"10 February 2020" Archive

Sabka Vishwas Legacy Dispute Resolution Scheme- 49,534 settlements done

Sabka Vishwas – Legacy Dispute Resolution Scheme  The details of total amount of funds that are locked up in cases at various quasi-judicial, appellate and judicial forums under Service Tax and Central Excise put together as on dated 31.12.2019 are as follows: Serial No. Forum Number Amount (Rs. in Cr.) 1. Supreme Court 2327 31088.96 [...

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Posted Under: Excise Duty |

GST on Real Estate Sector- Part-I

In this article, I am discussing on the applicable rate of GST on different services boxed under Real Estate mentioning the reference of relevant provision. (After considering the Notification relating to changes in rate issued by Govt. in March 2019) 1. What are the transactions treated as supply under GST? Definition of Supply of covers...

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Posted Under: Excise Duty |

Why SME IPO may be a good option for small businesses?

SMEs: Major Contributor to Indian Economy In the last few years, Small and Medium Enterprises (SMEs) has come out as the most dynamic and dazzling sector of the Indian economy. In comparison to the large-scale public and private enterprises, SMEs have scanty investment but their employment intensity is four times more than the large scale...

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Posted Under: Excise Duty |

Budget 2020 : Vivad Se Vishwas Scheme

In line to Indirect tax amnesty scheme namely ‘Sabka Vishwas’ the Central Govt, has proposed direct tax amnesty scheme namely ‘Vivad Se Vishwas’ through Union Budget 2020. This amnesty scheme has also been introduced with the intent to reduce pending litigation in various appellate authorities and help Government i...

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Posted Under: Excise Duty |

Release of new form for company incorporation (SPICe+)

To implement these rules MCA is going to release new incorporation Form 'SPICe+'. Which will be an integrated Web Form that will have two Parts, 'Part A' for reservation of Name of Company and 'Part B' for registration related services....

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Posted Under: Excise Duty |

Filing of Financial Statements by NBFCs (Ind AS)

The Ministry of Corporate Affairs (MCA) has made certain amendments in Schedule III of the Companies Act, 2013 vide its notification dated 11th October 2018. Pursuant to the said notification, Division III has been inserted in respect of Financial Statements for a Non-Banking Financial Company (NBFC) whose financial statements are drawn u...

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Posted Under: Excise Duty |

Income Tax Updates for the Month of January 2020

NEWS DIRECT TAX 1. CBDT prescribes ‘Other Electronics Modes’ for the purpose of electronic payments & receipts. [Ref: NOTIFICATION NO. 8/2020 [G.S.R. 56(E)/ F.NO.370142/14/2019-TPL], DATED 29-1-2020] 2. CBDT notifies ‘Institute of Pesticide Formulation Technology’ for the purpose of sec. 35 deduction. [Ref: NOTIFICATION NO. S...

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Posted Under: Excise Duty |

Integration of E Way Bill Portal With Vahan System

E-Way bill has been integrated with the Vahan System of Transport Department. Vahan System provides a nationwide search over the digitized data of Registered Vehicles. The vehicle number entered in the e-way bill will now be verified with the Vahan System. Initially, there will be an alert message but later on, the portal will not [&helli...

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Posted Under: Excise Duty |

No service tax on interest earned by providing metal as loan

Indian Overseas Bank Vs Commissioner of Central Excise & ST (CESTAT Chennai)

Indian Overseas Bank Vs Commissioner of Central Excise & ST (CESTAT Chennai) Revenue is of the opinion that only if the loan is in the form of Indian rupee and interest is earned on that, then alone under the provisions of Valuation Rules or Section 66D of Finance Act, 1994 interest is not to be […]...

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No Addition u/s 41(1) Merely Because Liability Outstanding for Long Period

PCIT Vs Adani Agro (P.) Ltd. (Gujarat High Court)

PCIT Vs Adani Agro (P.) Ltd. (Gujarat High Court) The issue under consideration is whether the addition made by AO under Section 41(1) of the Act on account of cessation of liability is justified in law? High Court states that, once assessee had continued to show admitted amounts as liabilities in its balance sheet, the […]...

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