"31 July 2019" Archive

Impact of Kerala Flood Cess

In August 2018, the State of Kerala faced a devastating flood due to high rainfall which was the worst flood in nearly a century. There was huge loss to the assets, revenue of the State. As a result, the State of Kerala proposed for levy of additional cess in GST which was approved by the GST council in its 32nd Council meeting held on 1...

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Extended time upto 16.08.2019 to Task Force to draft New Direct Tax Law

NA (31/07/2019)

The Government has allowed the Task Force to submit its report by 16th of  August, 2019, in light of the fact that the new Members of the Task Force requested for more time to provide further inputs....

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IT Dept conducts search on group connected with VVIP Chopper Scam

NA (31/07/2019)

Income Tax Department conducted search action on 24th July, 2019, on a Hyderabad based group engaged in the business of conducting seismic data analysis. The assesse group indulged in large scale over-invoicing of imports through a Dubai based operator who is an accused in a VVIP Chopper scam. The surplus funds thus generated amounting to...

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FM warns strictest action for not following Company Law Provisions

Smt. Nirmala Sitharaman- Minister of Finance and Corporate Affairs moves the Companies (Amendment) Bill, 2019 for consideration in the Rajya Sabha. She replies to the debate on Companies (Amendment) Bill, 2019 in the Rajya Sabha. Gandhiji’s trusteeship principle is with which profit-making can not be devoid of social responsibility. The...

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Banning of Unregulated Deposit Schemes Act, 2019

NO. 21 OF 2019 (31/07/2019)

THE BANNING OF UNREGULATED DEPOSIT SCHEMES ACT, 2019- NO. 21 OF 2019- An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto....

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Companies (Amendment) Act, 2019

Notification No. 22 of 2019 (31/07/2019)

(1) This Act may be called the Companies (Amendment) Act, 2019. (2) The provisions of this Act, except sections 6, 7 and 8, clauses (i), (iii) and clause (iv) of section 14, sections 20 and 21, section 31, sections 33, 34 and 35, sections 37 and 38 shall be deemed to have come into force on the 2nd day of November, 2018....

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Section 194LA: Payment of Compensation on acquisition of certain immovable property

Section 194LA: Payment of Compensation on acquisition of certain immovable property With effect from 1st October 2004, new section 194LA was inserted into the Income Tax Act, 1961. Section 194LA relates to the TDS provisions applicable on the payment of compensation at the time of acquisition of certain type of immovable property. The pre...

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First Audit Report of CAG on GST- Bring out all gaps / shortcomings

Report No.11 of 2019 – Compliance Audit of Union Government, Department of Revenue (Indirect Taxes – Goods and Services Tax) This is the first Audit Report of CAG on Goods and Services Tax (GST), prepared on the basis of audits conducted during the year 2018-19. The Report acknowledges the magnitude of the tax reform that [&hellip...

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Corporate Compliance Calendar for the Month of August, 2019

This article contains various Compliance requirements under Statutory Laws for the Month of August, 2019. Compliance means adhering to rules and regulations. Article contains Compliance Requirement Under Income Tax Act, 1961, Goods & Services Tax Act, 2017 (GST), Other Statutory Laws, Foreign Exchange Management Act, 1999 (FEMA), SEBI...

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No Interest can be levied in GST | GSTR 3B is not a return

Whether GSTR-3B is not a return? Absolutely not. Beyond any doubt GSTR-3B is a return. Merely, it is not a return u/s 39. It is a return prescribed u/r 61(5) which has its relevance till the time the GSTR-2 and GSTR-3 are not finally brought to the common portal....

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GST on maintenance charges of Residential Welfare Association: CBIC clarifies

Clarification on Issues related to GST on monthly subscription/contribution charged by a Residential Welfare Association from its members Government through Circular No. 109/28/2019-GTS dated 22nd July, 2019 has clarified the above issue in details A brief on the same is provided below: Below is a brief summary on when the Resident Welfar...

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Agency Commission- Furnishing reconciliation certificate of CA

RBI/2019-20/21 DGBA.GBD.No. 5/31.02.007/2019-20 (31/07/2019)

It has now been decided in consultation with Government of India, that agency banks while claiming agency commission from RBI Central Accounts Section, Nagpur and at Regional offices of RBI (including Mumbai Regional Office for GST collections) are required to submit certificates by the bank official and by Chartered Accountant in this re...

