Taxpayer's explanations accepted for loan source, stock valuation, raw material consumption; additions deleted for liability cessation, high interest, bank statement.
The assessee received an unsecured loan of Rs. 1 crore from M/s Betala Investment Finance Ltd., which was later transferred to Lahoti Holding Ltd. due to a name change. The authorities accepted the explanation regarding the source of the loan. Regarding stock valuation, the assessee followed a consistent method, and the authorities upheld the assessee's valuation. The authorities also accepted the assessee's explanation for the difference in raw material consumption, considering it a clerical mistake. The addition u/s 41(1) for cessation of liability was deleted as the revenue could not establish remission of income. The disallowance of interest paid above 12% on unsecured loans was rejected, following the principle of consistency as the sa.....
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81775
#TaxAssessment #ConsistencyPrinciple #JudicialPrecedents #LoanTransfer #StockValuation - Income Tax
The assessee received an unsecured loan of Rs. 1 crore from M/s Betala Investment Finance Ltd., which was later transferred to Lahoti Holding Ltd. due to a name change. The authorities accepted the explanation regarding the source of the loan. Regarding stock valuation, the assessee followed a consistent method, and the authorities upheld the assessee's valuation. The authorities also accepted the assessee's explanation for the difference in raw material consumption, considering it a clerical mistake. The addition u/s 41(1) for cessation of liability was deleted as the revenue could not establish remission of income. The disallowance of interest paid above 12% on unsecured loans was rejected, following the principle of consistency as the sa.....
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81775
#TaxAssessment #ConsistencyPrinciple #JudicialPrecedents #LoanTransfer #StockValuation - Income Tax
GST ON RREP ON ONGOING PROJECT 01-04-2019 IF DECLARATION IN FORM IV NOT SUBMITTED
AS PER Notification No. 03/2019-Central Tax (Rate) one declaration needs to be submitted before 10-05-2019. What will be the consequence if the declaration not submitted and tax @12% was paid earlier with input credit. If rate changed by virtue of this ammendment to 5% then excess amount paid earlier can be claimed as refund or not? - Reply By KASTURI SETHI - The Reply = (i) If the declaration in Annexure-IV was not filed within prescribed time limit i.e. before 20.10.19 (extended) ), it would ... ... ...
Source:
https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=119322 - GST
AS PER Notification No. 03/2019-Central Tax (Rate) one declaration needs to be submitted before 10-05-2019. What will be the consequence if the declaration not submitted and tax @12% was paid earlier with input credit. If rate changed by virtue of this ammendment to 5% then excess amount paid earlier can be claimed as refund or not? - Reply By KASTURI SETHI - The Reply = (i) If the declaration in Annexure-IV was not filed within prescribed time limit i.e. before 20.10.19 (extended) ), it would ... ... ...
Source:
https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=119322 - GST
Taxmanagementindia
GST ON RREP ON ONGOING PROJECT 01-04-2019 IF DECLARATION IN FORM IV NOT SUBMITTED, Goods and Services Tax - GST
Discussion Forum An issue, query raised by the member of TMI for reply, post by the experts on TaxTMI on GST ON RREP ON ONGOING PROJECT 01-04-2019 IF DECLARATION IN FORM IV NOT SUBMITTED, Goods and Services Tax -
APPEAL FOR REVOCATION GST REG
Is it possible to file an appeal for revocation of GST Reg, after 1 year, from the date of cancellation of GST registration no. - Reply By Sadanand Bulbule - The Reply = Dear Ahmmed ji In terms of Section 107[1] , three months time is allowed from the date of communication of decisions or order to the registered person. And one more month with condonation of delay is allowed under Section 107[4] of the CGST Act . So date of communication of decision or order is the determinant factor. - Reply B... ... ...
Source:
https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=119326 - GST
Is it possible to file an appeal for revocation of GST Reg, after 1 year, from the date of cancellation of GST registration no. - Reply By Sadanand Bulbule - The Reply = Dear Ahmmed ji In terms of Section 107[1] , three months time is allowed from the date of communication of decisions or order to the registered person. And one more month with condonation of delay is allowed under Section 107[4] of the CGST Act . So date of communication of decision or order is the determinant factor. - Reply B... ... ...
