"06 July 2019" Archive

CBIC reduces export duty on EI tanned leather & Hides, skins & leathers, tanned & untanned

Notification No. 27/2019-Customs [G.S.R. 484(E)] (06/07/2019)

Seeks to further amend notification No 27/2011- Customs dated 1st March 2011 to reduce the export duty on EI tanned leather and Hides, skins and leathers, tanned and untanned, all sorts vide Notification No. 27/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 27/2019-Cust...

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CBIC changes classification of other dyed fabrics of nylon

Notification No. 26/2019–Customs [G.S.R. 483(E)] (06/07/2019)

Seeks to further amend notification No 14/2006- Customs dated 1st March 2006 in order to change the classification of other dyed fabrics of nylon from 5407 42 00 to 5407 42 vide Notification No. 26/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 26/2019–Customs New Del...

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CBIC prescribes effective rate of BCD on various goods

Notification No. 25/2019–Customs [G.S.R. 482(E)] (06/07/2019)

Seeks to further amend notification No 50/2017- Customs dated 30th June, 2017 so as to prescribe effective rate of Basic Customs Duty (BCD) vide Notification No. 25/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 25/2019 –Customs New Delhi, the 6th July, 2019 G.S.R. 48...

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CBIC excludes specified electronic items from scope of entry at S.No. 6A of notification No. 57/2017- Customs

Notification No. 24/2019–Customs [G.S.R. 481(E)] (06/07/2019)

Seeks to further amend notification No 57/2017- Customs dated 30th June, 2017 to explicitly exclude the specified electronic items from scope of entry at S.No. 6A of the notification and to provide the effective rates on other goods vide Notification No. 24/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Depar...

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BCD exemption on specified parts of line telephone handset

Notification No. 23/2019 – Customs (06/07/2019)

Seeks to further amend notification No 25/2005-Customs dated 1st March, 2005 to explicitly provide BCD exemption on the specified parts of line telephone handset vide Notification No. 23/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 23/2019 – Customs New Delhi, the 6...

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CBIC exempt specified capital goods use for manufacture of specified electronic items

Notification No. 22/2019–Customs [G.S.R. 479(E)] (06/07/2019)

Seeks to further amend notification No 25/2002-Customs dated 1st March, 2002 to exempt specified capital goods use for manufacture of specified electronic items vide Notification No. 22/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 22/2019–Customs New Delhi, the 6th ...

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CBIC update classification of goods in notification No. 25/98-Customs

Notification No. 21/2019 – Customs [G.S.R. 478(E)] (06/07/2019)

Seeks to further amend notification No 25/98-Customs dated 2nd June 1998 to update the classification of the goods in the notification vide Notification No. 21/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 21/2019 – Customs New Delhi, the 6th July, 2019 G.S.R. 478(E)...

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CBIC increases effective rate of Basic Customs Duty on petroleum crude

Notification No. 20/2019–Customs [G.S.R. 477(E)] (06/07/2019)

Seeks to further amend notification No. 52/2017- Customs dated 30th June 2017 so as to increase the effective rate of Basic Customs Duty on petroleum crude vide Notification No. 20/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 20/2019–Customs New Delhi, the 6th July,...

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Customs Duty exemption on specified defense equipment & parts

Notification No. 19/2019-Customs (06/07/2019)

Seeks to exempt specified defense equipment and their parts from Basic Customs Duty for a period of 5 years vide Notification No. 19/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 19/2019-Customs New Delhi, the 6th July, 2019 G.S.R (E).- In exercise of the powers confer...

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Customs: CBIC increases effective rate of Road and Infrastructure cess

Notification No. 18/2019-Customs [G.S.R. 475(E)] (06/07/2019)

Seeks to increase the effective rate of Road and Infrastructure cess, as additional duty of customs, on petrol and diesel vide Notification No. 18/2019-Customs dated: 6th July, 2019...

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CBIC to exempt crude petroleum oil produced in specified oil fields

Notification No. 06/2019-Central Excise [G.S.R.489(E)] (06/07/2019)

Seeks to exempt crude petroleum oil produced in specified oil fields under production sharing contracts or in the exploration blocks offered under the New Exploration Licensing Policy (NELP) through international competitive bidding vide Notification No. 6/2019-Central Excise Dated 6th July, 2019.   GOVERNMENT OF INDIA MINISTRY OF FINANC...

