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GST Master Guide Cum Reckoner : UPDATED TILL 31.05.2018
GST Master Guide Cum Reckoner is now available. The book contains Section & Rule wise Index, Due Dates (illustrating relevant notifications), complete CGST Act, IGST Act, and Compensation Cess Act and along with relevant rules, notifications, circulars, press release incorporated at relevant places. All the changes have been properly displayed. The book comes in 2 volumes. To Purchase: CLICK HERE
Monthly Journal
Monthly Journal (E-Book) covers articles on important topics, due dates, notifications/circulars/press releases/etc of the preceding month. It covers Income Tax, GST, Service Tax, Excise Duty, Custom Duty, Company Law, SEBI, RBI, Labour Law, IRDAI & Miscellaneous. To Subscribe: CLICK HERE
Income Tax
Tax Twist for Foreign hotels!!
AAR has in its significant judgment held that Accor-owned FRHI Hotels & Resorts property Swissotel Kolkata will constitute a fixed place permanent establishment for FRHI and that its income from operations would be taxable as business profits in India. AAR said this is due to the degree of ‘control’ exercised by the foreign company over the Indian firm. FRHI asked AAR if payments received by it from the Indian hotel owner for provision of global reservation services would be taxable in India as ‘fees for technical services’ or 'royalty' under provisions of the Income Tax Act, 1961 read with Article 12 of the India [..] Read more at:
http://onlinelawsolutions.com/tax-twist-for-foreign-hotels.html
GST
Reply made to GST issues raised by GSTPAM
Meeting between Commissioners of GST and the Goods and Services Tax Practitioners’ Association of Maharashtra (GSTPAM) as per directions of the Bombay High Court in WP(L) 424/2018 and WPST 2230/2018 – req Please refer to your letter dated 01-03-2018 on the above subject wherein various points were submitted by you for this office perusal. 2. In this connection, please find enclosed comments received from GST policy wing and GST Network for Kind information. Encl: As above Yours faithfully, (Satbir Sharma) Assistant Commissioner Central Tax, Pune-I Comm’te Issues pertaining to GST Policy Wing from [..] Read more at:
http://onlinelawsolutions.com/reply-made-to-gst-issues-raised-by-gstpam.html
Notification issued for amending the CGST Rules, 2017
In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:- (1) These rules may be called the Central Goods and Services Tax (Sixth Amendment) Rules, 2018. (2) Save as otherwise provided in these rules, they shall come into force on the date of their publication in the Official Gazette. 2. In the Central Goods and Services Tax Rules, 2017, - (i) in rule 58, after sub-rule (1), the following sub-rule shall be inserted, namely:- “(1A) For the [..] Read more at:
http://onlinelawsolutions.com/notification-issued-for-amending-the-cgst-rules-2017.html
REGARDING CLARIFICATION ON REFUND IN GST: UP GST
Uttar Pradesh has vide GST/2018-19/315/1819016/Vanigya Kar adopted Circular-45/19/2018-GST, Circular 3/1/2018 IGST and Circular No. 47/21/2018 regarding refund. The Board vide Circular No. 17/17/2017 – GST dated 15th November 2017, No. 24/24/2017 – GST dated 21st December 2017 and No. 37/11/2018 – GST dated 15th March, 2018 has laid down the procedure for manual filing and processing of different types of refund claims under GST and clarified the exports related refund issues. 2. Representations have been received seeking clarification on certain refund related issues. In order to clarify these [..] Read more at:
http://onlinelawsolutions.com/regarding-clarification-on-refund-in-gst-up-gst.html
Notification to specify goods which may be disposed off by the proper officer after its seizure under section 67(8) of HGST Act,2017: Haryana GST
In exercise of the powers conferred by sub-section (8) of section 67 of the Haryana Goods and Services Tax Act, 2017 (19 of 2017)(hereinafter referred to as the said Act), the Governor of Haryana hereby notifies the goods or the class of goods (hereinafter referred to as the said goods) mentioned in the Schedule below, which shall, as soon as may be after its seizure under sub-section (2) of section 67 of the said Act, be disposed of by the proper officer, having regard to the perishable or hazardous nature, depreciation in value with the passage of time, constraints of storage space or any other relevant considerations of the said [..] Read more at:
