"February, 2020" Archive

Fable of tumbling Indian SEZ

This explains the whole anatomy of the declining interests of exporters in investing in Special Economic Zone (SEZ).  Let's have a glimpse on the current situation of SEZ....

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Posted Under: Custom Duty |

Discounts/Incentives-GST Implications

1. In many industries (e.g. automobiles, FMCG, etc.) various kinds of discounts/incentives are given to the distributors on achieving certain sales targets. Issue therefore for discussion and analysis is whether such discounts/incentives can be considered as a separate consideration against any services supplied by such distributors. 2. A...

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Posted Under: Custom Duty |

IGST refund allowed even if CG imported under EPCG Scheme for the period of 01.07.2017 to 12.10.2017

IGST refund allowed even if CG imported under EPCG Scheme for the period of July 1, 2017 to October 12, 2017 The Hon’ble HC, Gujarat in the matter of M/S Prince Spintex Pvt Ltd v. Union of India [R/Special Civil Application No. 20756 of 2018 dated February 3, 2020] allowed refund of IGST paid on […]...

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Posted Under: Custom Duty |

What is Non Banking Financial Company (NBFC)

In this article, I have tried to cover important questions relating to Non Banking Financial Company (NBFC) in question and answer mode. I hope you grab and increase your knowledge by reading this article. Article  explains What is a Non Banking Financial Company (NBFC), Are there different types of Non Banking Financial Company (NBFC), ...

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Posted Under: Custom Duty |

PoEM – A New Direction to Indian International Taxation Regime

Place of Effective management means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance, made....

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Posted Under: Custom Duty |

SPICe+ New Company Incorporation Procedure wef 23.02.2020

Article contains Significant Features of SPICe+, SPICe+ Procedure To Incorporate A New Company W.E.F. 23rd February, 2020, Forms Linked To SPICe+ and  Steps To Upload SPICe+. Pursuant to Companies (Incorporation) Amendment Rules, 2020 MCA has taken another initiative for the speedy incorporation of the Company in order to promote the eas...

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Posted Under: Custom Duty |

SC set aside NCLAT order in the matter of Jaypee Infratech Vs Axis Bank

Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs Axis Bank Limited Etc. (Supreme Court)

Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs Axis Bank Limited Etc. Etc (Supreme Court) While setting aside the judgment dated 1st August, 2019 of the NCLAT on avoidance of certain transactions under section 43, 45 and 66 of the Code whereby CD had mortgaged its properties for the financial assistance to JAL [...

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Hardcastle Restaurants- SC Transfers all Writ Petitions to Delhi HC related to Anti Profiteering

NAA Vs Hardcastle Restaurants Pvt. Ltd. & Ors. (Supreme Court)

In the given case, a batch of writ petitions are pending before the High Courts of Delhi, Bombay and Punjab and Haryana in which the constitutional validity of Section 171 of the Central Goods and Services Tax Act 2017 read with Rule 126 of the Central Goods and Services Tax Rules 2017 and other cognate provisions, is under challenge. ...

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Summary of Important Circulars for Bank Branch Audit 2019-20

Summary of Important Circulars for Bank Branch Audit (FY 2019-20-PSB/SCB Bank Branch) Brief Background: The Reserve Bank of India (RBI) at frequent interval issues various circulars/notifications/guidelines applicable to all the regulated entities viz. Scheduled Commercial Bank’s (SCB’s), Regional Rural Banks (RRB’s), Non-Banking Fi...

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Posted Under: Custom Duty |

Annual GST Return GSTR 9 for F.Y. 18-19 – Errors – Rectification Required

Annual GST Return – 9 for Financial Year 2018-19 – Errors – Rectification Required Hope you might be aware of the due date to file GSTR-9 (Annual Return) & GSTR-9C (Reconciliation Statement) for the financial year 18-19 is 31/03/2020 via Order No. 08/2019-Central Tax dated 14.11.2019. However few registered persons &...

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Posted Under: Custom Duty |

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