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Filing of E-form DIR-3-KYC and WEB Service DIR-3-KYC

i. e-Form DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the first time OR ii. By the DIN holder who has already filed his KYC once in e-form DIR-3 KYC but wants to update his details....

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Vacancy at Taxguru for Assistant Editor / Content Development Assistant

We require Assistant Editor and Content Development Assistant for above mentioned firm with minimum education qualification of B.com. Having basic writing skill, having work experience in accounting field is preferable. Fresher's also can apply....

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Guidelines for clearance of unclaimed and abandoned goods kept in SEZs/ FTWZs

Instruction No. 96 (31/07/2019)

Units holding goods on behalf of clients in SEZ /FTWZ shall be deemed to have the custody of these goods under section 48 of the Customs Act for the purpose of sale in DTA,in case such goods are abandoned or unclaimed by their clients....

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DGFT grants Power to condone delay in payment of fee for excess utilisation of duty saved to RA

Public Notice No. 22/2015-2020-DGFT (31/07/2019)

RA concerned may also accept the additional fee to cover the excess imports effected, in terms of duty saved amount, if the same is furnished beyond one month but within two years of the excess import taking place, subject to payment of composition fee of Rs. 5000/- per authorisation. Government of India Ministry of Commerce […]...

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Muslim Women (Protection of Rights on Marriage) Act, 2019

No. 20 of 2019 (31/07/2019)

THE MUSLIM WOMEN (PROTECTION OF RIGHTS ON MARRIAGE) ACT, 2019- An Act to protect the rights of married Muslim women and to prohibit divorce by pronouncing talaq by their husbands and to provide for matters connected therewith or incidental thereto....

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CBIC exempts hiring of Electric buses by local authorities from UTGST

Notification No. 13/2019-Union Territory Tax (Rate) [G.S.R. 544(E).] (31/07/2019)

Notification No. 13/2019-Union Territory Tax (Rate)- CBIC seeks to exempt the hiring of Electric buses by local authorities from UTGST. Government of India Ministry of Finance (Department of Revenue) Notification No. 13/2019-Union Territory Tax (Rate) New Delhi, the 31st July 2019 G.S.R. 544(E).– In exercise of the powers conferred...

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UTGST rate on Electric Vehicles, charger or charging stations for EVs

Notification No. 12/2019- Union Territory Tax (Rate) [G.S.R. 543(E).] (31/07/2019)

Notification No. 12/2019- Union Territory Tax (Rate)- CBIC seeks to reduce the UTGST rate on Electric Vehicles (EVs), and charger or charging stations for Electric vehicles. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 12/2019- Union Territory Tax (Rate) New Delhi, the 31st July, 2019 G.S.R. 543(E)....

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Hotel accommodation services provided outside India attracts GST

In re M/s TUI India Private Limited (GST AAR Delhi)

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). [&h...

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CBIC exempts hiring of Electric buses by local authorities from IGST

Notification No. 13/2019- Integrated Tax (Rate) [G.S.R. 542(E).] (31/07/2019)

Notification No. 13/2019- Integrated Tax (Rate)- CBIC seeks to exempt the hiring of Electric buses by local authorities from IGST. Government of India Ministry of Finance (Department of Revenue) Notification No. 13/2019- Integrated Tax (Rate) New Delhi, the 31st July 2019 G.S.R. 542(E).– In exercise of the powers conferred by sub-s...

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IGST rate on Electric Vehicles, charger or charging stations for EVs

Notification No. 12/2019-Integrated Tax (Rate) [G.S.R. 541(E).] (31/07/2019)

Notification No. 12/2019-Integrated Tax (Rate)- CBIC seeks to reduce GST rate on Electric Vehicles (EVs), and charger or charging stations for Electric vehicles. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 12/2019-Integrated Tax (Rate) New Delhi, the 31st July, 2019 G.S.R. 541(E).– In exercise o...

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

In re M/s Indian Institute of Corporate Affairs (GST AAR Delhi)

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 […]...

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CBIC exempts hiring of Electric buses by local authorities from GST

Notification No. 13/2019- Central Tax (Rate) [G.S.R. 540(E).] (31/07/2019)

Notification No. 13/2019- Central Tax (Rate)– CBIC seeks to exempt the hiring of Electric buses by local authorities from GST. Government of India Ministry of Finance (Department of Revenue) Notification No. 13/2019- Central Tax (Rate) New Delhi, the 31st July 2019 G.S.R. 540(E).– In exercise of the powers conferred by sub-se...