Source:
https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=119326 - GST
Taxmanagementindia
APPEAL FOR REVOCATION GST REG, Goods and Services Tax - GST
Discussion Forum An issue, query raised by the member of TMI for reply, post by the experts on TaxTMI on APPEAL FOR REVOCATION GST REG, Goods and Services Tax -
Commerce Secretary Shri Sunil Barthwal co-chairs India-Bhutan Commerce Secretary Level meeting in Thimphu
- - - Dated:- 28-9-2024 - Commerce Secretary Shri Sunil Barthwal and Secretary, MoICE, Kingdom of Bhutan, H.E. Dasho Tashi Wangmo co-chaired the India-Bhutan, Commerce Secretary Level Meeting (CSLM) in Thimphu and decided to expedite development of cross-border and connectivity infrastructure including establishment of an Integrated Check Post in Jaigaon-Phuentsholing and rail-links between Kokrajhar-Gelephu and Banarhat-Samatse. Commerce Secretary, Government of India, Shri Sunil Barthwal paid... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_rss_feed.asp?ID=27944
- - - Dated:- 28-9-2024 - Commerce Secretary Shri Sunil Barthwal and Secretary, MoICE, Kingdom of Bhutan, H.E. Dasho Tashi Wangmo co-chaired the India-Bhutan, Commerce Secretary Level Meeting (CSLM) in Thimphu and decided to expedite development of cross-border and connectivity infrastructure including establishment of an Integrated Check Post in Jaigaon-Phuentsholing and rail-links between Kokrajhar-Gelephu and Banarhat-Samatse. Commerce Secretary, Government of India, Shri Sunil Barthwal paid... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_rss_feed.asp?ID=27944
8th Meeting of India-Myanmar Joint Trade Committee held in New Delhi
- - - Dated:- 28-9-2024 - The 8th meeting of India-Myanmar Joint Trade Committee (JTC) was hosted by India in Vanijya Bhawan, New Delhi. The meeting was co-chaired by Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, India, Shri Siddharth Mahajan and Director General, Department of Trade, Myanmar, Mr. Myint Thura. The representatives of stakeholder Ministries also participated in the meeting. The meeting discussed the potential areas of cooperation to drive mutual grow... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_rss_feed.asp?ID=27945
- - - Dated:- 28-9-2024 - The 8th meeting of India-Myanmar Joint Trade Committee (JTC) was hosted by India in Vanijya Bhawan, New Delhi. The meeting was co-chaired by Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, India, Shri Siddharth Mahajan and Director General, Department of Trade, Myanmar, Mr. Myint Thura. The representatives of stakeholder Ministries also participated in the meeting. The meeting discussed the potential areas of cooperation to drive mutual grow... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_rss_feed.asp?ID=27945
Private Companys dues cannot be collected from its directors
The Hon ble Supreme Court in the case of SHANKAR RUDRA VERSUS THE STATE OF UTTARAKHAND ORS. - 2024 (9) TMI 1317 - SC ORDER allowed the civil appeal and held that when the provisions of the Uttarakhand Value Added Tax ( the UVAT Act ) does not provide for the dues of a limited company could be ascertained by the Director. Hence, recovery certificate and demand notice shall have not been issued to the Assessee. Facts: The Orders of assessment were passed by the State Government ( the Respondent-1... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=12969 - Value Added Tax - VAT and CST
The Hon ble Supreme Court in the case of SHANKAR RUDRA VERSUS THE STATE OF UTTARAKHAND ORS. - 2024 (9) TMI 1317 - SC ORDER allowed the civil appeal and held that when the provisions of the Uttarakhand Value Added Tax ( the UVAT Act ) does not provide for the dues of a limited company could be ascertained by the Director. Hence, recovery certificate and demand notice shall have not been issued to the Assessee. Facts: The Orders of assessment were passed by the State Government ( the Respondent-1... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=12969 - Value Added Tax - VAT and CST
Taxmanagementindia
Private Company s dues cannot be collected from its directors
Private Company s dues cannot be collected from its directors, Value Added Tax - VAT and
DETERMINATION OF THE FOREIGN EXCHANGE RATE FOR CONVERTING THE AWARD AMOUNT IN FOREIGN CURRENCY TO INDIAN RUPEES
Enforcement of foreign arbitral award Part II of the Arbitration and Conciliation Act, 1996 provides for the enforcement of certain foreign award. Section 46 of the Act provides that a foreign award which is enforceable shall be treated as binding for all the purposes on the persons between whom it is made. Section 49 of the Act provides that where the court is satisfied that a foreign arbitration award is enforceable then it shall be deemed to be a decree. A foreign award can be enforced when ... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=12970 - Other Topics
