"01 June 2020" Archive - Page 5

Cenvat Credit cannot be denied for Invoices prior to ISD registration

Mafatlal Industries Limited Vs Commissioner of Central Excise & ST (CESTAT Ahmedabad)

Mafatlal Industries Limited Vs Commissioner of Central Excise & ST (CESTAT Ahmedabad) Demand of Rs. 39,60,634/- was confirmed on the ground that same was wrongly availed on ISD invoices issued by the appellant’s Ahmedabad and Mumbai branch for services availed prior to the date of ISD registration was granted for the said unit. ...

Govt notifies revised criteria for classification of MSME

S.O. 1702(E) 01/06/2020

Govt notifies revised criteria for classification of classification of micro, small and medium enterprises (MSME) with effect from 01.07.2020. Also Read PIB Press Release- Govt further revises ceiling limits for MSME Definition New Definitions  of MSME with effect from 01.07.2020) Micro enterprises where the investment in Plant and Machi...

Taxation of Cash Transactions under Income Tax Act, 1961

Cash transactions seldom leave any trail and has always been a facilitator of black money. Whereas, electronic transactions ensure a clear money trail and make it very difficult for tax evaders. Government, in this regard, has from time to time bought in various provisions in order to restrict/discourage cash transactions and incentivise...

Posted Under: Excise Duty |

Govt further revises ceiling limits for MSME Definition

Release ID: 1628344 01/06/2020

Govt of India decided for further upward revision of the ceiling limits for the Medium Enterprises in the MSME Definition. This will help in attracting Investments & creating more jobs in the MSME sectors & encourage Medium Enterprises to invest even more. Read Notification – Govt notifies revised criteria for classification...

A.Y. 2020-21 ITR Forms: Eligibility Criteria & Changes

On 29.05.2020, the Central Board of Direct Taxes (CBDT) has notified the Income Tax Return (ITR) forms and manner of furnishing Return of Income for Assessment Year (A.Y.) 2020-21 i.e. FInancial year (F.Y.) 2019-20. In exercise of the powers conferred by Section 139 read with Section 295 of the Income-tax Act, 1961, the CBDT amended [&hel...

2 Lakh MT of pulses import from Mozambique allowed for fiscal year 2020-21

Trade Notice No.13/2020-21-DGFT 01/06/2020

2, 00,000 MT of pulses to be imported from Mozambique, during the fiscal year 2020-21 is allowed for import, subject to the following conditions:...

DGFT amends MEIS Schedule to harmonize it with ITC HS 2017 & Tariff Schedule

Public Notice No. 09/2015-2020-DGFT 01/06/2020

Certain corrections have been done in the MEIS Schedule to align/harmonize it with the ITC HS 2017 and the Tariff Schedule of Customs....

Validity & Last date of Application of MEIS/SEIS scrips increased

Public Notice No. 08/2015-2020-DGFT 01/06/2020

Relaxation has been provided from applicable late cuts for SEIS/MEIS applications and the validity of scrips issued under Chapter 3 of FTP which are expiring between 01.03.2020 to 30.06.2020 has been extended upto 30.09.2020....

Amendment in Export Policy of Alcohol based Hand Sanitizers

Notification No. 08/2015-2020-DGFT [S.O.1698 (E)] 01/06/2020

Alcohol based Hand Sanitisers exported in containers with the Dispenser Pump, falling under any ITCHS Code including the HS Codes mentioned above, are prohibited for export. Alcohol based Hand Sanitisers exported in any other form/packaging are free for exports, with immediate effect....

Working Group report on Social Stock Exchange

Press Release No. 31/2020 01/06/2020

Social Stock Exchange is a novel concept in India. The working group had a series of consultation with various stakeholders including voluntary organizations, social enterprises and philanthropic organizations in order to assess the difficulties faced by them in raising funds/ donating funds....

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