"21 August 2020" Archive

New Definition of Micro, Small & Medium Enterprises- clarifications

RBI/2020-2021/26 FIDD.MSME & NFS.BC.No.4/06.02.31/2020-21 21/08/2020

(i) Classification / re-classification of MSMEs is the statutory responsibility of the GoI, Ministry of MSME, as per the provisions of the MSMED Act, 2006. (ii) As per para 2 of the said Gazette notification all enterprises are required to register online and obtain ‘Udyam Registration Certificate’. All lenders may, therefore, obta...

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SEBI (IFSC) Guidelines, 2015-New Clause 8(3) incorporated

Circular No. SEBI/HO/MRD1/DSAP/CIR/P/2020/155 21/08/2020

8(3) An entity, based in India or in a foreign jurisdiction, may provide financial services in IFSC, subject to compliance with the applicable regulatory framework/ guidelines for such financial services, as specified by the Board, from time to time...

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SEBI amends Clause 19 of SEBI (IFSC) Guidelines, 2015

Circular No. SEBI/HO/MRD1/DSAP/CIR/P/2020/154 21/08/2020

The entities issuing and/or listing their debt securities in IFSC shall prepare their statement of accounts in accordance with IFRS/ US GAAP/ IND AS or accounting standards as applicable to them in their place of incorporation. In case an entity does not prepare its statement of accounts in accordance with IFRS/ US GAAP/ IND AS, a quantit...

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Notification of Nashik Airport as International Courier Terminal

Notification No. 82/2020-Customs (N.T.) [G.S.R. 518(E)] 21/08/2020

Notification of Nashik Airport as International Courier Terminal by CBIC vide Notification No. 82/2020-Customs (N.T.) dated 21st August, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 82/2020-Customs (N.T.) New Delhi, the 21st August, 2020 30 Shravan, 1942 (SAKA) ...

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GST Insights- Facility – Download Table 8A of GSTR-9

While filing GSTR-9 of F.Y. 2017-18, one of the issues faced by the taxpayers was non-availability of detailed invoice-wise information of auto-populated information in Table 8A of GSTR-9 in respect of Details of Invoices appearing in GSTR-2A of the taxpayers. The ITC amount appearing in GSTR-2A downloaded as per authorized GSP/ASP or dir...

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Posted Under: Fema / RBI |

Change in GST Registration Procedure WEF 21/08/2020

Notification 62/2020 dated 20/08/2020 being issued to bring in change in GST Registration Procedure. According to the said notification, a person opting to get registered under GST has to opt for Aadhar Authentication and date of submission of application will be date of such authentication and officer has to act upon the application with...

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Posted Under: Fema / RBI |

Furnishing of Return by Composition Dealer | Section 39(2) | CGST Act 2017

GST Series – Part 26 – Furnishing of Return by Composition Dealer under GST– Section 39(2) of CGST Act 2017 1. The taxpayers who have opted GST Composition scheme are required to file only one return in every financial year. 2. Statutory Provisions- Section 39(3) A registered person paying tax under the provisions of section 10...

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Posted Under: Fema / RBI | ,

Order passed without granting Personal Hearing violates principles of natural justice

Jansons Industries Limited Vs State Tax Officer (Madras High Court)

Jansons Industries Limited Vs State Tax Officer (Madras High Court) High Court of Madras held that orders are contrary to law insofar as they are non-speaking and have been issued in violation of principles of natural justice, despite the specific request of the petitioner for personal hearing. High Court held that The impugned orders as ...

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Revised CBIC guidelines for conduct of personal hearings in virtual mode

F.No. 390/Misc/3/2019-JC 21/08/2020

Revised guidelines for conduct of personal hearings in virtual mode under CGST Act, 2017, IGST Act, 2017, Customs Act, 1962, Central Excise Act, 1944 and Chapter V of Finance Act, 1994 - regarding...

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In a tax neutral exercise, no addition towards unutilized CENVAT credit is warranted

Asta India Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)

whether the CIT (A) is correct in confirming addition u/s 145A of the Act to closing stock for unutilized Cenvat credit in respect of credit inputs or capital goods purchased?...

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