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CBIC notifies reduced GST rate on Electrically operated vehicles

Notification No. 12/2019-Central Tax (Rate) [G.S.R. 539(E).] (31/07/2019)

CBIC notifies Electrically operated vehicles, including two and three wheeled electric vehicles and Electrically operated vehicles, including two and three wheeled electric vehicles vide Notification No. 12/2019-Central Tax (Rate) Dated 31st July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 12/20...

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Cheque Bounce Charges attracts GST: AAAR

In re Bajaj Finance Limited (GST AAAR Maharashtra)

In re Bajaj Finance Limited (GST AAAR Maharashtra) The Appellate Authority for Advance Ruling upheld  the ruling given by the Advance Ruling Authority by observing  that the bounce charges recovered by the Appellant from their borrowers on account of the default of the borrowers, where their repayment instruments get dishonored due to l...

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ITAT allows tax relief of Rs. 5 crore to actor Shilpa Shetty

Shilpa Shetty Vs ACIT (ITAT Mumbai)

As the actor Shilpa Shetty was a brand ambassador for IPL team Rajasthan Royals, she was bound to render certain services without any charge to subsidiary company JIPL owned by holding company of her husband and assessee did not receive any consideration for the services rendered to JICPL, in the absence of any 'price', the provision of s...

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Electro Ink supplied with consumables by HP is Mixed Supply: AAAR

In re H.P. Sales India Pvt. Ltd. (GST AAAR Maharashtra)

In re H.P. Sales India Pvt. Ltd. (GST AAAR Maharashtra) The supplies of the Appellant have been held to be a continuous supply by the Advance ruling authority and while deciding whether the supply is composite or not have done so keeping in mind the continuous nature of the supply. They have stated that each […]...

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GST Payable on Penal Interest for delay in EMI payment: AAAR

In re Bajaj Finance Limited (GST AAAR Maharashtra)

In re Bajaj Finance Limited (GST AAAR Maharashtra) The Appellate Authority for Advance Ruling upheld  the ruling given by the Advance Ruling Authority by observing  that the penal charges / penalty recovered by the Appellant from their borrowers on account of the delay in payment of EMI by borrowers are adequately covered under clause 5...

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Fan Coil Unit classifiable under Heading No. 8415: AAAR

In re M/s. Bhutoria Refrigeration Private Limited (GST AAAR Maharashtra)

In re M/s. Bhutoria Refrigeration Private Limited (GST AAAR Maharashtra) The Appellate Authority for Advance Ruling upheld  the ruling given by the Advance Ruling Authority by observing that the Fan described under 8414 do not at all have any resemblance with a FCU.  Therefore, there is no reason to believe that FCU will be covered [&he...

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Tariff Notification No. 53/2019-Customs (N.T.), Dated: 31.07.2019

Notification No. 53/2019-Customs (N.T.) [S.O. 2750(E).] (31/07/2019)

Tariff  Notification No. 53/2019-Customs (N.T.), Dated: 31.07.2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 53/2019-CUSTOMS (N.T.) New Delhi...

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Job work services for manufacturing beer attracts 18% GST

In re Crown Beers India Private Limited (GST AAAR Maharashtra)

In re Crown Beers India Private Limited (GST AAAR Maharashtra) It is worth noting here that in erstwhile Service Tax regime also, the said activities of CBUs of manufacturing alcoholic liquor on behalf of Brand Owners (BOs) against a consideration, were subjected to Service Tax and this was clarified also by CBIC (earlier CBEC) vide [&hel...

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AAAR do not have jurisdiction to decide place of supply of service

In re Sabre Travel Network India Pvt. Ltd. (GST AAAR Maharashtra)

In re Sabre Travel Network India Pvt. Ltd. (GST AAAR Maharashtra) The Appellate Authority for Advance Ruling  held that the entire gamut of activities of the Appellant is in the nature of the composite supply, of which intermediary services is the principal supply. Further, as regards the services provided by the Appellant to their Clien...

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Surveying Indian market for foreign group co. is mixed supply of Research and Development services

In re Commissioner CGST Mumbai East (GST AAAR Maharashtra)

The service supplied by the Respondent under the Marketing Services Agreement dated 1 December 2012 constitutes a mixed supply of Services falling under the Heading Research and Development services having SAC 9981, under the Heading Other professional, technical and business services bearing SAC 9983, and under the Heading other miscella...

