"07 June 2019" Archive

Interest payable on differential duty payable due to retrospective price escalation

M/s. Steel Authority of India Ltd. Vs Commissioner of Central Excise (Supreme Court)

M/s. Steel Authority of India Ltd. Vs Commissioner of Central Excise (Supreme Court) Larger Bench of Supreme Court has held that interest for delayed payment of Central Excise duty is liable to be paid on the differential excise duty payable due to retrospective price escala Earlier, doubting the correctness of the Supreme Court decision ...

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Seizure of goods from premises of job-worker, when not valid: HC explains

M/s. Josco Bullion Traders Pvt Ltd Vs Commissioner State Goods and Services Tax Department (Kerala High Court)

Observing that allegations regarding evasion of tax, against person engaged in the business of hallmarking, can only be with reference to its business activity, Kerala High Court has held that seizure of the gold jewellery, belonging to petitioners but seized from the premises of the hallmarker, was not justified. The Court also observed ...

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Jail Over Bail Under GST: Dilemma?

In the provisions of the GST Act, the GST Officers are conferred with the extra-ordinary powers of arrest of Tax evaders. However, the said power of arrest has to be exercised with deliberation and discretions and not as a tool of oppression and harassment at the hands of GST Officers....

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Posted Under: Excise Duty |

Union Minister of Commerce & Industry Chairs Meeting on Export Credit 

To take Indian economy to 1 trillion dollar exports in goods, and 1 trillion dollar exports in services in the next five years, the Commerce Minister reiterated the importance of availability of credit at low rate of interest. He emphasised that it is the joint responsibility of banks and Government to ensure that export credit at competi...

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Posted Under: Excise Duty |

What you need to know if you want to trade Forex in India

Forex refers to the foreign exchange market, and involves the selling and buying of fiat currencies. This is the largest and most liquid market on a global scale. Forex trading has become a popular practice for investors, due to the financial potential involved. Accumulating wealth and reaching impressive monetary gains is possible throug...

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Posted Under: Excise Duty |

Format of Standalone Statutory Audit Report of Listed Company

We have audited the accompanying standalone financial statements of XYX Limited, which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significan...

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Posted Under: Excise Duty |

Extend due date of Annual GST Return/ GST Audit in Form GSTR-9, 9A, 9B-9C

Representation on Extension of Due Date For Filing of Annual Return In Form GSTR-9, 9A, 9B And Audit Report In Form GSTR-9C...

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Posted Under: Excise Duty |

Format of Consolidated Statutory Audit Report of Listed Company

We have audited the accompanying consolidated financial statements of ________ Limited and its subsidiaries (the Company and its subsidiaries together referred to as “the Group”), which comprise the Consolidated Balance Sheet as at March 31, 2019, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), th...

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Posted Under: Excise Duty |

SEBI signs MoU with MCA to facilitate sharing of data & information

Press Release No.: 15/2019 (07/06/2019)

The MoU comes into force from the date it was signed and is an ongoing initiative of MCA and SEBI, who are already collaborating through various existing mechanisms. A Data Exchange Steering Group also has been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve...

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Condonation of 253 days delay in filing appeal not allowed for demise of mother when business was going on

M/s. Brandavan Food Products Vs Commissioner (Appeals) (Chhattisgarh High Court)

Delay of 253 days in filing appeal before CIT(A) due to extraordinary situation such as facing of marital dispute by his daughter,  demise of the mother could not be considered when assessee was carrying on the commercial activities/business during the relevant period....

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