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Archive: 21 September 2019

Posts in 21 September 2019

Reforms in Evaluation of Answer Books of CA Exams

September 21, 2019 2064 Views 0 comment Print

It has been brought to our notice that certain adverse reports relating to the system of evaluation of answer books of CA exams are doing the rounds in social media. In this connection, following reforms which have been put in place recently are brought to the attention of the stakeholders in respect of the ICAI examination system

18% GST Payable on royalty paid in respect of Mining Lease

September 21, 2019 32712 Views 3 comments Print

In re NMDC Ltd. (GST AAR Karnataka) 1. The royalty paid in respect of Mining Lease is a part of the consideration payable for the Licensing services for right to use minerals including exploration and evaluation falling under the Head 9973 which is taxable at the rate applicable on supply of like goods involving transfer […]

GST on royalty for Mining Lease including exploration & evaluation

September 21, 2019 21795 Views 0 comment Print

In re M/s N.M.D.C. Ltd (GST AAR Karnataka) 1. The royalty paid in respect of Mining Lease is a part of the consideration payable for the Licensing services for right to use minerals including exploration and evaluation falling under the Head 9973 which is taxable at the rate applicable on supply of like goods involving […]

5% GST on Supply of customised Ice-creams, cakes, Pizza etc served in outlet

September 21, 2019 9846 Views 0 comment Print

In re Hatsun Agro Product Ltd (GST AAR Karnataka) a) Whether the supply of ice creams, chocolates, ice cream cakes, and pizza cakes in an IBACO outlet can be classified as a composite supply defined under section 2(30) of the CGST Act, 2017 and section 2(30) of the KGST Act, 2017, wherein the principal supply […]

18% GST payable on supply of debarked pulpwood to paper mills

September 21, 2019 3012 Views 0 comment Print

In re West Coast Paper Mills Ltd. (GST AAR Karnataka) The commodity in question is poles of wood of length 4 to 5 feet and may or may not contain bark and these are covered under Chapter 44 of the Customs Tariff. The commodity in question is not a fuel wood and is used in […]

GST under reverse charge payable on Mining lease Charges paid to Govt.

September 21, 2019 4287 Views 0 comment Print

The Applicant is liable to pay GST under reverse charge, for the payment made towards NMET and DMF, in light of Si. No. 5 of the Notification No. 13/2017- Central Tax (Rate) dated 28.06.2017.

GST on Royalty paid for mining lease license from govt. for exploration of minerals

September 21, 2019 7812 Views 0 comment Print

In re Naren Rocks and Mines Private Limited (GST AAR Karnataka) I. Whether royalty payments in respect of quarrying /mining lease as per the MMDR Act read with the KMMC Rules would amount to supply of goods or service under the Central Goods and Service Tax Act, 2017 (CGST Act) and the Karnataka Goods and […]

Changes in GST Rates for Hotel Industry

September 21, 2019 21402 Views 0 comment Print

Sachin Kumar Mishra GST TAX RELIEF FOR HOTELS – Upcoming GST on the Hotel Industry The GST Council has agreed to lower tax rates imposed on the hotel industry during its meeting on Friday. Led by Finance Minister Nirmala Sitharaman, the all-powerful council decided to tax hotels on rates varying from 18 to zero per […]

Section 180 | Companies Act 2013 | Meaning of Term Undertaking

September 21, 2019 45369 Views 3 comments Print

The Companies Act 2013 imposes some restrictions on the general powers of Board. Pursuant to section 180 of the Companies Act 2013 the Act specify the powers which Board can exercise only through approval of shareholders by Special Resolution

Big Announcements in Income Tax – Booster to Indian Economy

September 21, 2019 5574 Views 2 comments Print

On 20th September, 2019 Finance Minister has made big announcements in order to boost the Indian economy. These announcement shall be applicable from Financial year 2019-20. Please find below cardinal announcements made by the Finance Minister: 1. Reduction in Tax Rates: Sr. No. Particulars Tax Rate Effective Tax Rate MAT Conditions Optional to whom 1 […]

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