Reference: Central Board of Indirect Taxes and Customs
Update:
Imposition of the definitive anti-dumping duty on the imports of \”Electrical Insulators\” originating in, or/and exported from China PR:
CBIC vide a notification has imposed Anti-Dumping Duty on Electrical Insulators of Glass, or Ceramics/Porcelain, whether assembled or unassembled at the rate specified in the notification. Electrical Insulators of Glass, or Ceramics/Porcelain, whether assembled or unassembled, do not include the following, namely:-
(i) Telephone or telegraph insulators of voltage rating up to 1 KV;
(ii) Electrical or electronic appliances/device insulators of voltage rating up to 1 KV;
(iii) Composite insulators; and
(iv) Condenser bushings and transformer
Implication:
The anti-dumping duty imposed under this notification shall be effective for a period of five Years (unless revoked, superseded or amended earlier) from the date of publication of this notification i.e. 14th September, 2019 and shall be paid in Indian currency
Reference: Central Board of Direct Taxes
Update:
CBDT notifies tolerance range under transfer pricing for AY-2019-20:
Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C of the said Act and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one per cent. of the latter in respect of wholesale trading and three per cent. of the latter in all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm’s length price for assessment year 2019-2020.
Implication:
wholesale trading means an international transaction or specified domestic transaction of trading in goods, which fulfils the following conditions, namely:-
(i) purchase cost of finished goods is eighty per cent. or more of the total cost pertaining to such trading activities; and
(ii) average monthly closing inventory of such goods is ten per cent. or less of sales pertaining to such trading activities.
Update:
E-assessment Scheme, 2019:
CBDT notifies Income Tax E-assessment Scheme, 2019 with effect from 12th September, 2019. The assessment under this Scheme shall be made in respect of such territorial area, or persons or class of persons, or incomes or class of incomes, or cases or class of cases, as may be specified by the Board.
Implication:
Individual will be required to respond to the notice or order received through the registered account only.
Reference: Reserve Bank of India
Update:
RBI releases “Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector: RBI has released “Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector” for comments of stakeholders and members of the public.
Suggestions and comments on the draft guidelines may be sent by October 12, 2019 to the Chief General Manager, Reserve Bank of India, Department of Banking Regulation, Central Office, 13th floor, Central Office Building, Shahid Bhagat Singh Marg, Mumbai, 400001. Suggestions/comments can also be emailed. READ HERE
Update:
Monetary penalty on The Goa Urban Co-operative Bank Ltd., Panaji (Goa): The Reserve Bank of India in exercise of powers vested under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949 has imposed monetary penalty of Rs. 5 lakh on The Goa Urban Co-operative Bank Ltd., Panaji for non-compliance with directions issued by RBI with respect to Supervisory Action Framework (SAF).READ HERE
Implication:
The Goa Urban Co-operative Bank Ltd., Panaji will follow the directions issued by the RBI to avoid further penalty.
Update:
Monetary penalty on The Mehmadabad Urban Peoples Co-operative Bank Ltd., Mehmadabad:
The Reserve Bank of India in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 has imposed monetary penalty of Rs. 2 lakh on the Mehmadabad Urban Peoples Co-operative Bank Ltd., Mehmadabad for non-compliance with directions issued by RBI on sanction of loans and advances to directors and KYC norms/ AML standards.
Implication:
The Mehmadabad Urban Peoples Co-operative Bank Ltdi will follow the directions issued by the RBI to avoid further penalty.
Reference: Fraud
Update:
Racket of Issuance of Invoices without Actual Supply of Goods Busted In Delhi
CGST Delhi West and CGST Delhi North in a joint operation busted a racket of issuance of invoices without actual supply of goods. The taxpayer availed fraudulent Input Tax Credit for seeking IGST Refunds from Customs formations. Investigations revealed a novel modus operandi wherein the taxpayer showed supplies to SEZ for claiming fraudulent refund from CGST formations.
Devender Kumar Yadav & Sanjeev Maheshwari were the masterminds who created dummy firms and also opened bank accounts. Sh. Bhawani Shanker Sharma, was the accountant who prepared the fake documents and also filed returns on the basis of fake invoices. One person Vinod was shown as proprietor and assisted in the operations of these firms. All four have been arrested and remanded to Judicial Custody for 14 days by the Duty Magistrate at Patiala House Courts, New Delhi. Prima facie, fraudulent ITC of Rs.195 crores has been passed on using invoices involving an amount of Rs.847 crores.
