DIPP
The Ministry of Commerce & Industry, Department of Industrial Policy & Promotion has reviewed the policy on Foreign Direct Investment (FDI) in e-commerce and to provided the much needed clarity to FDI policy on e-commerce and its applicability on Business to Consumer (B2C) e-commerce. The Consolidated FDI Policy Circular 2017 will now read for E-commerce activities as 100% with Automatic route, subject to provisions of FDI Policy, e-commerce entities would engage only in Business to Business (B2B) e-commerce and not in Business to Consumer (B2C) e-commerce. FDI policy on e-commerce, first pronounced through Press Note 2 of 2000, permitted 100% FDI in B2B e-commerce activities. B2C e-commerce, that is multi-brand retail through inventory based model, has all along remained prohibited for FDI. Through the latest Press Note (2/2018), Government has only reiterated the policy provisions to ensure better implementation of the policy in letter and spirit. This Press Note 2/2018 is applicable only to entities which operate a marketplace for e-commerce. FDI in other sectors continue to be governed by the specific provisions pertaining to them.
RBI
The Reserve Bank has released guidelines on tokenisation for debit / credit /prepaid card transactions as a part of its continuous endeavour to enhance the safety and security of the payment systems in the country. Tokenisation involves a process in which a unique token masks sensitive card details. Thereafter, in lieu of actual card details, this token is used to perform card transactions in contactless mode at Point Of Sale(POS) terminals, Quick Response(QR) code payments, etc.. These guidelines permit authorised card payment networks to offer card tokenisation services to any token requestor (third party app provider), subject to conditions enumerated in these guidelines. A card holder may avail of these services by registering the card on the token requestor’s app after giving explicit consent. No charges shall be recovered from the customer for availing this service. All extant instructions of Reserve Bank on safety and security of card transactions, including mandate for Additional Factor of Authentication (AFA) / PIN entry shall be applicable for tokenised card transactions also.
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NCLAT Abdusalam Kurikkal Manjeri Puthusseri & Ors. vs. Ayoli Abdulla & Ors.
Petition setting aside the transfers purportedly made to the respondents and restoring original petitioner as Managing Director who was coerced to sign the transfer forms, is liable to be allowed by Tribunal.
Read full case law at : https://dasgovernance.com/2019/01/10/nclat-in-abdusalam-kurikkal-manjeri-puthusseri-ors-vs-ayoli-abdulla-ors/
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New functionalities/enhancements deployed on GST portal recently is given below:
(A) Assessment and Adjudication:
(i) Rectification of mistake in the order by the Adjudicating Authority
(ii) Furnishing details of security/ surety
(B) Refund Module (Filing of Monthly Refund applications by Quarterly GSTR-1 filers)
(C) Appeal (Preparation of Form GST APL-01 by GSTP, on behalf of taxpayer)
(D) Appeal : An application, for rectification of an order, passed by an appellate authority, by a taxpayer, has been made available on GST Portal.
(E) Composition Scheme: If proceedings for compulsory withdrawal from Composition Scheme is initiated by a Tax Official, against a composition taxpayer, then composition taxpayer can now reply to such SCN issued on GST Portal
(F) Payment Module (Preferred banks list for taxpayer for making payment) :Now upto 6 preferred banks will be shown to a taxpayer while making e-Payment on GST Portal.
(G) Advance Ruling:
(i) Appeal against Advance Ruling given the Authority.
(ii) Rectification of mistake in the order by the advance ruling authority or its appellate authority
# CBDT issues Procedure Formats and Standards for
- Filing an application for grant of certificate for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (1) of Section 197/collection of the tax at any lower rate under sub-section (9) of Section 206C of the Income-tax Act, 1961 through TRACES vide Notification No. 8/2018 dt. 31-12-2018
- Issue of PAN vide Notification No. 7/2018 dt. 27-12-2018
https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/circular-notification/notification.aspx
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# MCA will soon launch know your customer (KYC) process for companies as part of its ongoing drive against shell Companies.
# QUOTA for EWS: Both Houses of Parliament passes 10% quota for economically weaker section in general category, now president assent is needed to the get the bill a really.
# UNION BUDGET (Interim) to be presented on 1st FEB 2018, Tax benefits for salaried, middle classes, hike in savings limit is expected in interim budget.
# IT: Levy of penalty u/s 271D - loan in cash was taken from near relatives - the transaction in the instant case is between the assessee and her maternal uncle and aunt and there is nothing on record to show that the transaction lacks bona fides – NO PENALTY- Nanda Kumari Vs ITO (2019 (1) TMI 413 - Madras HC)
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Recommendations made by the GST Council in its 32nd Meeting
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi gave approval for the following:
i. Changes made by CGST (Amendment) Act,2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 along with amendments in CGST Rules, notifications and Circulars issued earlier and the Corresponding Changes in SGST Acts would be notified w.e.f. 01.02.2019.
ii. The Last Date for passing the examination for GST Practitioners to be extended till 31.12.2019 for those GST Practitioners who have enrolled under rule 83(1)(b) i.e. who were sales tax practitioner or tax return preparer under the existing law for a period of not less than five years.
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Major Decisions taken by the GST Council in its 32nd Meeting
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others -
1. Increase in Turnover Limit for the existing Composition Scheme
The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, about the Composition Limit in their respective States.
1.1 Compliance Simplification: The compliance under Composition Scheme shall be simplified as now they would need to file one Annual Return but Payment of Taxes would remain Quarterly (along with a simple declaration).
2. Higher Exemption Threshold Limit for Supplier of Goods
There would be two Threshold Limits for exemption from Registration and Payment of GST for the suppliers of Goods i.e. Rs 40 lakhs and Rs 20 lakhs. States would have an option to decide about one of the limits within a weeks’ time. The Threshold for Registration for Service Providers would continue to be Rs 20 lakhs and in case of Special Category States at Rs 10 lakhs.
3. Composition Scheme for Services
A Composition Scheme shall be made available for Suppliers of Services (or Mixed Suppliers) with a Tax Rate of 6% (3% CGST +3% SGST) having an Annual Turnover in the preceding Financial Year up to Rs 50 lakhs.
3.1 The said Scheme Shall be applicable to both Service Providers as well as Suppliers of Goods and Services, who are not eligible for the presently available Composition Scheme for Goods.
3.2 They would be liable to file one Annual Return with Quarterly Payment of Taxes (along with a Simple Declaration).
4. Effective date
The decisions at Sl. No. 1 to 3 above shall be made operational from the 1st of April, 2019.
5. Free Accounting and Billing Software shall be provided to Small Taxpayers by GSTN
6. Matters referred to Group of Ministers
i. A seven Member Group of Ministers shall be constituted to examine the proposal of giving a Composition Scheme to Boost the Residential Segment of the Real Estate Sector.
ii. A Group of Ministers shall be constituted to examine the GST Rate Structure on Lotteries.
7. Revenue Mobilization for Natural Calamities
GST Council approved Levy of Cess on Intra-State Supply of Goods and Services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years.
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