"24 April 2019" Archive - Page 3

DGFT amends Classification of Export and Import Items, 2018

Notification No. 03/2015-2020-DGFT [S.O. 1636(E)] 24/04/2019

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 ...

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

In re Vijai Electricals Limited (GST AAR Andhra Pradesh)

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

Notification No. 02/2015-2020-DGFT [S.O. 1635(E)] 24/04/2019

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

Indian Tax structure is very much understandable, but confusions arise in the minds of the people  due to many reasons. Lack of information and awareness are the prime reasons behind it which result in total negligence of tax and its formalities altogether. All of this eventually leads to late payment of tax which can further […]...

Posted Under: DGFT |

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

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...

Posted Under: DGFT |

360 Degree Analysis of Annual Return Form GSTR-9

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....

Posted Under: DGFT |

Composition scheme for various taxpayers (GST)

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 su...

Posted Under: DGFT |

CBIC issues 6 New Notifications / Circulars / Orders on 23.04.2019

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 [&hell...

Posted Under: DGFT | ,

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

Peerless General Finance & Investment Co. Ltd. Vs DCIT (ITAT Kolkata)

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:  ...

Financial Monitoring & Evaluation In CSR Projects

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 comp...

Posted Under: DGFT |

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