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Archive: 24 June 2019

Posts in 24 June 2019

Note on Nidhi Company

June 24, 2019 7143 Views 6 comments Print

Nidhi Company is one of the categories of NBFC or in other words, it is the cheapest and easiest form of NBFC as well. Also, it is very easy form to register and does not require much capital. Anybody can register a Nidhi Company with only 5 Lac rupees minimum capital and with minimum of seven members. The word […]

GST return and due date- Key Points-35th GST council meeting

June 24, 2019 3216 Views 0 comment Print

Introduced New Return System:- The new return system FORM GST ANX-1 & FORM GST ANX-2 to be available for trial basis from July, 2019 to Sep, 2019, in between taxpayers to continue to file FORM GSTR-1 & FORM GSTR-3B. FORM GST ANX-1 to be filed compulsory from October, 2019 onwards for all taxpayers. Large Taxpayers:- Taxpayers having aggregate turnover of more than Rs. 5 cr. […]

Registered Office of the Company

June 24, 2019 24456 Views 0 comment Print

Registered office of the company is the official address of the company where any communication relating to the company is sent. As it is the public record therefore different Government Departments and other organisations uses the same record to communicate with the Company. The registered office of the Company is decided at the time of […]

Incorporation of Companies with Charitable Objects (Section 8 Company)

June 24, 2019 20916 Views 1 comment Print

Meaning: Section 8 Company is named Section 8 of the Companies Act, 2013, which pertains to a established ‘for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object’, provided the profits, if any, or other income is applied for promoting only the objects of the […]

Draft Guidelines for use of Geographical Indication (GI) Logo & Tagline

June 24, 2019 3147 Views 0 comment Print

The Department for Promotion of Industry and Internal Trade, in order to encourage the promotion and marketing of Indian products registered as Geographical Indications, launched a common GI Logo and Tagline. The GI Logo will act as a certifying mark that can be used to identify all Indian products registered as GIs, irrespective of the categories, which makes it convenient for the consumers to recognize authentic GI products, and thereby protect the interests of genuine GI producers

Validity of addition on issue which was not the basis for selection of case under CASS

June 24, 2019 3645 Views 0 comment Print

In the absence of any permission received from Pr. CIT or the CIT, there was no merit in the order of AO in making addition on an issue which was not the basis for selection of case under CASS.

List of Small Finance Banks, Payments Banks & New Private Sector Banks

June 24, 2019 33564 Views 0 comment Print

RBI issues licences to carry out banking business to co-operative banks under Section 22 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). RBI regulates the banking functions of co-operative banks under the provisions of the Banking Regulation Act, 1949 and the Reserve Bank of India Act, 1934. These banks are also required to comply with instructions/ guidelines etc. issued by RBI from time to time.

Value for GST on goods to be adopted in respect of transfer to branches located outside the state

June 24, 2019 1989 Views 0 comment Print

In re M/s. Specsmakers Opticians Private limited (GST AAR Tamilnadu) The value in respect of supply of goods i.e. Lenses, Frames, Sun Glasses, Contact Lenses as well as Reading Glasses, Complete spectacles by the applicant to distinct persons being branches outside the state of Tamil Nadu shall be the open market value of such supplies […]

Computer with integrated CPU, VDU and virtual keyboard is portable PC

June 24, 2019 1536 Views 0 comment Print

Lenovo (India) Pvt. Ltd. Vs. Commissioner of Customs (Import)- (CESTAT Mumbai) Computer having integrated CPU, VDU, but without physical keyboard (having virtual keyboard), and weighing less than 10 kg is classifiable as portable PC under TI 84713010 and not under TI 84715000 of the Customs Tariff Act, 1975. The Tribunal found no literature to support […]

ITC reversal on post purchase discount by supplier of goods or services

June 24, 2019 11397 Views 0 comment Print

In re MRF Limited (GST AAAR Tamilnadu) The order issued by the original authority for advance ruling is set aside. The appellant can avail Input tax credit of the full GST charged on the undiscounted supply invoice of goods/services by their suppliers. A proportionate reversal of the credit is not required to be done by […]

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