editor4's Posts - Page 4

GST on shifting / erection of electrical lines for Main Contractor of NHAI

In re Gaurish Sharma (G K Enterprises) (GST AAR Rajasthan)

In re Gaurish Sharma (G K Enterprises) (GST AAR Rajasthan) Applicant is proposing to submit a bid for shifting / erection of electrical lines only to M/s Sadbhav Jodhpur Ring Road Pvt. Ltd who is the main Contractor of NHAI. Thus the activity to be carried out by the applicant is restricted to shifting / […]...

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AAR cannot rule on documents required to prove receipt of proceeds in foreign currency

In re Thinklab Edusoft LLP (GST AAR Rajasthan)

In re Thinklab Edusoft LLP (GST AAR Rajasthan) In the instant case, we observe that the following question sought by the applicant are outside the scope of Section 97(2) of CGST Act 2017 therefore the application is liable for rejection without going in to the merit of the case under Section 98(2) of CGST Act […]...

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GST on sprinklers systems for use in Drip irrigation system: AAR allows withdrawal of application

In re Arihant Plast (GST AAR Rajasthan)

In re Arihant Plast (GST AAR Rajasthan) Questions asked by Appellant 1. Whether parts of sprinklers systems sold by us like HDPE SPRINKLER FEMALE COUPLER, HDPE SPRINKLER MALE COUPLER, HDPE SPRINKLER BEND, HDPE SPRINKLER END CAP, HDPE PUMP CONNECTING NIPPLE,HDPE SPRINKLER REDUCER etc., exclusively meant for use in Sprinkler and Drip irriga...

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Clarity finally delivered on long standing issue of Permanent Establishment exposure for Liaison Offices in India!

Multi-National Companies (‘MNCs’) are allowed to set up their presence in India subject to the Foreign Direct Investment policy and other relevant regulations. One such presence that MNCs typically try to build is in the form of a liaison office (‘LO’) in India. Such offices are set up by foreign enterprises to understand the Indi...

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RBI Increases Exposure Limit for Group of Connected Counterparties

RBI/2019-20/243 DOR.No.BP.BC.70/21.01.003/2019-20 (23/05/2020)

With a view to facilitate greater flow of resources to corporates, it has been decided, as a one-time measure, to increase a bank’s exposure to a group of connected counterparties from 25% to 30% of the eligible capital base of the bank....

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Resolution Timelines under Prudential Framework on Resolution of Stressed Assets- Exclusion of Period from 01.03.2020 to 31.08.2020

RBI/2019-20/245 DOR.No.BP.BC.72/21.04.048/2019-20 (23/05/2020)

In respect of accounts which were within the Review Period as on March 1, 2020, the period from March 1, 2020 to August 31, 2020 shall be excluded from the calculation of the 30-day timeline for the Review Period. In respect of all such accounts, the residual Review Period shall resume from September 1, 2020, upon expiry of which the lend...

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COVID-19 – Regulatory Package by RBI

RBI/2019-20/244 DOR.No.BP.BC.71/21.04.048/2019-20 (23/05/2020)

Lending institutions are permitted, at their discretion, to convert the accumulated interest for the deferment period up to August 31, 2020, into a funded interest term loan (FITL) which shall be repayable not later than March 31, 2021....

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Maximum permissible period of pre & post-shipment export credit extended

RBI/2019-20/246 DOR.DIR.BC.No.73/04.02.002/2019-20 (23/05/2020)

It has been decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from one year to 15 months, for disbursements made upto July 31, 2020....

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Valuation and Valuation Standards Compliance- FAQs

Valuation Standards Board, ICAI ICAI-  Release of Answers to the Questions (ATQ’s) raised during the Live Webcast on “Valuation and Valuation Standards Compliance and other aspects under various Laws” on 19th April, 2020 We are happy to inform you that Valuation Standards Board of ICAI (VSB) had organised a live webcast on Valuatio...

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Advisory on sanitization of hair‑cut saloons during COVID-19 for Punjab

No. IDSP/NHM/Pb/20/spl-I (22/05/2020)

The owner of the Barber shop/ Hair-cut saloon will ensure that any staff member who has symptoms of COVID-19 (Fever, Dry Cough, breathing difficulty etc) shall stay at home seek medical advice. Similarly no client having such symptoms should be attended....

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