"17 December 2019" Archive

Industry must Reduce Dependence on Imported Goods: Piyush Goyal

Piyush Goyal,Minister for Commerce and Industry and Railways, addressed the inaugural sessionat the Exports Summit 2019 organised by the Confederation of Indian Industry (CII) in New Delhi today. He emphasized that Indian industry must be enabled and empowered to take advantage of global value chains....

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Posted Under: Corporate Law |

NAA finds Signature Builders Guilty of not passing ITC Benefit to Customers

Shri. Abhishek Vs Signature Builders Pvt. Ltd. (National Anti-Profiteering Authority)

Shri. Abhishek Vs Signature Builders Pvt. Ltd. (National Anti-Profiteering Authority) Central Government, on the recommendation of the GST Council, had levied 18%  GST with effective  rate  of  12%  in  view  of 1/3rd abatement on value on the – construction service, vide Notification No. 11/2017-Central Tax (Rate) dated  28...

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Discount after increasing price cannot be considered as passing on of benefit of additional ITC: NAA

Shri. Pradeep Kumar Vs Fusion Buildtech Pvt. Ltd. (National Anti-Profiteering Authority)

Shri. Pradeep Kumar Vs Fusion Buildtech Pvt. Ltd. (National Anti-Profiteering Authority) The Respondent’s further contention that he had already offered more than 10% discount in basic prices to all the customers who have booked flats Post GST and the discount had been given mainly on account of availability of ITC, thus the allegat...

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Delhi HC rules Central Excise Duty rebate claim filed after expiry of 1 year as ineligible

Applications for rebate of Central excise duty paid on excisable goods, consequent on their export, are required to be filed within one year of the date of their export, under Section 11B of the Excise Act. As such, the rebate claim, filed by the Petitioner, was rejected by the Assistant Commissioner of Customs (AC), vide Order-in-Origina...

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Posted Under: Corporate Law |

Central Excise Duty rebate claim filed after expiry of 1 year from export date is ineligible

Orient Micro Abrasives Limited Vs Union of India & ANR (Delhi High Court)

Section 11(B)(1) of the Act read with the Explanation thereto, clearly requires any claim for rebate to be submitted within one year of export of the goods, where against rebate is claimed. There is no provision which permits relaxation of this stipulated one year time limit....

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Sukanya Samriddhi Account Scheme, 2019- Detailed Analysis

Government has notified new Samriddhi Account Scheme, 2019 w.e.f. 12th December, 2019 vide notification No. G.S.R. 914(E). Article explains Opening of account under Sukanya Samriddhi Account Scheme, 2019, Deposits under Sukanya Samriddhi Account, Interest on deposit under Sukanya Samriddhi Account, Operation of account under Sukanya Samri...

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Posted Under: Corporate Law |

Senior Citizens’ Savings Scheme, 2019- Detailed Analysis

Government has notified new Senior Citizens’ Savings Scheme, 2019 w.e.f. 12th December, 2019 vide notification No. G.S.R. 916(E). Article explains  Opening of account under Senior Citizens’ Savings Scheme, 2019, Deposit under Senior Citizens’ Savings Scheme, 2019, Interest on deposit under Senior Citizens’ Savings Scheme, 2019, P...

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Posted Under: Corporate Law |

Public Provident Fund Scheme, 2019- Detailed Analysis

Government has notified new Public Provident Fund Scheme, 2019 w.e.f. 12th December, 2019 vide notification No. G.S.R. 915(E). Article explains  Limits of number of PPF accounts under Public Provident Fund (PPF) Scheme, 2019, Limits of subscription under under Public Provident Fund (PPF) Scheme, 2019, Manner of making deposit under under...

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Posted Under: Corporate Law |

All about National Savings (Monthly Income Account) Scheme, 2019

Government has notified new National Savings (Monthly Income Account) Scheme, 2019 w.e.f. 12th December, 2019 vide notification No. G.S.R. 917(E).  Article explains about Opening of account under National Savings (Monthly Income Account) Scheme, 2019, Deposits and withdrawals under National Savings (Monthly Income Account) Scheme, 2019, ...

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Posted Under: Corporate Law |

National Savings Certificates (VIII Issue) Scheme, 2019- detailed Analysis

Government has notified new National Savings Certificates (VIII Issue) Scheme, 2019 w.e.f. 12th December, 2019 vide notification No. G.S.R. 919(E).  Article explains about Type of accounts under National Savings Certificates (VIII Issue) Scheme, 2019,  Deposits under National Savings Certificates (VIII Issue) Scheme, 2019, Payment on Ma...

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Posted Under: Corporate Law |