6TH AMENDMENT TO GGST RULES: GUJARAT GST
In exercise of the powers conferred by section 164 of the Gujarat Goods and Services Tax Act, 2017 (Guj.25 of 2017), the Government of Gujarat hereby makes the following rules further to amend the Gujarat Goods and Services Tax Rules, 2017, namely:- (1) These rules may be called the Gujarat Goods and Services Tax (Sixth Amendment) Rules, 2018. (2) Save as otherwise provided in these rules, they shall come into force from the 19th day of June, 2018. 2. In the Gujarat Goods and Services Tax Rules, 2017, - (i) in rule 58, after sub-rule (1), the following sub-rule shall be inserted, namely:- “(1A) For the purposes of Chapter [..] Read more at:
http://onlinelawsolutions.com/6th-amendment-to-ggst-rules-gujarat-gst.html
RBI
Liberalised Remittance Scheme – Harmonisation of Data and Definitions
Please refer to paragraph 18 of the Statement on Developmental and Regulatory Policies of the Second Bi-monthly Monetary Policy Statement for 2018-19released on June 6, 2018. As indicated therein, it has been decided that furnishing of Permanent Account Number (PAN), which hitherto was not to be insisted upon while putting through permissible current account transactions of up to USD 25,000, shall now be mandatory for making all remittances under Liberalised Remittance Scheme (LRS). 2. Further, in the context of remittances allowed under LRS for maintenance of close relatives, it has been decided, in [..] Read more at:
Priority Sector Lending – Targets and Classification
Please refer to Para 6 of the Statement on Developmental and Regulatory Policies of the Second Bi-Monthly Monetary Policy Statement 2018-19 dated June 06, 2018 and Para 10.1 of Master Direction on Priority Sector Lending – Targets and Classification dated July 7, 2016 (updated as on April 16, 2018), prescribing eligibility criteria of housing loans for classification under priority sector. 2. In terms of the above Master Direction, loans to individuals up to ₹ 28 lakh in metropolitan centres (with population of ten lakh and above) and ₹ 20 lakh in other centres, are eligible to be classified under priority sector, provided that the cost [..] Read more at:
http://onlinelawsolutions.com/priority-sector-lending-targets-and-classification.html
ICAI
CA Articles: BE READY FOR ASSESSMENT
With reference to Announcement dated June 12, 2018; the Council has decided to assesses students after completion of 1st and 2ndyear of articleship with online MCQ based tests. Exam Details: 1st year of articleship: Test of 75 marks (Duration: 2 hours) Mandatory Subject: Accounting and Auditing (incl. Corporate Laws) of 50 marks and Selecting one optional module (each of 25 marks) from the following: Direct Tax Indirect Tax Internal Audit 2nd year of articleship: Test of 100 marks (Duration: 3 hours) Mandatory Subject: Accounting and Auditing (incl. Corporate Laws) of 50 marks and Selecting two optional module (each [..] Read more at:
http://onlinelawsolutions.com/ca-articles-be-ready-for-assessment.html
Miscellaneous News
To give confidence to wind industry, Government declares national targets for off-shore wind power
Medium target of 5 GW by 2022 and long term target of 30 GW by 2030 declared Offshore wind power to add a new element to the already existing basket of renewable energy for the country The Ministry of New & Renewable Energy recently invited Expressions of Interest (EoI) for the first 1 GW offshore wind project in India, which has evoked keen response from the industry both global and Indian. Now to give confidence to the wind industry, the Ministry has declared medium and long term target for off-shore wind power capacity additions, which are 5 GW by 2022 and 30 GW by 2030. While this may look moderate [..] Read more at:
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