"September, 2019" Archive

Detention of goods U/s. 129 for Undervaluation- HC Grants interim relief

Mohd. Sahil Jakir Vs State of Gujarat (Gujarat High Court)

Mohd. Sahil Jakir Vs State of Gujarat (Gujarat High Court) Referring to provisions of section 129 of the CGST Act, it was submitted that the same do not contemplate detention of goods on any ground other than the grounds stated therein and that, undervaluation of an invoice cannot be a ground for detention of goods […]...

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Structural Changes in Examination System of ICAI

Friends, why I have decided to write on this topic because I believe that this is the need of the hour. Yes, structural changes are required in the Examination system of ICAI to save the reputation of this profession as I believe that if students in a country are not happy, then we cannot have […]...

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Assessment in name of non-existent company was invalid & non-curable defect

DCIT Vs. First Future Agri and Developers Ltd. (ITAT Mumbai)

Since AO had completed the assessment in the name of a company which had merged and was not in existence on the date the assessment order was passed, therefore, the assessment was invalid and the same was not a curable defect under section 292B....

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ICSI requests Extension of last date for filing of DIR-3 KYC

Every individual who holds a Director Identification Number (DIN) as on 31st March of a financial year is required to submit e-form DIR-3-KYC to the Central Government on or before 30th September of immediate next financial year....

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Interest on FD taxable on accrual basis if Assessee follows mercantile system of Accounting

DCIT Vs. Delhi Tourism Transporation Corporation Ltd. (ITAT Delhi)

Addition made by AO on the ground that although assessee had claimed credit for TDS on the interest income from the bank corresponding interest income was not offered to tax by assessee during the year was justified as assessee was regularly following mercantile system of accounting interest income in question was liable to be taxed in as...

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GST updates for the month of August 2019

Summary of GST updates for the month of August 2019 – Circulars, Notifications and Orders issued in August 2019 Objective: The objective of this document is to summarize all the updates of GST (Notifications, Circulars, other amendments and updates) in one place. 6 Central tax notifications and one order were issued during the month...

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Buy one Get one Free Under GST

1. Ever wondered Being a seller what is the application of GST on such offers? 2. Whether Only on one Item GST is to charged or Both 50%-50%? 3. Whether both are provided for a single price? 4. Price of one is being charged and other is provided free? 5. What Rate it is to […]...

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ICAI President’s Message – October 2019

The Institute of Chartered Accountants of India My dear Professional Colleagues, As India observes Gandhi Jayanti on 2nd October, I would like to quote Mahatma Gandhi, “Strength does not come from winning.Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength.” Revered as f...

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IBC: Extension of due date to file forms related to CIRPs

Notification No. CIRP-11012/1/2019 (30/09/2019)

It is observed that a large number of insolvency professionals have filed Forms, which were due on or before 15th September, 2019, in respect of corporate insolvency resolution processes (CIRPs) conducted by them, by close of business today, that is, 30th September, 2019...

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Recover your Earned Money with the help of IBC 2016

How to recover your earned money by IBC (Insolvency and Bankruptcy Code) 2016. IBC (Insolvency and Bankruptcy Code) 2016 published in The Gazette of India on May 28, 2016 (Saturday), Sr. No. 37 by the Ministry of Law and Justice. Secretary of Government of India: Dr. G. NARAYANA RAJU A Code or we can say […]...

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Analysis of recent CBDT order extending due date of ITR/TAR

CBDT extended the deadline for the filing of income tax returns (ITR) and Tax audit reports (TAR) to October 31, 2019 for the Assessment Year 2019-20. Read  Order- CBDT extends due date for filing of Tax Audit Reports & Relevant ITRs The Central Board of Direct Taxes has extended the deadline for the filing of […]...

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Gujarat Vat | Amnesty Scheme

Hello All, Good news for businesses having pending litigation cases under Gujarat VAT and related laws. Gujarat Government, as promised in the State Budget 2019, has issued resolution no. GST-102019-2006-Th dated 11 September 2019 to provide an amnesty scheme. The pure purpose of this scheme is to reduce pending litigation, start af...

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Imports of Pulses for year 2019-20 to be completed by 31.10.2019

Trade Notice No. 35/2019-2020-DGFT (30/09/2019)

All importers are requested to stick to the date and complete their import by 31.10.2019, failing which the importers may be debarred for allotment of quota of pulses in future....

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UTGST: Grant of alcoholic liquor licence is not a supply of goods/service

Notification No. 25/2019-Union Territory Tax (Rate) [G.S.R. 748(E).] (30/09/2019)

Seeks to notify the grant of alcoholic liquor licence neither a supply of goods nor a supply of service as per Section 21(i) of UTGST Act read with Section 7(2) of CGST Act, 2017 vide Notification No. 25/2019-Union Territory Tax (Rate) dated 30th September, 2019 Government of India Ministry of Finance (Department of Revenue) Notification...

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UTGST: Govt amends entry related to GST on cement under RCM

Notification No. 24/2019-Union Territory Tax (Rate) [G.S.R. 744(E).] (30/09/2019)

Seeks to amend notification No. 07/2019 – Union Territory Tax (Rate), dated the 29th March, 2019 by amending the entry related to cement vide Notification No. 24/2019-Union Territory Tax (Rate) dated 30th September, 2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 24/2019-Union Territory Tax (Ra...

