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Archive: 26 April 2019

Posts in 26 April 2019

Claim of deduction accepted by AO despite unequivocal language of Act is erroneous U/s. 263

April 26, 2019 630 Views 0 comment Print

Claim of deduction accepted by the AO despite unequivocal language of the Act, in our view, is erroneous as contemplated under s. 263 of the Act. Such error on the part of the AO has caused definite prejudice to the interest of the Revenue.

Comment on Bankruptcy Process for Personal Guarantors to Corporate Debtors with Draft Regulations: IBBI

April 26, 2019 1527 Views 0 comment Print

The Insolvency and Bankruptcy Code, 2016 (Code) envisages reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all stakeholders.

DGFT launches Upgraded Online Filing for Tracking Quality Complaints

April 26, 2019 885 Views 0 comment Print

Upgraded Module for Online Filing & Tracking Quality Complaints/Trade Disputes relating to International Trade — both for Indian and foreign entities.

DGFT: Filing/tracking of quality complaints/trade disputes made online

April 26, 2019 1935 Views 0 comment Print

Mechanism for resolving the complaints- CQCTD in the Regional Authorities of the DGFT/SEZs or the Indian Missions would take up the matter with the concerned entity or authorities in their jurisdiction for resolving the complaint and would update status online on a regular basis. The facility of tracking and viewing status of the complaints/disputes by the complainant has also been provided.

GST on Vocational Training having affiliation by NCVT

April 26, 2019 6444 Views 0 comment Print

In re The Leprosy Mission Trust of India (GST AAR Maharashtra) Whether services provided under vocational training courses recognized by National Council for Vocational Training (NCVT) or Jan Shikshan Sansthan (JSS) is exempt either under Entry No 64 of exemption list of Goods and Service Tax Act 2017 or under Educational Institution defined under Notification […]

AAAR quashes AAR ruling considering Change in Law after ruling

April 26, 2019 1242 Views 0 comment Print

In re Hero Solar Energy Pvt. Ltd. (GST AAAR Haryana) The order dated 22.08.2018 of the Advance Ruling Authority is quashed and the applicant may approach the Advance Ruling Authority for taking a decision afresh in accordance with law. The advance ruling dated 29.08.2018 obtained by the appellant is prior to the amendments made with […]

Net worth Requirements for Clearing Corporations in IFSC

April 26, 2019 711 Views 0 comment Print

(a) Every applicant seeking recognition as a clearing corporation shall have, in the form of liquid assets, a minimum net worth equivalent of fifty crore rupees.b) Every recognized clearing corporation, on commencement of operations, shall have at all times, in the form of liquid assets, a minimum net worth equivalent of fifty crore rupees or capital as determined in accordance with the aforementioned SEBI circular dated April 10, 2019 as amended from time to time.

HC order on goods detained for not accompanying Part-B of E-way bill

April 26, 2019 5118 Views 0 comment Print

Kuntal A Parikh Vs Mr. Utkarsh Sharma (Gujarat High Court) Assistant Government Pleader for the respondents, supported the impugned order by submitting that admittedly the goods were not accompanied by Part-B of the E-way bills and hence, the second respondent was wholly justified in detaining the conveyance and goods. It was further submitted that as […]

Pay Interest On Gross GST Liability ??

April 26, 2019 8961 Views 5 comments Print

The industry needs to be vigilant in ensuring timeliness in the filing of GSTR-3B since delays in filings have implications of interest on gross GST liability. Basis the judgement given by Telangana & Andhra Pradesh High court, the liability to pay interest under Section 50 of the CGST Act, 2017 will NOT be limited to the net tax liability; instead, interest would be payable on the gross tax liability that is including the portion which is available for set-off against ITC.

Non filing of GST returns may restrict e-way bill generation w.e.f 21.06.2019

April 26, 2019 17409 Views 5 comments Print

Government has decided to restrict furnishing information in Part A of Form GST EWB – 01 for certain tax payers which is as under –For Composition Dealer (paying tax U/s 10 of CGST Act, 2017) – Non furnishing the return for two consecutive tax periods – Being person other than Composition Dealer – Returns for consecutive period of two months

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