"28 May 2019" Archive

RBI extends RTGS Timings for Customer Transactions

RBI/2018-19/189 DPSS (CO) RTGS No. 2488/04.04.016/2018-19 (28/05/2019)

RBI decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm  with effect from June 01, 2019. RBI/2018-19/189 DPSS (CO) RTGS No. 2488/04.04.016/2018-19 Date: May 28, 2019 The Chairman / Managing Director / Chief Executive Officer of member banks participating in RTGS Madam / Dear Sir, Real...

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Kerala Flood Cess – FAQs

Kerala Government has issued notification declaring that the Kerala Flood Cess (KFC) will be levied from 1st June 2019 i.e. all the intra-state supplies of goods and services made by registered person to un-registered persons (subject to exemption specified) will be subjected to KFC....

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Posted Under: Fema / RBI |

Homeopathic Hair Oil exempted from Tax till 1995-96 under APGST Act, 1957: SC

Commissioner of Commercial Taxes Vs M/s. Aswini Homeo Pharmacy (Supreme Court)

Commissioner of Commercial Taxes Vs Ms Aswini Homeo Pharmacy (Supreme Court) The fact that the respondent is using the Homeopathic Pharmacopoeia referred to earlier in manufacturing of the hair oil has not been traversed by the appellant. Neither has the Commissioner dealt with that contention of the respondent nor was such a plea taken b...

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GST: Section 129(1)(b) applies to transporter as person interested in goods

Daily Express Vs Assistant State Tax Office (Kerala High Court)

Daily Express Vs Assistant State Tax Office (Kerala High Court) We cannot accept the argument of the appellant for the reason that Section 129(1) makes it adequately clear that any person who is interested in the goods shall be liable under Section 129(1)(b). Particularly, a reading of Section 129(6) would indicate that where a person [&h...

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REITs and InvITs – The new superstar on the block

The real estate and infrastructure sectors are the backbone of any successful economy. In order to provide impetus to these sectors, the government introduced the concept of REITs and InvITs in India. REITs and InvITs have been creating quite a buzz in recent times, especially because of the first ever listing of REIT in India. In this ba...

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Posted Under: Fema / RBI |

Tribunal can examine a question of law, even though raised for first time before it

CIT Vs. State Bank of India (Bombay High Court)

CIT Vs. State Bank of India (Bombay High Court) Whether on the facts and circumstances of the case, the Tribunal was correct in law, in admitting the additional ground of appeal when the assessee had not raised this issue before the Assessment Officer or the Commissioner of Income Tax (Appeals) ? Tribunal has jurisdiction to […]...

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Kerala Flood Cess

The Kerala government has decided to levy a cess called Kerala Flood Cess for the purposes of providing reconstruction, rehabilitation and compensation needs which had arisen due to the massive flood which occurred in the State of Kerala in the month of August, 2018, for a period of two years, with effect from 1st June 2019. […]...

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Posted Under: Fema / RBI |

“Jugaad” to resolve issues of 2017-18 Outward Supplies mistakes in GSTR-9?

In GSTR-9, every registered person has to provide details of outward supplies, inward supplies and inward supplies on which tax is payable on reverse charge basis (RCM) and determine the tax liabilities as appearing in financial statement of 2017-18 of the tax payers....

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Posted Under: Fema / RBI |

Free GST Accounting & Billing Software for MSMEs

As per directions of GST Council, GSTN has partnered with some Billing and Accounting software vendors for providing free software to the Micro, Small and Medium Enterprises, with annual turnover under Rs 1.5 Cr, in a financial year. This facility is made available to the active Normal taxpayers, SEZ Developers/SEZ Units and taxpayers who...

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Posted Under: Fema / RBI |

Kerala Flood Cess – Highlights

Kerala state government has issued notifications dated 25th May 2019 to levy the Kerala Flood Cess (‘Cess’) w.e.f. 1st June 2019 on the value of supply of goods or services or both....

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Posted Under: Fema / RBI |