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CBIC increases effective Special Additional Excise Duty on Petrol & Diesel

Notification No. 05/2019-Central Excise [G.S.R. 488(E).] (06/07/2019)

Seeks to increase the effective rate of Special Additional Excise Duty on Petrol and Diesel vide Notification No. 05/2019-Central Excise Dated 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 5/2019-Central Excise New Delhi, the 6th July, 2019 G.S.R. 488(E).– In exercise of the powers conf...

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CBIC increases effective rate of Road and Infrastructure Cess

Notification No. 04/2019-Central Excise [G.S.R. 487(E).] (06/07/2019)

Seeks to increase the effective rate of Road and Infrastructure Cess as additional duty of excise on Petrol and Diesel vide Notification No. 04/2019-Central Excise Dated 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 4/2019-Central Excise New Delhi, the 6th July, 2019 G.S.R. 487(E). – In...

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Basic excise duty on specified goods in chapter 24 increased

Notification No. 03/2019-Central Excise [G.S.R. 486(E)] (06/07/2019)

Seeks to increase the basic excise duty on specified goods in chapter 24 under section 5A of the Central Excise Act 1944 vide Notification No. 03/2019-Central Excise Dated 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 03/2019-Central Excise New Delhi, the 6th July, 2019 G.S.R. 486(E)̵...

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CBIC amends notification No. 11/2017-CE to omit a chapter 24 entry

Notification No. 02/2019-Central Excise [G.S.R. 485(E).] (06/07/2019)

CBIC further amends notification No. 11/2017-Central Excise dated 30th June 2017 so as to omit an entry with respect to chapter 24 vide Notification No. 02/2019-Central Excise Dated 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 02/2019-Central Excise New Delhi, the 6th July, 2019 G.S.R. 4...

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Disqualifications of Director

Recently, over the years, the Registrar of Companies, all over India has been very strict with the compliances and therefore, disqualified as many as thousand of Directors in the year 2017 and 2018 on account of various non-compliances. Accordingly, it is very important to take note of the reasons by which a Director can be […]...

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Posted Under: Custom Duty |

Sabka Vishwas Legacy Dispute Resolution Scheme, 2019- FAQs

A dispute resolution cum amnesty scheme called ‘the Sabka Vishwas Legacy Dispute Resolution Scheme, 2019‘ has been introduced for resolution and settlement of legacy cases of Central Excise and Service Tax. The proposed Scheme covers past disputes of taxes which have got subsumed in GST namely Central Excise, Service Tax and C...

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Posted Under: Custom Duty |

Section 148: Recording and Issue of Reasons

[Section 148(2)]: The Assessing Officer shall before issuing notice u/s 148 of the Income tax Act , 1961 , record the reasons for doing so .  Recording of reasons carefully is very important and other various factors to be taken care of from the side of the revenue. From the side of the assesse it […]...

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Posted Under: Custom Duty |

Interest Payable on Late Payment of GST: Big Relief with New Proviso

The Union Budget 2019 presented by Hon’ble Finance Minister Mrs. Sitharaman on 5th July 2019 has inserted a Proviso to remove the doubt over the interest for late payment of GST that whether the interest would be charged & payable on ‘Gross Tax Liability’ or only on ‘Net Tax Liability’. The confusion was ther...

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Posted Under: Custom Duty |

How To Choose Your Builder

Witnessing the real estate sector today, choosing a builder can be a very big and important task as your lifetime savings might be on stake, therefore, you are required to be a little more conscious and all that is needed is some good amount of research that will land you just in your dream home. […]...

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Posted Under: Custom Duty |

RBI reporting for Foreign Direct Investment

Foreign Direct Investment (FDI) means investment through capital instruments (equity shares, debentures, preference shares and share warrants) by a person resident outside India in an unlisted Indian company or in 10% or more of the post issue paid-up capital on a fully diluted basis of a listed Indian company. FDI under various sectors i...

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Posted Under: Custom Duty |

Relaxation in conditions of special taxation regime for offshore funds

Section 9A of the Act provides for a safe harbour in respect of offshore funds. It provides that in the case of an eligible investment fund, the fund management activity carried out through an eligible fund manager located in India and acting on behalf of such fund shall by itself not constitute business connection in […]...