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UTGST: Explanation on applicability of provisions related to supply of development rights

Notification No. 23/2019-Union Territory Tax (Rate) [G.S.R. 741(E)] (30/09/2019)

Seeks to amend notification No. 04/2018 – Union Territory Tax (Rate), dated the 25th January, 2018, by adding an explanation on the applicability of provisions related to supply of development rights vide Notification No. 23/2019-Union Territory Tax (Rate) dated 30th September, 2019 Government of India Ministry of Finance (Departme...

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RBI supersedes Board of PMCB Bank Ltd. Mumbai

RBI vide its order dated 23rd September, 2019 superseded the Board of Punjab and Maharashtra Cooperative Bank Ltd. Mumbai and Shri Jai Bhagwan Bhoria has been appointed as the Administrator of the bank by RBI with all the powers of the Board....

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UTGST: Govt notifies certain services under RCM wef 01.10.2019

Notification No. 22/2019-Union Territory Tax (Rate) [G.S.R. 738(E).] (30/09/2019)

Seeks to amend notification No. 13/2017- Union Territory Tax (Rate) so as to notify certain services under reverse charge mechanism (RCM) as recommended by GST Council in its 37th meeting held on 20.09.2019 vide Notification No. 22/2019-Union Territory Tax (Rate) dated 30th September, 2019 Government of India Ministry of Finance (Departm...

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Govt exempts certain services from UTGST wef 01.10.2019

Notification No. 21/2019-Union Territory Tax (Rate) [G.S.R 735(E).] (30/09/2019)

Seeks to amend notification No. 12/2017- Union Territory Tax (Rate) so as to exempt certain services as recommended by GST Council in its 37th meeting held on 20.09.2019 vide Notification No. 21/2019-Union Territory Tax (Rate) dated 30th September, 2019 Government of India Ministry of Finance (Department of Revenue) Notification No. 21/2...

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Changes in UTGST rates of certain services wef 01.10.2019

Notification No. 20/2019-Union Territory Tax (Rate) [G.S.R 732(E).] (30/09/2019)

Seeks to amend notification No. 11/2017-Union Territory Tax (Rate) so as to notify GST rates of certain services as recommended by GST Council in its 37th meeting held on 20.09.2019 vide Notification No. 20/2019-Union Territory Tax (Rate) dated 30th September, 2019. Government of India Ministry of Finance (Department of Revenue) Notificat...

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UTGST Exemption on supply of goods for specified projects under FAO

Notification No. 19/2019-Union Territory Tax (Rate) [G.S.R. 725(E).] (30/09/2019)

Seeks to exempt supply of goods for specified projects under Food and Agricultural Organisation of the United Nations (FAO) vide Notification No. 19/2019-Union Territory Tax (Rate) dated 30th September, 2019 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 19/2019-Union Territory Tax (Rate) New Delhi, the ...

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UTGST: Manufacturers of aerated waters excluded from purview of composition scheme

Notification No. 18/2019- Union Territory Tax (Rate) [G.S.R. 722(E).] (30/09/2019)

Seeks to amend notification No 2/2019- Union territory Tax (Rate) dated 7.3.2019 so as to exclude manufacturers of aerated waters from the purview of composition scheme vide Notification No. 18/2019-Union Territory Tax (Rate) dated 30th September, 2019 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 18/20...

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UTGST exemption on supplies of silver & platinum by nominated agencies

Notification No. 17/2019-Union Territory Tax (Rate) [G.S.R. 720(E)] (30/09/2019)

Seeks to amend notification No 26/2018- Union territory Tax (Rate) dated 31.12.2018 so as to exempt UTGST on supplies of silver and platinum by nominated agencies to registered persons vide Notification No. 17/2019-Union Territory Tax (Rate) dated 30th September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notifi...

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CBIC extends concessional UTGST rates to specified projects under HELP/OALP

Notification No. 16/2019-Union Territory Tax (Rate) [G.S.R. 717(E)] (30/09/2019)

Seeks to amend notification No 3/2017- Union territory Tax (Rate) dated 28.6.2017 so as to extend concessional UTGST rates to specified projects under HELP/OALP, and other changes vide Notification No. 16/2019-Union Territory Tax (Rate) dated 30th September, 2019 GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notificatio...

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UTGST exemption to dried tamarind and cups, plates made of leaves

Notification No. 15/2019-Union territory Tax (Rate) [G.S.R. 714(E).] (30/09/2019)

Seeks to amend notification No 2/2017- Union territory Tax (Rate) dated 28.6.2017 so as to grant exemption to dried tamarind and cups, plates made of leaves, bark and flowers of plants vide Notification No. 15/2019-Union territory Tax (Rate) Dated  30th September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Noti...

