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MOU between India & Mozambique for import of pigeon peas & other pulses

November 17, 2017 1011 Views 0 comment Print

Till now, around 40,000 MT has already been imported from Mozambique. Accordingly, only 85,000 MT is to be imported further. The remaining quantity will be allowed for import subject to following conditions:

Govt increases import tariff rate of soya beans from 30% to 45%

November 17, 2017 726 Views 0 comment Print

WHEREAS the Central Government on being satisfied that the import duty leviable on goods falling under heading 1201 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), should be increased and that circumstances exist which render it necessary to take immediate action.

Govt increases Custom Duty on crude palm/sunflower/Soya bean/ canola/mustard/colza oil

November 17, 2017 1002 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do

OTC Government Securities Transaction by FPIs – Settlement Period

November 16, 2017 978 Views 0 comment Print

As announced in paragraph 13 of the Statement on Developmental and Regulatory Policies, of the fourth Bi-monthly Monetary Policy Statement for 2017- 18 dated October 04, 2017, it has now been decided to permit FPIs to settle OTC secondary market transactions in Government Securities either on T+1 or on T+2 basis. It may be ensured that all trades are reported on the trade date itself.

How to Apply for GST Registration as a Non-resident Taxable Person

November 16, 2017 7335 Views 0 comment Print

What are the steps involved in applying for Registration as a Non-resident Taxable Person on the GST Portal? For registering yourself as a Non-resident Taxable Person on the GST Portal, perform the following steps:

Refund of unutilized input tax credit of GST to exporters of fabrics

November 16, 2017 16158 Views 0 comment Print

Doubts have been raised regarding the restrictions of refund of unutilized input tax credit of GST paid on inputs to manufacturer exporters of fabrics [falling under chapters 50 to 55 and 60 and headings 5608, 5801, 5806] under GST.

Rate of exchange of conversion of foreign currency wef 17.11.2017

November 16, 2017 2715 Views 0 comment Print

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise and Customs No. 103/2017-CUSTOMS (N.T.), dated 2nd November, 2017

Goodwill is an asset eligible for depreciation U/s. 32 of I.T. Act, 1961

November 16, 2017 11898 Views 0 comment Print

Asst. Commissioner of Income Tax Vs. M/s Cresa Financial Services Pvt. Ltd. (ITAT Visakhapatnam) 1. This appeal is filed by the revenue against the order of the Commissioner of Income Tax (Appeals), Rajahmundry vide ITA No. 0239/13-14/ACIT/C-1/RJY/2014-15 dated 30.03.2015 for the assessment year 2010-11. 2. All the grounds of appeal are related to the depreciation […]

Agency Commission for GST receipt transactions

November 16, 2017 1098 Views 0 comment Print

Please refer to Para 15 of our Master Circular on Conduct of Government Business by Agency Banks – Payment of Agency Commission dated July 01, 2017 related to claiming of agency commission.

Order No. 201/2017- Transfer & Posting in the Grade of ACIT/JCIT

November 16, 2017 1827 Views 0 comment Print

Order No. 201 of 2017 The following postings / transfers in the grade of Additional Commissioner Income Tax/ Joint Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders:-

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