"16 February 2019" Archive

Ready to cook popcorn classifiable under HSN code 20081990: AAR

In re Shah Nanji Nagsi Exports Private Limited (GST AAR Maharashtra)

What will be the correct HSN code and consequently rate of GST applicable on 'Ready to cook popcorn premix i.e. Popcorn Maize with edible oil and salt', sold in retail pack size ranging from 30 grams to 350 grams....

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Reverse Charge Mechanism amendments effective from 01.02.2019

The provisions of section 9 (4) of the CGST Act, 2017 deals with the applicability of reverse charge mechanism, wherein, the goods or services or both is being procured by the registered person from the unregistered person....

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Reg. amendment in notification related to AIRs of Duty Drawback

Notification No. 12/2019-Customs (N.T.) [G.S.R. 122(E)] 16/02/2019

Regarding amendment in notification No. 95/2018-Cus (N.T.) dated 06.12.2018 relating to AIRs of Duty Drawback MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 12/2019-CUSTOMS (N.T.) New Delhi, the 16th February, 2019 G.S.R. 122(E).—In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962...

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Filing regarding amount dues to MSME- Things to Know

THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006 This act was enacted for facilitating the promotion and development and enhancing the competitiveness of micro, small and medium enterprises and for matters connected therewith or incidental thereto. This act came into force on 16th June 2006. Under this act Enterprises are cla...

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No stipulation in amended section 80A(5) restricting assessee from revising deduction

PCIT Vs Ms. Oracle (OFSS) BPO Services Ltd (Delhi High Court)

Amended 80A (5) could not be read as a stipulation barring and restricting the assessee from revising the computation/claim for deduction made in accordance with Section 80A (5)....

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Valuation Reports : henceforth only from Registered Valuers from IBBI

Registered Valuer & Insolvency Professional The concept of Registered Valuers was brought by section 247 of The Companies Act, 2013  to regulate the practice of Valuation in India and to standardize the valuation in line with International standards. However the valuer’s qualification, experience, manner and process was mentioned ...

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Gain on shares held for more than 12 months is long-term capital gain

PCIT Vs Hardik Bharat Patel (Bombay High Court)

PCIT Vs Hardik Bharat Patel (Bombay High Court) CBDT Circular No. 6 of 2016 dated 29.2.2016 with regard to the issue of taxability of surplus on sale of shares and securities, – whether as capital gain or business income in case of long term holdings of shares and securities i.e in excess of 12 months. […]...

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ICAI withdraws Clarification on Rotation of Auditors under Companies Act, 2013

Section 139 of the Companies Act 2013 where the company ceases to fall under the ambit of Rotation principles in subsequent years.-(15-02-2019) ANNOUNCEMENT Withdrawal of the Announcement regarding Clarification on Applicability of Rotation principles on a company as per Section 139 of the Companies Act 2013 where the company ceases to fa...

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India Imposes 200% Duty on Import from Pakistan

Notification No. 05/2019-Customs [G.S.R. 124(E)] 16/02/2019

Govt. imposes 200 % Custom Duty on All goods originating in or exported from the Islamic Republic of Pakistan or Imported from Pakistan vide Notification No. 05/2019-Customs Dated: 16th February, 2019. seeks to insert tariff item 9806 00 00 in chapter 98 of the First schedule to Customs tariff act, 1975 to impose basic customs […]...

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Customs Brokers’ Examination- Guidelines For Candidates

Customs Brokers’ Examination GUIDELINES FOR THE CANDIDATES (Please refer Regulation 6 of Customs Brokers Licensing Regulations, 2018) A. Admit Card and Mock Test: A dummy Question paper for the purpose of awareness of candidates will be made available on the CBIC and NACIN websites under the icon/tab <GSTP/CBLR Exam>. A link to do...

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