"01 March 2019" Archive

7 key decisions taken in SEBI Board Meeting dated March 01, 2019

PR No. 9/2019 (01/03/2019)

The Board considered and approved the following Amendments to SEBI (Infrastructure Investment Trusts) Regulations, 2014 and the SEBI (Real Estate Investment Trusts) Regulations, 2014:...

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CEA says deterrence through IBC catalysed recovery of around Rs 3 lakh crore

Press Information Bureau  Government of India Ministry of Corporate Affairs Date: 01-March-2019 Innovation can lead India to forefront of competition: CEA Subramanian  CEA says deterrence through IBC catalysed recovery of around Rs 3 lakh crore Chief Economic Adviser K.V. Subramanian said that if this century has to belong to India then...

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Posted Under: SEBI |

Sole Concessionaire under GST

Note on Sole Concessionaire under GST Under GST, as given under explanation to Section 15 of the Central GST Act,2017, the term ‘related person’ includes persons who are associated in the business of one another in that one is the sole agent or sole distributor or sole concessionaire, of the other. Now it is time […]...

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Posted Under: SEBI |

No addition can be made for mere non-production of directors of shareholder companies

Ashtech Industries Pvt. Ltd. Vs DCIT (ITAT Delhi)

Addition under section 68 on mere reason of non-production of directors in the person of shareholder companies was not justified and AO had not brought any cogent material on records in assessment order to demolish the copious evidences furnished by assessee....

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Section 54F benefit allowable in case of part performance of contract

Smt. Sabita Devi Agarwal Vs ITO (ITAT Kolkata)

section 2(47) laid down that transfer would include a transaction allowing possession of an immovable property in part performance of a contract of a nature referred to in Section 53A of the transfer of Property Act. In the case on hand, part performance of a contract had taken place and possession had been handed over. Thus, the claim of...

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Maharashtra VAT: Govt withdraws Pending Assessment Proceedings in 118731 cases

Order No. EIU/Withdrawal of Assessments/B- 149, Mumbai (01/03/2019)

For the effective utilization of the available manpower for the disposal of pending work under the Value Added Tax Act, the Central Sales Tax Act and also the work related to Goods and Services Tax, it has become necessary to formulate the criteria for withdrawal of the assessment proceedings where the likely revenue earnings in each such...

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No exemption U/s 54F for purchase of land prior to period of one year from sale of capital asset

Shri. Parswanath Padmarajaiah Jain Vs ACIT (ITAT Bangalore)

Assessee was not entitled to the benefit of section 54F in respect of the investment made by assessee in purchasing the capital asset (land) as the said purchase of land was not within a period of one year prior to the sale of capital asset or falling in any of the categories in which assessee was entitled to claim exemption u/s.54F....

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Step by step process for filing INC -22A i.e. e-form ACTIVE

Kindly see my earlier article, for understanding of INC -22A i.e. e-form ACTIVE.Link titled as ‘Everything one should know about INC 22A – Active‘ Procedure of filing the form INC-22A ACTIVE step by step is here 1. Enter a valid CIN 2. Click the Pre-fill button, Kindly check mail Id , in case there is […]...

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Posted Under: SEBI |

Key understanding on Banning of Unregulated Deposit Schemes Ordinance, 2019

Introduction: The Banning of Unregulated Deposit Schemes Bill, 2019 was passed by the Lok Sabha on 13.02.2019 but could not be passed by the Rajya Sabha. Since the Parliament is not in session, the BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 has been issued by the President of India vide Notification dt. 21.02.2019. According t...

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Posted Under: SEBI |

Best Judgement in cases of Rejection of books of account

Rejection of Books of Account under Section 145(3) and Assessment in the manner under Section 144 Connotation thereof Method of Accounting Section 145 of the Income Tax Act, 1961 (the Act) provides the method of accounting by the assessee. Section 145(1) of the Act provides that income chargeable under the head “Profits and gains o...

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Posted Under: SEBI |

Appointment of Additional Director under Companies Act, 2013

After good response on my previous article, ‘E-Form ACTIVE INC-22‘, I wish to share piece of knowledge on appointment of additional director. Section 161 of the Companies Act, 2013 governs this area. Any Individual can be appointed as an Additional Director by a company under section 161 of the Companies Act, 2013. If the Boar...

