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"19 December 2019" Archive

SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2019

Notification No. SEBI/LAD-NRO/GN/2019/44 19/12/2019

These regulations may be called the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2019. These regulations shall come into force on the date of their publication in the Official Gazette....

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Ten Points of 38th GST Council meeting

38th GST Council Meeting dated 18-12- 2019 1) GSTR-1 Late Fee Waiver on GSTR-1 1. Notification 4/2018-CT dated 23-01-2018, reduced late fee for delayed filing of GSTR-1 from Rs. 2 00/- per day to Rs. 50/- per day. For NIL returns it was reduced to Rs. 20/- per day 2. Notification 75/2018-CT dated 31-12-2018 waived […]...

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Posted Under: SEBI |

GST: Liability of interest U/s. 50 is automatic but quantification needs arithmetic exercise

Assistant Commissioner of CGST & Central Excise Vs Daejung Moparts Pvt Ltd. (Madras High Court- Third Member)

Assistant Commissioner of CGST & Central Excise Vs Daejung Moparts Pvt Ltd. (Madras High Court) View of Third Member The question raised is as to whether interest on delayed payment of tax as contemplated under Section 50 of the Central Goods and Services Tax Act, 2017, is automatic or the same is to be determined, […]...

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Key takeaways from GST Council 38th Meeting held on 18th December 2019

Rationalize rates on Woven and non-woven bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of a kind used for packing of goods which fallunder HSN 3923 or 6305 - will have uniform rate of 18% from 12% on all bags falling under HSN 3923 or 6305 including Flexible intermediate bulk containers (FIB...

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Posted Under: SEBI |

HC: Department can recover GST dues against Chronic Defaulting Assessee

The undisputed facts reveal that the Petitioner has filed GSTR-1 Return under Section 37 of the CGST Act, 2017, however, the Petitioner has not filed GSTR-3B Returns, which are to be paid on GST portal based on self-assessed transaction value shown in GSTR-1 Returns by the Petitioner. There are twin effect of such non-filing of GSTR-3B Re...

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Posted Under: SEBI |

No TDS on Commission to non-resident agents for procuring export orders

Punjab Stainless Steel Inds. Vs ACIT (ITAT Delhi)

Commission paid to foreign agents for procuring export orders could not be treated as income taxable in India when parameters of DTAAs were applied to transactions in question. Also non-resident agents did not have PE or business connection in India. Therefore, impugned payment could not be held as taxable in the hands of non-resident age...

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Transfer of Right to use Vessel is deemed sales & taxable in concerned State

The Great Eastern Shipping Co. Ltd. Vs State of Karnataka & Ors. (Supreme Court)

Charter Party Agreement making available the services of vessel by assessee-company to Port trust would tantamount to a deemed sale as there was a transfer of right to use the vessel as provided in Article 366(29A)(d) read with section 5C or section 2(j) of the Karnataka Sales Tax Act. Thus, the transaction was liable to be taxed by the c...

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Anti-dumping duty on High Tenacity Polyester Yarn- Reg.

Notification No. 46/2019-Customs (ADD) 19/12/2019

Seeks to further amend notification No. 35/2018-Customs(ADD) regarding levy of anti-dumping duty on High Tenacity Polyester Yarn to amend the name of exporter name from 'M/s. Oriental Textile (Holding) Ltd.' to 'M/s. Oriental Industries (Suzhou) Ltd'....

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Why Effective Documentation a must for Income Tax Assessment Procedures?

Documentation can play a pivotal role in ensuring correct tax impact. It reduces great amount of time and energy of the company, advisors, auditors and most importantly the judiciary system....

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Posted Under: SEBI |

CBIC notifies Rate of Exchange of Foreign Currencies wef 20.12.2019

Notification No.91/2019 - Customs (N.T.) 19/12/2019

Exchange Rate Notification No. 91/2019-Custom (NT) dated 19.12.2019-Notifying Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 20th December, 2019....

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