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Posted Under: Custom Duty |

Budget 2019: Incentives to International Financial Services Centre

In order to promote the development of world class financial infrastructure in India, some tax concessions have already been provided in respect of business carried on from an International Financial Services Centre  (IFSC). To further promote such development and bring these IFSC at par with similar IFSC in other countries, following ad...

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Posted Under: Custom Duty |

2% TDS on cash withdrawal to discourage cash transactions

In order to further discourage cash transactions and move towards less cash economy, it is proposed to insert a new section 194N in the Act to provide for levy of TDS at the rate of two per cent on cash payments in excess of one crore rupees in aggregate made during the year, by a […]...

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Posted Under: Custom Duty |

Penalty for failure to provide facility to pays through prescribed electronic modes

Mandating acceptance of payments through prescribed electronic modes In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black money and to promote digital economy, it is proposed to insert a new section 269SU in the Act so as to provide that every […]...

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Posted Under: Custom Duty |

PAN becomes invalid if not linked with Aadhaar

Consequence of not linking PAN with Aadhaar The existing proviso to the sub-section (2) of section 139AA, provides that the PAN allotted to a person shall be deemed to be invalid, in case the person fails to intimate the Aadhaar number, on or before the notified date. In order to protect validity of transactions previously […]...

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Budget 2019 Widens scope of Statement of Financial Transactions (SFT)

Existing provisions of section 285BA of the Act, inter alia, provide for furnishing of statement of financial transaction (SFT) or reportable account by person specified therein. In order to enable pre-filling of return of income, it is proposed to obtain information by widening the scope of furnishing of statement of financial transactio...

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Posted Under: Custom Duty |

Budget 2019: Prescription of other electronic mode of payments

There are various provisions in the Act which prohibit cash transactions and allow/encourage payment or receipt only through account payee cheque, account payee draft or electronic clearing system through a bank account. Section 13A of the Act requires a political party to receive donation exceeding rupees two thousand only through an acc...

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Posted Under: Custom Duty |

Inter-changeability of PAN & Aadhaar for prescribed transactions

Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactions Existing sub-section (1) of section 139A of the Act, inter alia, provides that every person specified therein, who has not been allotted a PAN, shall apply to the Assessing Officer for allotment of PAN. It has been observed that in many cases persons...

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Posted Under: Custom Duty |

Budget 2019 widen list of persons for Mandatory Income Tax Return filing

Mandatory furnishing of return of income by certain persons prescribed by Budget 2019 Currently, a person other than a company or a firm is required to furnish the return of income only if his total income exceeds the maximum amount not chargeable to tax, subject to certain exceptions. Therefore, a person entering into certain high [&hell...

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Posted Under: Custom Duty |

Deemed accrual of gift made to a person outside India by Resident

Section 9 of the Act relates to Income deemed to accrue or arise in India. Under the Act, non –residents are taxable in India in respect of income that accrues or arises in India or is received in India or is deemed to accrue or arise in India or is deemed to be received in […]...

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Posted Under: Custom Duty |

TDS deductible on other payment for Purchase of immovable property

Section 194-IA of the Act relates to payment on transfer of certain immovable property other than agricultural land and provides for levy of TDS at the rate of one per cent. on the amount of consideration paid or credited for transfer of such property. The term ‘consideration for immovable property’ is presently not defined for [&hell...

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Posted Under: Custom Duty |

Individual/HUF to deduct TDS on payment to contractors & professionals

Tax Deduction at Source (TDS) on payment by Individual/HUF to contractors and professionals under new section 194M At present there is no liability on an individual or Hindu undivided family (HUF) to deduct tax at source on any payment made to a resident contractor or professional when it is for personal use. Further, if the […]...

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Posted Under: Custom Duty |

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019– Central Excise & Service Tax

A dispute resolution cum amnesty scheme called the Sabka Vishwas Legacy Dispute Resolution Scheme is being introduced for resolution and settlement of legacy cases of Central Excise and Service Tax. The proposed Scheme covers past disputes of taxes which have got subsumed in GST namely Central Excise, Service Tax and Cesses. All persons a...