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Changes in TDS provision vide Interim and Final Budget 2019

Changes in TDS provision via Finance bill,2019 as passed by Lok Sabha and Interim Budget, 2019 1. Sec 194M (new section): TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF (Applicable w.e.f. 01/09/2019) Insertion of New Section after Sec 194LD: (1) Any person, being an individual or a Hindu undivided fam...

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How to register Public Trust In India

1. Trust Registration Overview: ♦ Public trust is most convenient way of starting a non-governmental organisation (NGO). ♦ Main objectives of trust are eradicating poverty, offering medical support, and promoting art, science and literature. ♦ Trusts are irrevocable i.e. they cannot be terminated without permission of court. 2. Trus...

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Nidhi Small State Bank

Nidhi means ‘TREASURE’ The main business of Nidhis, viz. borrowing from members by way of Fixed Deposits and Recurring Deposits, providing locker facility and lending to members only, are known under different names such as Nidhi, Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company. The concept of Ni...

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Kerala Flood Cess -Key Points with 21 FAQs

FAQ ON KERALA FLOOD CESS Q.1 Why Kerala Flood Cess is imposed? Ans: Kerala Flood Cess is levied to raise the fund required for re-construction of State after the devastating flood occurred in the State during August 2018. Q.2 Which is the date of commencement of Kerala Flood Cess? Ans: Kerala Flood Cess is applicable […]...

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An Insight to Companies (Significant Beneficial Ownership) Amendment Rules, 2019

Significant beneficial owner, in relation to a reporting company means an individual referred to in   sub -section (1) of section 90, who acting alone or, together, or through one or more persons or trust, possesses one or more of the following rights or entitlements in such reporting company, namely: (i) Holds indirectly, or together w...

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National Consumer Court (NCDRC) Orders Refund to Home buyers

Amal Ganguli & Anr. v. M/s. Unitech Limited (National Consumer Disputes Redressal Commission,  New Delhi), Consumer Case No. 2712 of 2017, Dated- 09th May 2019

National Consumer Disputes Redressal Commission (NCDRC) in the case of Amal Ganguli & Anr. v. M/S. Unitech Limited  ordered refund to the Home buyers....

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Checklist for Annual General Meeting and AGM notice format

All companies registered in India other than a One Person Company is required to hold an annual general meeting each year in addition to other General Meeting. There should not be a gap of more than 15 months between one Annual General Meeting and the next and one meeting should be held in each of the calendar […]...

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All about Dormant Company: Meaning, Compliance, Process

Article explains Concept of Dormant Company, What is Dormant Company?,  Prior Conditions for Dormant Status, Compliance maintained by Dormant Company, Application for obtaining status of dormant company and Application for obtaining status of active from dormant. Concept of Dormant Company Whenever a company is not doing any business act...

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GST in respect of Restaurant Services (Standalone)

From the time the GST has been introduced in India, there has been lot of confusion among restaurant owners regarding the GST rates applicable to them. It has been a bumpy road for restaurant owners. In the GST regime, the Service Tax and VAT amount will be subsumed into one single rate, but you may […]...

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APEDA Registration in India

Agricultural & Processed Food Products Export Development Authority (APEDA) Registration in India. If you want to Start Export of Food Products such as Fruits, Vegetable, Meat, Poultry Products, Dairy Products, Confectionery, Biscuits, Bakery Products, Honey, Jaggery and Sugar Products, Cocoa products, Chocolates, Floriculture Pro...

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Understanding Brexit and Its impact on India

Q.1 What does Brexit mean? Ans: It is a shorthand way of saying the UK leaving the EU – merging the words Britain and Exit to get Brexit. Q.2 What is the European Union? Ans: ♣ The European Union (EU) – is an economic and political partnership involving 28 European countries. It began after World War […]...

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Concept of Secondary Adjustment & changes proposed in Finance bill 2019

♣ Secondary Adjustment has been inserted vide section 92CE by the Finance Act, 2017, in order to align TP provisions with OECD TP Guidelines and “international best practices”. ♣ Secondary adjustment means an adjustment in the books of accounts of the taxpayer and its associated enterprise (‘AE’) to reflect that the actual all...

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Attestation / Apostile of Documents

A special sign established in 1961 for certifying foreign documents is known as Apostille. In India apostille of documents is administered by The Ministry of External Affairs (MEA) through designated centres. India, since 2005, is a member of the Hague Convention of October 5, 1961, that abolished the requirement of legalization of foreig...

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