"24 September 2019" Archive

Time limit for filing e-form No. BEN-2 extended upto 31.12.2019

General Circular No. 10/2019 (24/09/2019)

General Circular No. 10/2019– Time limit for filing e-form No. BEN-2 is extended upto 31.12.2019 without payment of additional fee and thereafter fee and additional fee shall be payable. Consequent to the extension in the date of filing of e-Form BEN-2, the date of filing of Form BEN-1 may be construed accordingly. General Circular ...

Read More

Know all about Interim Resolution Professional under IBC

Article explains about Eligibility of Insolvency Professional, Appointment of Interim Resolution Professional, Tenure of Interim Resolution Professional and Management of affairs and Business of the corporate debtor after appointment of Interim Resolution Professional under IBC. Eligibility for Insolvency Professionals:- [Regulation -4 of...

Read More
Posted Under: Company Law |

Notice to ICAI for Negligence of Examiner stopping student from becoming CA

Gross Negligence of Examiner in evaluating correct MCQ Answers as wrong stops CA Final student from becoming CA, legal notice to ICAI issued for rectifying the errors. Advocate Paras Jain has served the attached legal notice to Institute of Chartered Accountants of India (ICAI) for rectifying the mistakes committed by the Examiner in MCQ ...

Read More
Posted Under: Company Law |

Delegated Legislation – Pain or Gain??

The Theory of Separation of Power promulgated by Montesquieu states that, the responsibilities and power of these branches of government should be kept separate from each other without any kind of interference. However, broadly speaking, their categorical roles can’t exactly be confined into a water tight compartment....

Read More
Posted Under: Company Law |

Bench marking of Most Appropriate Option for Taxation of Domestic Companies

Government has brought in the Taxation Laws (Amendment) Ordinance 2019 and announces major relief in corporate tax for domestic companies, in order to boost the Make in India initiative. Corporate tax reduced to 22% (Effective Tax Rate 25.17% inclusive of Surcharge and Cess) for domestic firms while for new manufacturing companies, tax ra...

Read More
Posted Under: Company Law |

Request to extend due date for submitting Tax Audit Reports/related ITR

Chartered Accountants’ Association Ahmedabad requested that CBDT shall exercise the discretionary powers vested in it under section 119 of the Act, by extending due date of 30th September, 2019, to ameliorate the difficulties faced by the assessees on account of no default on their part, by extending the due date for filing the inco...

Read More
Posted Under: Company Law | ,

e-File Your Income Tax Return

e-Filing – Objective What is e-Filing The process of electronically filing Income tax returns through the internet is known as e-Filing. Objective √ “To make it possible for the tax payers, tax Deductor, tax professionals, other agencies directly or through authorized intermediaries, to submit their Returns and other forms...

Read More
Posted Under: Company Law |

Intimation For Voluntary Payment Under GST (DRC-03)

Intimation for voluntary Payment of Tax, Interest and Penalty (Form No. DRC-3) DRC-3 is an online form which is required to file by taxpayers to intimate payment of Tax, interest and penalty voluntary. Mistake is common and natural for all who execute work and takes decisions. Under GST law statue has provided to disclose mistake [&hellip...

Read More
Posted Under: Company Law |

TDS – How to Meet your obligations (Deductee’s)

Q.1 Who is deductee? In case of certain prescribed payments (e. g. Interest, commission, brokerage, rent, etc.) the person making payment is required to deduct tax at source (TDS) at the prescribed rate. The payer is known as deductor and the payee, who receives the net payment is called the deductee. Q.2 Is deductee required […]...

Read More
Posted Under: Company Law |

Formation of Company- An Overview

Formation of Company- An Overview Q.1 Why company is formed? (1) A company may be formed for any lawful purpose by— (a) seven or more persons, where the company to be formed is to be a public company; (b) two or more persons, where the company to be formed is to be a private company; […]...

