IBC Case Laws PDF

You’re not LATE & You’re not EARLY.

“Interesting to understand this message”

New York is 3 hours ahead of California,
but it does not make California slow.

Someone graduated at the age of 22, but waited 5 years before securing a good job!

Someone became a CEO at 25,
and died at 50 While another became a CEO at 50 and lived to 90 years.

Someone is still single while someone else got married.

Obama retires at 60 but Trump starts at 70.

Absolutely everyone in this world works based on their Time Zone.

People around you might seem to go ahead of you, some might seem to be behind you.

But everyone is running their own RACE, in their own TIME.

Don’t envy them or mock them.

They are in their TIME ZONE, and you are in yours!

Life is about waiting for the right moment to act.

So, RELAX.

You’re not LATE.

You’re not EARLY.`

You are very much ON TIME, and in your TIME ZONE Destiny set up for you.

In conclusion don't rush to get and don't be sad .

Make today your day!!

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Q312 Correct Answer is (c)

Q303 Correct Answer is (d)

*Important Changes in GST w.e.f. 01-10-2019*

_*Reverse Charge*_
_*Renting of Motor Vehicle*_
Services provided by way of renting of motor vehicle by any Individual/Firm/LLP to any Body corporate (companies), covered under reverse charge mechanism, taxable @5%. However if the service provider charges GST @12% then he can continue with Forward Charge. Then no Reverse Charge applicable.

_*Exemption*_
_*Warehousing (Notification No 21/2019- Central Tax (Rate)*_
W.e.f 01.10.2019, services provided by way of storage or warehousing of cereals, pulses, fruits, nuts & vegetables, spices, copra, sugarcane, jiggery, raw vegetable fibres such as cotton, flax, jute etc, indigo, unmanufactured tobacco, betel leaves, tendu leaves, coffee and tea are exempt from tax. Earlier this exemption was on limited items of agricultural produce and few other products.

_*Transportation of goods by Air/Vessel(Notification No 21/2019)*_
The services by way of transportation of goods by an aircraft or vessel from customs station of clearance in India to a place outside India shall be exempted till 30th day of September 2020. This exemption was to end on 31.03.2019. However it has been extended for further 1 year.

_*Exports against Supply by Nominated Agency (Notification No 17/2019)*_
The Central Government under Notification No 26/2018, exempted supply of gold supplied by Nominated agency to the recipient under ‘Export against Supply by Nominated Agency’ subject to certain conditions mentioned in said notification. Now it also includes “Silver and platinum” under ‘Export against Supply by Nominated agency’ Scheme, w.e.f. 01.10.2019

_*Composition Scheme*_
_*Aerated Water (Notification No. 18/2019 and 43/2019)*_
Any person engaged in manufacturing of aerated water shall not be eligible to levy tax under Composition Scheme, w.e.f. 01.10.2019. However if a dealer has taken registration under composition scheme of 6% tax as goods and service provider both, then he cannot even trade in aerated water.

_*Rate Changes*_
_*Packing Material (Notification No 14/2019)*_
Bags of polyethylene, bulk containers of man-made fibres chargeable at the tax rate of 12%. (earlier it was 5% in some cases(tariff 63053200 and 63053300) and 18% in some cases (tariff 3923),, w.e.f. 01.10.2019
Woven and non-woven bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of kind use of packing of goods, shall be chargeable at the rate of 12%., w.e.f. 01.10.2019

_*Caffeinated Beverages(Notification No 17/2019)*_
The taxable rate on all the caffeinated beverages increased from 18% to 28%, w.e.f 01.10.2019 (Ex- Energy Drinks such as red bull). However it is still a confusion as to which beverages are to be considered caffeinated beverages.

_*Precious or semi-precious Stone (other than diamonds) (Notification No 14/2019)*_
The semi-precious stones, shall be now taxable at the rate of 0.25% (earlier it was 3%). Long pending demand of the Jewellers have been fulfilled. However pearls continue to be charged at 3% tax rate.

CBDT on implements a computer-generated Document Identification Number (DIN). The DIN system, which becomes operative from 1 October 2019, will apply to all kind of communications from the income tax department, whether it is related to assessment, appeals, investigation, penalty, and rectification among other things.

About 93% of the goods and services taxpayers will be relieved of monthly return filing from the next fiscal year once the new simplified return system comes into effect from April 2020. Those with an annual turnover of less than Rs 5 crore will have the option of filing quarterly returns, but will need to pay taxes on a monthly basis. Those with an annual turnover of over Rs 5 crore will need to file monthly returns.

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Q313 Correct Answer is (b)

Q282 Correct Answer is (b)

RBI in its Monetary Policy Report states that there has been a modest year-on-year growth in the collection of the indirect tax. GST collections grew by 4.9 per cent (Year-On-Year) during April-September 2019,” said RBI