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Archive: 03 July 2019

Posts in 03 July 2019

Major Recent GST Changes till 28th June 2019

July 3, 2019 10659 Views 1 comment Print

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-profiteering Authority etc. Some clarifications on refunds and taxability of post supply discounts etc have also been issued, besides amendments in GST rules.

Artificial Intelligence (AI) and Role of Company Secretary

July 3, 2019 6477 Views 0 comment Print

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 […]

GST Annual Returns and Reconciliation Statement-12 Issues clarified

July 3, 2019 24900 Views 4 comments Print

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: –

Cenvat credit available on product liability insurance

July 3, 2019 825 Views 0 comment Print

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 manufacture of finished products.

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

July 3, 2019 1560 Views 0 comment Print

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 […]

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

July 3, 2019 3588 Views 0 comment Print

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 month […]

Nature of capital gains on transfer of buildings /right in lease hold land

July 3, 2019 40878 Views 0 comment Print

Hirsh Bracelet India Pvt. Ltd. Vs ACIT (ITAT Bangalore) Section 50 of the Act is a special provision for computation of capital gains in case of depreciable assets and is applicable only to capital assets forming part of Block of Assets on which depreciation has been allowed under the Act. and also only for the […]

Review of Foreign Trade Policy-inviting suggestions- regarding

July 3, 2019 513 Views 0 comment Print

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 ftp2019-dgft@gov.in.

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

July 3, 2019 708 Views 1 comment Print

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.

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

July 3, 2019 1011 Views 0 comment Print

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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