On the basis of an assessment of the current and evolving macroeconomic situation, Monetary Policy Committee (MPC) at its meeting today (October 9, 2020) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0 per cent.
In re Vimos Technocrats Private Limited (GST AAR Karnataka) Q1. Whether pure consultancy services provided to the Municipalities and Corporations are exempt from GST as per the serial number 3 of the notification 12/2017-Central tax (Rate) dated 28.06.2017? A1. Pure consultancy services (without supply of goods) provided by the applicant to the Municipalities and Corporations […]
In order to pave the way to levy and collection of goods and services tax (hereinafter referred to as the GST), the Constitution (One Hundred and First Amendment) Act, 2016 was enacted. Vide this amendment Act, Article 246A, Article 269A, and Article 279A were newly added in the Constitution of India (hereinafter referred to as […]
Under GST act , main thrust is on self compliance. Therefore , self assessment has given great importance in the scheme of the act. It is specifically provided in section 59 that every registered person should self assess his tax liability as per provision of act and after payment of such tax, and furnish valid return for each tax period , as specified in section 39 of the act.
The Hon’ble AAAR, Maharashtra in Re: Vijay Baburao Shirke [Order No. MAH/AAAR/RS-SK/23/2020-21 dated June 4, 2020] set aside AAR order to hold that receipt of prize money from horse-race clubs (in the event horse wins the race) would not be subject to GST. Facts: M/s. Vijay Baburao Shirke (“Respondent”) is a proprietorship firm and owns […]
Notification No. 54/2020-Customs (N.T./CAA/DRI) dated 09.10.2020- Appointment of Common Adjudicating Authority by Pr. DGRI. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 54/2020-Customs (N.T./CAA/DRI) New Delhi, dated the 09.10.2020 S.O. 3627(E). – In pursuance of notification No. 60/2015-Customs (N.T.), published vide […]
Notification No. 53/2020-Customs (N.T./CAA/DRI) dated 09.10.2020- Appointment of Common Adjudicating Authority by Pr. DGRI. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 53/2020-Customs (N.T./CAA/DRI) New Delhi, dated 09.10.2020 S.O. 3626(E). – In pursuance of notification No. 60/2015-Customs (N.T.), published vide number […]
Section 2(22) (e) would stand attracted when a payment is made by a company, in which public are not substantial interested by way of advance or loan to a share holder, being a person who is the beneficial owner of the shares. Thus, deemed dividend under Section 2(22) (e) is to be assessed in the hands of the shareholder and not in the hands of the partnership firm.
The Hon’ble AAAR, Maharashtra in Re: Rotary Club of Mumbai Nariman Point [Order No. MAH/AAAR/SS-RJ/20/2019-20 dated December 11, 2019] held that where membership subscription and admission fees received from the members of the club and was utilized solely towards meetings and administrative expenditure and not for providing any specific facility or benefits to its members […]
Section 67 of the CGST Act 2017 stipulates the provisions relating to Inspection, Search & Seizure. In this article, an attempt has been made to explain the provisions & Rules in a simplified manner.
