Companies Law: National Advisory Committee on Accounting Standards - Tenure of the NACAS extended from one year to two years

Companies Law: Restriction on number of layers for certain classes of holding companies - More than two layers of subsidiaries not allowed subject to certain exceptions.

Income Tax: Levy of additions tax u/s 115O on distribution of dividend - shares of its profits declared as distributable among the shareholders is not impressed with the character of the profit from which it reaches the hands of the shareholder - not to be bifurcated as agriculture and non-agriculture dividend - SC

GST: Rate of GST on old and scrap buses - 28% or 18% - at such initial tender process initiated by the Respondents-KSRTC, the present petitions filed by the petitioners are premature and misconceived and do not require any interference by this Court at this stage. - HC

Income Tax: In view of amendment made u/s 132A of the Income Tax Act, 1961 by Finance Act of 2017, the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal, SC dismissed the appeal of the assessee

Income Tax: Validity of Assessment Order - period of limitation u/s 153 (2A) is applicable even if the entire order was not set aside but matter was remanded back for for limited aspects with directions - HC

Income Tax: Levying interest u/s 234C - interest is to be charged on the returned income and not on assessed income.

Income Tax: Accrual of income - sale of right to develop and sell incentive FSI under LOI - till the conditions of LOI are fulfilled transfer is not complete and income does not accrue to the assessee

Income Tax: TPA - determination of ALP - TP adjustment by applying Bright Line Test (BLT) is not sustainable on protective basis having no statutory mandate.

Customs: Safeguard Duty - Advance License Scheme - as there is no exemption from safeguard duty leviable under Section 8C, which is imposed on the goods imported from China, the importer has to pay safeguard duty

Central Excise: Manufacture - process of cutting of waste plastic container - Such plastic containers before and after cutting are nothing but waste / scrap - Not a manufacturing activity as no new product emerges.

Central Excise: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

Customs: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Companies Law: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Customs: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

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Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

RCM – Applicability to persons not liable to get registered us 23(1)

SIMPLIFIED E-WAY BILL UNDER GST

20 Things You must know about E Way Bills in GST Law

‘DUTY DRAWBACK’ CANNOT BE EQUATED WITH ‘REBATE OF DUTY’

TDS APPLICABILITY ON GOVERNMENT CONTRACTS UNDER GST (Under Section 51 of the CGST Act, 2017)

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IGST Rate - seeks to exempt Skimmed milk powder, or concentrated milk

CGST Rate - Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

IGST Rate - Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

CGST Rate - Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

IGST Rate - Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

CGST Rate - Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

IGST Rate - Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

Cus (NT) - Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017

Cus (NT) - All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Cus (NT) - The Customs and Central Excise Duties Drawback Rules, 2017

More Notifications

Customs - The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.

FEMA - Investment by Foreign Portfolio Investors in Corporate Debt Securities – Review

Goods and Services Tax - Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017

DGFT - Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20

Customs - Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg.

DGFT - Amendments in Hand Book of Procedures 2015-20 –reg.

Goods and Services Tax - Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Goods and Services Tax - Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

Central Excise - Filing of Special Leave Petition against Orders of Hon'ble High Courts staying Collection of Tax under GST- reg.

Goods and Services Tax - Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

More Circulars

Levy of additions tax u/s 115O on distribution of dividend - amount not to be bifurcated as agriculture and non-agriculture dividend - SC

The doctrine of lifting of veil in tax matters is to be applied to prevent fraud etc. and not in case of genuine or bona-fide losses - HC

Government issues new notifications under CGST, IGST and UTGST to grant fresh exemptions in respect of certain supplies

Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

Company is deemed to be in existence for the purpose of taxation u/s 52 of GVAT Act post merger/ demerger cannot be said to be ultra vires

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Note ban was a shake-up, achieved its main objectives

NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Notification Issued For GST Actionable Claim On Branded Food Products

Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities

GST implementation smoother than expected: Jaitley

GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

RBI Reference Rate for US $

Tax on fuel more important for a dry state like Gujarat

Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

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Additional place of business after gst migration (14)

Input credit of gst paid on urd (13)

Gst on cold storage refrigeration machinery (13)

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Eou clearance of scrap in dta (2)

Export to nepal (2)

How to avail itc of service tax paid under rcm for the month of june'2017 o ...... (2)

Trans -1 return (2)

Contractor quoting for govt works contract (1)

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