Background Section 80JJAA was introduced to provide incentives to industries to generate employment for semi-skilled and unskilled labours. It was amended by Finance Act, 2016 and again under Finance Act, 2018. We have summarized important provisions as below. Eligibility for claiming...
CBIC has clarified various doubts as regards treatment of various sales promotional schemes under GST vide circular 92/11/2019 dated 7th March 2019 to ensure uniform implementation of the law. Summary of the said circular is as below. Free Samples & Gift It is...
Highlights of notifications issued by CBIC dated 7th March 2019 are as below. Increase in turnover threshold limit for dealers under composition scheme Threshold limit of aggregate turnover for composition scheme dealers u/s.10 of CGST Act has been enhanced to Rs. 1.5...
Ministry of Law and Justice notified The Banning of Unregulated Deposit Schemes Ordinance 2019 vide notification published in official Gazette on 21st February 2019. It provides a comprehensive mechanism to ban the unregulated deposit schemes and to protect the interest of depositors and matters connected thereto. This bill...
Ministry of Corporate Affairs (MCA) has introduced KYC of Companies by inserting Rule 25A under Companies (Incorporation) Rules, 2014. This has been notified by MCA vide notification dated 21st February 2019 and shall be effective from 25th February 2019. Below are the highlights of the requirements of Rule 25A. Every Company incorporated on...
GST Policy Wing, CBIC has issued three circulars on 18th February, 2019 as listed below in brief. Circular No. 90/09/2019 – GST dated 18-02-19:  All registered persons making supply of goods or services or both in the course of inter-State...
The Department for Promotion of Industry and Internal Trade (DPIIT) has issued a new notification in supersession of its earlier notification no. GSR 364(E), dated 11-04-2018. The DPIIT has extended the definition of the start-up and also relaxed norms for the purpose of claiming exemption from applicability of provision of section...
Notice u/s 271I states that if the assessee has failed to furnish information or has furnished inaccurate information u/s 195(6) in form of filing of Form 15CA and 15CB, there is a penalty for Rs. 1,00,000/- for each such default. Now, previously Form 15CA and 15CB needn’t be...
A recent “Standing Order” No.01/2019  issued by the Principal Commissioner of Central Tax, Hyderabad on 04-02-2019, instructs GST Tax Officials and field formation Officers to inquire into cases of late filing of returns, where asseseees has paid interest only on the net tax liability of GST and further instructing to issue recovery notices u/s...