"October, 2019" Archive - Page 32

IRDA Master Circular on Insurance Advertisements

IRDAI/LIFE/CIR/MISC/189/10/2019 16/10/2019

The success of insurance sales communication depends on public confidence and the faith they repose in the insurers, when they receive a communication from Insurers promoting their products. As such, the Insurers are expected to adopt fair, honest and transparent practices in the market-place and avoid practices that tend to impair the co...

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Key provisions of RBI circular dated 26.03.2019 related to ECB

Key provisions of latest RBI/FED/2018-19/15 – FED Master Direction No.5/2018-19 dated March 26, 2019 in relation to External Commercial Borrowing 1. Meaning of ECB ♠ Generally External Commercial Borrowings (ECB) refer to commercial loan availed by eligible resident entities from non-resident lenders i.e. from foreign sources. ♠...

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Posted Under: Corporate Law |

Optional Filing of Annual GST return – Critical possible impact

Filing of Annual return – Option Scheme for MSME – Critical Analysis of the possible impact Annual return in form GSTR-9 is required to be filed by every registered person (other than an Input Service Distributor, the person paying tax under section 51 or 52, a casual taxable person and a non-resident taxable person) for […]...

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MSME Form-I – Due date 31st October 2019- File to avoid Penalty/Jail

All about eForm MSME Form-I (Filling half yearly return with the registrar in respect of outstanding payments to MSME due date 31st October, 2019) Purpose to file the eForm All companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days [&helli...

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GST- Intricacies Relating To Discount

There is a lot of confusion on deduction under section 15 with respect to the discounts. Discounts are offered by various businesses to boost sales. In this article an attempt has been made to summarise the tax treatment (pre-GST and GST regime) on such discounts....

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Posted Under: Corporate Law |

Goods Taken Out of India for Exhibitions – Treatment under GST

Several goods are taken out of India on consignment basis for exhibitions or other export promotion events. These goods are sold only when approved by the prospective customers abroad. The unsold goods are then brought back to India. This is a widespread practice in various sectors, including the gems and jewelry industry. Exporters of th...

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Posted Under: Corporate Law |

Petition filed after 3 year of order suffers from laches: HC

Magnolia Mayura CHS Ltd. Vs Union of India (Bombay High Court)

Magnolia Mayura CHS Ltd. Vs Union of India (Bombay High Court) Petitioner’s appeal before the CIT(A) was dismissed on 31st March, 2016. The Petitioner’s application admittedly made on 9th August, 2016 after the Appeal was dismissed. This application came to be rejected on 22nd September, 2016, as there was no appeal pending. The orde...

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GST on establishment of Integrated Cryogenic Engine & Stage Test facility for ISRO Complex

In re TATA Projects Limited (GST AAR Tamilnadu)

In re TATA Projects Limited (GST AAR Tamilnadu) 1. Whether Supply of Engineering, Procurement & Construction (EPC) contract for establishment of Integrated Cryogenic Engine & Stage Test facility (ICET) where in both goods and services are supplied can be construed to be a Composite Supply in terms of Section 2(30) of CGST Act, 201...

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Summary of Recent GST Notifications Issued on 9th October 2019

While many of us were juggling between Festivals, Tax audits, GST returns, GST Audits and GST annual returns .Trying to maintain balance between personal and professional commitments. Some important notifications were issued by CBIC on 9th October 2019. Here is the summary of the Notifications Issued. Hope this article helps you. Sr. No N...

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Posted Under: Corporate Law |

OPTION to file GSTR-9 for Small Taxpayers

The 37th GST Council Meeting held on 20th September 2019 introduced some much needed relief to certain industries. Along with that, the Council also sought to introduce some relief to small taxpayers by easing the compliance burden. One of the major reliefs was doing away with the requirement to file Annual Return in Form GSTR-9, [&hellip...

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Posted Under: Corporate Law |

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