"22 November 2019" Archive

CBIC clarifies on Rate of GST on Job Work

Circular No. 126/45/2019-GST (22/11/2019)

Doubts have been raised with regard to the recommendation of the GST Council to reduce rate of GST on all job work services, which earlier attracted 18 % rate, to 12%. CBIC clarified on the same...

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CGST- Bus body building includes building of body on chassis of any vehicle

Notification No. 26/2019- Central Tax (Rate) [G. S.R. 870(E).] (22/11/2019)

Notification No. 26/2019- Central Tax (Rate) For the purposes of this entry, the term bus body building shall include building of body on chassis of any vehicle falling under chapter 87 in the First Schedule to the Customs Tariff Act, 1975....

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IGST: Bus body building includes building of body on chassis of any vehicle

Notification No. 25/2019- Integrated Tax (Rate) [G.S.R. 871(E).] (22/11/2019)

Seeks to insert explanation regarding Bus Body Building in Notification No. 8/2017-Integrated Tax (Rate) dt. 28.06.2017 which is 'For the purposes of this entry, the term 'bus body building' shall include building of body on chassis of any vehicle falling under chapter 87 in the First Schedule to the Customs Tariff Act, 1975.'...

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UTGST: Bus body building includes building of body on chassis of any vehicle

Notification No. 26/2019-Union Territory Tax (Rate) [G.S.R. 872(E).] (22/11/2019)

Seeks to insert explanation regarding Bus Body Building in Notification No. 11/2017-Union Territory Tax (Rate) dt. 28.06.2017 which is ‘For the purposes of this entry, the term ‘bus body building’ shall include building of body on chassis of any vehicle falling under chapter 87 in the First Schedule to the Customs Tariff...

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Web Portal for exchange of information on Income Tax Website

Release ID: 1593094 (22/11/2019)

Shri P.C. Mody, Chairman, Central Board of Direct Taxes (CBDT), inaugurated the Web Portal for Exchange of Information on Income Tax Website here today....

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Revisit Compliance under SEBI (LODR) Regulations, 2015 by 1st April 2020

Law being dynamic in nature can never be static. With new amendments, new compliances needs to be ensured. Keeping these in mind the following are the checklist that needs to be abided by the Listed Entities by 1st April 2020. Reg  No. Provision Views 17 (1) (A) The Board of directors of the top 1000 […]...

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Guide to Programme Credit Hours (PCH) for Company Secretaries

It is mandatory for every Company Secretary to be it in practice or in employment to achieve mandatory Programme Credit Hours (PCH) as per the guidelines issued by the Institute of Company Secretaries of India (ICSI). Guidelines issued by ICSI for Compulsory Attendance of Professional Development Programmes for the Members (PCH Guideline)...

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Loan and Investment by Company | Companies Act 2013 | Section 186

The Companies Act, 2013 has come with a change in the theory of Loan and Investment by Company. The new Act provides that inter-corporate investments not to be made through more than two layers of investment companies. T...

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Developer not passed additional ITC benefit to buyers post-GST implementation: NAA

Shri. Abhishek Vs M/s Signature Global Developers Pvt. Ltd. (National Anti-Profiteering Authority)

It it is revealed that the Respondent is executing his Synera project under the Affordable Housing Scheme approved by the Government of Haryana under the Prime Minister Awas Yojana and is constructing both the residential and commercial accommodation....

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Seller guilty of not passing ITC Benefit to Customers on Sanitary Napkin

Sh. Sandeep Puri Vs M/s. Johnson & Johnson (National Anti-Profiteering Authority)

It is also evident from above narration of facts that Respondent has denied benefit of rate reduction to buyers of product Sanitary Napkin in contravention of the provisions of Section 171 (1) of the CGST Act, 2017 and has thus resorted to profiteering, which is an offence under section 171 (3A) of the CGST Act, 2017...

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Builder found Guilty of Not Passing Benefit of Pre-GST ITC

Sh. Paval Antony Vs M/s Shree Mahalakshmi Enterprises (National Anti-Profiteering Authority)

During the pre-GST period from April. 2016 to June, 2017 the Respondent was paying tax @ 6% which was increased to 18% during the post-GST period and hence there was increase in the rate of tax and therefore, the Respondent is not liable to pay the benefit of tax reduction to his customers...

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Gurugram Builder found guilty of not passing ITC Benefit to Flat Buyers

Ms. Santosh Kumar & Others Vs M/s Aster Infrahome Pvt. Ltd, (National Anti-Profiteering Authority)

NAA carefully considered the Report of the DGAP, submissions made by the Respondent and based on the record it is revealed that the above Applicants had purchased flats from the Respondent in his Green Court project situated in Sector 90, Gurugram, Haryana which was got approved by him under the Affordable Housing Policy-2013 of the Gover...

