"February, 2019" Archive

Job work under GST upto Feb 19

Introduction: This article has been prepared considering the various changes and clarification through the Acts, Rules, Circulars, formats under GST with respect to job work. The importance of a job worker to the principal is significant to the products cost, quality, lead time and therefore, becomes an integral cog in the OEM process. Th...

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5 Investment Options to Multiply Your Savings

Have you ever heard of people that get rich by saving? No, because hoarding funds is not a great way to for anyone to maximise their profits. Rather, most people with a massive volume of funds get rich by making sound investments that yield substantial returns. Keeping this in mind, it must be said that […]...

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Turant Customs-Next generation reform for Ease of Doing Business

Circular No. 09/2019- Customs (28/02/2019)

A critical component of The World Bank`s Ease of Doing Business (EODB) Index rankings 2019 is its `Trading Across Borders` category in which India now stands at rank 80, a huge jump of 66 ranks from 146 in 2018. This was made possible largely due to several reform measures initiated and implemented by the CBIC, which inter alia include SW...

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CBDT Withdraws approval U/s. 35(1)(ii) of Bioved Research Society

Notification No. F. No. 203/31/2018-ITA (II) (28/03/2019)

Withdrawal of approval under section 35(1)(ii) of Income-tax Act, 1961 in the case of M/s Bioved Research Society,Allahabad(PAN: AAAA135572D) and request to take appropriate remedial action In the case of donors -reg.-...

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TIEA between India and Brunei signed on 28.02.2019

Government of Republic of India and the Government of His Majesty the Sultan And Yang Di-Pertuan Of Brunei Darussalam signed an Agreement for the Exchange of Information and Assistance in Collection with respect to Taxes (TIEA) on 28th February 2019 at New Delhi. ...

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Amalgamation scheme devised to benefit few shareholder and to huge avoid tax cannot be approved: NCLT

In re Gabs Investments Pvt. Limited Vs Ajanta Pharma Limited (NCLT Mumbai)

Scheme of Amalgamation and Arrangement between G Pvt. Ltd.  ('Transferor Company') and A Limited (`Transferee Company') and their respective shareholders appeared to be unfair, unreasonable and was not in the public interest as the scheme was devised mainly to benefit the four share holders of G who were also the promoters of A (common p...

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ITC of Motor Vehicles – Detailed Analysis (After Amended Section 17(5) From 01-02-2019)

Analysis of ITC of / In Respect of Motor Vehicles CGST (Amendment) Act, 2018 as well as  CGST Act, 2017  have been amended respectively for the first time since the implementation of GST in our Country. Section 17(5) gives us the cases of blocked credit – any goods or services which are getting covered under the […]...

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TDS on Buying a Property from NRI: FAQs

The Income Tax Department may keep an eye on those buyers who have brought property from non-resident and have failed to deduct/deposit TDS on the purchase of property from a non-resident. TDS part with respect to a non-resident is complex and should be complied with the help of an expert who is well aware of […]...

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Angel Tax : Implication on Startup Ecosystem

Angel tax means the tax payable by unlisted companies during the raising of capital wherein the share price exceeds the fair market price of the share sold. The tax was initially conceptualized in the 2012 Union Budget by then finance minister Pranab Mukherjee with an endeavour to curtail the flow of illegitimate laundering of funds....

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Rejection of refund for Re-organization of Department after GST unjustified

M/s. Inspirage Software Consulting Pvt. Ltd. Vs The Commissioner GST & CCE (CESTAT Chennai)

The adjudicating authority has rejected the appellant’s claim of it having made the refund claim on 27.06.2017. The first appellate authority has also concluded the date of filing of the refund claim was 12.07.2017 only as against which the appellant contends that there was an attempt to file the refund claim on 27.06.2017...

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