Government of India has noted that the Moody’s Investors Service has today changed the outlook on the Government of India’s ratings to negative from stable while keeping the foreign-currency and local-currency long-term issuer ratings unchanged at Baa2.
In order to facilitate efficient use of collateral by market participants, it has been decided to extend cross margining facility to off-setting positions in highly co-related equity indices.
One of the finest replies to the objections raised by Accountant General Audit by the Commissioner, SGST Tamilnadu on sanction of refund of ITC accumulated due to inverted tax structure to the job worker suppliers of dyeing services of textile and textile products in Tirupur Division. Disclaimer: Please note that Source of Below letter is […]
In view of the large number of pendency, there is a possibility of problems arising in computation and calculation of tax by system. In view of the large number of pendency, there is a possibility of bulk of the pending assessments being completed around the end of the time barring period. As you are aware, the computation and tax calculation process can be complex in certain cases which may cause delay in completion of accounting in the system.
Policy Condition for Nano Category of Civil Remotely Piloted Aircraft (RPAs) is laid down in sync with the Guidelines issued by the Directorate General of Civil Aviation vide F.No.05-13/2014-AED Vol.IV dated 27th August, 2018 and O.M. No.R-11017/05/2017-PP dated 27/09/2019 of WPC wing of Department of Telecommunications, Ministry of Communication.
Auto-generated communication dated 24.3.2019 which contained the note of withholding of the refund in terms of Section 241A of the Act, does not satisfy any of the legal tests for passing said order. Firstly, it is not passed by the Assessing Officer who is competent to do so. Secondly, it is not even an order, it is a mere auto-generated communication. Thirdly, it does not contain any reasons recorded in writing and lastly it is not passed with the prior approval of the Principal Commissioner or Commissioner.
The Documentation Identification Number (DIN) system of Central Board of Indirect Taxes (CBIC) will come into existence from tomorrow, i.e., on Friday, 8th November 2019.
The motor vehicles need not be used exclusively for providing cargo handling or other listed services. The mere fact that they have also used motor vehicles for some other purposes does not deprive them of their CENVAT Credit on motor vehicles.
Khadi has once again come out of its customary veil, marking its presence in the exclusive HS code bracket, issued by the central government on 4th Nov’19 to categorize its products in export. In a long awaited move to make export of Khadi, exclusively categorized from the general league of textile products, the ministry of commerce and industries has allocated separate HS code for this signature fabric of India this week.
Magma Fincorp Limited Vs State of Maharashtra & Anr. (Bombay High Court) Section 78 of Maharashtra Goods and Services Tax Related Laws (Amendments, Validation and Savings) Act, 2017, which saves Section 64 of Maharashtra Value Added Tax Act, 2002 is constitutionally valid. Bombay High Court has held that by virtue of Section 78 of State […]