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Changes in UTGST rates for specified goods wef 01.10.2019

Notification No. 14/2019-Union territory Tax (Rate) [G.S.R. 711(E).] (30/09/2019)

Seeks to amend notification No 1/2017- Union territory Tax (Rate) dated 28.6.2017 so as to specify effective UTGST rates for specified goods, to give effect to the recommendations of the GST Council in its 37th meeting dated 20.09.2019 vide Notification No. 14/2019-Union territory Tax (Rate) Dated  30th September, 2019. GOVERNMENT OF IND...

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CBDT Amends Income Tax Rule 10CB

Notification No. 76/2019-Income-tax [G.S.R. 701(E)] (30/09/2019)

CBDT Amends Income Tax Rule 10CB -Computation of interest income pursuant to secondary adjustments vide Notification No. 76/2019-Income-tax dated 30th September, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 30th September, 2019 Notification No. 76/2019-Income-tax G.S.R. 701(E).—In exer...

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Upcoming New Direct Tax Code

New Direct Tax Code (DTC) ‘Assessing Unit’, not ‘Assessing Officer’ To check harassment by taxmen, individual ‘assessment officers’ are likely to be replaced with ‘assessment units’ to deal with individual taxpayers. Corporate taxpayers will also have assessment units including multiple officers...

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CBIC disallows refund of compensation cess in case of inverted duty structure for tobacco and manufactured tobacco substitutes

Notification No.3/2019-Compensation Cess (Rate) [G.S.R. 708(E)] (30/09/2019)

CBIC disallows the refund of compensation cess in case of inverted duty structure for tobacco and manufactured tobacco substitutes vide Notification No. 3/2019-Compensation Cess (Rate) dated 30th September, 2019. Refund of Compensation Cess under inverted duty structure No refund of unutilised ITC of compensation cess would be allowed in ...

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Changes in Compensation Cess rate on Caffeinated Beverages & Motor vehicles

Notification No. 2/2019-Compensation Cess (Rate) [G.S.R. 707(E)] (30/09/2019)

Seeks to amend notification No. 1/2017-Compensation Cess (Rate), dated 28.6.2017 on the recommendations of the GST Council in its 37th meeting dated 20.09.2019 to specify Changes in Compensation Cess rate on Caffeinated Beverages & Motor vehicles vide Notification No. 2/2019-Compensation Cess (Rate) dated 30th September, 2019. GOVERNM...

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CGST: Grant of alcoholic liquor licence is not a supply of goods/service

Notification No. 25/2019-Central Tax (Rate) [G.S.R 746(E).] (30/09/2019)

Seeks to notify the grant of alcoholic liquor licence neither a supply of goods nor a supply of service as per Section 7(2) of CGST Act, 2017 vide Notification No. 25/2019-Central Tax (Rate) dated 30th September, 2019. Service by way of grant of alcoholic liquor licence, against consideration in the form of licence fee or […]...

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CGST: Govt amends entry related to GST on cement under RCM

Notification No. 24/2019-Central Tax (Rate) [G.S.R. 743(E).] (30/09/2019)

Seeks to amend notification No. 7/2019 – Central Tax (Rate), dated the 29th March, 2019 by amending the entry related to cement vide Notification No. 24/2019-Central Tax (Rate) dated 30th September, 2019. GST under RCM on purchase of cement by a promoter from an unregistered supplier Cement falling in chapter heading 2523 in the fir...

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CGST: Explanation on applicability of provisions related to supply of development rights

Notification No. 23/2019-Central Tax (Rate) [G.S.R.740(E).] (30/09/2019)

Notification No. 23/2019-Central Tax (Rate) dated 30th September, 2019 Time of liability with respect to development rights supplied on or after 1st April, 2019 Seeks to amend notification No. 4/2018 – Central Tax (Rate), dated the 25th January, 2018, by adding an explanation on the applicability of provisions related to supply of d...

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CGST: Govt notifies certain services under RCM wef 01.10.2019

Notification No. 22/2019-Central Tax (Rate) [GSR 737(E).] (30/09/2019)

Seeks to amend notification No. 13/2017- Central Tax (Rate) so as to notify services under reverse charge mechanism (RCM) as recommended by GST Council in its 37th meeting held on 20.09.2019 vide Notification No. 22/2019-Central Tax (Rate) dated 30th September, 2019. Additional services covered under Reverse Charge Mechanism (RCM) Nature ...

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Govt exempts certain services from CGST wef 01.10.2019

Notification No. 21/2019-Central Tax (Rate) [G.S.R 734(E).] (30/09/2019)

Seeks to amend notification No. 12/2017- Central Tax (Rate) to exempt services as recommended by GST Council in its 37th meeting held on 20.09.2019 vide vide Notification No. 21/2019-Central Tax (Rate) dated 30th September, 2019. Exemption to Services Heading 9961- Services provided by an intermediary when location of both supplier and re...

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Changes in CGST rates of various services wef 01.10.2019

Notification No. 20/2019-Central Tax (Rate) [G.S.R 731(E)] (30/09/2019)

CBIC amends notification No. 11/2017- Central Tax (Rate) so as to notify CGST rates of various services as recommended by GST Council in its 37th meeting held on 20.09.2019 vide Notification No. 20/2019-Central Tax (Rate) dated 30th September, 2019. Hospitality and tourism (lodging) The rate of GST on hotel accommodation service as below:...