Read More
Posted Under: Company Law |

‘Dialyzer’ used in dialysis machine- 5% GST Payable: AAR

In re M/s Nipro India Corporation Private Limited (GST AAR Maharashtra)

In re M/s Nipro India Corporation Private Limited (GST AAR Maharashtra) Question 1. Whether on facts and circumstances of the case, the product Dialyzer be treated as ‘Disposable sterilized dialyzer or micro barrier of artificial kidney’ as mentioned under Entry No. 255 of Schedule I to Notification Number 1/2017-Central Tax (...

Read More

12% GST on Affordable housing project Construction services provided after 25.01.2018

In re Yash Nirman Engineers & Contractor (GST AAR Maharashtra)

we find that that the applicant's case is covered under the tax rate of 12%, under Heading 9954 (Construction Services), (v) (da) of above mentioned Notification No. 11/2017, as amended since the project undertaken by them falls under the definition of Affordable Housing as also claimed by them in their application...

Read More

GST rate on aircraft sale not determined by AAR as intended use is not known

In re B. G. Shirke Construction Technology Pvt. Ltd. (GST AAR Maharashtra)

In re B. G. Shirke Construction Technology Pvt. Ltd. (GST AAR Maharashtra) Question: – What is the applicable rate of GST on sale of aircraft by an NSOP holder to a private company who have applied for NSOP license, to be used for purposes such as corporate leisure, pilgrimage, cargo chartered flights? +The applicant has […]...

Read More

GST on reimbursement of expenses by foreign company to Indian entity

In re Maansmarine Cargo International LLP (GST AAR Maharashtra)

In re Maansmarine Cargo International LLP (GST AAR Maharashtra) Whether GST is applicable on reimbursement of expenses such as salaries, rent, office expenses, travelling cost etc.? Applicant is not a pure agent. In the subject case the applicant is making payments to vendors for supply received by them. The applicant is not making paymen...

Read More

GST: Service relating to conduct of online exam is composite supply

In re Attest Testing Services Limited (GST AAR Maharashtra)

In re Attest Testing Services Limited (GST AAR Maharashtra) Question a):- Whether the services provided by the Applicant can be considered to be a composite supply as defined under section 2(30) of the CGST Act, 2017 or a mixed supply defined under section 2(74) of the CGST Act. 2017? Answer:-The subject services provided by the Applican...

Read More

Tunnel construction & related work not falls under earth work so not eligible for concessional GST rate

In re Soma-Mohite Joint Venture (GST AAR Mahahrashtra)

In re Soma-Mohite Joint Venture (GST AAR Maharashtra) Question: – 1. Whether the said Contract is covered under SI NO -3A , Chapter No 99 as per Notification No 2/2018 -Central Tax (Rate) dated 25/01/2018, w.e.f 25/01/2018 ? Answer:- Answered in the negative. Question: – 2. Whether the said contract is covered under the ter...

Read More

GST: Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019

Goods and Service Tax (GST)– Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 Welcome to A One Stop Solution for Liquidation of Past Dispute Resolutions and Tax Dues Amnesty for Assessees having Central Excise & Service Tax Legacy Disputes from further proceedings and legal prosecutions providing Benefits under the Scheme w...

Read More
Posted Under: Company Law |

DGGI detects fraudulent ITC refund claim of more than Rs. 400 crore

F. No. DGGI/AZU/Gr 'A'/12(4)/118/2019-20 (24/09/2019)

DIRECTORATE GENERAL OF GOODS & SERVICES TAX INTELLIGENCE, ZONAL UNIT, AHMEDABAD. 6th & 7th Floor, I-The Address, Near Sola Fly Over, Off : SG Highway, Ahmedabad – 380060 Phone: 079-26477011; Fax: 079-29600116. F. No. DGGI/AZU/Gr ‘A’/12(4)/118/2019-20 Dated: 24.09.2019 PRESS NOTE Acting on specific intelligence th...

