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Archive: 28 June 2019

Posts in 28 June 2019

Extension of validity of Pre-shipment Inspection Agencies to 30.09.2019

June 28, 2019 453 Views 0 comment Print

Validity of the Pre-shipment Inspection Agencies (PSIAs) as listed in the Appendix 2G of A&ANF, whose validity expires on 30.6.2019 is extended up to 30.9.2019.

Hotel accommodation services provided outside India attracts GST

June 28, 2019 23937 Views 0 comment Print

In re M/s TUI India Private Limited (GST AAR Delhi) The applicant is supplying booking of hotel accommodation services. They are admittedly paying GST @ 18% (9% CGST + 9% SGST) on service fee / convenience fee commission received from clients and also on target based sales commission received from the foreign hotel aggregators (DOTW). […]

GST payable on amount received by society from Company for CSR programmes

June 28, 2019 7965 Views 0 comment Print

In re M/s Indian Institute of Corporate Affairs (GST AAR Delhi) Q1. Whether Goods and Services Tax shall be leviable / chargeable on the transaction / agreement as per provisions of Central Goods and Service Tax Act, 2017. . The amount received by the applicant from AICL is not in the nature of grant-in aid […]

ITBA Functionality to Rectify ITR 1 to 6 for A.Y. 2017-18 Launched

June 28, 2019 1242 Views 0 comment Print

The functionality for rectification of processing u/s 143(1) of ITR 1,2,3,4,5, & 6 for A.Y. 2017-18 is now made available in Income Tax Business Application (ITBA). All the steps for initiating, working on the rectification proceedings and passing of rectification Order will be same as described in ITBA Rectification Instruction No.3 dated 19/4/2018.

GST: Concept & Status (Updated as on 01st June, 2019

June 28, 2019 76677 Views 4 comments Print

The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated to be around 25%-30%.

Revised Annual Return on Foreign Liabilities and Assets Reporting by Indian Companies (FLA RETURN)

June 28, 2019 5811 Views 0 comment Print

Revised Annual Return on Foreign Liabilities and Assets Reporting by Indian Companies As per regulation issued by RBI which stipulated that all Indian companies which have received FDI and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year, should file the annual return on Foreign Liabilities and Assets (FLA) in […]

CBI Arrests Assistant Commissioner of CGST & Superintendent in bribery case

June 28, 2019 1095 Views 0 comment Print

CBI has today arrested an Assistant Commissioner and a Superintendent, both working in CGST, Patna-II for demanding and accepting a bribe of Rs.2.5 lakh from complainant.

Section 17(1)(b) of Consumer Protection Act is ‘a special policy’ to deal with other inconsistencies

June 28, 2019 3993 Views 0 comment Print

First of all, let us have a look at the Section 17(1)(a) of Consumer Protection Act, 1986 which read as ‘(a) to entertain – (i) complaints where the value of goods or services and compensation, if any, claimed exceeds rupees twenty lakhs but does not exceed rupees one crore; and (ii) appeals against the order […]

Permission to acquire financial asset from other ARCs

June 28, 2019 621 Views 0 comment Print

it has been decided to permit ARCs to acquire financial asset from other ARCs on following conditions: a. The transaction is settled on cash basis; b. Price discovery for such transaction shall not be prejudicial to the interest of Security Receipt holders; c. The selling ARC will utilize the proceeds so received for the redemption […]

SEBI to Implement Phase II of Unified Payments Interface with ASBA

June 28, 2019 525 Views 0 comment Print

Streamlining the Process of Public Issue of Equity Shares and convertibles- Implementation of Phase II of Unified Payments Interface with Application  Supported by Block Amount Securities and Exchange Board of India SEBI/HO/CFD/DIL2/CIR/P/2019/76 June 28, 2019 To Recognized Stock Exchanges Depositories Registered Stock Brokers Registered Merchant Bankers Registered Registrars to an Issue and Share Transfer Agents […]

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