"11 January 2019" Archive

SEBI guide to implement Uniform membership structure across segments

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2019/14 (11/01/2019)

Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/DOP/CIR/P/2019/14 January 11, 2019 To, 1. All Recognized Stock Exchanges 2. All Clearing Corporations Dear Sir / Madam, Sub: Uniform membership structure across segments 1. In cash segment, all the Stock Brokers are trading cum self-clearing members whereas in derivatives segme...

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Merchant exporters eligible for Interest Equalisation Scheme for Pre and Post Shipment Rupee Export Credit

Notification No. RBI/2018-19/107 DBR.Dir.BC.No.22/04.02.001/2018-19 (11/01/2019)

It has been decided by the Government of India to include merchant exporters also, w.e.f. January 2, 2019, under the ongoing Interest Equalisation Scheme for Pre and Post Shipment Rupee Export Credit and allow them interest equalisation at the rate of 3% on credit for export of products covered under 416 tariff lines identified under the...

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Customs Rate of Exchange of Foreign Currency wef 12.01.2019

Notification No. 03/2019 - Customs (N.T.) (11/01/2019)

Customs Rate of Exchange of Foreign Currency Conversion wef 12.01.2019 notified vide Notification No. 03/2019 – Customs (N.T.) dated 11th January, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ******* Notification No. 3/2019 – Customs (N.T.) Dated the 11th Jan...

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GST on Liquidated damages for delay in execution of contract

In re Rashtriya Ispat Nigam Ltd (GST AAR Andhra Pradesh)

Whether 'Liquidated Damages' and other penalties like milestone penalties levied on suppliers/ contractors in the nature of making good the damages for any delays in supply of service or goods in the following cases are exigible to GST or not?...

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Amendments in Notification No. GSR 381(E) dated 27th June 2006

Notification No. G.S.R. 24(E) (11/01/2019)

Central Government, hereby makes following further amendments in notification number G.S.R. 381(E), dated the 27th June, 2006, namely -(24) An inquiry authority appointed under sub-rule (2) of rule 14 of the Central Civil Services (Classification, Control and Appeal) Rules, 1965 or the provisions of the Public Servants (Inquiries) Act, 18...

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Revision in Criteria for Withdrawal of pending MVAT Assessment Proceeding

No. VAT-1518/CR 23/Taxation-1 (11/01/2019)

Amendment to MVAT Notification-Criteria for Withdrawal of pending Assessment Proceeding,-Criteria as decided by Commissioner FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk Mantralaya, Mumbai 400 032, dated the 11th January 2019 NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT, 2002. No. VAT-1518/CR 23/Taxation-1.— In exercise of ...

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Procedure to Record information on transfer of MEIS/SEIS scrips on DGFT website

Trade Notice No. 42/2015-2020-DGFT (11/01/2019)

It has been decided that transfer of MEIS/SEIS scrips, which have been issued on or after 14.1.2019,for EDI ports only, will have to be mandatory recorded on the DGFT website (dgft.gov.in). Detailed procedure for recording of transfer of MEIS/SEIS scrips is at Annexure....

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Right of Children to Free and Compulsory Education (Amendment) Act, 2019

Notification No. 01 of 2019 (10/01/2019)

(1) There shall be a regular examination in the fifth class and in the eighth class at the end of every academic year. (2) If a child fails in the examination referred to in sub-section (1), he shall be given additional instruction and granted opportunity for re-examination within a period of two months from the date of declaration of the...

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Decisions taken by GST Council in its 32 Meeting on 10.01.2019

GST Council in the 32nd meeting held on 10th January, 2019 at New Delhi took following decisions to give relief to MSME (including small traders), and took following other decisions but same would be given effect to through Gazette notifications/ circulars which shall have the force of law.-...

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ELSS Scheme of Mutual Funds is best For Tax Planning U/s. 80C

ELSS (Equity Linked Savings Schemes) Scheme Of Mutual Funds Is Best Choice For Tax Planning under Section 80C of Income Tax Act, 1961. Investors can save up to Rs 1.5 Lakhs in eligible schemes for deduction under Section 80C of the Income Tax Act 1961. There are broadly two types of tax savings schemes – […]...

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Posted Under: SEBI |

Form e-704 MVAT Audit Report for FY 2017-18: Queries & Solutions

In PART – 1 of Audit Report, Form Date and To Date are not entered as complete financial year, i.e. from data should be 01.04.2017 and To date should be 31.03.2018. Dealers who are migrated to GST wef 01.07.2017, has to download the latest template ( after clearing cache, cookies and history) and can enter the applicable VAT period ( vi...