Read More

Rules pertaining to single disbursement of GST refund claims effective from 24.09.2019

Notification No. 42/2019 –Central Tax [G.S.R. 683(E)] (24/09/2019)

Rules pertaining to single disbursement of GST refund claims brought into force with effect from 24.09.2019 vide Notification No. 42/2019 – Central Tax dated- 24th September, 2019. The provisions of clause 10, 11, 12 and 26 of the CGST (Fourth Amendment) Rules, 2019 [notification No. 31/2019– Central Tax dated 28th June, 2019] come in...

Read More

CBIC exempts petroleum operations or coal bed methane operations undertaken under HELP & OALP

Notification No. 31/2019-Customs [G.S.R. 684(E)] (24/09/2019)

Seeks to amend notification No. 50/2017-Customs dated 30.06.2017, in order to exempt petroleum operations or coal bed methane operations undertaken under HELP and OALP GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 31/2019–Customs New Delhi, the 24th September, 2019 G.S.R. 684(E).— In exercise of the...

Read More

Tax Credit Status (Form 26AS)

Tax Credit Statement (Form 26AS) Tax Credit Statement (Form 26AS) contains details of: A. Tax deducted on behalf of the taxpayer by deductors. A l. Details of NO/Low tax deduction. A2. Tax deducted on sale of Immovable property (for seller of Property). B. Tax collected on behalf of the taxpayer by collectors. C. Advance tax/self [&hellip...

Read More
Posted Under: Company Law |

CA Student Protest – ICAI explains Process followed in Exam System

Institute of Chartered Accountants of India Announcement ICAI has made an announcement with respect to Evaluation of answer books of CA exams on 21st September, 2019. Thereafter, a webinar was conducted on 22nd September, 2019 wherein the procedure and processes followed in the examination system were explained and all the misgivings abou...

Read More
Posted Under: Company Law |

Provisions related to Income Tax Returns for F.Y. 2019-20

It is mandatory for every taxpayer to communicate the details of his income to the Income-tax Department. These details are to be furnished in the prescribed form known as return of income. In this part, you can gain knowledge about the various provisions relating to return of income....

Read More
Posted Under: Company Law |

Authorized Economic Operator Programme

AEO is a voluntary programme. It enables Indian Customs to enhance and streamline cargo security through close cooperation with the principle stakeholders of the international supply chain viz. importers, exporters, logistics providers, custodians or terminal operators, custom brokers and warehouse operators. The Circular 33/2016 – Cust...

Read More
Posted Under: Company Law |

Representation on Annual Return and GST Audit / GSTR 9 & 9C

Suggestions in respect of Form 9: At the outset, we humbly submit that Form GSTR 9 which is the Annual Return is supposed to be the summary of all supplies made by a taxpayer during a financial year and should be simpler in terms of compliance. We humbly submit our point wise suggestions as under:...

Read More
Posted Under: Company Law |

Income Tax Business Application (ITBA) – Assessment Module – CASS 2019

Instruction No. 1-CASS 2019 (24/09/2019)

It has been noticed that sometimes the returns are received by Assessing Officer who is not a jurisdictional Assessing Officer as per PAN. The PAN should be immediately transferred to the jurisdictional Assessing Officer, so that further proceedings can be initiated by the jurisdictional Assessing Officer.At the time of CASS run, the data...

Read More

Disclosure of Default / Inter Creditor Agreement (ICA) by listed companies

LIST/COMP/29/2019-20 (24/09/2019)

With a view to provide for early recognition, reporting and time bound resolution of stressed assets, RBI vide circular dated June 07, 2019 had issued certain directions to Scheduled Commercial Banks, All India Term Financial Institutions (such as NABARD, NHB, EXIM Bank, SIDBI), Small Finance Banks, Systematically Important Non-Deposit ta...

Read More

Valuation of money market and debt securities

SEBI/HO/IMD/DF4/CIR/P/2019/102 (24/09/2019)

SEBI vide various circulars prescribed the guidelines on valuation of money market and debt securities. In order to align these guidelines with best market practices and improve the robustness of valuation of these securities, the following has been decided:...

