In the present policy, the physical exports wherein goods move out of India are eligible for drawback and MEIS benefits. The deemed exports such as removal of goods to advance license holders / EOUs are eligible for duty drawback, refund of terminal excise duty for specified excisable goods and for advance license on annual basis.
Insolvency and Bankruptcy Code, 2016 contains an enabling provision under Section 227 wherein the insolvency and liquidation process of Financial Service Providers (FSPs) can be initiated. But until 14.11.2019, no FSPs were notified and no mechanism or procedure was provided under the Code in this regard.
You may perhaps be aware that the GST Council in its meeting held on 20.09.2019 at Goa recommended that in the case of registered persons other than body corporate (e.g. proprietorship, HUF or partnership firm) engaged in renting of vehicles and paying 5% GST (without availing ITC), GST should be paid by the recipient of […]
The Insolvency and Bankruptcy Code, 2016 (hereinafter known as the IBC or Code) has been establishing a knowledge-based approach in the Indian legal system. Moreover, since implication, it has also created a practical approach towards the inter-pretational and applicability of various provisions stipulated under the Code. In this article, we shall be discussing Section 5(8) of the Code, which […]
Technology is the one thing which has helped a man in a lot of ways, the most important is without any doubt being able to save time. We can now do a lot more in less amount of time and without having to stress the way people before us used to do. When it comes […]
The reopening of an assessment is carried out by the Assessing Officer by first issuing a notice under Section 148 of the Income Tax Act, 1961 (the Act) and thereafter proceeding to make a reassessment order under Section 147 of the Act. Yet, in certain circumstances, the assessee is advised or he decides to challenge […]
Long Awaited and Vital scheme for Taxpayers……. Finally, in the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019. The Scheme has now been notified and operationalized from 1st September 2019. The Scheme would continue till 31st December 2019. Government expects the Scheme will be availed by large number of taxpayers for closing […]
‘CERSAI’ known as Central Registry of Securitization Asset Reconstruction and Security Interest of India has been established as a government company. It was formed for the purpose of operating a registration system mainly to safeguard the interest of lenders and property buyers. It aims to discourage the practice of taking out multiple loans from several […]
CBIC make a significant change in the GST law by inserting rule 36(4) of CGST rule 2017 thereby restricting the taxpayers to avail ITC only up to 120% of eligible ITC appearing in GSTR-2A of a particular month and consequently it is very important to reconcile the GSTR 2A every month to maintain the track […]
On 18th November,2019 Ministry of Corporate Affairs (MCA) had notified amendment in the Companies (Meeting of Board and its Powers) Rules, 2014 and amended criteria for Related Party Transactions (RPT) by amending Rule 15 (3) (a) (i) to (iv) of these Rule Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019 vide MCA notification […]