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Importance of Decision Making In Life

Success or failure in our life, be it personal, professional or social, are the results of the actions initiated by us depending upon our decisions. The quality of our life and destiny are directly connected with our decisions. Nobody's life is ever all balanced. It's a conscious decision to choose your priorities every day....

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GST on machines given to customers under RRC/PRC models

In re M/s Randox Laboratories India Private Limited (GST AAR Karnataka)

Whether the applicant is liable to pay GST on the machines given to the customers under RRC/PRC models? The applicant is liable to pay GST on the machines / equipments given to the customers under the PRC Model but is not liable to pay GST on the machines / equipments given to the Customers under the RRC model....

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GST payable on development of land into residential layout and sale as per JDA

In re Maarq Spaces Private Limited (GST AAR Karnataka)

In re Maarq Spaces Private Limited (GST AAR Karnataka) 1. Whether the activity of development and sale of land attract tax under GST?  In the instant case what the applicant receives as their remuneration for the provision of the services of development of the land and their subsequent activities related to the sale of the […]...

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EPC contract to set-up solar power plant till 31.12.2018 is works contract: AAR Karnataka

In re M/s Solarys Non-Conventional Energy Private Limited (GST AAR Karnataka)

Whether in case of separate contracts for supply of goods and services for a solar power plant, there would be separate taxability of goods as 'Solar Power Generating System' at 5% and services at 18%....

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FAQs on Fraud Reporting

In the corporate world nowadays, increase in the rate of frauds has generated the need for the companies to analyze the requirements wrt to fraud reportings, in order to be proactive in tightening their internal systems for preventing the same. Keeping in mind the need of the hour, we have prepared a guide to fraud reporting under Compani...

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RBI relaxes provisions for operation/Opening of SNRR Account

RBI/2019-20/102 A.P. (DIR Series) Circular No. 09 (22/11/2019)

With a view to promote the usage of INR products by persons resident outside India, it has been decided, in consultation with the Government of India, to expand the scope of SNRR Account by permitting person resident outside India to open such account for:...

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Income on account of undisclosed sundry debtors surrendered to be considered as deemed income u/s 69

DCIT Vs Khurana Rolling Mills (P) Ltd (ITAT Chandigarh)

Surrender offered by assessee on account of undisclosed sundry debtors was purely related to business carried out by assessee, therefore, same had to be assessed as deemed income under sections 69, 69A/B/C and assessee was entitled to claim the benefit of set off of losses both current and brought forward in accordance with law against th...

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Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality

RBI/2019-20/103 A.P. (DIR Series) Circular No. 10 (22/11/2019)

For the lot/ lots cleared at the center/s which are duly notified under Customs Act, 1962 / specified by the Central Board of Indirect Taxes & Customs, Department of Revenue, Ministry of Finance, Government of India for the above purpose, Bill of Entry shall be filed by the buyer. AD bank may permit such import payments after being satisf...

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India Targets to be USD 5 Trillion Economy- Skill Development needs Changes

Does anyone have any idea how the Job Market of India will look in the next 10 to 20 years? How the promoters of the organisation will be able to find talent to match the changing job market? Are we planning for import of human manpower to match the requirement of our jobs? On what […]...

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Institute of Actuaries of India (Transaction of Business at Meetings of Council) Amendment Regulations, 2019

F. No. M-18013/01/2017-Ins.1 (E) (22/11/2019)

Institute of Actuaries of India (Transaction of Business at Meetings of Council) Amendment Regulations, 2019. Video Conferencing means audio-visual electronic communication facility to enable members of the Council who could not attend in person to communicate concurrently with each other without any intermediary and to participate effect...

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Section 263 Order on Non-Existent Entity is unsustainable

Durja Vinimay Pvt. Ltd. Vs PCIT (ITAT Kolkata)

The issue under consideration is whether Passing of revisionary order against amalgamating company which was not in existence on the date of order is justified in law?...

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Restriction in ITC availment | Rule 36(4) of CGST Rule, 2017

CBIC vide the notification number 49/2019 inserted the new rule 36(4) which deals with the restriction on ITC for the invoices not reflecting in GSTR 2A. Section 43A has been inserted vide the CGST Amended Act, 2018 which deals with the provision of procedure and furnishing of return which restricts the ITC exceeding 20% of […]...

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Input tax credit- New Rule 36(4) calculation -Important points

Credit restriction to be calculated Tax head wise or consolidated? A question that is flowing persistently is that is this limit to be calculated Tax head wise i.e. IGST, CGST,SGST separately or on consolidated basis?...

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