Read More

Anti-dumping investigation concerning imports of Electronic Calculators import from Malaysia

F. No. 6/22/2019-DGTR (24/09/2019)

[Case No: 15/2019] Initiation of Anti-dumping investigation concerning imports of Electronic Calculators originating in or exported from Malaysia. The product under consideration in the present investigation is Electronic Calculators. An electronic calculator is a small and portable electronic device used for performing arithmetic operati...

Read More

Anti-Dumping investigation concerning imports of Faced Glass Wool in Rolls

Initiation Notification - Case No. (OI) 16/2019 (F.No. 6/23/2019-DGTR) (24/09/2019)

Case No. (OI) 16/2019] Anti-Dumping investigation concerning imports of Faced Glass Wool in Rolls originating in or exported from China PR....

Read More

Initiation of Sunset Review of Anti-Dumping investigation concerning imports of Electronic Calculators

Initiation Notification - Case No. SSR 06/2019 (F.No. 7/15/2019-DGTR) (24/09/2019)

(Case No. SSR 06/2019) Subject: Initiation of Sunset Review of Anti-Dumping investigation concerning imports of Electronic Calculators ` originating in or exported from China PR....

Read More

Anti-Dumping investigation concerning imports of “Acrylic Fibre”

Initiation Notification- Case No: 18/2019 (F. No. No. 6/25/2019-DGTR) (24/09/2019)

The product under consideration is Acrylic Fibre of all types (hereinafter referred as subject goods). Acrylic Fibre is a long chain of synthetic polymer composed of at least 90% by weight of Acrylonitrile units (major raw material for production). The terms acrylic fibre includes acrylic staple, acrylic tow and acrylic top. In other word...

Read More

Redress grievances related to functioning of GSTN system: HC to CBIC

Sales Tax Bar Association Vs Union of India (Delhi High Court)

Petitioner has highlighted several grievances with regard to the functioning of the GSTN system. Some of the issues highlighted relates to the technical and procedural aspects. The respondents must resolve these issues after understanding the difficulties that they are posing to the users....

Read More

Address lacunas in scheme formulated for IGST Refund: HC to CBIC

Sales Tax Bar Association Vs Union of India (Delhi High Court)

The grievance of the petitioners is also that the statutory mechanism created for entertaining IGST refund claims is not being implemented, and that there are some inherent lacunas in the scheme formulated by the Respondents to process the refund claims....

Read More

HC allows Petitioner to rectify GST Returns (GSTR-1 & GSTR-3B)

M/s Neelkamal Enterprises Pvt. Ltd. Vs. Union of India & others (Punjab & Haryana High Court)

Petitioner-Assessee has to file his annual return for the Assessment Year 2017-18 by 31.8.2019 under the CGST and HGST. However, it is handicapped on account of inadvertent mistakes/errors having occurred while filing statutory fowls GSTR-1 and GSTR-3B, which can be corrected in view of legal provisions, however, same are not being accept...

Read More

HC allows refund of IGST after adjusting higher rate of duty drawback

G NXT Power Corp Vs Union of India (Kerala High Court)

G NXT Power Corp Vs Union of India (Kerala High Court) After hearing the counsel on the adjustment, the Court has suggested refund of IGST after adjusting the higher rate of duty drawback availed by the petitioner without refunding IGST amount. The counsel have consented to disposing of the writ petition by this order: a) […]...

Read More

Agriculture Mechanical Sprayer classifiable under CTH 8424 of GST

In re M/s. Ravi Masand (GST AAR Madhya Pradesh)

In re M/s. Ravi Masand (GST AAR Madhya Pradesh) The product Agriculture Mechanical Sprayer will merit classification under Chapter Tariff Head (CTH) 8424 of the GST Tariff and with effect from 25.01.2018, the said product would attract GST @12% in terms of Sr.No.195B of Schedule-II to Notification No.01/2017-CT(R) as amended vide Notifica...

Read More

GST on fees received by school from school(s) for participation in conference

In re by M/s. Emrald Heights International School (GST AAR Madhya Pradesh)

In re by M/s. Emrald Heights International School (GST AAR Madhya Pradesh) a. Will the consideration received by the school from the participant school(s) for participation of their students and staff in the conference would be exempted under entry No. 66 or entry No. 1 or entry No. 80 or any other entry of the […]...