Enforcement of foreign arbitral award Part II of the Arbitration and Conciliation Act, 1996 provides for the enforcement of certain foreign award. Section 46 of the Act provides that a foreign award which is enforceable shall be treated as binding for all the purposes on the persons between whom it is made. Section 49 of the Act provides that where the court is satisfied that a foreign arbitration award is enforceable then it shall be deemed to be a decree. A foreign award can be enforced when ... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=12970 - Other Topics
Taxmanagementindia
DETERMINATION OF THE FOREIGN EXCHANGE RATE FOR CONVERTING THE AWARD AMOUNT IN FOREIGN CURRENCY TO INDIAN RUPEES
DETERMINATION OF THE FOREIGN EXCHANGE RATE FOR CONVERTING THE AWARD AMOUNT IN FOREIGN CURRENCY TO INDIAN RUPEES, Other
Advance ruling passed by the authority of one particular state is not binding on the department of different state and third-party taxpayer
The Hon ble Calcutta High Court in the case of SARKAR DIESEL ANR. VERSUS THE DEPUTY COMMISSIONER, STATE TAX, KRISHNAGAR CHARGE ORS. - 2024 (7) TMI 374 - CALCUTTA HIGH COURT advance ruling passed by the authority of one particular state is not binding on the department of different state and third-party taxpayer. Facts: Sarkar Diesel ( the Appellant ) during proceedings before the Hon ble High Court relied upon the ruling passed by the AAR Goa relating to the subject matter for which the appeal ... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=12971 - Goods and Services Tax - GST
The Hon ble Calcutta High Court in the case of SARKAR DIESEL ANR. VERSUS THE DEPUTY COMMISSIONER, STATE TAX, KRISHNAGAR CHARGE ORS. - 2024 (7) TMI 374 - CALCUTTA HIGH COURT advance ruling passed by the authority of one particular state is not binding on the department of different state and third-party taxpayer. Facts: Sarkar Diesel ( the Appellant ) during proceedings before the Hon ble High Court relied upon the ruling passed by the AAR Goa relating to the subject matter for which the appeal ... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=12971 - Goods and Services Tax - GST
Taxmanagementindia
Advance ruling passed by the authority of one particular state is not binding on the department of different state and third-party…
Advance ruling passed by the authority of one particular state is not binding on the department of different state and third-party taxpayer, Goods and Services Tax -
New claims by revenue cannot be entertained for period covered by resolution plan
In a recent judgement of M/S. SREI EQUIPMENT FINANCE LTD., VERSUS DEPUTY COMMISSIONER OF COMMERCIAL TAXES, BANGALORE, DEPUTY COMMISSIONER OF COMMERCIAL TAXES, BANGALORE - 2024 (9) TMI 1394 - KARNATAKA HIGH COURT , the Hon ble High Court of Karnataka has held that the proceedings initiated under section 73 of the KGST Act, 2017 are clearly without jurisdiction in the light of the undisputed fact that the Resolution Plan has already been approved by the National Company Law Tribunal ( NCLT ). In ... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=12972 - Goods and Services Tax - GST
In a recent judgement of M/S. SREI EQUIPMENT FINANCE LTD., VERSUS DEPUTY COMMISSIONER OF COMMERCIAL TAXES, BANGALORE, DEPUTY COMMISSIONER OF COMMERCIAL TAXES, BANGALORE - 2024 (9) TMI 1394 - KARNATAKA HIGH COURT , the Hon ble High Court of Karnataka has held that the proceedings initiated under section 73 of the KGST Act, 2017 are clearly without jurisdiction in the light of the undisputed fact that the Resolution Plan has already been approved by the National Company Law Tribunal ( NCLT ). In ... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=12972 - Goods and Services Tax - GST
Taxmanagementindia
New claims by revenue cannot be entertained for period covered by resolution plan
New claims by revenue cannot be entertained for period covered by resolution plan, Goods and Services Tax -
Penalty Payable under Section 129(1a)
Goods Intercepted during Transit On which Applicable Tax Rate is 18% while Tax Invoice Raised for 12% Tax Rate. Therefore Invoice Raised for Tax Value of Rs. 100 on which Tax Paid is 12. E-way Has been made Correctly. Now Calculation of 200% penalty for Tax payable will be Rs. 36 or Rs. 12 Case 1 : Tax Payable on 100 will Rs. 18 while already paid Tax is 12. Therefore Tax Short Paid is 6 on which 200% penalty will be 12 Case 2: Tax payable on Rs. 100 is 18 therefore Penalty under 129(1a) is 36 ... ... ...
