Daily Archives: January 17, 2019

Income-tax Refund in 1 Day might be a reality

By | January 17, 2019

Filing of Income-tax returns and its processing is going to be hassle-free and much faster with the introduction of Rs. 4,241 crore project for integrated e-filing and centralized processing resulting in ‘One day’ Income-tax refund. The project is to be executed by Infosys Ltd. and is estimated to be completed within 18 months and would… Read More »

External Commercial Borrowings (ECB) Policy – New ECB Framework issued by RBI

By | January 17, 2019

RBI/2018-19/109 A.P. (DIR Series) Circular No. 17 January 16, 2019 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy – New ECB Framework Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraph 7 of the Statement on Developmental and Regulatory Policies of the Fifth Bi-monthly Monetary Policy Statement for 2018-19… Read More »

Exchange Rate of Foreign Currency w.e.f 18.01.2019

By | January 17, 2019

Ministry of Finance Exchange Rate of Foreign Currency relating to the Imported and Export Goods Notified Posted On: 17 JAN 2019             In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs (CBIC)… Read More »

Steps to complete GST Migration Process 2019 (phase-II)

By | January 17, 2019

STEPS TO ENABLE TAX PAYERS TO COMPLETE THE MIGRATION PROCESS-2019 (Phase-II) The GST Council, in its 32nd. meeting, approved the proposal to extend migration for taxpayers for a second time (Central Tax Notification No. 67/2018 and State Notification No. 1890 F.T. both dt. 31.12.2018), who received provisional IDs but could not complete the migration process even after activating PART A of… Read More »

Intermediary service between Indian importer and exporter outside India is not export of service under GST : AAR

By | January 17, 2019

AUTHORITY FOR ADVANCE RULINGS, MAHARASHTRA MRS. Vishakhar Prashant Bhave, In re B.V. BORHADE AND PANKAJ KUMAR, MEMBER GST-ARA-23/2018-19/B-87 AUGUST  10, 2018  PROCEEDINGS [Also refer GST Export : Free Study Material ]   (Under section 98 of the Central Goods and Services Tax Act, 2017 and the Maharashtra Goods and Services Tax Act, 2017) 1. The present application has been filed under… Read More »

New Threshold limit for GST Registration

By | January 17, 2019

New Threshold limit for GST Registration  32nd GST Council Meeting on 10.01.2019 raised  the  threshold  limit  for  GST  Registration  w.e.f 01.04.2019 . Notifications are yet to be issued. GST Council has also raised the threshold limit for composition scheme from 1 crore to 1.5 crores from April 1st, 2019  GST Council has decided to raise the threshold limit from 20 lakhs to 40 lakhs… Read More »

Notification No 1/2019 Central Tax : CA Certificate for Supply against Advance Authorisation

By | January 17, 2019

Notification No 1/2019 Central Tax Seeks to amend notification No. 48/2017 to amend the meaning of Advance Authorisation Read Notification No 1/2019 Central Tax [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF INDIRECT TAXES AND… Read More »

Free Book on Exempted Supply under GST by ICAI

By | January 17, 2019

Free Book on Exempted Supply under GST by ICAI In order to facilitate members and other stakeholders, the Indirect Taxes Committee of ICAI has been regularly taking various initiatives. The Committee has now come out with an E-publication on “Exempted Supplies under GST” in January 2019 Download Exempted Supplies under GST Click here   E-publication on… Read More »

No GST on Sale of tools located outside India : AAR

By | January 17, 2019

No GST on Sale of tools located outside India It is pertinent to note that for manufacture of bearings for specific customer, a specific type of tool is required.  The Applicant in-turn raised a purchase order on Scaheffler Technologies AG & Co. KG for supply of tools. The tools which are required for manufacturing is… Read More »

GST on lottery : GOM constituted

By | January 17, 2019

Ministry of Finance Group of Ministers (GoM) constituted on issues relating to lottery Posted On: 16 JAN 2019 In pursuance of decision in the 32nd Meeting of GST Council held on 10th January, 2019 at New Delhi, a Group of Ministers (GoM) on issues relating to lottery has been constituted. [Refer All GST Council Meeting Decisions till… Read More »

Income Tax Integrated E-filing & Centralized Processing Center 2.0 approved by Govt

By | January 17, 2019

Cabinet Cabinet approves expenditure sanction for Integrated E-filing and Centralized Processing Centre 2.0 Project  Posted On: 16 JAN 2019 4:01PM by PIB Delhi The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to expenditure sanction of Rs.4,241.97crore for Integrated E-filing &Centralized Processing Center 2.0 Project of the Income Tax… Read More »

Right of Children to Free and Compulsory Education (Amendment) Act 2019

By | January 17, 2019

The Right of Children to Free and Compulsory Education (Amendment) Act, 2019 has been notified in the Gazette of India Posted On: 16 JAN 2019 7:02PM by PIB Delhi The Right of Children to Free and Compulsory Education (Amendment) Act, 2019 which was passed by the Parliament on 3rdJanuary, 2019 received the assent of the… Read More »