Read More

Analysis of Section 79-Carry forward & set off of losses in companies

Analysis of Section 79 of Companies Act, 1961 -Carry forward and set off of losses in companies Section 79 of the Income Tax Act, 1961 deals with the carry forward of losses for certain class of companies which satisfy the conditions specified in Sec.79 Below is the analysis on carry forward of losses in case […]...

Read More
Posted Under: Company Law |

Authorized Economic Operator (AEO)

About AEO AEO is a program under the aegis of the World Customs Organization (WCO) SAFE Framework of Standards to secure and facilitate Global Trade. The programs aim is to enhance international supply chain security and facilitate movement of legitimate goods. AEO is a voluntary compliance program. It enables Indian Customs to enhance an...

Read More
Posted Under: Company Law |

Major highlights of Recent Changes in Income Tax and GST

‘Acche din’ back for Indian Economy after recent Recent Reliefs in Income Tax and GST? In yet another surgical strike on bears and negative sentiments of the economy, the FM has tried to create an environment of surplus in the hands of corporates for making investments and ease their liquidity concerns. The Taxation laws (Amen...

Read More
Posted Under: Company Law |

Analysis on recent reduction of Corporate Tax rates

Analysis on reduction of Corporate Tax vide  Taxation Laws (Amendment) Ordinance, 2019 1. The Government of India announced reduction in corporate tax rates for domestic companies in India with effect from F.Y. 2019-20. 2. A new section 115BAA has been inserted to reduce tax rate of 22% (excluding surcharge and education cess) for domest...

Read More
Posted Under: Company Law |

Restriction on Number of Directorships | Section 165

Section 165 : Number of directorships- With an intention to make certain that directors provide bona fide attention and do justice to the position of directorship in all the companies on which they are directors, a maximum ceiling on the number of directorships has been stipulated by the government....

Read More
Posted Under: Company Law |

Suvidha in Income Tax, Duvidha in GST

Seeing the changes made in Income Tax, same were expected in GST. But only law and procedure related changes were recommended. Also, GST rates related to supply of goods and services were proposed to change....

Read More
Posted Under: Company Law |

Inter Se Transfers under SEBI (SAST) Regulations, 2011

SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 provides mandates that an acquirer shall make a public announcement of an open offer if he is acquiring shares/voting rights, directly or indirectly, which along with his existing holding, will entitle him to exercise more than 25% of voting rights of the target comp...

Read More
Posted Under: Company Law |

Reg. Anti-Dumping Duty imposed on imports of Saturated Fatty Alcohols

F. No. 7/38/2018-DGTR (24/09/2019)

New Shipper Review pertaining to Anti-Dumping Duty imposed on the imports of Saturated Fatty Alcohols originating in or exported from Indonesia, Malaysia, Thailand and Saudi Arabia, as requested by Pt. Energi Sejahtera Mas, (PTESM) (Producer from Indonesia) and Sinarmas Cepsa Pte. Ltd. (SCPL) (Exporter from Singapore) initiated on 15.01.2...

Read More

GST on composite contract of cutting of live trees to obtain logs & transfer of timber logs

In re M/s. Kohinoor Woods (GST AAR Karnataka)

In re M/s. Kohinoor Woods (GST AAR Karnataka) In this case, instead of Forestry Department taking the responsibility of cutting the trees it directed the applicant to cut and remove the standing live Tree. Thus applicant is ultimately removing the cut log and not the live trees, Here the job of cutting is undertaken by […]...

Read More

GST on volume discount received on purchases

In re Kwality Mobikes (P) Ltd. (GST AAR Karnataka)

In re Kwality Mobikes (P) Ltd. (GST AAR Karnataka) a) Whether the volume discount received on purchases is liable for GST? If yes, under which HSN/SAC? The Volume Discount received on purchases in the form of credit note without any adjustment of GST is not liable for GST. b) Whether volume discount received on retail […]...

Read More

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30