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CGST Exemption on supply of goods for specified projects under FAO

Notification No. 19/2019-Central Tax (Rate) [G.S.R. 724(E).] (30/09/2019)

CBIC exempts supply of goods for specified projects under FAO vide Notification No. 19/2019-Central Tax (Rate) dated 30th September, 2019 vide Notification No. 19/2019-Central Tax (Rate) dated 30th September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 19/2019-Central Tax (Rate) New Delhi, the 30...

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CBIC excludes manufacturers of aerated waters from purview of composition scheme

Notification No. 18/2019-Central Tax (Rate) [G.S.R. 721(E).] (30/09/2019)

Seeks to amend notification No 2/2019- Central Tax (Rate) dated 7.3.2019 so as to exclude manufacturers of aerated waters from the purview of composition scheme vide Notification No. 18/2019-Central Tax (Rate) dated 30th September, 2019. The composition tax rate of 6% as notified w.e.f 1.4.2019 for persons with aggregate turnover of up to...

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Sovereign Gold Bond Scheme 2019-20- Series V/VI/VII/VIII/IX/X- Operational Guidelines

RBI/2019-20/74 IDMD.CDD.No.891/14.04.050/2019-20 (30/09/2019)

Reserve Bank of India RBI/2019-20/74 IDMD.CDD.No.891/14.04.050/2019-20 September 30, 2019 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Soverei...

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Sovereign Gold Bond Scheme (SGB) 2019-20 Series V/VI/VII/VIII/IX/X

RBI/2019-20/73 IDMD.CDD.No.890/14.04.050/2019-20 (30/09/2019)

Sovereign Gold Bond Scheme (SGB) 2019-20 Series V/VI/VII/VIII/IX/X Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued in six tranches from October 2019 to March 2020 as per the calendar specified below: S. No. Tranche Date of Subscription ...

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CBIC exempt CGST on supplies of silver & platinum by nominated agencies to registered persons

Notification No. 17/2019-Central Tax (Rate) [G.S.R. 718(E).] (30/09/2019)

Seeks to amend notification No 26/2018- Central Tax (Rate) dated 31.12.2018, so as to exempt CGST on supplies of silver and platinum by nominated agencies to registered persons vide Notification No. 17/2019-Central Tax (Rate) dated 30th September, 2019. The exemption which was earlier given to the sale of gold by nominated agency under th...

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Amendment in Export Policy of Electronic Cigarettes

Notification No. 22/2015-2020-DGFT (30/09/2019)

Export of Electronic Cigarettes ( E-Cigarettes) including all forms of Electronic Nicotine Delivery Systems, Heat not burn products, e-hookah and the like devices, by whatever name called and whatever shape, size or form it may have, but not including any product licensed under the Drugs and Cosmetics Act, 1940 or any parts or components ...

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Delegate Functionality to delegate work to subordinates in ITBA

ITBA - Common Functions Instruction No. 4 (30/09/2019)

Workflow management process is an essential functionality which is being used in many processes in ITBA to facilitate delegation of authority. The 'delegate functionality' in the ITBA which allows the users to delegate the work to their subordinate staff is made available in the ITBA....

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CBIC extends concessional CGST rates to specified projects under HELP/OALP

Notification No. 16/2019-Central Tax (Rate) [G.S.R. 715(E).] (30/09/2019)

Seeks to amend notification No 3/2017- Central Tax (Rate) dated 28.6.2017 so as to extend concessional CGST rates to specified projects under HELP/OALP, and other changes vide Notification No. 16/2019-Central Tax (Rate) dated 30th September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 16/2019-Cen...

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IGST exemption to dried tamarind and cups, plates made of leaves, bark and flowers of plants

Notification No. 15/2019-Central Tax (Rate) [G.S.R. 712(E).] (30/09/2019)

Seeks to amend notification No 2/2017- Central Tax (Rate) dated 28.6.2017 so as to grant exemption to dried tamarind and cups, plates made of leaves, bark and flowers of plants vide Notification No. 15/2019-Central Tax (Rate) dated 30th September, 2019. Notification No. 15/2019-Central Tax (Rate) dated 30th September, 2019 (Amends Notific...

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Changes in CGST rates for specified goods wef 01.10.2019

Notification No. 14/2019-Central Tax (Rate) [G.S.R. 709(E)] (30/09/2019)

Seeks to amend notification No 1/2017- Central Tax (Rate) dated 28.6.2017 so as to specify effective CGST rates for specified goods, to give effect to the recommendations of the GST Council in its 37th meeting dated 20.09.2019 vide Notification No. 14/2019-Central Tax (Rate) dated 30th September, 2019. Change in rate of GST on goods Marin...

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IGST: Grant of alcoholic liquor licence is not a supply of goods/service

Notification No. 24/2019-Integrated Tax (Rate) [G.S.R 745(E)] (30/09/2019)

Seeks to notify the grant of alcoholic liquor licence neither a supply of goods nor a supply of service as per Section 20(i) of IGST Act read with Section 7(2) of CGST Act vide Notification No. 24/2019-Integrated Tax (Rate) dated 30th September, 2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 24/2019...