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Posted Under: Custom Duty |

Corporate Social Responsibility (CSR)- Brief analysis

India is the first country to mandate the provisions of Corporate Social Responsibility (CSR) and this landmark legislation is governed under 135 of The Companies Act, 2013, read with The Companies (Amendment) Act, 2017 and the Companies (Corporate Social Responsibility Policy) Rules, 2014....

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Posted Under: Custom Duty |

Unveiling Budget 2019 by Modi 2.0

here are 68 amendments made in Income Tax in this budget, I am classifying and analyzing few important amendments hereunder: More Compliance for Common People and No Return Gifts: A. Filing of Income Tax Return extended to certain Persons...

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Posted Under: Custom Duty |

Special Economic Zones (Amendment) Act, 2019

Notification No. 8 of 2019 (08/07/2019)

(1) This Act may be called the Special Economic Zones (Amendment) Act, 2019. (2) It shall be deemed to have come into force on the 2nd day of March, 2019....

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Artemia cyst/biomass is classifiable under CTH 0511: AAAR

In re Rajiv Gandhi Centre for Aquaculture (GST AAAR Tamilnadu)

In re Rajiv Gandhi Centre for Aquaculture (GST AAAR Tamilnadu) From the note furnished on the Artemia Project, it is seen that Cysts and biomass are harvested, processed, Packed and traded. It is stated that artemia cyst cannot be consumed with outer shell/chorion as such; cyst are incubated in sea water with light and aeration; […...

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IBBI Clarifications reg. Application for Empanelment of Providers of Platform for Distressed Assets

The Insolvency and Bankruptcy Board of India (IBBI) vide its notice dated 12th June, 2019 invited applications for Empanelment of Providers of Platform for Distressed Assets (PDAs). In this regard, a pre-application meeting was held at IBBI’s office on 26th June, 2019. Certain queries were raised during the meeting as also were forward...

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Posted Under: Custom Duty |

Trend analysis of income tax: A complete overview

People coming under income tax assessment According to the data of the AY 2015-16, only 1.7% of total Indians pay income tax. The number of people paying income tax rose from 3.65 crores to 4.07 crores paid income tax & the rest claims below taxable income. % of taxpayer % of total taxes 4.63% of […]...

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Posted Under: Custom Duty |

Value of supply where Kerala Flood Cess is applicable

CBIC inserted new rule 32A which deals with the value of supply in cases where the Kerala Flood Cess is applicable. The present article highlights the basic provisions of ‘Kerala Flood Cess’ and explains the impact of the newly inserted rule 32A....

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Posted Under: Custom Duty |

Bachelor of Engineering (Agriculture) cannot be granted registration as registered valuer

NA (06/07/2019)

He claims that he has studied eights subjects of Mathematics (Mathematics I, Mathematics II, Mathematics III, Mathematics IV, Mathematics V, Mathematics VI, Mathematics VII, and Mathematics VIII), and since civil engineering includes mathematics, he has studied eight civil engineering subjects. Further, most of the Engineering Courses hav...

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Detailed analysis of changes in rates of Central Excise & Custom: Budget 2019

Detailed analysis of changes in rates of Central Excise & Custom – Union Budget 2019. In Union Budget 2019-20, the Finance Minister has introduced the Finance (No.2) Bill, 2019 in Lok Sabha on July 05, 2019. The following are the gist of the notifications which makes amendment in Customs and Central Excise with effect from July 0...

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Posted Under: Custom Duty |

Proposed Amendment in CGST Act, 2017 and IGST Act, 2017

Amendments carried out through the Finance (No. 2) Bill, 2019 come into effect on the date of its enactment, unless otherwise specified. Amendments carried out in the Finance Bill, 2019 will come into effect from the date when the same will be notified, concurrently with the corresponding amendments to the Acts passed earlier by the [&hel...

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Posted Under: Custom Duty |

Proposed Amendment in Customs Act, 1962 & Service Tax

Proposed Amendment in the Customs Act, 1962 and Service Tax – Union Budget 2019 The legislative changes would come into effect only upon the enactment of the Finance (No. 2) Bill, 2019. Proposed Amendment in the Customs Act, 1962 Current provisions Proposed provisions Effect Section – 41 (Delivery of departure manifest or export m...

