Electronic Credit Ledger (ECL) could not be debited for purposes of making payment of pre-deposit of tax.

Act: Central Goods and Services Act, 2017 Facts of the case: The Petitioner is a partnership firm engaged in the business of execution of works contract including civil, electrical and mechanical.In the instant case, a demand was raised by the Deputy Commissioner of CT & GST, Barbil Circle, Jajpur, Odisha which resulted in an extra demand for [...]

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Updation of KYC of Directors

The Ministry of Corporate affairs vide Companies (Appointment and Qualification of Directors) dated 05/07/2018 has notified format of E-form DIR-3 KYC under new Rule 12A , [...]

Extension of due date for filing Income Tax Return for AY 18-19

The Central Board of Direct Taxes Vide Order F.No 225/242/2018/ITA.II dated 26/07/2018 has extended the due date for filing Income Tax Return from 31-07- 2018 to [...]

Amendments & Insertions made in Form 3CD

The Central Board of Direct Taxes Vide Notification No. 33/2018. Income Tax 8th Amendment) Rules has made substantial changes in Form 3CD whereby reporting requirements [...]

Discontinuation of registration of Sub-brokers as intermediary with SEBI

SEBI Board in its meeting held on 21-06-2018 decided to discontinue the registration of sub-brokers with SEBI. Consequently, SEBI vide its Circular No. [...]

Levy of Anti-Dumping Duty on import of Methylene Chloride

Central Board of Indirect taxes and Customs issued Notification No. 38/2018-Customs (ADD) which states that “Levy of Anti-dumping duty on the import of Methylene Chloride [...]

Clarification regarding the applicability of GST on petroleum gases retained for the manufacture of petrochemical and chemical products

The Central Board of Indirect Taxes and Customs Vide Circular No. 53/27/2018-GST dated 09/08/2018 has clarified that:- In cases where petroleum gases are supplied by oil [...]

Deferment of RCM on procurements made from unregistered person extended till September 30, 2019

The Central Board of Indirect Taxes and Customs Vide Notification No 22/2018 – Central Tax (Rate) dated 06th August, 2018 has deferred the payment of Goods and Services tax [...]

Special procedure for completing migration of taxpayers who received provisional IDs but could not complete the migration process

Taxpayers migrating to GST from previous tax regime who could not complete the registration process have been provided a procedure by way of a Notification No. 31/2018 – [...]

Further extension of time limit for date of linking PAN with Aadhar

The Central Board of Direct Taxes vide its order F.No 225/270/2017/ITA.II dated 30th June, 2018 has further extended the time limit for linking PAN with Aadhar till 31st [...]

Inclusion of bonds issued by specified financial institutions for the purpose of claiming exemption from long term capital gains under Section 54EC of the Income Tax Act, 1961.

The Central Board of Direct Taxes vide its Notification No 27/2018 and 28/2018 dated 18th June, 2018 had included the bonds issued by Indian Railway Finance Corporation [...]

Discontinuance of acceptance of cash by Stock brokers from clients

The Securities Exchange Board of India Vide its Notification No SEBI/HO/MIRSD/DOP/CIR/P/2018/113 dated 12th July stated that “All payments shall be received / made by the [...]

Deferment of RCM on procurements made from unregistered person till September 30, 2018

The Central Board of Indirect Taxes and Customs Vide Notification No 12/2018 – Central Tax (Rate) dated 29th June, 2018 has deferred the payment of Goods and Services tax [...]

Deduction of tax under section 194C will come into operation only in case of payment made by assessee.

The Honorable Supreme Court of India Vide Commissioner of Income Tax-I vs. Daulat Enterprises held that assessee is liable to deduct TDS under Section 194C of the Income Tax [...]

Trading Hours of Stock Exchanges

The Securities and Exchange Board of India Vide its circular NoSEBI/HO/MRD/DRMNP/CIR/78 dated 4th May, 2018 had permitted the stock exchanges to permit stock exchangesto set [...]

Applicability of Integrated tax on goods supplied while being deposited in a customs bonded warehouse

The Central Board of Indirect Taxes and Customs Vide Circular No 3/1/2018 –IGST dated 25th May 2018 had clarified that integrated tax shall be levied and collected on goods [...]