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IGST: CBIC amends entry related to GST on cement under RCM

Notification No. 23/2019- Integrated Tax (Rate) [G.S.R 742(E)] (30/09/2019)

CBIC amends notification No. 07/2019 – Integrated Tax (Rate), dated the 29th March, 2019 by amending the entry related to cement vide Notification No. 23/2019-Integrated Tax (Rate) dated 30th September, 2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 23/2019- Integrated Tax (Rate) New Delhi, th...

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IGST: Explanation on applicability of provisions related to supply of development rights

Notification No. 22/2019-Integrated Tax (Rate) [G.S.R 739(E)] (30/09/2019)

Seeks to amend notification No. 04/2018 – Integrated Tax (Rate), dated the 25th January, 2018, by adding an explanation on the applicability of provisions related to supply of development rights vide Notification No. 22/2019-Integrated Tax (Rate) dated 30th September, 2019. Government of India Ministry of Finance (Department of Reve...

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Interest rates of Small Savings Schemes remain unchanged for Q3 of FY 2019-20

F.No.1/4/2019-NS (30/09/2019)

Interest rates for small savings schemes are notified on quarterly basis since 1st April, 2016. Accordingly, the rates of interest on various small savings schemes for the third quarter of financial year 2019-20 starting from to October, 2019 and ending on 31st December, 2019 shall remain unchanged from those notified for the second quart...

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IGST: CBIC notifies certain services under RCM wef 01.10.2019

Notification No. 21/2019- Integrated Tax (Rate) [GSR 736(E)] (30/09/2019)

CBIC amends notification No. 10/2017- Integrated Tax (Rate) so as notify certain services under reverse charge mechanism (RCM) as recommended by GST Council in its 37th meeting held on 20.09.2019 vide Notification No. 21/2019-Integrated Tax (Rate) dated 30th September, 2019. Government of India Ministry of Finance (Department of Revenue) ...

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CBIC exempts certain services from IGST wef 01.10.2019

Notification No. 20/2019- Integrated Tax (Rate) [G.S.R 733(E).] (30/09/2019)

Seeks to amend notification No. 09/2017- Integrated Tax (Rate) so as exempt certain services as recommended by GST Council in its 37th meeting held on 20.09.2019 vide Notification No. 20/2019-Integrated Tax (Rate) dated 30th September, 2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 20/2019- Integrat...

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Changes in IGST rates of various services wef 01.10.2019

Notification No. 19/2019- Integrated Tax (Rate) [G.S.R 730(E).] (30/09/2019)

Seeks to amend notification No. 08/2017- Integrated Tax (Rate) so as to notify GST rates of various services as recommended by GST Council in its 37th meeting held on 20.09.2019 vide Notification No. 19/2019-Integrated Tax (Rate) dated 30th September, 2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 1...

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IGST Exemption on supply of goods for specified projects under FAO

Notification No. 18/2019-Integrated Tax (Rate) [G.S.R. 723(E).] (30/09/2019)

CBIC exempts supply of goods for specified projects under Food and Agricultural Organisation of the United Nations (FAO) vide Notification No. 18/2019-Integrated Tax (Rate) dated 30th September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 18/2019-Integrated Tax (Rate) New Delhi, the 30th Septemb...

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CBIC exempt IGST on supplies of silver & platinum by nominated agencies to registered persons

Notification No. 17/2019-Integrated Tax (Rate) [G.S.R. 719(E).] (30/09/2019)

Seeks to amend notification No 27/2018- Integrated Tax (Rate) dated 31.12.2018 so as to exempt IGST on supplies of silver and platinum by nominated agencies to registered persons vide Notification No. 17/2019-Integrated Tax (Rate) dated 30th September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. ...

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CBIC extends concessional IGST rates to specified projects under HELP/OALP

Notification No. 16/2019-Integrated Tax (Rate) [G.S.R. 716(E).-] (30/09/2019)

CBIC amends notification No 3/2017-Integrated Tax (Rate) dated 28.6.2017 so as to extend concessional IGST rates to specified projects under HELP/OALP, and to notify other changes vide Notification No. 16/2019-Integrated Tax (Rate) dated 30th September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No....

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IGST exemption to dried tamarind and cups, plates made of leaves, bark and flowers of plants

Notification No. 15/2019-Integrated Tax (Rate) [G.S.R. 713(E).] (30/09/2019)

Seeks to amend notification No 2/2017- Integrated Tax (Rate) dated 28.6.2017 to grant exemption to dried tamarind and cups, plates made of leaves, bark and flowers of plants vide Notification No. 15/2019-Integrated Tax (Rate) dated 30th September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 15/20...

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Changes in IGST rates for specified goods wef 01.10.2019

Notification No. 14/2019-Integrated Tax (Rate) [G.S.R. 710(E).] (30/09/2019)

Seeks to amend notification No 1/2017- Integrated Tax (Rate) dated 28.6.2017 so as to specify effective IGST rates for specified goods, to give effect to the recommendations of the GST Council in its 37th meeting dated 20.09.2019 vide Notification No. 14/2019-Integrated Tax (Rate) dated 30th September, 2019. GOVERNMENT OF INDIA MINISTRY O...

