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Archive: June, 2020

Posts in June, 2020

Extension of validity of Recognition of PSIAs up to 30.09.2020

June 30, 2020 498 Views 0 comment Print

Validity of the recognition of Pre-Shipment Inspection Agencies (PSIAs) as listed in the Appendix 2G of A&ANF, whose validity expires on or before 30.6.2020, is extended up to 30.9.2020 vide Public Notice No. 11/2015-2020-DGFT dated 30th June, 2020. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade PUBLIC […]

Ten Years Imprisonment with Fine to then ITO in A Bribery Case

June 30, 2020 882 Views 0 comment Print

The Special Judge, CBI Cases, Dehradun (Uttarakhand) has sentenced Shri Amrish Kumar Singh, then Income Tax Officer, Khatima, District Udham Singh Nagar (Uttarakhand) to undergo ten years Rigorous Imprisonment with fine of Rs.1.10 lakh in a bribery case.

Govt notifies ‘SLS Trust’ as financial institution under RDB Act 1993

June 30, 2020 1362 Views 0 comment Print

Central Government hereby notifies ‘SLS Trust’ as financial institution under sub clause (ii) of clause (h) of section 2 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act, 1993). Extract of Section 2(h) of Recovery of Debts and Bankruptcy Act, 1993 is as follows:- 2. Definitions. – In this Act, unless the context […]

Amendments in Indian Stamp Act, 1899 & Rules from 1st July 2020

June 30, 2020 25857 Views 0 comment Print

Implementation of Amendments in the Indian Stamp Act, 1899 and Rules made from 1st July, 2020 for Rationalized Collection Mechanism of Stamp Duty across India with respect to Securities Market Instruments

PM SVANidhi Portal launch (Beta Version) + Guidelines

June 30, 2020 3615 Views 0 comment Print

PM SVANidhi Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014. Beneficiaries from Meghalaya, which has its own State Street Vendors Act may, however, participate.

New MSME/Udyam Registration Process starts from 1st July 2020

June 30, 2020 4428 Views 0 comment Print

New Process of MSME Registration takes off in the name of Udyam Registration from 1st July, 2020 as planned earlier. – a new portal for Udyam Registration launched by the MSME Ministry

IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2020 

June 30, 2020 603 Views 0 comment Print

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, (2) They shall come into force on the date of publication in the Official Gazette.

GST liability on Stock at the time of Registration Cancellation

June 30, 2020 49965 Views 1 comment Print

A registered person under GST may seek cancellation of the registration for numerous reasons including the closure of business or the turnover falling below the threshold limits. Now on the date of such cancellation, the concerned person may have goods in stocks as well as even capital goods.

India Widens Taxation of Cross Border E-Commerce Transactions

June 29, 2020 2349 Views 0 comment Print

Taxation of cross border e-commerce transactions has been a challenge for the whole world, including India due to location of the supplier, absence of physical presence, characterizing the nature of transaction (goods or service), administrative challenges in tracking and collecting taxes and taxing jurisdiction.

Analysis of Recent Amendment in 4 Sections of CGST Act 2017

June 29, 2020 1725 Views 0 comment Print

Effect of Notification 49/2020-Central Tax dated 24th June, 2020– Central Government appoints 30th June, 2020 as the date on which the amendment in Section 2(114), Section 109(6), Section 168(2) and Section 172(1) of of CGST Act, 2017  i.e. Section 118, 125,129 and 130 of the Finance Act, 2020  shall come into force. These amendments were […]

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