Source:
https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=119327 - GST
Goods Intercepted during Transit On which Applicable Tax Rate is 18% while Tax Invoice Raised for 12% Tax Rate. Therefore Invoice Raised for Tax Value of Rs. 100 on which Tax Paid is 12. E-way Has been made Correctly. Now Calculation of 200% penalty for Tax payable will be Rs. 36 or Rs. 12 Case 1 : Tax Payable on 100 will Rs. 18 while already paid Tax is 12. Therefore Tax Short Paid is 6 on which 200% penalty will be 12 Case 2: Tax payable on Rs. 100 is 18 therefore Penalty under 129(1a) is 36 ... ... ...
Source:
https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=119327 - GST
Taxmanagementindia
Penalty Payable under Section 129(1a), Goods and Services Tax - GST
Discussion Forum An issue, query raised by the member of TMI for reply, post by the experts on TaxTMI on Penalty Payable under Section 129(1a), Goods and Services Tax -
DENIAL OF ITC DUE TO SUPPLIERS REGISTRATION HAS BEEN CANCELLED UNDER SECTION 29(2)(e)
DEAR EXPERT, MY QUERY IS UNDER. I AM MANUFACTURING FIRM. I AM PURCHASING RAW MATERIAL FROM DIFFERENT SUPPLIERS. SOMETIMES WE ARE PURCHASING FROM AGENTS. SO WE DONT KNOW THE SUPPLIER PERSONALY. WE HAVE RECEIVED 3 DIFFERENT DRC-01 FOR THE F.Y.2018-19 STATING THAT SUPPLIERS REGISTRATION CANCELLED SUO MOTO. HENCE ITC NEED TO REVERSE. INITIALLY THEY HAVE ISSUED SUMMON TO US AND WE HAVE SUPPLIED DOCUMENTS AS THEY REQUIRED. BUT OFF THE RECORD, THEY TOLD US THAT WHEN EVER ANY SUPPLIERS GST NUMBER CANCE... ... ...
Source:
https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=119329 - GST
DEAR EXPERT, MY QUERY IS UNDER. I AM MANUFACTURING FIRM. I AM PURCHASING RAW MATERIAL FROM DIFFERENT SUPPLIERS. SOMETIMES WE ARE PURCHASING FROM AGENTS. SO WE DONT KNOW THE SUPPLIER PERSONALY. WE HAVE RECEIVED 3 DIFFERENT DRC-01 FOR THE F.Y.2018-19 STATING THAT SUPPLIERS REGISTRATION CANCELLED SUO MOTO. HENCE ITC NEED TO REVERSE. INITIALLY THEY HAVE ISSUED SUMMON TO US AND WE HAVE SUPPLIED DOCUMENTS AS THEY REQUIRED. BUT OFF THE RECORD, THEY TOLD US THAT WHEN EVER ANY SUPPLIERS GST NUMBER CANCE... ... ...
Source:
https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=119329 - GST
Taxmanagementindia
DENIAL OF ITC DUE TO SUPPLIERS REGISTRATION HAS BEEN CANCELLED UNDER SECTION 29(2)(e), Goods and Services Tax - GST
Discussion Forum An issue, query raised by the member of TMI for reply, post by the experts on TaxTMI on DENIAL OF ITC DUE TO SUPPLIERS REGISTRATION HAS BEEN CANCELLED UNDER SECTION 29(2)(e), Goods and Services Tax -
Firm in insolvency, transactions worth Rs. 3.87 cr under scrutiny, vehicle transfer post-initiation deemed fraudulent, respondents to contribute Rs. 13.75 lakh.
Corporate Insolvency Resolution Process initiated. Applicant alleged transactions worth Rs. 3.87 crores as preferential or fraudulent, seeking recovery from respondents. Tribunal unable to classify Rs. 3.87 crore transactions due to lack of information. One vehicle transferred post-CIRP initiation treated as fraudulent transaction. u/s 66(2)(b) IBC, respondents directed to contribute Rs. 13,74,585 to Corporate Debtor's assets for failure to exercise due diligence in minimizing potential loss to creditors. Application partly allowed.