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CBIC notifies place of supply of R&D services related to pharmaceutical sector

Notification No. 04/2019 - Integrated Tax (30/09/2019)

CBIC notifies the place of supply of R&D services related to pharmaceutical sector as per Section 13(13) of IGST Act, as recommended by GST Council in its 37th meeting held on 20.09.2019 vide Notification No. 04/2019- Integrated Tax Dated 30th September, 2019. The place of supply of R&D services relating to the pharmaceutical sect...

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Govt. issues Sovereign Gold Bond Scheme 2019-20

Notification No. G.S.R. 705(E) (30/09/2019)

(i) This scheme may be called the Sovereign Gold Bond Scheme 2019-20. (ii) There will be a distinct Series (starting from Series V) for every tranche which will be indicated on the Bond issued to the investor. (iii) It shall come into force on the date of its publication in the Official Gazette....

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Sewerage services falls under Article 243W of Indian Constitution

In re M/s Sewerage & Infrastructural Development Corporation of Goa Ltd. (GST AAR Goa)

In re M/s Sewerage & Infrastructural Development Corporation of Goa Ltd. (GST AAR Goa) 1. Whether the Project Management services provided by applicant to recipient would qualify as an activity in relation to function entrusted to Panchayat or Municipality under Article 243G or Article 243W respectively, of the Constitution of India. ...

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Aerated water manufacturers cannot opt for GST composition scheme

Notification No. 43/2019-Central Tax [G.S.R. 729(E)] (30/09/2019)

CBIC amends notification No 14/2019- Central Tax dated 7.3.2019 so as to exclude manufacturers of aerated waters from the purview of composition scheme vide Notification No. 43/2019-Central Tax dated 30 September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 43/2019-Central Tax New Delhi, the 30 S...

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Transhipment of Cargo to Nepal under Electronic Cargo Tracking System Regulations, 2019

Notification No. 68/2019-Customs (N.T.) [G.S.R. 704(E)] (30/09/2019)

Transshipment of Cargo to Nepal under Electronic Cargo Tracking System Regulations, 2019 notified by CBIC vide Notification No. 68/2019-Customs (N.T.) dated 30th September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 68/2019-Customs (N.T.) New Delhi, th...

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Notification No. 67/2019-Customs (N.T.) Dated 30th September 2019

Notification No. 67/2019-Customs (N.T.) [S.O. 3549(E).] (30/09/2019)

Notification No. 67/2019-CUSTOMS (N.T.) 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. 67/2019-CUSTOMS (N.T.) New Delhi, 30th September, 2019 8 As...

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CBIC exempts specified defence goods from IGST

Notification No. 35/2019-Customs [G.S.R. 728(E)] (30/09/2019)

Seeks to amend notification No. 19/2019- Customs, dated the 6th July, 2019 so as to exempt from IGST specified defence goods, to give effect to the recommendations of the GST Council in its 37th meeting dated 20.09.2019 vide Notification No. 35/2019-Customs dated 30th September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF...

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Changes in customs duty & IGST rates for goods imported wef 01.10.2019

Notification No. 34/2019-Customs [G.S.R. 727(E)] (30/09/2019)

Seeks to further amend notification No 50/2017-Customs dated 30th June, 2017 to give effect to the recommendations of the GST Council in its 37th meeting dated 20.09.2019 and to prescribe changes in effective rates of customs duty and IGST for goods imported into India with effect from 1stday of October, 2019 vide Notification No. 34/2019...

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Custom Duty exemption to Light Combat Aircraft Programme extended till 03.12.2021

Notification No. 33/2019-Customs [G.S.R.706(E).] (30/09/2019)

Notification No. 33/2019-Customs, Dated: 30.09.2019- Seeks to amend notification No. 39/96-Customs dated 23.07.1996 so as to extend the exemption provided to the Light Combat Aircraft Programme of the Ministry of Defence till 03.12.2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 33/2019-Customs New D...

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CBIC exempts imports by FAO for specified projects from IGST

Notification No. 32/2019-Customs [G.S.R. 726(E)] (30/09/2019)

CBIC exempts from IGST all the goods imported into India by Food and Agricultural Organisation of the United Nations (FAO) for execution of specified projects vide Notification No. 32/2019-Customs Dated 30th September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 32/2019-Customs New Delhi, the 30t...

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GST on Maintenance collected by Residence Welfare Association

Liability of GST on Maintenance Charges Collected by a Residence Welfare Association – An Overview Residence Welfare Association is a voluntary group has been formed by members of a Housing Society. A residence welfare Association is a collective body of persons, who stay in a residential co-operative society. The object of Housing Soci...

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TMA for Specified Agriculture Products- Amendments in Aayat Niryat Form

Public Notice No. 38/2015-2020-DGFT (30/09/2019)

Director General of Foreign Trade hereby makes the following amendments in the Aayat Niryat Form-7(A)A of Chapter 7(A) of Handbook of Procedures 2015-20...

