© orporate Updates on 28.8.2019
Ø China's new pharma law may open door for India: Report
Ø Jio beats
Airtel to be top telecom revenue earner
Ø Bank
recapitalisation unlikely to deliver much: S&P
Ø Major relief to
stressed realty sector on the anvil
Ø Mutual funds
are not there to provide risk capital: SEBI chief
Ø HDFC Life will
continue to beat industry growth: CMD
Ø Rupee posts
biggest single-day gain in 5 months
Ø RBI's fund
transfer eases Centre's gross tax revenue target to 16%
Ø RBI's bonanza
to give govt ammunition to fight slowdown, boost capex
Ø Govt. to
consider relaxing FDI norms in single brand retail on Wenesday
Ø Microfinance
industry to cross Rs 1 trn loan portfolio in Q2 FY20: Report
Ø SEBI asks MF
trustees to be more proactive, not wait for regulator to act
Ø India calls for
uniform GAP standards in SAARC nations
Ø Chemical
industry seeks restoring tax incentive for R&D
Ø Tata Metaliks
plans to double ductile iron pipe production
Ø Elgi
Equipments’ US-subsidiary Pattons expands into LA
Ø IndiGo looking
for new formula to induct wide-body aircraft: CEO
Ø PFC gets shareholders’
approval to raise ₹70,000 cr in a year
Ø S&P places
IDBI Bank on credit watch negative owing to capital breach
Ø Antitrust
watchdog CCI to assess media, broadcasting sector
Ø CG Power to
monetize non-core assets, raise fresh equity
Ø IRDAI sets up
single point of contact for regulatory sandbox
Ø DHFL seeks
board's approval to raise funds via share sale
Ø FM Nirmala
Sitharamana blasts critics of RBI transfer of surplus funds to govt
Ø SBI says
doesn’t need capital from government
Ø Cabinet to soon
consider India-Mauritius free trade agreement for approval
Ø Government says
FDI in chemical industry very low; asks industry to introspect
Ø With aim to
create 40,000 jobs, vivo to pump in Rs. 7500 cr to ramp up mfg in India
Ø Maruti Suzuki cuts
3,000 contract jobs
Ø Infosys closes
Rs 8,260 cr buyback offer, takes back 11.05 cr shares
Ø Indian economy
set for weakest quarter of growth in five years: report
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In Shiv Kumar Jatia vs.
State of NCT of Delhi
An individual who
has perpetrated the commission of an offence on behalf of the company can be
made an accused, along with the company, if there is sufficient evidence of his
active role coupled with criminal intent.
Read full article
at : https://dasgovernance.com/2019/08/27/supreme-court-in-shiv-kumar-jatia-vs-state-of-nct-of-delhi/
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GST – Tamil Nadu AAR - the supply of 'Complementary Weaning Food
Containing Amylase Activity' is naturally bundled with the delivery at the
designated centres as specified as per the bid and agreement and hence, this is
a composite supply as per Section 2(30) of the CGST - The applicable rate is 5%
GST subject to fulfillment of the conditions of Notification No.
39/2017-Central Tax (Rate) dt 18.10.2017 - As the entire supply of the food and
delivery together is a composite supply, the transportation/ delivery alone is
not a “Goods Transport Agency service” - This Authority cannot specify how the
invoices are to be raised for this composite supply
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Appellate AAR, Rajasthan:
ITC of GST paid on hotel accommodation in Haryana by a taxable
person registered in Rajasthan is not available in terms of Section 8(2) of
IGST Act,2017 as in this case both the location of the supplier and place of
supply of the services are in the State of Haryana.
[Section 8(2) of
IGST Act,2017 : Subject to the provisions of section 12, supply of services
where the location of the supplier and the place of supply of services are in
the same State or same Union territory shall be treated as intra-State supply:
Provided that the
intra-State supply of services shall not include supply of services to or by a
Special Economic Zone developer or a Special Economic Zone unit.]
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GST - Tamil Nadu AAR - Rate of tax on “Oil Lubrication Systems”
and applicable HSN code – HELD - To arrive at the classification and the
applicable rate of tax, the applicant during the hearing undertook to submit
the technical write-up, along with usage, drawings, description of each
component for each of the categories option that a buyer can buy. The said
details are necessary to arrive at the proper classification and the rate of
tax. The applicant after being extended enough opportunities has not furnished
the required documents. In the circumstances, the Ruling sought for by the
applicant could not be furnished for want of the necessary technical details -
The application is rejected as the relevant technical details of the supply for
which classification and rate of CGST/SGST is being sought, have not been
produced
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GST – Tamil Nadu AAR - Whether the amount received on or after 01.07.2017
towards interest, late fee penalty relating to the services other than
continuous supply of services (CSS) rendered by the applicant before 01.07.2017
is liable to GST – HELD – applicant has tolerated the delayed payment of
consideration of lease/rent which the recipients should have paid much before.
