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Archive: 18 November 2020

Posts in 18 November 2020

HC imposes cost on DGFT officer for passing order without any application of mind

November 18, 2020 3339 Views 0 comment Print

Nautilus Metal Crafts Pvt. Ltd. Vs Joint Director General of Foreign Trade (Delhi High Court) The Show Cause Notice was for ‘availing Special MEIS benefits fraudulently by mis-declaration and forgery of documents’. The petitioner in its reply had categorically submitted that it had not claimed or submitted any documents for grant of Special MEIS benefits […]

Sections 45-IA, 45-IB & 45-IC of RBI Act, 1934 not applicable to NBFC in Housing Finance

November 18, 2020 5370 Views 0 comment Print

Provisions of Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to a non-banking financial company which is a Housing Finance Institution as defined in clause (d) of section 2 of the National Housing Bank Act, 1987 (53 of 1987) RESERVE BANK OF INDIA (Department […]

RBI notification on net owned fund to be maintained by housing finance institution

November 18, 2020 594 Views 0 comment Print

A housing finance institution which is a company holding a Certificate of Registration issued under Section 29A of National Housing Bank Act, 1987 and having net owned fund less than twenty crore rupees, may continue to carry on the business of housing finance institution, if such company achieves net owned fund of fifteen crore rupees […]

Imports from North Korea (KP)/Exports to North Korea (KP)- reg.

November 18, 2020 744 Views 0 comment Print

The undersigned is directed to refer to the United Nations Security Council’s (UNSC) Resolution relating to the above subject, the latest being 2397 (2017). The UNSC’s resolutions have been adopted by Government of India and the above stated resolution has been given force in law by way of DGFT Notification No. 52/2015-20 dated 07.03.2018.

GST- Quarterly Return & Monthly Payment Scheme (QRPS)

November 18, 2020 20058 Views 2 comments Print

The GST Council in their 42nd Meet on 5th October 2020 proposed a quarterly return filing system for small taxpayers having aggregate turnover up to Rs 5 crores with effect from 1st January, 2021. Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 143/13/2020- GST on 10th November 2020, outlining guidelines and […]

Income Tax Relief for home buyers & Real Estate Developers

November 18, 2020 13497 Views 4 comments Print

In a recent press conference conducted by the Hon’ble Finance Minister Ms. Nirmala Sitharaman on 12th November 2020 followed by a press release dated 13th November 2020, Diwali gift for the real estate developers and home buyers was announced in the form of income tax relief where a new amendment was proposed in section 43CA […]

Faulty Definition of Intra-State Supply for Levy of GST by States

November 18, 2020 3681 Views 0 comment Print

The recommendation of the Goods and Services Tax Council (GST Council) made to States provides that States shall levy State Goods and Services Tax on ‘intra-State supply’ as defined in section 8 of the Integrated Goods and Services Tax Act, 2017.  In my personal opinion, such recommendation is not in conformity of scheme of levy […]

Haryana State Employment of Local Candidates Bill, 2020

November 18, 2020 4041 Views 0 comment Print

Legislative Assembly of Haryana government on November 5, 2020 passed a ‘Haryana State Employment of Local Candidates Bill, 2020’, (the Bill). The Bill paves a way for more employment opportunity for locals in private sector. Similar to the bill introduced by Andhra Pradesh Government, Haryana too has announced that 75 per cent of private sector jobs in the state, till a certain salary slab, shall be reserved for local candidates.

Section 171(3A) penalty cannot be levied retrospectively: NAA

November 18, 2020 612 Views 0 comment Print

Kerala State Screening Committee on Anti Profiteering Vs TTK Prestige Ltd. (NAA) Since, no penalty provisions were in existence between the period w.e.f. 01.11.2017 to 31.08.2018 when the Respondent had violated the provisions of Section 171 (1), the penalty prescribed under Section 171 (3A) cannot be imposed on the Respondent retrospectively. Accordingly, the notice dated […]

Penalty for violation of Section 171(1) provisions come into force w.e.f. 01.01.2020

November 18, 2020 2328 Views 0 comment Print

Kumudchandra Atmaram Patel Vs TTK Prestige Ltd. (NAA) vide Section 112 of the Finance Act, 2019 specific penalty provisions have been added for violation of the provisions of Section 171 (1) which have come in to force w.e.f. 01.01.2020, by inserting Section 171 (3A). Since, no penalty provisions were in existence between the period w.e.f. […]

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