Framework for imposing monetary penalty on authorised payment system operators / banks under the Payment and Settlement Systems Act, 2007 – Existing framework vis-à-vis the Revised framework
Notification No. 42/2015-20– Authority of approving proposals for consolidation of goods related to manufactured articles has been delegated to Development Commissioner/Designated Officer concerned. Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhavan ******* Notification No. 42/2015-20 New Delhi, dated the 10th January, 2020 Subject: Amendment in […]
On a review of the developments since this facilitation, it has been decided to extend the above instructions to cover UPI transactions as well. All the instructions / conditions outlined in the circular under reference would apply, mutatis mutandis, while processing e-mandate in UPI. This is also in line with the measures proposed for furthering digital payments announced vide, the RBI Press Release dated November 8, 2019
Levy and Collection of Social Welfare Surcharge (SWS) on imports under various schemes such as Merchandise Exports from India Scheme (MEIS), Services Exports from India Scheme (SEIS) etc.
Mails and other electronic evidence cannot be relied upon to prove undervaluation in absence of compliance of provisions of Section 138C of the Act ibid as held by Anvar P. V and S.N.Agrotech. It is trite law that statements can be relied upon only if they are voluntary and true.
Notification No. 1/2020-Customs (CVD)- Seeks to impose definitive countervailing duty on imports of Continuous Cast Copper Wire Rods originating in, or exported from Indonesia, Malaysia, Thailand and Vietnam GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 8th January, 2020 Notification No. 1/2020-Customs (CVD) G.S.R. (E). -Whereas, in the matter of “Continuous Cast Copper […]
In case an item of steel gets registered under SIMS at the time of entry into SEZ/FTWZ, there is no need to seek SIMS Registration again at the time of supply of such item into DTA. Policy Circular No. 30/2015-2020 Dated: 08th January, 2020. F. No. 01/89/180/MONI-5852/AM-3/PC-II(A)/ P-13343 Government of India Ministry of Commerce & […]
Import of desiccated coconut with CIF value of Rs.150/-and above per Kilogram is ‘Free’ and import below CIF value of Rs. 150/- per Kilogram is ‘Prohibited’.- Notification No. 40/2015-2020 Dated: 8th January, 2020. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No. 40/2015-2020-DGFT New Delhi, Dated: […]
Smt. Shubhra Vipin Gajbhiye Vs Pyramid Arcades Pvt. Ltd (National Anti-Profiteering Authority) It is established from the perusal of the above facts that the Respondent has benefited from the additional ITC to the extent of 4.52% of the turnover during the period from July, 2017 to December, 2018 and hence the provisions of Section 171 of […]
Lustre Merchants Pvt. Ltd. Vs DCIT (ITAT Delhi) The only dispute in the instant appeal is regarding the treatment of the loss on account of forfeiture of share application money amounting to Rs. 41,61,000/- as business loss or capital loss. While the loss is not in dispute, according to the assessee it is a business […]
