"15 May 2019" Archive

Bombay Public Trusts (Second Amendment) Rules, 2019

No. BPT-1117/C.R. 59/Desk XV (15/05/2019)

These rules may be called the Bombay Public Trusts (Second Amendment) Rules, 2019. 2. In rule 1 of the Bombay Public Trusts Rules, 1951, in sub-rule (1) i.e., in the short title and throughout the principal Rules, for the words and figures Bombay Public Trusts Rules, 1951 the words Maharashtra Public Trust Rules shall be substituted....

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10 reasons which make health insurance must-have for everyone

It is the fundamental right of every person to obtain at least the basic health amenities.  People should remember that they may be young and healthy but that does not make them invincible. A calamity can strike anyone at any given point of time. You need to be prepared to combat against any and every […]...

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Posted Under: Income Tax |

Improve your Low CIBIL Score & Get Approved for Best Personal Loan

Getting approved for online loans with low credit score is a nightmare. Sometimes, your application might get rejected due to your credit history. If you have had a low CIBIL score & want to repair it, then you must know the options to improve and get approved for a personal loan you want. Why don’t […]...

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Posted Under: Income Tax |

Steel Mugs with plastic outer body falls under Chapter Heading 7323

In re R K Industries (GST AAR Maharashtra)

In re R K Industries (GST AAR Maharashtra) Steel Mugs with plastic body are advertised and sold as steel mugs, as submitted by the applicant. It is the steel that gives the essential characteristic to the subject product. Liquids specially, is they are boiling are not preferred to be poured in plastic containers. Hence in […]...

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Role of Operational Creditor in Corporate Insolvency Resolution Process

Role of Operational Creditor in Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016– Article explains Who is an operational creditor, Application under Section 8 & 9., Appointing Insolvency Resolution Professional under Section 16, Procedure following Appointment, Right to Representation, Right...

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Posted Under: Income Tax |

FAQ’s: Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019

Trade Circular No. 20T of 2019 (15/05/2019)

Clarification and FAQ’s on Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019  related to the provisions of the Ordinance more particularly relating to determination of requisite amount, un-disputed tax to be paid under the Ordinance, issue based withdrawal of the appeals etc. Office of the Comm...

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Class Action Suit to NCLT & Omission of Fees for Compounding of certain Offences

G.S.R. 351(E) (16/05/2019)

National Company Law Tribunal (Second Amendment) Rules, 2019 (Class Action Suit to NCLT and Omission of Fees for Compounding of certain Offences U/S 441 Ministry of Corporate Affairs vide its Notification No. G.S.R. 351(E) dated 08th May, 2019 has notify National Company Law Tribunal (Second Amendment) Rules, 2019 which is effective from ...

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Posted Under: Income Tax |

Service tax on Ocean Freight: A Never ending pain

In this article, we shall discuss the Applicability of Service tax on Ocean freight paid along with value of goods in case of Import of goods. After the introduction of negative regime the provision related to Ocean freight underwent sea of changes which can be understood from below mentioned flow chart....

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Posted Under: Income Tax |

Notes on Redeemable Preference Shares

PREFERENCE SHARES Meaning of Preference Shares:  Preference Shares are not defined in the Definition part of the Companies Act, 2013. However it has been defined in Section 43 of the Companies Act, 2013 as below: Explanation (ii) to section 43 of the Companies Act, 2013 (‘the Act’) defines the term Preference Shares. “Preferenc...

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Posted Under: Income Tax |

12% GST on designing of Trisonic Wind Tunnel as turnkey project

In re Vikram Sarabhai Space Center (GST AAR Kerala)

The work of design, realisation, integration and commissioning of Trisonic Wind Tunnel as a turnkey project falls under the category of Works Contract and is taxable @ 12% GST....

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Rate of GST on works contract for constructing a civil structure for a Govt entity

In re ITD Cementation India Ltd. (GAT AAAR West Bengal)

In re ITD Cementation India Ltd. (GAT AAAR West Bengal) It is clear from the very nature of the project that it creates infrastructure for commercial utilization of the national waterway. Though the Multi-modal IWT Terminal will facilitate commerce and business in and around Haldia, West Bengal, its creation is not for propagating any bus...

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E-Way Bill under GST – Detailed Analysis

E-way bill is applicable where any movement of goods value exceeding Rs 50000 is In relation to Supply, whether of taxable or non taxable goods, For reason other than Supply (Ex: -Branch Transfer within State, Job Work, Consignment, etc) and for Inward Supply from URD...

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Adjudication Orders passed in many cases are stereotyped & vague: DGFT

ECA Circular No. 24 (15/05/2019)

While dealing with the Reviews, it has been observed that, in many cases, quality of Adjudication Orders (0-in-Os), specially passed by the junior officers is not up to the Many a times 0-in-Os are stereotyped and vague. ...

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Exporters need not submit hard copy of AA/EPCG application to DGFT RA

Policy Circular No. 23/2015-2020-DGFT (15/05/2019)

With effect from 20thMay 2019, all exporters filing online AA & EPCG applications will, In addition, need to upload supporting documents also as prescribed in ANF/FTP/HBP. With the use of this facility, exporters will not be required to submit hard copy of the AA/EPCG application and its related documents to the DGFT RA....

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Three months time window for applying for MEIS for Shipping bills

Trade Notice No. 14/2015-2020-DGFT (15/05/2019)

Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Trade Notice No. 14/2015-2020 Dated: 15th May, 2019 To, Members of Trade and industry All Regional Authorities (RAs) of DGFT EPCs/FIE0 Subject: Three months time window for applying for MEIS for Shippin...

