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Archive: 24 April 2019

Posts in 24 April 2019

DGFT amends Classification of Export and Import Items, 2018

April 24, 2019 1692 Views 0 comment Print

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhavan Notification No. 03 /2015-2020-DGFT New Delhi, dated: 24th April, 2019 Subject: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items, 2018 S.O. 1636(E) In exercise of the powers conferred […]

Work contracts service to APEPDCL not eligible for concessional GST rate of 12%

April 24, 2019 831 Views 0 comment Print

In re Vijai Electricals Limited (GST AAAR Andhra Pradesh) Ruling of AAR is upheld. Confirmed that the work contracts service rendered by M/s Vijai Electricals (the appellant) to APEPDCL are not eligible for concessional rate of tax 12% as per serial no.3 of entry no.vi (a) of notification no. 24/2017 Central Tax (Rate) dated 21-09-2017. […]

Export of specified Chemicals allowed to State Parties to CWC

April 24, 2019 678 Views 0 comment Print

The existing export policy of chemicals namely, Chloropicrin: Trichloronitro Methane and Methyldiethanolamine listed under Appendix 3 (SCOMET List) has been amended to allow export of these chemicals to State Parties to the Chemical Weapons Convention (CWC) without an export authorisation, on post reporting basis.

Why You Should Pay Taxes on Time

April 24, 2019 3114 Views 0 comment Print

Discover why paying taxes on time is crucial in India. Understand the consequences of late tax payment and the importance of tax compliance.

HC Sets Aside Incentive Plan of CBDT for `Quality Orders’ by CIT(A)

April 24, 2019 801 Views 0 comment Print

Hon’ble Bombay High Court Sets Aside The Incentive Plan of CBDT For `Quality Orders’ By Commissioners (A) in the case of The Chamber of Tax Consultants Vs. CBDT. Office of Commissioner (Appeals) is the first stage  in the `Judicial Hierarchy’  to grant the justice to the assessee against the wrongdoings of the lower authorities in […]

360 Degree Analysis of Annual Return Form GSTR-9

April 24, 2019 47673 Views 8 comments Print

Form GSTR-9 is an annual return to be filed once, for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc in this return.

Composition scheme for various taxpayers (GST)

April 24, 2019 5244 Views 2 comments Print

GST shall be levied on all supplies of goods and services except on supply of alcoholic liquor for human consumption subject to exemptions provided by Government on recommendation of Council. Further, where a person is engaged in making taxable supplies, there arises requirement to register under GST and liability to discharge GST. The supplier has […]

CBIC issues 6 New Notifications / Circulars / Orders on 23.04.2019

April 24, 2019 41313 Views 1 comment Print

On 23rd April 2019 CBIC issued 3 CGST Notifications, 2 Circulars and 1 Removal of Difficulty Order. CBIC added proviso to Rule 23, Amended Rule 62 to provide rule for payment and return filing by Specified Composition dealers, Inserted Form GST CMP – 08– Statement for payment of self-assessed tax, added a new instruction to […]

Amount paid as compensation to related company in respect of vacation of property was allowable business expenditure.

April 24, 2019 1593 Views 0 comment Print

Peerless General Finance & Investment Co. Ltd. Vs DCIT (ITAT Kolkata) Conclusion: Amount paid as compensation by assessee to related company in respect of vacation of property occupied by that company was made after much negotiation and it was thus in accordance with business of assessee and therefore, the same was allowable. Held:  During the […]

Financial Monitoring & Evaluation In CSR Projects

April 24, 2019 7776 Views 0 comment Print

What Is Financial Monitoring & Evaluation Of CSR Projects? Fin M & E stands for ‘Financial Monitoring and Evaluation’. The activity of ‘Monitoring’ occurs as the project is being implemented while the activity of ‘Evaluation’ occurs either after the completion of the entire project or after completion of relevant components of the projects. Typically the […]

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