"03 July 2019" Archive

Major Recent GST Changes till 28th June 2019

GST Council has already proposed new return forms which shall be rolled out from January 1, 2020 but pilot testing will start now. The GST Council took some important decisions in 35th Council meeting held on 21st June, 2019 including e-invoicing,  extension of due dates for returns including ones extension of tenure of National Anti-p...

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Artificial Intelligence (AI) and Role of Company Secretary

Change is the Law of Life and those who look only to past or present are certain to miss the future: John F. Kennedy. In the Modern era of technological developments, Innovations and Inventions by a man through his Human Intelligence created new machines, computers and other technological development to improve his standard of living [&he...

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GST Annual Returns and Reconciliation Statement-12 Issues clarified

NA 03/07/2019

The Government has been receiving a number of representations regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C). In this regard the following clarifications are issued for information of all stakeholders: -...

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Cenvat credit available on product liability insurance

Wheels India Ltd. Vs Commissioner of GST & Central Tax (CESTAT Chennai)

CESTAT Chennai has allowed Cenvat credit on product liability insurance availed by the manufacturer for covering the risk of manufacturing defect arising in finished products. The Tribunal for this purpose observed that the insurance was directly connected with manufacturing activity and was also an input service used in relation to manuf...

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Bogus F&O Loss: No protection if client code modifications are tainted with collusive action & manipulations

ITO Vs M/s Ninja Securities Pvt. Ltd. (ITAT Mumbai)

ITO Vs M/s Ninja Securities Pvt. Ltd. (ITAT Mumbai) The assessee case does not fall under the above category of genuine client code modifications allowed by NSE as we have seen that in large number of client code modifications, there are no similarity between wrong code and correct code and secondly there are repetitive client […]...

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Bogus F&O Loss proved on large number of sudden client code modifications by broker

Time Media & Entertainment LLP Vs ITO (ITAT Mumbai)

Time Media & Entertainment LLP Vs ITO (ITAT Mumbai) In this case there was an unusual and sudden spurt in client code modifications in the month of March 2010 undertaken by Brokers in Stock Exchanges. The assessee had also suffered F&O Loss of Rs.31,98,597.50 through Broker Inventure for transactions undertaken through NSE in the ...

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Review of Foreign Trade Policy-inviting suggestions- regarding

Trade Notice No. 22/2019-2020-DGFT 03/07/2019

Attention is invited to the Trade Notice No. 21/2019-20 dated 28.06.2019 wherein the stakeholders were advised to send their suggestions regarding the proposed new Foreign Trade Policy on email id [email protected]

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Import of ‘Walnuts with pre-import condition & reduced EO period under Advance authorizaton

Public Notice No. 15/2015-2020-DGFT 03/07/2019

Import of 'Walnuts in any form' is placed under Appendix 4J with pre-import condition and reduced EO period under Advance authorizaton with immediate effect....

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Delay in assessment & subsequent clearance of consignment from docks- Reg.

Public Notice No. 62/2019-JNCH 03/07/2019

Need for better communication and coordination to avoid delay in assessment or examination and subsequent clearance of consignment from the docks-reg....

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Tax on off-shore investments routed through Alternate Investment Fund

Circular No. 14/2019-Income Tax 03/07/2019

In the context of Alternate Investment Funds (AIFs), references have been made to the Central Board of Direct Taxes (the Board) seeking clarity regarding taxability of income from investments made by the non-resident investor through these AIFs, outside India (off-shore investment)....

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