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Clarification on E Form INC-22A also known as ACTIVE FORM

E FORM INC-22A (Also Known As ACTIVE FORM)  MCA in order to find out Shell Companies, has amended the Companies (Incorporation) Rules, 2014 and a New E- Form INC-22A (Also known as ACTIVE – (Active Company Tagging Identities and Verification ) has been introduced vide Notification dated 21.02.2019 to ensure that the Company is ac...

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Posted Under: Income Tax |

GST AAR Karnataka allows Urbanac Projects to withdraw application

In re M/s Urbanac Projects Private Limited (GST AAR Karnataka)

The Applicant received mobilization advances for the work contract services, in the pre-GST regime, and paid service tax on such advances received. The Applicant submits that VAT was neither paid nor payable on such advances as there was no transfer of property in goods....

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Clarification on Annual Secretarial Audit Report and Annual Secretarial Compliance Report for listed entities and their material subsidiaries

The Exchange has received queries regarding the Exchange Circular LIST/COMP/10/2019-20 dated May 09, 2019, titled ‘Format for Annual Secretarial Audit Report and Annual Secretarial Compliance Report for listed entities and their material subsidiaries’. Accordingly, the following may be noted: Companies who have claimed exempti...

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Posted Under: Income Tax |

Dedication of fortnight from 16th May to clear pendency of Appeal Effect etc

No. CCIT/Ldh/Judl./2019-20/494 (15/05/2019)

I am directed to say that as per last year, this year also the Board has decided to dedicate the second fortnight of May, 2019 i.e. 16th to 31st May, 2019 to expeditious disposal of appeal effect and rectification claims of the taxpayers....

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IBBI reject application for registration as IP as applicant was not having requisite experience in managerial capacity

As per regulation 5 (c) (iii) of the Regulations, an individual is eligible for registration as an IP, if he has fifteen years of experience in management, after receiving a bachelor’s degree from a university established or recognised by law. After seeking and considering the details of employment of the applicant, the Board felt that ...

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Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) Guidelines, 2019

Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) Guidelines, 2019 14th May, 2019 Provisions in the Insolvency and Bankruptcy Code, 2016 Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and ...

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Posted Under: Income Tax |

Introduction of online complaints module for AEO & DPD clients- reg

Public Notice No. 43/2019-JNCH (15/05/2019)

As a trade facilitation measure Mumbai Customs Zone-II has introduced a facility wherein AEO & DPD clients can file complaint online on DPD JNCH website(dpdjnch.com). The complaint can be filed in matters related to DPD only....

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Tariff Notification No. 36/2019-Customs (N.T.) dated 15th May, 2019

Notification No. 36/2019-Customs (N.T.) (15/05/2019)

Tariff Notification No. 36/2019-CUSTOMS (N.T.) Dated 15th May, 2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 36/2019-CUSTOMS (N.T.) New Delhi, 1...

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HC releases goods seized for difference of date in tax invoice & E-way Bill on furnishing of security

M/s. Ganga Industries Vs Union of India (Allahabad High Court)

The goods and the vehicle of the petitioner have been seized as the date of the tax invoice mentioned in the E-WAY bill was different from the date mentioned on the tax invoice....

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Last date to file form ADT-1 without fee till 15.06.2019

Circular issued by MCA for waiver off of fees for filing Form ADT-1 by the companies which have filed Form GNL-2 during the period from 1st April, 2014 to 20th October, 2014 for appointment of auditors.  The Ministry of Corporate Affairs has issued a clarification wherein it has been mentioned that the companies which have […]...

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Posted Under: Income Tax |

20 FAQs on ACTIVE-(INC-22A)

1. What is the applicability of ACTIVE? Every Company incorporated on or before the 31st December, 2017 shall file the particulars of the Company and its registered office, in ACTIVE on or before 25.04.2019. However, following companies are exempted for filing eForm ACTIVE: (a) Companies which have been struck off (b) Companies under proc...

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Posted Under: Income Tax |

GSTR-9 : Filling of Annual Return under GST

Article covers Meaning of Annual Return,Who should file Annual Return, Due date for filing annual return, Different types of Annual Return, Penalty for late filing of Annual GST return, Broad Overview of GSTR -9, Format of GSTR -9 and How to prepare GSTR-9. This is our first ever annual return since the implementation of Goods […]...

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Posted Under: Income Tax |

RCM on Builders and Developers under GST

Recently notifications were issued in relation to the real estate industry, what are the provisions in relation to applicability of Reverse charge mechanism (RCM) to builders and developers, do they need to pay tax under RCM ?...

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Posted Under: Income Tax |

How to Know PAN, TAN & GSTIN of Company/LLP by using its Name

As you all aware that Income tax department has now removed the ‘Know Your PAN’ service from its website and many of the people are facing difficulties to know the PAN of Company/LLP by using its name. Don’t worry; still there is an option to know the PAN, TAN & GSTIN number of the Company/LLP […]...

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Posted Under: Income Tax |

Input Tax Credit mechanism under GST Regime

Article explains Conditions under which Input Tax credit can be availed under GST Regime, Conditions under which Input Tax credit can’t be availed, Other items on which ITC is not eligible in certain cases, Other points regarding Input Tax Credit Availment, Some Important Provisions related to ITC, Transitional Provisions  Based on Inp...

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Posted Under: Income Tax |

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