Exemptions to IFSC Companies under Companies Act, 2013

In exercise of powers under the Section 462(1) of Companies Act, 2013 (“the Act”), the MCA has exempted the Companies which are licensed to operate by the RBI or SEBI or IRDA from the International Financial Services Centre (“IFSC”) located in an approved multi-services Special Economic Zone set-up under the Special Economic Zones Rules, 2006… Read More

Tag: EXEMPTION TO IFSC COMPANIES

SEBI revises guidelines on Offer for Sale of Shares through stock exchange mechanism

SEBI reviews the guidlines CIRCULAR CIR/MRD/DP/ 65 /2017 June 27, 2017 To All Stock Exchanges Dear Sir / Madam,  Sub: Review of Offer for Sale (OFS) of Shares through Stock Exchange Mechanism Comprehensive guidelines on Offer for Sale of Shares through stock exchange mechanism were issued vide circular no CIR/MRD/DP/18/2012 dated July 18, 2012. These… Read More

GST Council relaxes norms in eastern states and HP under Central Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 27th June, 2017 No. 8/2017-Central Tax G.S.R. 647(E).—In exercise of the powers conferred under the proviso to sub-section (1) of section 10 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act), the Central Government, on… Read More

CBEC amends certain rules under CGST Rules, 2017

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF EXCISE AND CUSTOMS) NOTIFICATION New Delhi, the 27th June, 2017 No. 7/2017–Central Tax G.S.R. 644(E).—In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules to amend the… Read More

CBDT amends IT Rules, defines standard for verification of Adhaar & PAN details in application

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th June, 2017 G.S.R. 642(E).—In exercise of the powers conferred by section 139A and section 139AA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further… Read More

30 states have passed SGST legislation, FM urges J&K Chief Minister to pass GST Bill

  After the most crucial four bills got president assent, finally passed in the month of April. All states except Jammu and Kashmir have passed  State Goods and Service Legislation in their respective assemblies,  paving way for easy transition and implementation of GST. From 1st July GST, it will subsume 16 different taxes.The Union Finance Minster,… Read More

Central Government defers TDS & TCS collection from e-commerce co’s and its suppliers

In order to ensure easy roll out of GST. Central Government has deferred the provisions relating to TDS ( Tax Deduction at Source) and TCS (Tax Collection at Source) for two categories - Persons liable to deduct tax at source,  E-Commerce Companies and their suppliers.   Public Information Bureau Government of  India Ministry of Finance  26-June,… Read More

Imposition of minimum penalty not mandatory in compounding of offences: NCLT

EXECUTIVE SUMMARY Compliance to the laws enacted for man results in good governance, whereas its non-compliance can result in offence. To understand the present order of NCLT in the matter of UW International Training & Education Centre for Health Pvt. Ltd.[1] where it has held that the principle of imposition of minimum penalty is non-mandatory… Read More

CBEC assigns officers for Registration and Composition levy under CGST, 2017

Circular No.1/1/2017 F. No. 349/75/2017-GST Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, Dated the 26th June, 2017 To, The Principal Chief Commissioner/Chief Commissioners/ Principal Commissioner/ Commissioner of Central Tax (All) / Director General of Systems Madam/Sir, Subject: Proper officer for provisions relating to Registration and… Read More

CBEC releases Tweet FAQ’s on Goods and Service Tax

Tweet FAQs The tweets received by ask GST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets. S. No. Questions / Tweets Received Replies 1. Does aggregate turnover include value of inward supplies received on which RCM is payable? Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of… Read More

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