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Students can now raise grievances regarding award of step-wise marks: ICAI

Examinees who had applied for certified copies of evaluated answer books relating to May 2019 exams and have already received copies of their evaluated answer books and are having grievances regarding award of step-wise marks, in their answer books, may send a mail thru their emailed registered at icaiexam.icai.org to ICAI at the follow...

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237 Available Functionality for Tax Payers in GST Portal

GSTN has so far release  or made Available 237 Functionality for Tax Payers in GST Portal as on 27.09.2019. Detailed list of the same is as under- # Module / Area FORM/FOR FORM Components/Details 1 Refund Taxpayers (An Advisory on refund for taxpayers is attached for information) 2 Return- Form GSTR 9C Taxpayer Now taxpayer […]...

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Constitution of High Level Independent Committee on CA Exams

ICAI has decided to constitute a High Level Independent Committee to look into the Examination processes/ Regulations governing CA Examinations and suggest changes wherever required in the ICAI Examination System....

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Builder found guilty of not-passing ITC Benefit to Customers: NAA

Shri Gaurav Gulati Vs M/s Paramount Propbuilt Pvt. Ltd. (National Anti-Profiteering Authority)

Shri Gaurav Gulati Vs M/s Paramount Propbuilt Pvt. Ltd. (National Anti-Profiteering Authority) 1. The present Report dated 02.04.2019 has been received from the Applicant No. 2 i.e. the Director General of Anti-Profiteering (DGAP) after detailed investigation under Rule 129 (6) of the Central Goods & Service Tax (CGST) Rules, 2017. Th...

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CCI approves acquisition of 70% shareholding in SABIC

CCI approves the acquisition of 70% shareholding in Saudi Basic Industries Corporation (SABIC) by Saudi Arabian Oil Company (Saudi Aramco), under Section 31(1) of the Competition Act, 2002, today....

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Vexed Issue of GST on services by director to company

In the erstwhile service tax regime as well as in GST regime, the services provided by director to company are liable to service tax / GST under reverse charge. It is the company who has to pay the service tax / GST and not the director. Relevant legal provisions are given below: Service Tax:  Notification […]...

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No fee payable for DIR-3 KYC filed till 14th Oct 2019

Notification No. G.S.R. 749(E). (30/09/2019)

For the financial year ended on 31st March, 2019, no fee shall be payable in respect of e-form DIR-3 KYC or DIR-3 KYC-WEB through web service till 14th October, 2019 – Companies (Registration Offices and Fees) Fifth Amendment Rules, 2019. Also Read-Last date for filing DIR-3 KYC extended till 14th Oct 2019 Government of India [&hell...

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Last date for filing DIR-3 KYC extended till 14th Oct 2019

Notification No. G.S.R. 750(E). (30/09/2019)

MCA has extended the time limit for filing e-form DIR-3 KYC for Financial year 2018-19 (financial year ending on 31st March, 2019) till 14th October 2019   vide Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2019. Also Read- No fee payable for DIR-3 KYC filed till 14th Oct 2019 MINISTRY OF CORPORATE AFFAIR...

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No ITC on goods or services involved in construction of immovable property

In re Tarun Realtors Private Limited (GST AAR Karnataka)

In re Tarun Realtors Private Limited (GST AAR Karnataka) The provision of facilities like transformers, sewage treatment plant, Electrical Wiring and Fixtures, Surveillance systems, D.G. Sets, Lifts, Air Handling Units etc. are sine-qua-non for a commercial mall and hence cannot he considered separate from the building or civil structure....

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Trust to pay GST on renting of temporary residential rooms for consideration to devotees

In re M/s Acharya Shree Mahashraman Chaturmas Prava Vyvastha Samiti Trust (GST AAR Karnataka)

The applicant is liable to pay tax in renting of temporary residential rooms for consideration to the devotees and renting of space for shops and stalls....

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Summary of Income Tax Circulars / Notifications (Feb-Sep 2019)

Through this article Author gives a simplified version of circulars and Notifications issued by CBDT after Budget Presented by Finance Minister in February 2019 till 26th September 2019. A. Summary of Income Tax Circulars  (Feb-Sep 2019) I. 3rd Corrigendum to Income Tax Circular No. 1/2019 dated 08/02/2019 Clarification to Sec 80 TTB is...

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Constitution of GST Appellate Tribunal held unconstitutional

Constitution of Goods and Services Tax Appellate Tribunal held as unconstitutional by Hon’ble Madras High Court The Hon’ble Madras High Court in the case of Revenue Bar Association versus Union of India, The Goods and Services Tax Council, The State of Tamil Nadu has : 1. struck down Section 110(1)(b)(iii) of the CGST Act whi...

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Deduction under section 80GGA of Income Tax Act

Deduction under section 80GGA of the Income Tax Act, 1961 is available to all the taxpayers in respect of donations made for specific scientific, social or statistical research or rural development. The present article covers the detailed explanation on deduction available under section 80GGA. Categories of persons eligible for claiming ...

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Variation of Shareholders Rights

Q.1 WHAT IS VARIATION OF SHAREHOLDERS’ RIGHTS? (1) Where a share capital of the company is divided into different classes of shares, the rights attached to the shares of any class may be varied with the consent in writing of the holders of not less than three-fourths of the issued shares of that class or […]...