Therefore, this tolerance on the part of the applicant for the delayed payment
of lease/rent by collecting an interest/late fee /penalty is a separate supply
of service as covered under Section 7(1) (a) of the CGST Act, 2017 - The
amounts received on or after 01.07.2017 towards interest, late fee penalty
relating to the services of lease / rent, due to delayed payment of
consideration for those services rendered by the applicant before 01.07.2017, are
liable to GST
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GST - Tamil Nadu AAAR -
Fish seeds, prawn/shrimp seeds are classifiable under 0301, are exempt from GST
under Sl. No.18 of Notification No.2/2017-C.T. (Rate) dated 28.06.2017 as
amended - Live fish is classifiable under 0301, are exempt from CGST under SI.
No.19 of Notification No.2/2017-C.T. (Rate) dated 28.06.2017 as amended -
Artemia cysts are classifiable under 0511, are taxable at 5% GST - Research and
development activities of applicant are towards breeding, developing new
species, genetic testing of Seed and adults of diversified aquaculture species,
Gene sequencing for confirmation of species, under SAC 9981, are taxable at 18%
GST - Consultancy services of applicant are towards nursery technology, cage
farming hatching are classifiable under SAC 9986, are exempt from CGST -
Testing for pathogens of soil, water, feed etc. and chemical analysis of water
and soil and Gene sequencing of pathogens, classifiable under SAC 9983 are
taxable at 18% GST - training services to farmers, hatcheries which are support
services for rearing of fish, crab, prawn, etc. and are agricultural extension
services covered under SAC 9986 and hence are exempt from CGST - The training
activities to students, academia who are not directly involved in rearing of
fish, aquaculture etc. are covered under SAC 9992 and taxable at 18% GST - the
order of the Advance Ruling Authority is upheld
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Government’s decision to partially roll back the additional tax
surcharge on share trades has come as a relief to several overseas funds, but
promoters and private equity firms wanting to sell their stake off-market will
have to pay higher taxes if they are selling their stakes by direct transfer of
shares especially in mergers and acquisitions.
The last date for
furnishing of Annual Return in the FORM GSTR-9 / FORM GSTR-9A and
Reconciliation Statement in FORM GSTR-9C for the financial year 2017-18 has
been extended from 31st August, 2019 to 30th November, 2019. RoD Order No.
07/2019-CT dtd. 26.08.2019.
SEBI has eased
the regulatory and compliance framework for Foreign Portfolio Investors (FPI)
in a bid to boost investments and expedite the registration process for FPI's.
Finance minister announced a slew of relief measures for the
economy on Friday, which included allowing NBFCs to directly onboard those
customers whose credentials have already been vetted by banks from the UIDAI
maintained Aadhaar database.
ICAI is to inform
you that the last date for filling the questionnaire to express your interest
to serve foreign clients at https://www.icai.org/cecaswto/ has been
extended till 31st August 2019.
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Road ministry seeks GST rate cut for hybrid cars and CNG vehicles:"
READ MORE-
https://www.gststation.in/road-ministry-seeks-gst-rate-cut-for-hybrid-cars-and-cng-vehicles/
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GST – Tamil Nadu AAR - The applicant is not entitled to take
credit of input tax charged on the inward supply of medical, diagnostic
equipment, apparatus, instruments, consumables, disposables, spares and
repairing services for these, which are used to provide medical facilities to
the employees, pensioners and dependents in the in-house hospital – the goods
and services are used for providing personal medical care to the individuals
who are the employees and pensioners of the applicant. They are in effect used
for personal consumption of the employees, pensioners and dependents.
