Daily Archives: January 10, 2019

GST on Gifts to employee

By | January 10, 2019

GST on Gifts to employee  I have provided a gift to the employee worth Rs 60000/-, for raising Tax Invoice what is Taxable Value? 1.Rs 10000/- i.e. (Rs 60000- Rs 50000(exempted value as per schedule I)) 2.Rs 60000/- My Opinion : Rs 10000 Should be Treated as Taxable Value for charging GST SCHEDULE I of CGST Act 2017 [See section 7]… Read More »

RBI Changed Eligibility of Gold Monetization Scheme 2015

By | January 10, 2019

RBI/2018-19/104DBR.IBD.BC.19/23.67.001/2018-19 January 9, 2019 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam Gold Monetization Scheme, 2015 In exercise of the powers conferred on the Reserve Bank of India under Section 35A of the Banking Regulation Act, 1949, the RBI makes the following amendments in the Reserve Bank of India (Gold Monetization Scheme, 2015) Master Direction No.DBR.IBD.No.45/23.67.003/2015-16 dated… Read More »

Company liable to deduct GST TDS if established by Govt notification

By | January 10, 2019

Summary of Judgments As the GST Act does not define “Control”, it should be construed as defined under the Companies Act, 2013. Section 2(27) of the Companies Act, 2013 defines “Control”. It includes the right to appoint majority of the directors or to control the management or policy decisions exercisable by a person or persons… Read More »

Customs Post Clearance Audit : Circular No 02/2019 Customs

By | January 10, 2019

Customs Post Clearance Audit. Under the new scheme, Transaction based audit (TBA) and Premises based audit (PBA) have been prescribed Circular No. 02/2019-Customs F.No.450/61/2018-Cus. -IVGovernment of IndiaMinistry of FinanceDepartment of Revenue(Central Board of Indirect Taxes & Customs)**** Room No. 227B, North BlockDated the 8th January, 2019 To,All Principal Chief Commissioners/ Chief Commissioners of Customs/ Customs… Read More »

DGFT amends Fertilizers Export Policy

By | January 10, 2019

Export Policy of Fertilizers have been revised and items under ‘Restricted’ category moved to ‘ Free’ category subject to prior permission / No Objection Certificate (NOC) to be obtained by the manufacturers /exporters from the Department of Fertilizers, and compliance of other laid down conditions. Government of IndiaMinistry of Commerce & IndustryDepartment of CommerceDirectorate General… Read More »