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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
Power Finance Corporation Limited 54EC Capital Gains Bond specified by Income Tax
In exercise of the powers conferred by clause (iib) of the proviso to section 193 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the “Power Finance Corporation Limited 54EC Capital Gains Bond” issued by Power Finance Corporation Limited for the purpose of the said clause. Provided that the benefit under the said proviso shall be admissible in the case of transfer of such bonds by endorsement or delivery, only if the transferee informs Power Finance Corporation Limited by registered post within a period of sixty days of such transfer. [Notification No. 27/2018/F. No. 275/27/2017-IT(B)] [..] Read more at:
Indian Railway Finance Corporation Limited 54EC Capital Gains Bond Specified
In exercise of the powers conferred by clause (iib) of the proviso to section 193 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the “Indian Railway Finance Corporation Limited 54EC Capital Gains Bond” issued by Indian Railway Finance Corporation Limited for the purpose of the said clause. Provided that the benefit under the said proviso shall be admissible in the case of transfer of such bonds by endorsement or delivery, only if the transferee informs Indian Railway Finance Corporation Limited by registered post within a period of sixty days of such transfer. [Notification No. [..] Read more at:
Amendment in Rule 10CB of IT Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment u/s 92CE of IT Act, 1961 – Comments and suggestions
In order to make the actual allocation of funds consistent with that of the primary adjustment, section 92CE was inserted in the Income-tax Act, 1961 (‘the Act’) vide Finance Act, 2017 with effect from 1st April, 2018, to provide for secondary adjustment by attributing income to the excess money lying in the hands of the associated enterprise (AE). The time within which the excess money, which is available with the associated enterprise of an assessee as a result of primary adjustment to the transfer price, which leads to an increase in the total income or reduction in the loss of the assessee, shall be repatriated [..] Read more at:
GST
Refunds processed during second refund extended fortnight
In line with the commitment of Government to liquidate all pending GST refunds filed till 30th April, 2018, the Central Board of Indirect Taxes and Customs (CBIC) has successfully concluded the second refund extended fortnight from 31st May, 2018 to 16th June, 2018. During the period, all field formations of CBIC and States, once again worked hard to provide refund relief to the exporters. Special refund cells manned by experienced staff were put in place throughout the country. Exporter awareness campaigns using both print media and social media were carried out so that the benefit could be extended to maximum [..] Read more at:
http://onlinelawsolutions.com/refunds-processed-during-second-refund-extended-fortnight.html
Total GST refund disposed till 16th June, 2018
Total GST refund disposed till 16th June, 2018 stands at Rs 41,548 crore; Rs.6,087 crore IGST refund sanctioned in the 2nd Special Refund Fortnight extended from 31st May, 2018 to 16th June, 2018. In line with the commitment of Government to liquidate all pending GST refunds filed till 30th April, 2018, the Central Board of Indirect Taxes and Customs (CBIC) has successfully concluded the 2nd Special Refund Fortnight extended from 31st May, 2018 to 16th June, 2018. By the end of 16th June, 2018, Rs.6,087 crore IGST refund has been sanctioned in the refund fortnight. The interesting facts during the second [..] Read more at:
http://onlinelawsolutions.com/total-gst-refund-disposed-till-16th-june-2018-.html
Custom Duty
Cigarettes and other Tobacco products (Packaging and Labelling),Second Amendment Rules, 2018-reg
Kindly refer to CBEC instructions vide F. No. 450/160/2009-Cus.IV dated 29.12.2009 and letters vide F. No. 528/133/2011-STO(TU) dated 30.11.2011 and 22.02.2012 sensitizing the officers about the Cigarettes and other Tobacco Products (Packaging and Labelling) Rules, 2008 and implementation thereof with regard to the specified health warnings on the cigarettes and other tobacco products. 2. Attention is also invited to Board’s Circular No. 09/2017-Customs dated 29.03.2017, Board’s letter of even No. dated 05.04.2017 and Board’s Circular No. 27/2017-Customs dated 05.07.2017, on disposal of seized/ confiscated [..] Read more at:
Notification No. 50/2017-customs dated 30th June 2017 amended to prescribe effective rate of duty on specified goods
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide, number G.S.R. 785(E), dated the 30th June, 2017, namely:- [..] Read more at:
Company Law
CCI approves the acquisition of Monsanto by Bayer AG under Section 31(7) of the Competition Act, 2002
On 7th August, 2017, the Competition Commission of India (Commission) received a notice from Bayer Aktiengesellschaft (Bayer) in relation to its proposed acquisition of Monsanto Company (Monsanto). Bayer, the acquirer, is a German stock corporation and is a life sciences company with competencies in the areas of health care and agriculture. The activities of Bayer are carried out in three main divisions viz. pharmaceuticals, consumer health, and crop sciences. Monsanto is a global supplier of agricultural products like seeds, biotechnology traits, and herbicides. Based on its investigation, the Commission [..] Read more at:
ICAI
Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) - Information Technology Test
IMPORTANT ANNOUNCEMENT No. 13-CA (EXAM)/Advanced ICITSS/2018/III 20th June, 2018 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) - Information Technology Test In partial modification of Important Announcement No. 13-CA (EXAM)/Advanced ICITSS/2018 dated 19th March 2018; it is hereby informed that Dubai City (United Arab Emirates) has been included in the list of examination cities for the forthcoming Advanced ICITSS - Advanced Information Technology Tests, scheduled on the following dates. 8 th July 2018, (Sunday) 19th August, 2018 (Sunday) [..] Read more at:
Miscellaneous News
2nd Edition of MSME Pulse Report by SIDBI-TransUnion CIBIL for June 2018 Quarter released
2nd Edition of MSME Pulse Report by SIDBI-TransUnion CIBIL for June 2018 Quarter released; Findings of 2nd Edition of MSME Pulse Report show that the overall commercial credit exposure (Y-o-Y) has shown the highest growth rate in the last five quarters. Small Industries Development Bank of India (SIDBI), a premier Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and TransUnion CIBIL, a Credit Information Company, in a joint endeavor with TransUnion CIBIL brings-out MSME Pulse, a Quarterly Report on MSME Sector, for providing [..] Read more at:
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