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Govt prohibits Export of all varieties of onions

Notification No. 21/2015-2020-DGFT [S.O. 3547(E).] (29/09/2019)

Central Government hereby makes the following amendment with immediate effect on the export policy of Onions for the item description at Serial Numbers 51 & 52 of Chapter 7 of Schedule 2 of ITC (HS) classification of Export & Import Items....

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Deduction under section 80G of Income Tax Act

Overall, most of the assessee generally would have the basic know-how relating to deduction available under section 80G of the Income Tax Act. Broadly speaking, the deduction under section 80G is available in respect of the contribution / donations made to the specified charitable institutions or funds etc. The current article would try...

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Provisions of Section 62(2) of GST Act have to be construed strictly

M/s Bridge Hygiene Services Private Limited Vs The State Tax Officer (Kerala High Court)

M/s Bridge Hygiene Services Private Limited Vs The State Tax Officer (Kerala High Court) The statutory prescription of 30 days from the date of receipt of the assessment order passed under sub section (1) of Section 62 has to be strictly construed against an assessee and in favour of the revenue, since this is a […]...

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Tax Audit Under Income Tax Laws

As per the combined readings of provisions of sections 44AB, 44AD and 44ADA of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1Cr./ 2 Cr. (as the case may be), or carrying on a profession whose gross receipts exceed Rs. 50 Lakh in the relevant assessment year, must get his/her accounts audited....

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RERA Registration, Applicability, Offence Provision & Important Definitions

In past few years, we observed that there are many reforms has been taken place in large for development and smooth functioning the economy. One of them, regulation which we are taking up in this article is RERA i.e Real Estate Regulation Act, name itself reflects that this for regulating the Real Estate Transaction. Now […]...

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Update on 37th GST Council meeting at Goa on 20.09.2019

The 37th meeting of GST Council was held on 20th September, 2019 at Goa where in several taxpayer friendly measures have been announced which inter alia include GST rate reduction on hotels, few exemptions, lower rate on diamond related job works and outdoor catering, measures to boost export, few clarifications and relaxation in filin...

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Online GST refund processing and single authority disbursement : Advisory

Online processing of refund applications and single authority disbursement implemented The online processing of refund applications and single authority disbursement has been implemented. The taxpayers are advised to take note of the following changes: Refund applications filed by the taxpayers in RFD-01 form shall be processed electronic...

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Reversal of common Input Tax credit and its finalization

Under GST Law, there are various activities which need to be completed by 30.09.2019 in respect of the supplies made during the FY 18-19. One of such activities is the finalization of the common credit reversed during the year. The manner of reversal of credit is prescribed under Rule 42 (for inputs and input services) and Rule 43 (for...

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Deduction under section 80GG of Income Tax Act

In general, the employee who is receiving ‘House Rent Allowance’ has a benefit of claiming an available exemption under section 10 (13A) of the Income Tax Act. However, there can be a situation, wherein, the individual (either self-employed or a salaried person) would not be receiving House Rent Allowance, but, is paying rent for his ...

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Niti Aayog Registration: Benefits & Eligibility

Niti Aayog Registration: Benefits & Eligibility In the period of Digitalization, now Government is focusing on maintaining a centralized database of all NGO/Society/Trust which want to avail government grant/funding to achieve their objectives. For that purpose, government has now, made it mandatory for all NGO/Society/ Trust to take ...

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Removal of Difficulties Order – View Points

Removal of Difficulties Order – View Points Under Central Goods and Services Act, 2017 Removal of Difficulties Order plays a vital part to implement the provisions of this Act by extending time limit.  Until now the Government has issued 13 Removal of Difficulties Order, on the recommendations of the GST Council. The List of Removal [&...

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Compliance Calendar Under Income Tax for October 2019

Due Dates Under Income Tax Act, 1961- (October 2019) Monday, October 7, 2019 1. Due date for deposit of tax deducted/collected for the month of September, 2019. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid […]...

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FIDIC – 2017: Rainbow Suite Standard Contracts

A contract is a legally binding agreement between the parties identified in the agreement to fulfill all the terms and conditions outlined in the agreement. Contract management plays a vital role in all the companies and determines financial health and also indicates how best the funds are invested and utilized. Contract management is ...

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Clarification on GST and ITC in Respect of Free Samples etc.

Clarification on GST and ITC in Respect of Free Samples, Stolen, Discount, Theft and Loss of Goods Gifts to incentivize Distributors Gifts or samples for Marketing Distribution of Samples through Branches As per section 7 supplies refers to all form of supply made or agreed to be made FOR CONSIDERATION in the course of furtherance [&helli...

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Exemption u/s 11 allowable on donation by a charitable trust to other for utilization towards charitable objects

DCIT Vs M/s Divya Yog Mandir Trust (ITAT Delhi)

Inter-trust donation by one charitable trust to another for utilization by the donee trust towards charitable objects was proper application of income for charitable purpose in the hands of donee trust and it would not affect the exemption claimed by assessee u/s 11 in any manner whatsoever nor inter-trust donation could be termed as devi...

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