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Posted Under: SEBI |

Profession Tax on Housing Societies in Maharashtra

SUBJECT only to State of Maharashtra, under the ‘Profession Tax Act’ and statutorily applicable without any exceptions to ‘Cooperative Housing Societies’, registered under the “Maharashtra Cooperative Societies Act. WHO IS LIABLE: 01. EACH & EVERY Housing Society (CHS), registered under the “Maharas...

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Posted Under: SEBI |

RCM on Government Services

1. Sec. 9(3) of the CGST Act, 2017 as well as Sec. 5(3) of the IGST Act, 2017 grants power to the Government, on the recommendations of the GST Council, to specify the categories of supplies of goods or services or both in respect of which the tax shall be payable by the recipient and […]...

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Posted Under: SEBI |

Exposure Draft Standard on Internal Audit (SIA) 370 Reporting Results to Management

Exposure Draft of Standard on Internal Audit (SIA) 370,Reporting Results to Management (Comments to be received by March 28, 2019) – (27-02-2019) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SIA) 370, Reporting Results to Management. Comm...

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Posted Under: SEBI |

Exposure Draft of Standard on Internal Audit (SIA) 360, Communication with Management

Exposure Draft of Standard on Internal Audit (SIA) 360, Communication with Management (Comments to be received by March 28, 2019) – (27-02-2019) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SIA) 360, Communication with Management. Comment...

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Posted Under: SEBI |

Exposure Draft of Standard on Internal Audit (SIA) 240, Using the Work of an Expert

Exposure Draft of Standard on Internal Audit (SIA) 240, Using the Work of an Expert (Comments to be received by March 28, 2019) – (27-02-2019) EXPOSURE DRAFT STANDARD ON INTERNAL AUDIT (SIA) 240 USING THE WORK OF AN EXPERT * The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites [&hellip...

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Posted Under: SEBI |

Exposure Draft of Standard on Internal Audit (SIA) 230 Objectives of Internal Audit

Exposure Draft of Standard on Internal Audit (SIA) 230,Objectives of Internal Audit (Comments to be received by March 28, 2019) – (27-02-2019) EXPOSURE DRAFT  STANDARD ON INTERNAL AUDIT (SIA) 230 OBJECTIVES OF INTERNAL AUDIT* The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites commen...

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Posted Under: SEBI |

Exposure Draft of Standard on Internal Audit (SIA) 110, Nature of Assurance

Exposure Draft of Standard on Internal Audit (SIA) 110, Nature of Assurance (Comments to be received by March 28, 2019) – (27-02-2019) The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SIA) 110, Nature of Assurance. Comments are most helpful i...

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Posted Under: SEBI |

Tender For Appointment of Internal Auditors of Air India

TENDER FOR APPOINTMENT OF INTERNAL AUDITORS OF AIR INDIA AT DELHI, MUMBAI, CHENNAI, HYDERABAD AND KOLKATA FOR THE PERIOD JANUARY 2019 - MARCH 2020...

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Posted Under: SEBI |

IBBI releases charter of responsibilities of IPs and CoC

Facilitation / 002 / 2019 (01/03/2019)

The Insolvency Professionals (IPs) and the Committee of Creditors (CoC) constitute key institutions of public faith under the Insolvency and Bankruptcy Code, 2016 (Code). The Code read with Regulations made thereunder has demarcated responsibilities of an IP and of the CoC in the corporate insolvency resolution process (CIRP) and also ass...

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Operational guidelines on Hedging of exchange rate risk by FPIs under VRR

RBI/2018-19/136A .P. (DIR Series) Circular No. 22 (01/03/2019)

A reference is also invited to A.P. (DIR Series) Circular No. 21 dated March 01, 2019 on Voluntary Retention Route (VRR) for Foreign Portfolio Investors (FPIs) investment in debt. The operational guidelines, terms and conditions for hedging the exposure to exchange rate risk on account of investments made under this route are provided i...

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Features of ‘Voluntary Retention Route’ for FPIs investment in debt

RBI/2018-19/135 A.P. (DIR Series) Circular No. 21 (01/03/2019)

A reference is also invited to the discussion paper on ‘Voluntary Retention Route’ (VRR) for investments by Foreign Portfolio Investors (FPIs) released by the Reserve Bank on October 05, 2018. The VRR scheme has been finalized after taking into consideration the comments and views received, and attached as Annex....

