"19 September 2019" Archive

XBRL-eXtensible Business Reporting Language

INTRODUCTION eXtensible Business Reporting Language (XBRL) is an emerging technology standard, which promises to bring “better, faster, cheaper” data to organizational decision-making, and specifically to business and financial reporting. XBRL provides a computer-readable tag to identify each individual item of data, whereby, a busine...

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Posted Under: Company Law |

Extend due date for filing audited Income tax reports / Returns

The Punjab Accountants Association requested to extend due date for uploading and filing audited tax reports by Assesses till 30th November, 2019. They have submitted the representation to Ms. Nirmala Sitharaman, Honorable Union Finance Minister, Government of India. Text of the Representation is as follows:- THE PUNJAB ACCOUNTANTS ASSOCI...

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Posted Under: Company Law | ,

Latest Update in GST including New Return System and road ahead

SCHEME OF PRESENTATION > Present System of Filing – GSTR 1 & GSTR 3B > Simplified New Return System √ Key Features of Monthly Return √ Key Features of Quarterly Return √ Brief Overview Transition to New Return System Download PPT on Latest Update in GST including New Return System PRESENT SYSTEM OF FILING GSTR […]...

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Posted Under: Company Law |

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS 2019)

In the Union Budget 2019-20, the Finance Minister announced the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019. The Scheme has now been notified and will be operationalized from 1st September 2019 and it will continue till 31st December 2019....

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Posted Under: Company Law |

Does MGT-9 Forms a Part of Board’s Report?

Q.) DOES MGT-9 FORMS A PART OF BOARD’S REPORT? Biggest confusion facing by our professionals is whether MGT-9 will be part of the Board’s Report or not. According to Companies Amendment Act, 2017 w.e.f. 31.7.2018 i.e. read with notification dated 31st July, 2018 provision in relation to MGT-9 has been removed from Section 134 and a ...

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Posted Under: Company Law |

Different types of Audits /Reviews under GST

Introduction: In a conventional sense, audit means scrutiny, verification of documents, events and processes in order to verify facts and to draw conclusions regarding the correctness of recording of facts and the efficiency of system under study. Today, the concept of audit in general has under gone change from a transactional audit to a...

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Posted Under: Company Law |

IBC: Interim Resolution Professional-time to analyze his role & performance

As an Insolvency professional since 2018 and just requesting Adjudicating authority(one of the court judges of NCLT, New Delhi, in simpleton’s language) to relieve me of the duties as Interim Resolution Professional, after completion of task assigned, I am left with the thinking to analyze who is an interim resolution professional(IRP),...

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Posted Under: Company Law |

Nuances of Schedule III transactions of CGST Act which not treated as supply

Schedule III of the CGST Act, deals with those areas which can be neither treated as supply of goods nor treated as supply of services. This schedule deals with those goods/services other than that which has been kept constitutionally out of the ambit of GST being alcoholic liquor of human consumption and the items for […]...

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Posted Under: Company Law |

Taxation of Reimbursement Expenses in GST

Reimbursement involves being repaid of what has been spent and restoring to an equivalent of something which has been paid. ‘Reimbursement expenses‘  have always been a point of debate in indirect tax laws. It is associated with the consideration flowing from one person to another and whether it forms a part of consideration ...

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Posted Under: Company Law |

11 Initiatives taken by MCA towards Ease of Doing Business

Initiatives taken by the Ministry towards Ease of Doing Business 1. Ministry of Corporate Affairs has provided exemption to private companies through Companies (Amendment) Act, 2015, wherein the requirement for minimum paid up capital was removed. 2. Central Registration Centre(CRC) was established by MCA under Section 396 of the Companie...

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Posted Under: Company Law |

Latest and Simplified Version of Regional Economic Integration and WTO

(Based on UGC NET 2019 DEC-COMMERCE Business Environment Syllabus). Following concepts will be fruitful to Students who write examination based on Business Environment. The important concepts explained are the following- Business Environment and International Business Concepts and elements of business environment: Economic environment- Ec...

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Posted Under: Company Law |

ICAI extends time limit of UDIN generation to 30 days- One Time Relaxation

Extension of time limit of UDIN generation from 15 days to 30 days – One Time Relaxation In response to the various representations received from Members at large for inability in generating UDIN due to floods in many parts of the Country and related internet issues, the Council at its 386th Meeting held on 18th […]...

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Posted Under: Company Law |

Extend due date for filling tax audit reports & related Income tax returns

It is requested that the due date for filling of Tax audit reports & Income tax returns falling due on 30th September be extended to 15th November 2019. Request been made to Smt. Nirmala Sitaraman, Union Minster of Finance, Government of India. Text of the Representation is as follows:-...

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Posted Under: Company Law |

SEBI (Buy-Back of Securities) (Second Amendment) Regulations, 2019

Notification No. SEBI/LAD-NRD/GN/2019/33 (19/09/2019)

Securities and Exchange Board of India (Buy-Back of Securities) (Second Amendment) Regulations, 2019 shall come into force on the thirtieth date day from date of their publication in the Official Gazette....

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HC allows Petitioner to file GST TRAN-1 manually & claim ITC

Krish Automotors Private Limited Vs Union of India & Ors. (Delhi High Court)

The Court is satisfied in the present case that the Petitioner was unable to fill the TRAN-1 Form on account of bonafide difficulties and that, therefore, the Petitioner should be afforded one more opportunity to do so....