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Posted Under: Custom Duty |

Highlights of Union Budget 2019 & Changes in Taxation

Ms. Nirmala Sitharaman today presented the full budget of 1st Year of 2nd term of Modi Government amid subdued economic growth and challenging fiscal situation. Taking into consideration, the need of time, with a vision to become $5 trillion economy by 2025, various sectors including social sectors were generously rewarded in this Budge...

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Posted Under: Custom Duty |

Summary of GST Notifications and Circulars Dated: 28th June 2019

Post the 35th GST Council meeting at New Delhi on 21st June 2019, notifications and circulars have been issued by CBIC to implement the decisions taken by the GST Council. The summary of such Notifications, Circular and Order has been enumerated under below sections. 1. Treatment of Secondary or Post Sales Discount (Circular No 105/24/201...

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Posted Under: Custom Duty |

Union Budget 2019: Key Highlights

The Union Finance minister Mrs. Nirmala Sitharaman in her maiden budget speech has shown that the NDA Government led by Hon’ble Prime Minister Mr. Narendra Modi is focussing on boosting investments to bring the economy back on track. One of her biggest challenges is to revive growth in some key sectors apart from introducing measures [&...

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Posted Under: Custom Duty |

Taxation related key takeaways from Union Budget 2019

First full-time woman Finance Minister Nirmala Sitharaman presented her maiden Union Budget of Modi 2.0 Government on Friday 05/07/2019. Following are the taxation related key takeaways from Union Budget 2019- Part A: Indirect Tax A simplified single monthly return for taxpayers with an annual turnover of less than Rs 5 crore to file onl...

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Posted Under: Custom Duty |

Union Budget 2019- Thirteen practical Important Income Tax highlights

The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman made her maiden Budget Speech today and presented the Union Budget 2019-20 before the Parliament. The Thirteen practical Important highlights of Union Budget 2019 are as follows: 1. TDS on payment by Individual/HUF to contractors and professionals Section 194M le...

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Posted Under: Custom Duty |

Builders Cheating Home buyers by Showing Sample Flat- Things to take care

Has this ever happened to you that you were shown something different from what the builder had shown you in the beginning? Then, you too are one of those home buyers who have been cheated by the builder. There is a large no. of people who fall prey of this tactic of the builders and […]...

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Posted Under: Custom Duty |

Pre-requisites for submission of NFRA-1 form

During the process of submitting NFRA-1 form, user needs to have following details/documents before proceeding with form filling. In case of Indian Body Corporate: 1. PAN of Indian authorized individual 2. PAN of body corporate 3. DIN of Director/Membership No. of CS/PAN of Manager or CEO or CFO 4. Income tax PAN of auditor/audit firm [&h...

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Posted Under: Custom Duty |

National Financial Authority Reporting Rules, 2018- Form NFRA-1

NATIONAL FINANCIAL AUTHORITY REPORTING RULES, 2018 (NFRA RULES): FILING OF FORM NFRA-1 GOVERNING PROVISIONS: Section 132 of the Companies Act, 2013 (“the Act”) and Rules made there under. FUNCTIONS OF NATIONAL FINANCIAL AUTHORITY (NFRA) (SECTION 132(2)): 1. make recommendations to the Central Government on the formulation and laying d...

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Posted Under: Custom Duty |

10 points to summarize budget proposals of GST

Top 10 updates of GST from the Finance bill, 2019 includes Interest for delay in payment to be made only on the tax to be paid in Cash, Cash ledger optimisation – Enabling transfer of the balances among the CGST, SGST & IGST, Enabling the single window refund mechanism, Moving from PAN based reg,n to […]...

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Posted Under: Custom Duty |

Decoding Union Budget 2019-20

The proposed amendments by Union Budget 2019 can broadly be classified into two categories: (i) Tax Incentives Measures aimed at Encouraging Voluntary Compliance by Taxpayers; (ii) Measures aimed at widening and deepening of tax base, by further tightening of provisions/ loose ends....

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Posted Under: Custom Duty |

Clauses wise analysis of Finance Bill 2019

Notes on clauses Income-tax Clause 2, read with the First Schedule to the Bill, specifies the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2018-2019. Further, it lays down the rates at which tax is to be deducted at source during the financial year 2019-2020 from […]...

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Posted Under: Custom Duty |

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