Therefore, as per Section 17(5) (g) of CGST Act, input tax credit is not
available for medical, diagnostic equipment, apparatus, instruments,
consumables, disposables, spares and repairing services for these which the
applicant is procuring for the consumption of its employees and pensioners and
their dependents
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GST fraud: Ghaziabad-based dealer arrested in Hyderabad for
evading Rs 20.08 crore:
READ MORE-
https://www.gststation.in/gst-fraud-ghaziabad-based-dealer-arrested-in-hyderabad-for-evading-rs-20-08-crore/
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MACRO MEDIA DIGITAL IMAGING PVT LTD: 19.08.2019 - GST – West
Bengal AAR - Whether printing of advertising material is a supply of service -
The Applicant, being a printer of trade advertising material classifiable under
heading 4911 of the Tariff Act, is making a composite supply, where the service
of printing, is the principal supply. The goods supplied, having no use other
than displaying the printed matter, is ancillary to the principal supply of
printing
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GST – West Bengal AAR - Whether evacuation and disposal of ash
from the ash pond of a thermal power station is an exempted supply – HELD – The
State Government allowed Purba Medinipur Zilla Parishad to undertake evacuation
and disposal of the settled ash from the ash ponds of Thermal Power Station to
ensure uninterrupted power generation, protection of environment and
augmentation of the local fund. Having been issued under section 212 of the
West Bengal Panchayat Act, 1973, execution of the above work is an activity in
relation to the functions entrusted to a Panchayat under Art 243G of the
Constitution - The Applicant's supply to Purba Medinipur Zilla Parishad is a
composite supply classifiable under SAC 995433 and exempt under Sl. No. 3A of
Notification No. 12/2017 - Central Tax (Rate) dated 28/06/2017
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GST – West Bengal AAR - GST implication on the lump-sum received
before the implementation of GST and its recovery by KMRCL against the
Applicant's sales invoices issued post introduction of the GST - whether GST
shall be charged on the gross amount of the invoice or the net amount after adjusting
the lump-sum amount outstanding as on 30/06/2017 – HELD - The Contract is to be
valued as provided under section 15(1) of the GST Act, which does not restrict
in any way the scope of time of supply, as provided under section 13(2) of the
GST Act. Moreover, 'consideration' under the GST Act has a wider scope and
includes deposits if applied as consideration. In that context, whether the
mobilisation advance is earnest money or not is of little relevant - The
Applicant is deemed to have supplied works contract service to M/s Kolkata
Metro Rail Corporation on 01/07/2017 to the extent covered by the lump-sum that
stood credited to its account on that date as mobilisation advance and GST is
leviable thereon accordingly. The value of the supply of works contract service
in the subsequent invoices as and when raised should, therefore, be reduced to
the extent of the advance adjusted in such invoices. The GST should, therefore,
be charged on the net amount that remains after such adjustment
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Mobilization advance given for works contract before GST
implementation is leviable to GST. (Siemens Ltd. – 19th August, 2019).
Applicant has
entered into a contract with Kolkata Metro Rail Corporation (KMRCL) for
'design, supply, installation, testing and commissioning' of power supply and
distribution system, third rail system and SCADA system for entire line and
depot of Kolkata East-West Metro Rail Project. According to Contract, applicant
received mobilisation advance, which was 10 per cent of original contract value
prior to 01-7-2017.
The applicant
wants to know whether GST shall be charged on gross amount of invoice or net
amount after adjusting lump-sum amount outstanding as on 30-6-2017.
The Contract is
to be valued as provided under section 15(1), which does not restrict in any
way the scope of time of supply, as provided under section 13(2) of the GST
Act. Moreover, 'consideration' under the GST Act has a wider scope and includes
deposits if applied as consideration. ln that context, whether the mobilisation
advance is earnest money or not is of little relevance. Hence, the applicant is
deemed to have supplied works contract service to KMRCL on 1-7-2017 to the
extent covered by the lump-sum that stood credited to its account on that date
as mobilisation advance and GST is leviable thereon accordingly.
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LTCG from penny
stocks cannot be treated as bogus if documentation is in order and no fault
found by Assessing Officer. Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata)
The LRS is
extensively used by HNIs to transfer funds abroad up to the permitted limit of
$250,000 every financial year. Under LRS, there is no restriction on the use of
funds remitted abroad –– it can be gifted, spent freely, invested in financial
securities, purchase of properties in any part of the world and so on.
CBEC said the designated committee will take a decision within 60
days on declaration made by an assessee for relief under the service tax and
excise duty amnesty scheme. Sabka Vishwas - Legacy Dispute Resolution Scheme,
2019, will become operational for four months beginning September 1.
GST Council will hold its 37th meeting on September 20 in Goa, but
is unlikely to consider any rate reduction. Many sectors are clamouring for a
rate reduction. They range from automobile to cement to biscuit. Now, if it is
done for one sector, it can open floodgates. We should not forget the revenue
situation.
Supreme Court has said a deposit made by a debtor to show his
bonafides in a case of loan settlement cannot be considered a secured asset
under the SARFAESI Act and has to be refunded.“The deposit was not towards
satisfaction of the debt in question, and that is precisely why the High Court
had directed that the deposit would be treated (as) a deposit in the Registry
of the High Court.
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Govt to study impact of measures announced: FM Nirmala Sitharaman:
READ MORE-
https://www.gststation.in/govt-to-study-impact-of-measures-announced-fm-nirmala-sitharaman/
Thanks for reading
