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Archive: 07 August 2019

Posts in 07 August 2019

GST: HC Stays against attachment of Bank A/c without any notice

August 7, 2019 3930 Views 0 comment Print

Raghava Constructions Vs Union of India (Telangana High Court) Petition under Section 151 CPC praying that in the circumstances stated in the affidavit filed in support of the writ petition, the High Court may be pleased to stay the proceedings of letter C.No. V/04/06/2019-Arrears, dated 31.07.2019, issued by 2nd respondent, pending disposal of WP.No.16885 of […]

Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of Monetary Policy Committee (MPC) Reserve Bank of India

August 7, 2019 762 Views 2 comments Print

Reserve Bank Of India Date : Aug 07, 2019 Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of the Monetary Policy Committee (MPC) On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today decided to: reduce the policy repo rate under the liquidity adjustment facility […]

Statement by Governor -Third BI-monthly Monetary Policy, 2019-20

August 7, 2019 1925 Views 49 comments Print

Reserve Bank of India The Monetary Policy Committee (MPC) met on 5th, 6th and 7th August, 2019 and deliberated over the evolving macroeconomic outlook, against the backdrop of recent developments and incoming data. Today, the MPC voted unanimously to reduce the policy repo rate and to maintain the accommodative stance of monetary policy. As set […]

Nicotine Polacriliex Lozenge classifiable under heading 38.24

August 7, 2019 1896 Views 0 comment Print

In re M/s Strides Emerging Markets Limited (GST AAR Karnataka) The instant product, Nicotine Polacriliex Lozenge, is rightly classifiable under the heading 38.24. Accordingly the product is covered under Serial number 97 of Schedule III to Notification No. 01/2017-Central Tax (Rate) dated 28.06.2017 and attracts GST at the rate of 18% (9% CGST, 9% SGST). […]

Consumer Protection in a digital financial world – Initiatives and beyond

August 7, 2019 1479 Views 37 comments Print

Consumer by definition include us all. They are the largest economic group in the economy, affecting and affected by every public and private economic decisions. Two thirds of all spending in the economy is by consumers. But they are the only important group in the economy who are not effectively organized, whose views are often not heard

GST on Braided textile yarns used for making ‘Kalava Raksha Sutra’

August 7, 2019 1311 Views 0 comment Print

In re Malli Ramalingam Mothilal (GST AAAR Tamilnadu) Lower authority has held that the commodity manufactured by the appellant is a braided yarn made using a braiding machine and classified the Product under `CTH 5607- Twine, cordage, Ropes and cables, whether or not plaited or braided and whether or not impregnated, coated, covered or sheathed […]

Repo & Reverse Repo Rates revised downwards by 35 basis points

August 7, 2019 1081 Views 19 comments Print

As announced in the Third Bi-monthly Monetary Policy Statement, 2019-20, today, it has been decided by the Monetary Policy Committee (MPC) to reduce the policy Repo rate under the Liquidity Adjustment Facility (LAF) by 35 basis points from 5.75 per cent to 5.40 per cent with immediate effect.

Migration of OLTAS functions to Income Tax Business Application-Reg.

August 7, 2019 2854 Views 11 comments Print

OLTAS module of ITD has been migrated to ITBA. The functionality for Search and Modify Challan in OLTAS Module is available in Income Tax Business Application (ITBA) as per the following details:

Launch of Income Tax Business Application– Refund Banker Module

August 7, 2019 1320 Views 4 comments Print

The functionalities for Refund Blocking/Unblocking, Refund Revalidation and Refund Status in Refund Banker Module are available in Income Tax Business Application (ITBA) as per the following details:

Exchanges dealing in commodity derivatives to form Product Advisory Committee

August 7, 2019 1578 Views 38 comments Print

It has been decided that each recognised stock exchange dealing in commodity derivatives segment shall constitute a Product Advisory Committee (PAC) for each group/complex of commodities having common stakeholders/value chain participants, on which derivatives are traded or being proposed to be traded on the exchange.

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