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81769
#CorporateInsolvency #FraudulentTransaction #PreferentialPayment #AssetRecovery #DebtorProtection - IBC
Corporate Insolvency Resolution Process initiated. Applicant alleged transactions worth Rs. 3.87 crores as preferential or fraudulent, seeking recovery from respondents. Tribunal unable to classify Rs. 3.87 crore transactions due to lack of information. One vehicle transferred post-CIRP initiation treated as fraudulent transaction. u/s 66(2)(b) IBC, respondents directed to contribute Rs. 13,74,585 to Corporate Debtor's assets for failure to exercise due diligence in minimizing potential loss to creditors. Application partly allowed.
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81769
#CorporateInsolvency #FraudulentTransaction #PreferentialPayment #AssetRecovery #DebtorProtection - IBC
Faster Listing of Debt Securities: SEBI Cuts Listing Timeline to T+3 for Quicker Access to Funds.
SEBI has decided to reduce the timeline for listing of debt securities and non-convertible redeemable preference shares (NCRPS) issued through public issues from T+6 working days to T+3 working days. This move aims to facilitate faster access to funds for issuers and provide early credit and liquidity for investors. Initially, the T+3 listing timeline will be optional for issuers for one year, after which it will become mandatory. During the voluntary period, provisions related to refund of application money will apply only after T+6 days, even if the issuer opts for T+3 listing but fails to meet it. The circular provides an indicative timeline for activities involved in the public issue process under the T+3 regime. Stock exchanges will monitor compliance and the provisions will be applicable from November 1, 2024 on a voluntary basis and November 1, 2025 mandatorily.
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81828
#DebtSecurities #NCRPS #PublicIssues #CapitalMarkets #SEBIReforms - SEBI
SEBI has decided to reduce the timeline for listing of debt securities and non-convertible redeemable preference shares (NCRPS) issued through public issues from T+6 working days to T+3 working days. This move aims to facilitate faster access to funds for issuers and provide early credit and liquidity for investors. Initially, the T+3 listing timeline will be optional for issuers for one year, after which it will become mandatory. During the voluntary period, provisions related to refund of application money will apply only after T+6 days, even if the issuer opts for T+3 listing but fails to meet it. The circular provides an indicative timeline for activities involved in the public issue process under the T+3 regime. Stock exchanges will monitor compliance and the provisions will be applicable from November 1, 2024 on a voluntary basis and November 1, 2025 mandatorily.
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81828
#DebtSecurities #NCRPS #PublicIssues #CapitalMarkets #SEBIReforms - SEBI
Foreign Venture Capital Investors face stringent compliance: Monthly reports, KYC norms, reporting ownership changes.
The key points covered in the given text are as follows: 1. Foreign Venture Capital Investors (FVCIs) are required to submit monthly reports on investments and fees collected to SEBI through Designated Depository Participants (DDPs). 2. Procedures are outlined for various activities like name change, surrender of registration, change in DDP, reporting material changes, and handling non-compliant jurisdictions. 3. Detailed KYC requirements are specified for FVCIs, including documentation, identification of beneficial owners, periodic reviews, data security measures, and maintenance of records. 4. Guidelines are provided for acceptable proof of address, attestation of documents, and reliance on public sources for verification. 5. The process .....
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81829
#FVCIs #VentureCapital #Compliance #Regulations #India - SEBI
The key points covered in the given text are as follows: 1. Foreign Venture Capital Investors (FVCIs) are required to submit monthly reports on investments and fees collected to SEBI through Designated Depository Participants (DDPs). 2. Procedures are outlined for various activities like name change, surrender of registration, change in DDP, reporting material changes, and handling non-compliant jurisdictions. 3. Detailed KYC requirements are specified for FVCIs, including documentation, identification of beneficial owners, periodic reviews, data security measures, and maintenance of records. 4. Guidelines are provided for acceptable proof of address, attestation of documents, and reliance on public sources for verification. 5. The process .....
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81829
#FVCIs #VentureCapital #Compliance #Regulations #India - SEBI
India Imposes Definitive Anti-Dumping Duty on Rubber Imports from China, Russia, Saudi, Singapore, and US to Protect Domestic Industry.
