No GST exemption on goods and service supply to Duty Free Shops (DFSs) at international Airports in India – Decision of High Court of Madhya Pradesh in Vasu Clothing(P) Ltd. v. Union of India

Facts of the case: The petitioner is a manufacturer and exporter of garments in India and specializes in manufacturing of highquality products for children with customer base in Middle East, South Africa and USA. He intends to supply goods to Duty Free Shops (DFSs) situated in the duty free area at international airports. The petitioner is aggrieved by [...]

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Micro, Small and Medium Enterprises (MSME) sector – Restructuring of Advances

With a view to facilitate meaningful restructuring of MSME accounts that have become stressed, Reserve Bank OfIndid vide its Circular No. RBI/2018-19/100 dated 01-01-2019 [...]

Procedure, format 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 section 197(1)/collection of the tax at any lower rate under 206C(9) TRACES portal

Earlier, Vide Notification No. 74/2018 dated 25-10-2018, Rule 28/37G of the Income-tax Rules, 1962 has been amended to provide for filing an application electronically for [...]

Acceptance of Probate of Will or Will for Transmission of Securities held in dematerialized mode

In terms of SEBI (Listing  Obligations  and  Disclosure Requirements) 2018, probate of will or will has been prescribed as documentary requirement [...]

Extension of due date for furnishing ITC 04 till 31st March, 2019

ITC 04 is required to be filed by a tax payer by giving the details of goods dispatched to or received from job workers. Due date for filing the same is 25th of the [...]

Recommendations made during 31st GST Council Meeting

31st GST Council Meeting was held on 22nd December 2018. Major recommendations made were as follows: The new return filing system to be introduced on a trial basis from [...]

Waiver of late fee payable for delayed filing of FORM GSTR-3B and GSTR 1 for the period July, 2017 to September, 2018 in specified cases

The Central Board of Indirect Taxes and  Customs Vide Notification No 75/2018 and 76/2018 – Central Tax dated 31st December 2018 has waived the late fees payable for [...]

CAPITAL EXPENDITURE vs REVENUE EXPENDITURE -Ketan K Waghela, ACA(Mumbai Branch)

The line of demarcation between capital and revenue expenditure is very thin and the ultimate conclusion on the nature of the expenditure is always a question of law and [...]

Maintenance of Statutory Liquidity Ratio (SLR)

Reserve Bank Of India vide its Notification No. RBI/2018-19/86 dated 05th December 2018 has decided to reduce the Statutory Liquidity Ratio (SLR) requirement of banks by 25 [...]

Relaxation on guidelines to NBFCs on securitisation transactions

In order to encourage NBFCs to securitise/assign their eligible assets, Reserve Bank Of India vide its Notification No. RBI/2018-19/82 dated 29th November 2018 has decided to [...]

TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens

It has been brought to the notice of CBDT that incase of Senior Citizens, some Banks are making TDS deductions eventhough the amount of income does not exceed fifty thousand [...]