"28 September 2021" Archive

GST: HC releases vehicle & Goods confiscated on mere suspicion

A.P. Refinery Pvt. Ltd Vs State of Uttarakhand And Others (Uttarakhand High Court)

Court ordered the release of Vehicle, mango kernel oil, mahua oil, rice bran oil confiscated under section 130 of CGST Act, 2017 as mere suspicion was not sufficient to invoke the provision of the confiscation....

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State cannot impose VAT on Extra neutral alcohol (ENA) not fit for human consumption

Jain Distillery Private Limited Vs State of U.P. (Allahabad High Court)

Jain Distillery Private Limited Vs State of U.P. (Allahabad High Court) Relying on Article 246A read with Article 366 (12A) of the Constitution of India, it has been further submitted, insofar as taxes on supply of goods/commodities are concerned, upon the 101 st Constitution amendment, besides “alcoholic liquor for human consumption”...

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Knowing your purpose and miracle way of achieving it!

Evidence suggests that finding a purpose for your life may add years to it. ‘People who have a higher sense of purpose in life are at lower risk of death and cardiovascular disease’, as reported in Psychosomatic Medicine: Journal of Bio-Behavioral Medicine, the official journal of the American Psychosomatic Society, published by Wolte...

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All about Debentures under Companies Act, 2013

Sometimes when the Company is in need of funds without diluting its equity state, the Company opts for Debentures Issue. Debenture is debt to the Company. It’s like a loan which needs to be repaid over a certain period of time. Debentures carry fixed interest rate. Lets discuss more on debentures. Both corporations and governments [&hel...

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HC quashes Faceless Assessment order for not furnishing Mandatory draft assessment order to Assessee

Chander Arjandas Manwani Vs The National Faceless Assessment Centre & ors. (Bombay High Court)

Chander Arjandas Manwani Vs National Faceless Assessment Centre & ors. (Bombay High Court) In our view, as noted earlier no draft assessment order has been issued at all let alone on 1st February, 2021. The notice dated 1st February, 2021, as stated earlier, is seeking further documentary evidences and those evidences sought are for t...

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SEBI Proposes framework for Gold Exchange & SEBI (Vault Managers) Regulations, 2021

Press Release No. 28/2021 28/09/2021

3.1 The Vault Manager should be a body corporate incorporated in India. 3.2 The Vault Manager should have net worth of at least Rs. 50 crores. 3.3 The Vault Manager will be registered and regulated as SEBI intermediary, for providing vaulting services meant for gold deposited to create EGRs....

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Validity of FTP 2015-2020 extended upto 31st March, 2022

Notification No. 33/2015-2020-DGFT [S.O. 4014(E)] 28/09/2021

The existing Foreign Trade Policy 2015-2020 which is valid upto 30th September, 2021 is extended upto 31st March, 2022 vide Notification No. 33/2015-2020 – DGFT Dated: 28th September, 2021. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade New Delhi Notification No. 3...

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Validity of HBP 2015-2020 extended upto 31st March, 2022

Public Notice No. 25/2015-2020-DGFT [F. No. 01/75/171/00002/AM22/FTP] 28/09/2021

Validity of the existing Hand Book of Procedures, 2015-20 is extended upto 31st March, 2022 vide Public Notice No. 25/2015-2020-DGFT Dated: 28th-September, 2021. Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade New Delhi Public Notice No. 25/2015-2020-DGFT Dated: 28th-Septem...

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More than 22000 compliances reduced in Government.

Secretary DPIIT said that more than 22,000 compliances have been reduced by Union Ministries, States & UTs so far under the initiative and about 13,000 compliances simplified while more than 1,200 processes have been digitized. It may be noted that during last fee years 103 offences have been decriminalized and 327 redundant provisions/la...

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AD banks can use any widely accepted/Alternative reference rate in place of LIBOR

RBI/2021-2022/101 A.P. (DIR Series) Circular No.13 28/09/2021

In view of the impending cessation of LIBOR as a benchmark rate, it has been decided to permit AD banks to use any other widely accepted/Alternative reference rate in the currency concerned for such transactions....

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