This notification seeks to impose a definitive anti-dumping duty on imports of "Isobutylene-Isoprene Rubber ('IIR')" originating from or exported from China, Russia, Saudi Arabia, Singapore, and the United States of America into India for five years. The duty rates vary based on the country of origin, country of export, and producer, ranging from $325 to $1,152 per metric ton. The duty aims to remove injury caused to the domestic industry due to dumped imports. The notification outlines the specific duty rates applicable to different scenarios involving the countries and producers mentioned. It also clarifies the currency conversion mechanism and the relevant date for determining the exchange rate.
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81830
#Trade #AntiDumping #Imports #Rubber #DutyImposed - Customs
This notification seeks to impose a definitive anti-dumping duty on imports of "Isobutylene-Isoprene Rubber ('IIR')" originating from or exported from China, Russia, Saudi Arabia, Singapore, and the United States of America into India for five years. The duty rates vary based on the country of origin, country of export, and producer, ranging from $325 to $1,152 per metric ton. The duty aims to remove injury caused to the domestic industry due to dumped imports. The notification outlines the specific duty rates applicable to different scenarios involving the countries and producers mentioned. It also clarifies the currency conversion mechanism and the relevant date for determining the exchange rate.
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81830
#Trade #AntiDumping #Imports #Rubber #DutyImposed - Customs
Solar panel frames imports from China hit with anti-dumping duty of $403-$577/MT.
This notification imposes anti-dumping duty on imports of "Anodized Aluminium Frames for Solar Panels/Modules" originating in or exported from China PR. The designated authority concluded that the subject goods were exported to India at dumped prices, causing material retardation to the establishment of the domestic industry. Consequently, an anti-dumping duty ranging from $403 to $577 per MT is imposed on imports from specified Chinese producers/exporters and any other non-specified entities. The duty is applicable for five years from the notification date and payable in Indian currency based on the exchange rate specified by the Ministry of Finance.
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81831
#TradeDispute #Protectionism #RenewableEnergy #SolarPower #MakeInIndia - Customs
This notification imposes anti-dumping duty on imports of "Anodized Aluminium Frames for Solar Panels/Modules" originating in or exported from China PR. The designated authority concluded that the subject goods were exported to India at dumped prices, causing material retardation to the establishment of the domestic industry. Consequently, an anti-dumping duty ranging from $403 to $577 per MT is imposed on imports from specified Chinese producers/exporters and any other non-specified entities. The duty is applicable for five years from the notification date and payable in Indian currency based on the exchange rate specified by the Ministry of Finance.
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81831
#TradeDispute #Protectionism #RenewableEnergy #SolarPower #MakeInIndia - Customs
Rice export duty hike: 10% on paddy, brown & parboiled rice; exempts milled rice except Basmati.
This notification amends the export duty rates on certain varieties of rice under the Customs Act, 1962. It introduces a 10% export duty on rice in husk (paddy or rough), husked (brown) rice, and parboiled rice. However, it exempts semi-milled or wholly-milled rice (other than parboiled and Basmati rice) from export duty. The changes are effective immediately.
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81832
#IndiaRicePolicy #ExportDuty #FoodSecurity #AgriculturalReforms #TradeRegulations - Customs
This notification amends the export duty rates on certain varieties of rice under the Customs Act, 1962. It introduces a 10% export duty on rice in husk (paddy or rough), husked (brown) rice, and parboiled rice. However, it exempts semi-milled or wholly-milled rice (other than parboiled and Basmati rice) from export duty. The changes are effective immediately.
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81832
#IndiaRicePolicy #ExportDuty #FoodSecurity #AgriculturalReforms #TradeRegulations - Customs
Finance Act provisions enforced; tax & duty changes effective Nov 1, 2024.
This notification brings into force various provisions of the Finance (No. 2) Act, 2024. On the date of publication, sections 118, 142, 148, and 150 come into effect. Sections 114 to 117, 119 to 141, 143 to 147, 149, and 151 to 157 come into force on November 1, 2024. The notification is issued by the Central Board of Indirect Taxes and Customs under the Ministry of Finance, exercising powers conferred by the Finance Act.
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81833
#TaxReforms #FiscalPolicy #LegalNotice #ComplianceDeadline #EconomicUpdates - GST
This notification brings into force various provisions of the Finance (No. 2) Act, 2024. On the date of publication, sections 118, 142, 148, and 150 come into effect. Sections 114 to 117, 119 to 141, 143 to 147, 149, and 151 to 157 come into force on November 1, 2024. The notification is issued by the Central Board of Indirect Taxes and Customs under the Ministry of Finance, exercising powers conferred by the Finance Act.
