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Archive: 13 March 2020

Posts in 13 March 2020

Govt increases SAED on petrol and diesel by Rs. 2 per litre

March 13, 2020 825 Views 0 comment Print

Notification No. 03/2020-Central Excise- Seeks to amend notification No. 05/2019-Central Excise dated 6th July, 2019 so as to increase effective rate of Special Additional Excise Duty (SAED) on petrol and diesel by Rs. 2 per litre GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 03/2020-Central Excise New Delhi, the 13th March, 2020 […]

Abolishment of DDT – Practical challenges for companies & shareholders

March 13, 2020 10806 Views 1 comment Print

With a view to boost investors’ confidence in the Indian market and put India in a competitive position in terms of taxing rights as compared to other countries in APAC region, the Government of India proposed to abolish Dividend Distribution Tax (also known as DDT) with effect from 01 April 2020.

Procedure for payment of Stamp Duty on Share Certificates in Haryana

March 13, 2020 27822 Views 7 comments Print

Various Timelines to be kept in mind: -As per the Companies Act, 2013 every Company shall allot equity shares to the subscribers within 60 days of receipt of Share Application Money. -The Company shall thereafter issue share certificates to the aforesaid allottees within 2 months from the date of allotment. -As per the Indian Stamp […]

SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2020

March 13, 2020 3708 Views 0 comment Print

1. These regulations may be called the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette.

No Section 271B Penalty if Tax Audit Report not submitted due to misinterpretation of CBDT Circular

March 13, 2020 2418 Views 0 comment Print

Undisputedly, the assessee has obtained the tax audit report on 10th September 2013, i.e., much before the due date of filing of return of income. However, as stated by the assessee, due to lack of clarity and misinterpretation of the Circular issued by the Board, the assessee did not filed tax audit report before the due date of return of income. In our view, the aforesaid explanation furnished by the assessee appears to be plausible, therefore, benefit of doubt can be given to the assessee

Regular bail with suitable conditions allowed in wrongful ITC availment case

March 13, 2020 633 Views 0 comment Print

Amit Shah seeks regular bail in Gujarat High Court for GST Act offences. Court considers arrest duration, charge nature, and conditions for release.

Reduction of Share Capital / E-filing / FAQs

March 13, 2020 12777 Views 2 comments Print

The National Company Law Tribunal (NCLT) made mandatory to file the application/petition/appeal/reply etc. online through NCLT e-filing portal via notice dated 31st January 2020, w.e.f. 03rd February 2020. And has also requested to file two complete sets in hard copies before the filing counter NCLT. The Company need to make an application to the NCLT […]

Recent updates in GST till 12th March 2020

March 13, 2020 5535 Views 1 comment Print

A major controversy these days is on payment of interest for delayed GST on gross or net amount (net of ITC). Department is now demanding interest on gross amount and has sent numerous recovery notices throughout the country. However, there are few high court judgments to the contrary.

Transfer of title in goods is liable to GST

March 13, 2020 11256 Views 0 comment Print

Schedule II of CGST Act 2017 determines the list of activities to be considered as supply of goods/Services and as per entry at Sl No. 1 of schedule II , any transfer of the title in goods is a supply of goods and liable to GST. In response of query by M/s. Automative Components Technolory […]

No penalty if tax alongwith interest paid before issuance of SCN

March 13, 2020 13602 Views 0 comment Print

YCH Logistics (India) Pvt. Ltd Vs C.C.E & C.S.T (CESTAT Bangalore) The services imported by the assessee are taxable services and are chargeable to Service Tax but they had not paid the Service Tax applicable on the same. The assessee were liable to pay the Service Tax on import of such services as a recipient […]

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