"11 April 2019" Archive

GST is not applicable on interest free security deposit

In re E-Square Leisure Pvt Ltd. (GST AAR Maharashtra)

In re E-Square Leisure Pvt Ltd. (GST AAR Maharashtra) IN this case applicant, for leasing of commercial property has, in addition to rent, also collected interest free deposit from their lessee which is returnable on the completion of the tenure of the lease. Since the entire amount is to be returned back to their lessee, […]...

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No Advance Ruling in absence of supply of goods or services or both by applicant

In re Technip UK Limited (GST AAR Maharastra)

In re Technip UK Limited (GST AAR Maharastra) From a perusal of the provisions relating to Advance Ruling, it is seen that Advance Ruling means a decision provided by this authority to an applicant on specified questions and matters in relation to the supply of goods or services or both or being undertaken or proposed […]...

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Sale of ice-cream from retail outlet by way of scoops is Supply of ‘goods’

In re Arihant Enterprises (GST AAR Maharashtra)

In re Arihant Enterprises (GST AAR Maharashtra) Question :- 1. Whether supply of ice-cream by the applicant from its retail outlets would be treated as supply of ‘goods’ or supply of ‘service’ or a ‘composite supply’ and subject to GST accordingly? Answer:- The supply of ice-cream by the applicant from ...

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Panel of Insolvency Professionals for appointment as Administrator

Panel of Insolvency Professionals [prepared in accordance with ‘Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018.‘] for appointment as Administrator for a period from 10th April 2019 to 30th September 2019. Download ...

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RBI issues directions to prevent market abuse

Market Abuse:It includes market manipulation, benchmark manipulation, misuse of information, or any other similar practice. Market abuse may arise in circumstances where financial market investors have been unreasonably disadvantaged, directly or indirectly, by others who:...

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Brand usage – not an international transaction

Hyundai Motor India Limited Vs DCIT (ITAT Chennai)

Whether the usage of foreign Associated Enterprise (AE) brand name on the cars manufactured and sold by the tax payer amounted to rendering of brand promotion service, and whether it constituted an international transaction under section 92B of the Income-tax Act, 1961(Act)....

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ITC Utilization & Rule 88A

Rule 88A of Central Goods and Services Tax (CGST) Rules, 2017 read with Section 49(5), 49A and  49B of CGST Act, 2017 deals with Order of utilization of input tax credit.  Rule 88A is been inserted vide Inserted vide  Notification No. 16/2019-Central Tax (Dated 29th March, 2019) and Section 49A and 49B were inserted vide […]...

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CBDT conducts search in the case of Sri Gurappa Naidu

The Income Tax Department conducted search on 9th April, 2019 in Vijaywada at the premises of Sri Gurappa Naidu, a cost accountant. An information had been received on toll-free-number that cash was kept at the residence of Shri Gurappa Naidu which was to be used in General Election. ...

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Analysis of amended SEBI Law of Insider Trading for Window Closure

To ensure that the regulatory framework dealing with insider trading in India is further strengthened, SEBI had notified SEBI (Prohibition of Insider Trading) Regulations, 2015 [PTI Regulations] in place of an earlier Regulations....

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Composition Scheme for Services Sector

GST Composition Scheme for Services Sector In line with the GST Council Meeting held on 10th Jan 2019, Service Providers can opt into the Composition Tax Scheme. In order to implement the said decision of Goods and Service Tax Council, the Central Board of Indirect Taxes and Customs have issued a notification no. 2/2019-Central Tax [&hell...

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