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Posted Under: SEBI |

Suggestions to Strengthen Eco-system of MSME’s

Laghu Udyog Bharti, Rajasthan has submitted suggestions on the strengthening of Eco-system of MSME’s to Respected Shri V. Sriniwas, Additional Secretary, The Ministry of Personnel, Public Grievances and Pensions, Govt. of India and text of the same is as follows:- LUB/2018-19/62 date: 09/01/2019 Respected Shri V. Sriniwas, Additiona...

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Posted Under: SEBI |

Amendments in GST Composition Scheme & Service Supplier inclusion

Amendments in Composition Scheme under GST and inclusion of Supplier of Service under the Scheme. With a first meeting in a new calendar year of 2019 GST council has come up with a relaxing exhale for MSME units and small traders by introducing some essential changes to the policy and procedure under the GST Act.  […]...

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Internal Financial Controls- A brief introduction

Board of Directors have to confirm that they have laid down IFC and that such IFC are adequate and were operating effectively. Audit Committee Should evaluate IFC and risk management systems. Call on the auditors to comment on IFC....

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Posted Under: SEBI |

Recent outcome of 32nd GST council meet

Happy New Year 2019 ! With the very first GST council meet of this year some favorable and important decisions taken in its 32nd GST council meet held on 10th Jan 2019 they are as follows – Threshold limit increased to 40 Lakhs– Effective from April 1, the GST exemption threshold has been raised from […]...

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Posted Under: SEBI |

Invoice without signature or digital signature under GST

There has been recent amendment in the Rule 46 of the CGST Rules, 2017 which deals with the issuance of Invoice for the outward supplies. As per the Rule 46 (q),  signature or digital signature of the supplier or his authorised representative was must on the invoice. This rule has been amended to add a […]...

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Posted Under: SEBI |

Checklist For Voluntary Winding Up Of Company

Voluntary winding up of the Company- Appointment of Liquidator (An insolvency professional shall be appointed who is independent from the company). To consider and approve Declaration of Solvency and affidavit by the directors of the Company....

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Posted Under: SEBI |

TReDS (Trade Receivables Discounting System) A Boon for MSME

MSMEs are the back bone of Indian Economy and despite the important role played by them in country’s overall economic growth, continue to face constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds....

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Posted Under: SEBI |

4 reasons: Why financial planning NOT only for rich people

Why investors think financial planning is only for rich people? As a Financial Planner this question is bugging me for a while. So I started my work to find the answer and now I am here. Now, I want to rephrase this question. “Why financial planning is NOT only for rich people?” First of all […]...

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Vagaries of Cross Charge & ISD – GST Council Needs to Intervene

Vagaries of Cross Charge and ISD – The GST Council Needs To Intervene- Analysis of Ruling of The AAAR (Karnataka) In M/S Columbia Asia Hospitals Pvt Ltd.) Recently The Appellate AAR in Karnataka has opened a Pandora’s box in the case of M/s COLUMBIA ASIA HOSPITALS PVT LTD. In the ruling it has held that […]...

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Posted Under: SEBI |

Relaxation of Penalty U/S 271DA for Violation of Section 269ST

Finance Act 2017, instead of amending section 273B, inserted a proviso to section 271DA itself to the effect that, no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention of section 269ST. However, what could constitute good and sufficient reasons for contravention have not bee...

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Posted Under: SEBI |

Interest on ITC Availed but not utilized under GST

Across the country objections have raised by the GST Department on erroneously availed but not utilized ITC. In this article we will discuss on such objections and the legal provisions in this regard. First as per Sec 50(3) read with sec 42(10) of CGST Act, payment of interest is only triggered where there is a […]...

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Posted Under: SEBI |

Treatment of Tax paid by employer on Non-Monetary Perquisites

Perquisite has a known normal meaning, namely, a personal advantage; something that benefits a man by going “into his own pocket”. The perquisites are taxable under the head salary in the Income Tax Act. As per Section 17(2)(iv), perquisite includes ‘any sum paid by the employer in respect of any obligation which, but for such [&hel...

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Posted Under: SEBI |

Recent Amendments in Provisions of Electronic Invoice under GST

With the introduction of the 14th Amendment to the Central Goods and Service Tax Rules, there were various amendments being undertaken with regard to the electronic invoice. The amendments were done by way of adding up of the proviso to various relevant rules and the same is explained below in a tabular format –...

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