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Duty drawback in cases of short realisation of export proceeds due to charges of foreign banks

Circular No. 33/2019-Customs (19/09/2019)

Circular No. 33/2019-Customs F. No. 609/19/2019-DBK Government of India Ministry of Finance, Department of Revenue Central Board of Indirect Taxes & Customs New Delhi, dated 19th September, 2019 To, Principal Chief Commissioners / Principal Directors General, Chief Commissioners / Directors General, all under CBIC Madam/Sir, Subject:...

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GST on systems & onboard spares for use in Indian Navy Warships/Submarines/Vessels

In re M/s Bharat Electronics Limited. (GST AAR Karnataka)

In re M/s Bharat Electronics Limited. (GST AAR Karnataka) Whether the various systems, sub-systems and onboard spares supplied by the applicant for use in the Warships, Vessels and Submarines meant for Indian Navy and Shipbuilders, attracts 5% GST? Various systems, sub-systems and onboard spares supplied by the applicant for use in the Wa...

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GST on Services related to Cutting and sell of tree after converting into timber to Forest department

In re M/s Deputy Conservator of Forests (GST AAR Karnataka)

In re M/s Deputy Conservator of Forests (GST AAR Karnataka) Question 1. a. The applicant states that Karnataka Forest Department, under its sovereign functions, raises ‘plants’ of tree species, plants them in forest, waste & common lands. Over time, with the nurturing and management of the department, these plants grow up ...

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5% GST payable on Leasing of Satellite Transponder

In re M/s Antrix Corporation Limited (GST AAR Karnataka)

In re M/s Antrix Corporation Limited (GST AAR Karnataka) Whether Leasing of Satellite Transponder which is covered under SAC Code 997319 be charged at 5% GST as per HSN Code 8803 – Parts Goods of Heading 8802 (Satellites)? The service of Leasing of Satellite Transponders, covered under SAC 9973 19, falls under the Entry No.17 […]...

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Refund claim not maintainable if no appeal filed against assessment order on Bill of Entry: SC

ITC Limited Vs Commissioner of Central Excise (Supreme Court of India)

ITC Limited Vs Commissioner of Central Excise (Supreme Court) As the order of self ­assessment is nonetheless an assessment order passed under the Act, obviously it would be appealable by any person aggrieved thereby. The expression ‘Any person’ is of wider amplitude. The revenue, as well as assessee, can also prefer an appeal ag...

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SEBI constitutes working group on ‘Social Stock Exchanges’

Press Release No. 21/2019-SEBI (19/09/2019)

Finance Minister as part of the Budget Speech for FY 2019-20 had proposed to initiate steps towards creating a social stock exchange, under the regulatory ambit of Securities and Exchange Board of India, for listing social enterprise and voluntary organizations....

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Online filing & Issuance of Preferential Certificate of Origin through Common Digital Platform

Trade Notice No. 34/(2015-2020)-DGFT (19/09/2019)

A new online platform for issuance of Preferential Certificate of Origin has been developed which would be a single-point access for all FTAs/PTAs, for all designated CoO issuing agencies and for all export products....

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Reg. Anti-Dumping Duty imposed on imports of Jute Products – Final Findings

Notification No. No.7/7/2018-DGAD (19/09/2019)

New Shipper Review under Rule 22 of Customs Tariff (Identification, Assessment and Collection of Anti-Dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 pertaining to Anti-Dumping Duty imposed on the imports of Jute Products viz – Jute Yarn/Twine (multiple folded/cabled and single), Hessian Fabric and Jute Yarn...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 20.09.2019

Notification No. 66/2019-Customs (N.T.) (19/09/2019)

Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 20th September, 2019 notified vide Notification No. 66/2019–Customs (N.T.) dated 19th September, 2019. Government Of India Ministry Of Finance (Department Of Revenue) (Central Board Of Indirect Taxes And Customs) Notification No. 66/2019 – Customs (N.T.) New Delhi, dat...

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Imports of Maize (feed grade) under TRQ Scheme for 2019-20

Trade Notice No. 33/2019-20-DGFT (19/09/2019)

The quota of 4 Lakh MT is distributed amongst MMTC and NAFED, equally. Therefore, MMTC is allocated total quantity of 2 Lakh MT and 2 Lakh MT is allocated to NAFED under the TRQ Scheme for 2019-20, subject to the conditions mentioned in Trade Notice No.25 dated 09.07.2019....

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Top 17 issues to consider While Preparing ITR for Business

Top 17 issues to consider While preparing Income Tax Return (ITR) for Businesses 1. Part A General is linked to many schedules and hence must be accurately filled. Inconsistency may result in incorrect processing or defective notice. 2. Status and sub-status of the entity need to be mentioned correctly in the ITR- Cooperative Society, Tru...

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Posted Under: Company Law |

FAQs on UDIN for Practicing Cost Accountants/CMAs

Frequently Asked Questions (FAQs) on Unique Document Identification Number (UDIN) for Practicing Cost Accountants/CMAs. Q.1 What is Unique Document Identification Number (UDIN)? What is the objective of UDIN? Ans. Unique Document Identification Number (UDIN) is an 18-Digits system generated unique number for to be entered on every documen...

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Posted Under: Company Law |

SEBI amends ICDR Regulations to include SR equity shares

SEBI has vide notification dated July 29, 2019 notified SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2019. The Amendment Regulations deal with issue of shares with differential voting rights....

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Posted Under: Company Law |

Representation on taxability of inter branch services of different State

KSCA has made a Representation on taxability of services provided by an office of an organisation in one State to the office of that organisation in another State to Smt. Nirmala Sitharaman, Hon. Union Minister of Finance. Karnataka State Chartered Accountants Association Dated: 18th September 2019 To, Smt. Nirmala Sitharaman Hon. Union M...

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Posted Under: Company Law |

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