It has been decided to permit Stock Exchanges to set their trading hours in the SLB Segment, subject to the condition that: a) The trading hours are between 9 AM and 5 PM, and b) The Exchange/Clearing Corporation has in place risk management system and infrastructure commensurate to the trading hours.
It is noticed that the officers of the Department have been conducting audit of tax payers allotted to state authorities and whenever any modus operandi is noticed in evading tax in a particular trade, the audits are confined to State allotted taxpayers only leaving the tax payers allotted to central tax authorities unattended. This results in not realizing the SGST dues to the State from the taxpayers allotted to Central Tax Authorities.
The existing FPI structures not in conformity with the requirement specified at para 2(c) of the aforesaid circular were required to change their structure or close their existing position in Indian securities market within six months from the date of the circular.
The GST Council in its 28th meeting approved the proposal to open the migration window for taxpayers, who have filed Part A of FORM GST REG-26, but not Part B of the said FORM. Such taxpayers are required to approach the jurisdictional Central Tax/State Tax nodal officers with the necessary details on or before 31st August 2018.
Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred.
Section 270AA of the Income-tax Act, 1961 (the Act) inter alia provides that w.e.f. 1 st April, 2017, the Assessing Officer, on an application made by an assessee, may grant immunity from imposition of penalty under section 270A (not being penalty for misreporting) and initiation of proceedings under section 276C or section 276CC, subject to the conditions specified therein.
Certain doubts have been raised regarding the applicability and intent of notification No. 20/2018-Central Tax (Rate) dated 26th July, 2018 (which seeks to amend notification No. 5/2017-Central Tax (Rate) dated 28.06.2017) relating to the provision for lapsing of input tax credit on account of inverted duty structure on fabrics for the period upto the 31st July, 2018.
2. With a view to further rationalise and ease the process of issuance of securities on EBP platform and in consultation with the market participants, it has been decided to provide for the following additional facilities:
In order to make the existing process of issuance of debt securities, NCRPS and SDI easier, simpler and cost effective for both issuers and investors under the SEBI ILDS, SEBI ILDM, SEBI NCRPS and SEBI SDI regulations respectively, it has been decided to reduce the time taken for listing after the closure of the issue to 6 working days as against the present requirement of 12 working days and details with respect to the same are specified in this circular.
As per section 10A(4) of Income Tax Act, 1961, profits derived from export of articles or things or computer software shall be amount which bears to the profits of the business of the undertaking , the same proportion as the export turnover in respect of such articles or things or computer software bears to the total turnover of the business carried on by the undertaking.
