Indo Rubber and Plastic Works Vs Commissioner of Customs (CESTAT Delhi) CESTAT Delhi has held that in absence of any condition precedent, the expenditure by the importer-appellant on advertisement and sales promotion incurred on its own account and not for discharge for any obligation of the seller (foreign exporter) under the terms of the sale, […]
National Institute of Financial Management, Faridabad, to be renamed as Arun Jaitley National Institute of Financial Management The Government of India has decided to rename National Institute of Financial Management (NIFM), Faridabad as Arun Jaitley National Institute of Financial Management (AJNIFM). NIFM, Faridabad, was set up in 1993 as a registered society under Department of […]
Regulation of irregularities in GST claims To identify cases of fraudulent claims under Goods & Services Tax (GST), the Government of India has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence (AI) tools based on which certain taxpayers are taken up for further verification. Moreover, a standard […]
Amendment to notification no. 12/97-Customs (NT) dated 2nd April, 1997 vide Notification No. 12/2020-Customs (N.T.) dated:11th February, 2020. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 12/2020-Customs (N.T.) New Delhi, the 11th February, 2020 G.S.R. 105(E). – In exercise of the powers conferred by clause […]
The amount retained by the bank for the fees charged for having rendered banking services, cannot be treated as a commission or a brokerage paid in course of use of banking service by a person acting on behalf of another for buying or selling goods, so as to be hit by section 194H.
Where no assessment proceedings are pending on the date of search and seizure proceedings, the assessment under section 153A can be carried out only on the basis of seized material and where no incriminating material was unearthed during the course of search proceedings, addition could not be made in the hands of assessee.
Is there any difference in tariff or customs preferences if the wholly obtained (WO) criteria is used instead of the product specific rule (PSR)? No, the tariff or customs duty preferences are the same i.e either tariff elimination if the product is non-sensitive and tariff reduction if the product is sensitive irrespective of whether the criteria is WO or PSR.
Notification No. 04/2020—Customs (ADD)- Seeks to extend anti-dumping duty on import of Acetone originating in or exported from Korea RP till 15th April, 2020 imposed vide Notification No. 05/2015-Customs(ADD) dated 18.02.2015 MINISTRY OF FINANCE (Department of Revenue) Notification No. 04/2020—Customs (ADD) New Delhi, the 10th February, 2020 G.S.R. 99(E).— Whereas, the designated authority vide initiation […]
To set up new pan-India umbrella entity / entities focussing on retail payment systems. Such an entity shall be a Company incorporated in India under the Companies Act, 2013. The Company may be a ‘for-profit’ or a Section 8 Company as may be decided by it.
(1) These rules may be called the Life Insurance Corporation (Amendment) Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette.
