account alongwith interest thereon and the amounts retained with the employer and the interest accrued in the name of a particular employee, was taxed in the hands of that employee. Hence though there was a common fund and acc...

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AAR MP allowed withdrawal of application filed on applicant request

In re Vaau Energy Solutions Pvt. Limited (GST AAR Madhya Pradesh)

In re Vaau Energy Solutions Pvt. Limited (GST AAR Madhya Pradesh) 1. The present application has been filed u/s 97 of the Central Goods & Services Tax Act, 2017 and MP Goods & Services Tax Act, 2017 (hereinafter also referred to CGST Act and MPSGT Act respectively) by M/S Vaau Energy Solutions Pvt. Limited (hereinafter also [&hel...

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Customs Post Clearance Audit- reg

Circular No. 02/2019-Customs 08/01/2019

A new audit approach is envisaged in view of the experience gained over the past years in implementation of Customs Post Clearance Audit, as well as the exposure to international best practices. ...

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RBI releases guidelines on Tokenisation – Card Transactions

Press Release: 2018-2019/1597 & Circular No. RBI/2018-19/103 DPSS.CO.PD No.1463/02.14.003/2018-19 08/01/2019

Reserve Bank has today released guidelines on tokenisation for debit / credit / prepaid card transactions as a part of its continuous endeavour to enhance the safety and security of the payment systems in the country. Tokenisation involves a process in which an unique token masks sensitive card details. ...

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GST on Mineral mining rights in lieu of which Royalty

In re Kayden Infra Engineering Private Limited (GST AAR Haryana)

In re Kayden Infra Engineering Private Limited (GST AAR Haryana) (a) Since, the applicant is the person responsible to pay GST on the Mineral mining rights in lieu of which Royalty is being paid, at what GST rate should it discharge its GST liability whether at the rate of 5% (Rate applicable on extracted raw […]...

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