"24 July 2019" Archive

Lok Sabha passes Unlawful Activities (Prevention) Amendment Bill, 2019 

Lok Sabha passes the Unlawful Activities (Prevention) Amendment Bill, 2019  Individuals engaging in terrorist activities or sympathizing with terrorist would not be spared: Shri Amit Shah A strict law and strong investigation agencies necessary to uproot terrorism from this country ...

Read More
Posted Under: Corporate Law |

Finance Minister asks Tax officers to deal firmly with Tax evaders 

Finance Minister exhorted Income Tax officers to be prompt in redressing the grievances of the tax payers and to deal firmly with Tax evaders ...

Read More
Posted Under: Corporate Law |

Clarifications on Refunds of IGST paid on import in case of risky exporters

Circular No. 22/2019-Customs (24/07/2019)

Board has received representations wherein various exporters and organisations have raised the issue of repeated opening of export containers for 100% examination related to risky exporters, under the new procedure laid down in Circular 16/2019-Customs dated 17.06.2019. Exporters have taken the plea that their cargo is getting delayed and...

Read More

Tax on goods exported earlier for exhibition purpose/consignment & applicability of Notification No. 45/2017-Customs

Circular No. 21/2019-Customs (24/07/2019)

Representations have been received for clarifying the issue of applicability of Notification no. 45/2017-Customs on the re-import of goods which had been earlier exported either for participation in exhibition or on consignment basis....

Read More

Govt. Issues strict direction to deal with fugitive economic offenders

Ministry of Home Affairs Govt. Issues strict direction to deal with fugitive economic offenders Posted On: 24 JUL 2019 -PIB Delhi The Government issued directions to deal with wilful bank loan defaulters or fugitive economic  offenders.  For this a Look Out Circular(LOC) can be opened by the Bureau of Immigration in respect of Indian ci...

Read More
Posted Under: Corporate Law |

Highlights of BEN-2 Form | Significant Beneficial Ownership | Section 90

Highlights of Webinar on BEN-2 by The ICSI ON 12th July and On 20th July. 1. The indirect holding is mandatory for the consideration of significant beneficial owner (SBO). 2. If the SBO is HUF than the karta deemed to hold 100% shares of HUF so karta is treated as SBO and 10% holding is […]...

Read More

Interest to be levied only on net cash liability of GST

Recently, section 50 of Central goods and services tax act was amended to provide that interest will now be charged on only that portion of the GST liability which is paid by debiting the electronic cash ledger. The present rate of interest on the delayed payment of tax liability is 18% per annum on unpaid […]...

Read More
Posted Under: Corporate Law |

All About ESIC and PF with New Rates of ESIC

Applicability of the ESI scheme  The ESI scheme is applicable to all factories and other establishments as defined in the Act with 10 or more persons employed in such establishment and the beneficiaries’ monthly wage does not exceed Rs 21,000 are covered under the scheme. Whether the employer has employed 10 or more employees, all [&he...

Read More
Posted Under: Corporate Law |

Practical aspects related to SBO ID

What is SBO ID: The SBO id is a 10 digits unique identification number of such person. The rule “ONE ID FOR ONE PERSON” prevails here....

Read More
Posted Under: Corporate Law |

CBDT Chairman’s message on 159th Income Tax Day

On this 159th Income Tax Day, I extend my best wishes to each and every member of the Aaykar Parivar and their families. I feel honoured leading such a glorious and professional service, made even more special by the untiring contribution of each and every employee of the Department....

Read More
Posted Under: Corporate Law |