Source:
https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=81833
#TaxReforms #FiscalPolicy #LegalNotice #ComplianceDeadline #EconomicUpdates - GST
GST ON RREP ON ONGOING PROJECT 01-04-2019 IF DECLARATION IN FORM IV NOT SUBMITTED
AS PER Notification No. 03/2019-Central Tax (Rate) one declaration needs to be submitted before 10-05-2019. What will be the consequence if the declaration not submitted and tax @12% was paid earlier with input credit. If rate changed by virtue of this ammendment to 5% then excess amount paid earlier can be claimed as refund or not? - Reply By KASTURI SETHI - The Reply = (i) If the declaration in Annexure-IV was not filed within prescribed time limit i.e. before 20.10.19 (extended) ), it would ... ... ...
Source:
https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=119322 - GST
AS PER Notification No. 03/2019-Central Tax (Rate) one declaration needs to be submitted before 10-05-2019. What will be the consequence if the declaration not submitted and tax @12% was paid earlier with input credit. If rate changed by virtue of this ammendment to 5% then excess amount paid earlier can be claimed as refund or not? - Reply By KASTURI SETHI - The Reply = (i) If the declaration in Annexure-IV was not filed within prescribed time limit i.e. before 20.10.19 (extended) ), it would ... ... ...
Source:
https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=119322 - GST
Taxmanagementindia
GST ON RREP ON ONGOING PROJECT 01-04-2019 IF DECLARATION IN FORM IV NOT SUBMITTED, Goods and Services Tax - GST
Discussion Forum An issue, query raised by the member of TMI for reply, post by the experts on TaxTMI on GST ON RREP ON ONGOING PROJECT 01-04-2019 IF DECLARATION IN FORM IV NOT SUBMITTED, Goods and Services Tax -
DPIIT working on Jan Vishwas 2.0 to further give a boost to Make in India
- - - Dated:- 30-9-2024 - The Department for Promotion of Industry and Internal Trade (DPIIT) is working on about 100 rules and laws of various departments of government to bring Jan Vishwas 2.0 bill to achieve a greater ease of doing business environment in the country. The work is being done as the priority area under the first 100-day thrust of the present government. To support the Make in India initiative, the Government of India has enacted the Jan Vishwas (Amendment of Provisions) Act, 2... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_rss_feed.asp?ID=27946
- - - Dated:- 30-9-2024 - The Department for Promotion of Industry and Internal Trade (DPIIT) is working on about 100 rules and laws of various departments of government to bring Jan Vishwas 2.0 bill to achieve a greater ease of doing business environment in the country. The work is being done as the priority area under the first 100-day thrust of the present government. To support the Make in India initiative, the Government of India has enacted the Jan Vishwas (Amendment of Provisions) Act, 2... ... ...
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https://www.taxmanagementindia.com/visitor/detail_rss_feed.asp?ID=27946
PMs guidance in developing Uttar Pradesh to help it reach US$ 1 trillion economy: Shri Goyal
- - - Dated:- 30-9-2024 - Double engine government of Centre, Uttar Pradesh to propel India to a US$ 35 trillion economy by 2047: Union Minister Shri Piyush Goyal Uttar Pradesh led by Shri Adityanath s industrial policies has become a holistic model of development: Shri Goyal Implementation of 4Ds: Decisive leadership, Demand, Demographic Dividend, Democracy made Uttar Pradesh investment friendly: Shri Goyal Union Minister of Commerce Industry, Shri Piyush Goyal during his valedictory speech at... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_rss_feed.asp?ID=27947
- - - Dated:- 30-9-2024 - Double engine government of Centre, Uttar Pradesh to propel India to a US$ 35 trillion economy by 2047: Union Minister Shri Piyush Goyal Uttar Pradesh led by Shri Adityanath s industrial policies has become a holistic model of development: Shri Goyal Implementation of 4Ds: Decisive leadership, Demand, Demographic Dividend, Democracy made Uttar Pradesh investment friendly: Shri Goyal Union Minister of Commerce Industry, Shri Piyush Goyal during his valedictory speech at... ... ...
Source:
https://www.taxmanagementindia.com/visitor/detail_rss_feed.asp?ID=27947