CBDT notifies forms for exercising option u/s 115BAA and 115BAB – Notification No. 10/2020, dated 12-02-2020 Section 115BAA deals New tax rate for domestic companies and Section 115BAB deals with Corporate tax rate for new manufacturing companies for Financial Year 2019-20 onwards. Now CBDT has released FORM No. 10-IC for Application for exercise of option […]
Central Board of Indirect Taxes and Customs (CBIC) destroys large quantities of narcotics and psychotropic drugs and substances across the country Dealing a debilitating blow to the smugglers of Prohibited narcotics and Psychotropic Drugs and Substances, the Customs formations under the CBIC carried out an all India destruction of huge quantity of seized/confiscated narcotics and […]
MCA has been taking various initiatives on continuous basis to provide less stringent regulations, including measures with respect to filing requirements for small companies, One Person Companies (OPCs) and start-ups. This was stated by Shri Anurag Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha today.
ABB India Ltd. Vs Union of India (Gujarat High Court) The whole basis of issuing Form GST-MOV-10 appears to be erroneous in law. The authority has thought fit to proceed against the applicant by way of Form GST-MOV-10, on the premise of section 129(6) of the Act, 2017. Section 129(6) of the Act, 2017 reads […]
The Hon’ble Finance Minister, Ms. Nirmala Sitharaman, presented the Union Budget on 1 February 2020, introducing measures aimed at, inter-alia, reducing litigation, improving effectiveness of tax administration, providing tax certainty and simplifying compliance with the overall objective of enhancing the ease of doing business in India. This article focuses on key proposals relating to Indian […]
The new corporate tax regime introduced vide Taxation Laws (Amendment) Act, 2019 expressed the government’s desire to provide relief to the corporate sector and industry bodies at large. Market participants were hopeful that Budget 2020 will address their woes of Dividend Distribution Tax (DDT) as well. The legislative intent behind the introduction of DDT was […]
It has been decided to extend the one-time restructuring of MSME advances permitted in terms of the aforesaid circular. Accordingly, a one-time restructuring of existing loans to MSMEs classified as ‘standard’ without a downgrade in the asset classification is permitted, subject to the following conditions:
The MEIS Schedule, Appendix 3B – Table 2, has been changed to align/harmonize it with the HS Codes as notified vide Notification no. 38 dated 01.01.2020 and to implement the Notification no. 43 dated 29.01.2020. Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Public Notice 61/2015-2020-DGFT Dated the […]
Godrej Consumer Products Ltd. Vs ACST&E (GST Appellate Authority, Himachal Pradesh) It is revealed that due to a typographic error while generating E-way bill, the petitioner mentioned approx distance between Puducherry to Himachal Pradesh as 20 Kilometers instead of 2000 Kilometers. As a result, a validity of one day has been calculated by the E-way […]
Assistant Commissioner of Commercial Taxes Vs. Karnataka Co-operative Milk Producers Federation Ltd. (GST AAAR Karnataka) The order No KAR ADRG 88/2019 dated 26.09.2019 passed by the Authority for Advance Ruling is declared void ab initio as it was vitiated by the process of suppression of material facts. Therefore , the appellate authority for advance ruling […]
