Reference: Central Board of Indirect Taxes and Customs
Update:
Schemes for Rebate of State and Central Taxes Levies (RoSCTCL) and Additional Ad-hoc Incentive for export of garments and made-ups.
Since State and Central Levies remained unrebated in the export of garments and made-ups, the Ministry of Textiles notified the scheme, to rebate the incidence of various State as well as Central taxes/levies suffered on export of garments and made-ups.
DGFT has withdrawn the benefit for garment and made ups under MEIS for (falling under Chapters 61,62 and 63) w.e.f 07.03.2019, i.e the date of introduction of RoSCTL scheme with a view to compensate exporters affected under the RoSCTL scheme.
Implication:
Under the RoSCTL and Additional Ad-hoc Incentive schemes, the rebate will be granted by DGFT in the form of electronic duty credit scrips similar to scrips issued under MIES.
Reference: Central Board of Direct Taxes
Update:
Decision in case of Salem Sree Ramavilas Chit Company
Sree Ramavilas Chit Company (the petitioner) has challenged the impugned order passed by The Deputy Commissioner of Income Tax (the respondent) on 27.12.2019 in respect of the amount received by the petitioner post demonetization. The petitioner has prima facie demonstrated that the assessment proceeding has resulted in distorted conclusion on facts that amount collected by the petitioner during the period was huge and remained unexplained by the petitioner and therefore same was liable to be treated as unaccounted money in the hands of the petitioner under Section 69A of the Income Tax Act, 1961.
Implication:
The impugned order is set aside and the case is remitted back to the respondent to pass a fresh order within a period of sixty days from date of receipt of a copy of this order.
Reference: Ministry of Corporate Affairs
Update:
Companies (Registration Offices and Fees) Amendment Rules, 2020
MCA has notified the Companies (Registration Offices and Fees) Amendment Rules, 2020. Under the said rule MCA has given a substitute for form No.GNL-2.
Implication:
These rules shall come into force on the date of their publication in the official Gazette.
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