"23 January 2020" Archive

Madras HC denies exemption benefit w.r.t. imports made prior to registration under Rules

The Tribunal has erred in holding that the Rules are merely procedural or directory in nature and upholding the grant of exemption to the Assessee in respect of Bill of Entry No. 550344 dated June 28th, 2003 by which the goods were imported and cleared on June 30th, 2003....

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Posted Under: Custom Duty |

VRR for Foreign Portfolio Investors investment in debt

Notification No. RBI/2019-20/151 A.P. (DIR Series) Circular No.19 (23/01/2020)

Following changes are made to the Directions governing investment through the Voluntary Retention Route (VRR). a) The investment cap is increased to 1,50,000 crores from Rs. 75,000 crores. b) FPIs that have been allotted investment limits under VRR may, at their discretion, transfer their investments made under the General Investment Limi...

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Investment by Foreign Portfolio Investors (FPI) in Debt

Notification No. RBI/2019-20/150 A.P. (DIR Series) Circular No.18 (23/01/2020)

In terms of paragraph 4(b) (i) of the Directions, short-term investments by an FPI shall not exceed 20% of the total investment of that FPI in either Central Government Securities (including Treasury Bills) or State Development Loans. This short-term investment limit is hereby increased from 20% to 30%....

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Refund – Limitation – Time taken by Ministry to be excluded

JSW Dharmatar Port Pvt. Ltd. Vs Union of India (Bombay High Court)

Bombay High Court has held that time consumed by the concerned Ministry in granting certificates required for retrospective exemption and refund must be ignored....

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Cenvat credit on inputs used in excess of what prescribed when available

Bhawani Press Metal & Body Building Pvt. Ltd. Vs CCEx. (CESTAT Kolkata)

Observing that actual consumption of material could vary from bill of material supplied along with designs and drawings by the principal, CESTAT  Kolkata has set aside  demand  of  Cenvat   credit on alleged excess inputs....

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Merchanting Trade Transactions (MTT) – Revised Guidelines

Circular No. RBI/2019-20/152 A.P. (DIR Series) Circular No. 20 (23/01/2020)

Reserve Bank of India RBI/2019-20/152 A.P. (DIR Series) Circular No. 20 January 23, 2020 To All Category – I Authorised Dealer Banks Madam / Sir Merchanting Trade Transactions (MTT) – Revised Guidelines Attention of Authorised Dealer Category-I banks (AD banks) is invited to A.P. (DIR Series) Circular No.115 dated March 28, 2014 con...

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MCA to introduce ‘SPICe+’ form to replace existing SPICe form

(i) Stakeholders may please note that as part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. (ii) SPICe+ would be an integrated Web form...

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Posted Under: Custom Duty |

How to resolve technical Errors while uploading GSTR 9C

How to resolve technical Error while uploading GSTR 9C Errors while uploading the GSTR 9C JSON file ♣ Error Occurred The most common error it’s showed on the website while we uploading the GSTR 9C, this error may come due to GSTR 9C Form format are not matching with their standard. This error may be […]...

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Posted Under: Custom Duty |

Fake GST Bill/ITC: SOP to be followed by exporters

Circular No.131/1/2020-GST (23/01/2020)

As you are aware, several cases of monetisation of credit fraudulently obtained or ineligible credit through refund of Integrated Goods & Service Tax (IGST) on exports of goods have been detected in past few months. On verification, several such exporters were found to be non-existent in a number of cases. In all these cases it has been f...

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Insight Into Prevention of Money Laundering Act, 2002

The term Money Laundering means procedures adopted in legitimizing assets earned which may be not under the four corners of the law. The source of such ill-gotten wealth may be Corruption, Organized Crime, Narcotics Trade, prostitution arms trade etc....

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Posted Under: Custom Duty |

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