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Amendment to Notification No. 63/1994-Customs (N.T) w.r.t Golakganj LCS

Notification No. 19/2019- Customs (N.T.) [S.O. (E).115(E)] (01/03/2019)

Amendment to the Notification No. 63/1994-Customs (N.T) dated 21st November, 1994, w.r.t Golakganj LCS GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 19/2019- Customs (N.T.) New Delhi, the 01st March, 2019 S.O. (E).115(E) – In exercise of the powers conferred by clauses (b) and (c) of sub-section (1) of...

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Rate of GST on Diesel engines, marine diesel engines, gear boxes

In re Ms Techno Tradings and Services Pvt. Ltd. (GST AAR Kerala)

In re Ms Techno Tradings and Services Pvt. Ltd. (GST AAR Kerala) i) As per the Notification No.01/2017 Central Tax (Rate) dated 28/06/2017 Marine Diesel Engine falling under TSH 8408 of Customs Tariff Act, 1975, as adopted to GST, attracts 28% IGST (14% CGST+14% SGST) as per Serial No.115 of Schedule IV is correct or […]...

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Corrigenda to Banning of Unregulated Deposit Schemes Ordinance, 2019

Corrigenda to Banning of Unregulated Deposit Schemes Ordinance, 2019 (28/02/2019)

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 28th February, 2019 CORRIGENDA In the BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 (No. 07 OF 2019) as published in the Gazette of India, Extraordinary, Part 11, Section 1, Issue No. 13, dated the 213‘ February, 2019,— Page No. Line(s) No.  For Read 28...

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Entity Registration & Approval under new Sea Manifest Regulations – reg

Public Notice No. 23/2019-DGFT (01/03/2019)

No. EDI/ Misc.-51/2014/JNCH Date: 01.03.2019 PUBLIC NOTICE NO. 23/2019-DGFT Sub: Entity Registration and Approval under new Sea Manifest Regulations – reg. The new Sea Cargo Manifest and Transhipment Regulations (SCMTR), 2018 notified vide Board’s Notification 38/2018 – Cus (N.T.), dated 11.05.2018 will come into force shortly. ...

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PF is applicable on Basic salary plus all allowances except HRA: SC

Regional Provident Fund Commissioner (II) West Bengal Vs Vivekananda Vidyamandir and Others (Supreme Court)

Regional Provident Fund Commissioner Vs. Vivekananda Vidyamandir and Others (Supreme Court) Basic wage, would not ipso­facto take within its ambit the salary breakup structure to hold it liable for provident fund deductions when it was paid as special incentive or production bonus given to more meritorious workmen who put in extra output...

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Cabinet approves promulgation of Aadhaar and Other Laws (Amendment) Ordinance 2019

The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the promulgation of an Ordinance to make amendments to the Aadhaar Act 2016, Prevention of Money Laundering Act 2005 & Indian Telegraph Act 1885. The amendments proposed are the same as those contained in the Bill passed by the Lok Sabha on 4th January [&hell...

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Posted Under: SEBI |

Polypropylene mats- 12% GST till 25-01-2018 & 5% GST thereafter

In re Abubacker Kaleel Rahman, M/s Sameer Mat Industries (GST AAR Kerala)

What is the tax rate for polypropylene mats under heading 4601?As per Entry 103 of Schedule If of Notification No. 01/2017 Central Tax (Rate) dated 28.06.2017 and S.R.O.No.360/2017 dtd.30-06-2017 polypropylene mats were taxable @ 12% GST till 25-01-2018 and thereafter at 5% GST as per Enny 198A of the 1st Schedule of Notification No. 01/2...

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Application for Advance Ruling rejected for non payment of fees

In re M/s Ridha Chemicals (GST AAR Kerala)

As per Circular No. 25/25/2017-GST dated 21st  December, 2017 issued by Central Board of Excise and Customs, the applicant for advance ruling has to make the payment of the fee of Rs. 5,000/- each under the CGST and the respective SCST Act. But the petitioner has remitted Rs.5,000/- under SGST head only. Even though intimation was given ...

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GST on Tour Services and Goods shown separately in Invoice

In re M/s. Kerala Forest Development Corporation Ltd. (GST AAR Kerala)

Tax liability under GST for the tour packages, which are providing to guests by way of separate services like accommodation, serving food and beverages, service of authorized guides, trekking accessories etc. against separate invoices....

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Sun-cured tobacco leaves comes under HSN code 2401

In re Suresh. G. M/s. Govind Traders (GST AAR Kerala)

In re Suresh.G. M/s. Govind Traders (GST AAR Kerala) 01. What is the HSN code applicable to sun-cured ‘Tobacco leaves’ known in Kerala as ‘Kannipukayila’ purchased from farmers of Puliyampatti areas of Tamil Nadu used only for chewing by consumers in Kerala? Sun-cured tobacco leaves comes under the HSN Code 2401. 0...

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GST on mixing of rubber compound on materials supplied by principal

In re M/s. Estera Polymers (GST AAR Kerala)

In re M/s. Estera Polymers (GST AAR Kerala) Mixing of rubber compound on the materials supplied by the principal and returning the finished products such as rubber backed mats and matting to the principal constitute supply of job work services and the job work services applied on such goods are squarely come under SI.No.26(i)(b) of [&hell...

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Cost Accounting Standard on Cost of Production / Acquisition / Supply of Goods / Provision of Services

CAS-4 (REVISED 2018) COST ACCOUNTING STANDARD ON COST OF PRODUCTION / ACQUISITION / SUPPLY OF GOODS / PROVISION OF SERVICES The following is the Cost Accounting Standard (CAS-4) (Revised 2018) on “COST OF PRODUCTION / ACQUISITION / SUPPLY OF GOODS / PROVISION OF SERVICES” issued by the Council of the Institute of Cost Accountants of [...

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Posted Under: SEBI |

Guidance Note on Compilation Engagements by a Cost Accountant

Introduction The purpose of this Guidance Note on Compilation Engagements by a Cost Accountant is to provide guidance on the cost accountant’s professional responsibilities to compile cost statements and the form and content of the report, the cost accountant issues in connection with such compilation engagement. Objective of Compilatio...

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Posted Under: SEBI |

PVC Tufted Coir Mats & Matting classifiable under CTH 57039090

In re M/s. Coco fibre Industries Private Limited (GST AAR Kerala)

In re M/s. Coco fibre Industries Private Limited (GST AAR Kerala) i) Whether or not PVC Tufted Colr Mats and Matting can be fitted into low band of tax rate of 5% as Cob Mats and Matting corresponding to entry in Schedule I. Serial Number 219 – 5702, 5703, 5705-Coir Mats, Matting, floor covering and […]...

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IIM, Calcutta eligible for GST exemption & is an Educational Institution: AAAR

In re Indian Institute of Management (GST AAAR West Bangal)

In re Indian Institute of Management (GST AAAR West Bangal) Whether the benefit of entry no. 66(a) of the Exemption Notification for service is available to the Indian Institute of Management, Calcutta Indian Institute of Management, Calcutta, the Respondent, is an ‘education institution’ in terms of meaning of clause 2(y) of ...

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Clean Transactions, Cleaner Economy, Go Cashless, Go Clean

DON’T √ Accept cash of Rs.  2,00,000 or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion. √ Receive or repay Rs.  20,000 or more in cash for transfer of Immovable Property. √ Pay more than Rs.  10,000 in cash relating to […]...

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Posted Under: SEBI |

Gear up for growth with a Bajaj Finserv Flexi Business Loan

Running your own business in this climate will surely set you up for success. However, this is only possible when you’re able to give your business the funds it needs over time, be it for working capital, to fill in the gap when you are awaiting a sizeable payment, or to pay for inventories in case an urgent order comes your way....

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Posted Under: SEBI |

Analysis of Recent GST Council recommendations for Real Estate Sector

33rd meeting of GST Council held on 24 February 2019. GST Council has recommended rationalisation of GST rates on real estate in this meeting. To boost the demand in the residential segment of the real estate sector, the GST Council, on February 24, 2019, slashed GST rates for residential under-construction flats....

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Posted Under: SEBI |

Rigors of Banning of Unregulated Deposit Scheme Ordinance, 2019: realignment of financial transaction

The Act comes in force at once with effect from 21st February, 2019 (Section 1(3)). This will mean that the Ordinance shall not have retrospective application and shall not apply to transactions which have taken place prior to the Act coming in force which shall continue to be governed by the law as it existed prior to the Act coming in f...

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Posted Under: SEBI |

Formation of NGO in India

Charity means giving something to those in needs without expectation or wanting something back in return. It is doing something good to others without expectations. Charity is a selfless act. There are a lot of ways of doing charity. The people who are keen to do good for others need not necessarily have a good […]...

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Posted Under: SEBI |

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