E-way bill operations are compulsory for intra-state movement of goods for all states except DELHI
West Bengal Govt. enhanced exemption limit to Rs. 1,00,000 for intra-State e-way bill
The e-way bill is required to be generated for movement of goods in the State of West Bengal, if the consignment value exceeds Rs. 1 Lakh instead of Rs. 50,000. This notification will be effective from June 6, 2018.
Priority sector lending certificates & Renewable energy certificates attract 12% GST; Govt. clarifies
Govt. has clarified that Renewable Energy Certificates (RECs) and Priority Sector Lending Certificates (PSLCs) and similar documents would attract 12% GST. But the duty credit scrips would be exempted from GST.
Last date for May ’18 GSTR-1 filing is 10th June ’18.
No disallowance of interest if Bank Overdraft was taken for working capital requirement: Bombay HC
IT : Where assesse had taken bank overdraft for working capital requirement and it was not case of revenue that inventories were acquired out of borrowings, disallowance of interest on such borrowings on ground that such interest was included in closing work in progress, was not justified
TDS credit wasn’t available to assesse if corresponding income wasn’t offered to tax: Mumbai ITAT
IT: Credit for tax deducted at source has to be given in assessment year in which income has actually been assessed/offered to tax and not in year of deduction itself
Loss of bank guarantee due to failure in completing contract as per terms was allowable deduction: ITAT
IT : Where assesse, engaged in business of constructing bus shelters, entered into an agreement with Delhi Transport Corporation for setting up bus queue shelters under BOT basis, since assesse failed to construct bus shelters within time prescribed in agreement, and as a result it lost bank/performance guarantee, loss so incurred being in normal course of business, deserved to be allowed under section 28(i)
Special equipment given on hire for mining & transportation of excavated minerals eligible for higher dep.
IT : Where assesse was awarded contract for providing specialized equipment for mining and transportation of excavated minerals on hire, its claim for higher rate of depreciation in respect of those equipment was to be allowed.
SEBI issues master circular for Stock brokers
Know more at : https://www.sebi.gov.in/legal/master-circulars/jun-2018/master-circular-for-stock-brokers_39166.html
RBI extends loan repayments deadline for small businesses which are not registered under GST
In a temporary relief to small businesses not registered under the Goods and Services Tax, the Reserve Bank of India on Wednesday extended loan repayments deadline to 180 days from the due date without being classified as a non-performing asset.
Sebi asks Mutual Funds to disclose total expense charge on daily basis
The Mutual fund houses need to disclose about name of the scheme, base as well as total TER, additional expense and Goods and Services Tax (GST) for regular and direct mutual funds plan in a prescribed format. The new directive will come into force with immediate effect, the Securities and Exchange Board of India (Sebi) said in a circular.
“AMCs (Asset Management Companies) shall prominently disclose on a daily basis, the TER (scheme wise, date-wise) of all schemes under a separate head – ‘Total Expense Ratio (TER) of mutual fund schemes’ on their website and on the website of Amfi,” the regulator added.
SEBI eases norms for substantial acquisition of shares under Takeover regulations
Insolvency & Bankruptcy Code:
President approves ordinance to treat home buyers as creditors under Bankruptcy Code
The President has assented to the promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The key changes include recognition of status of home buyers as financial creditors. Grant of special dispensation to MSMEs. Strict procedure for withdrawal of case by an applicant after its admission under IBC. Relaxation of voting share from 75% to 66% for major decisions. Mandatory requirement of submission of Affidavit by Resolution professional to certify eligibility to bid.
Asset reconstruction co. considered as financial creditor when debt is assigned through valid agreement under IBC
I & B Code: Where financial debt had been legally assigned and transferred to applicant asset reconstruction company through valid assignment agreement, applicant came within definition of ‘financial creditor’ under sub-section (7) of section 5
IBBI Suspends Insolvency Professional for One Year for Charging Exorbitant Fee
The Insolvency and Bankruptcy Board of India ( IBBI ) has suspended an Insolvency Professional for one year on ground of charging exorbitant fee from an operational creditor for her services as IRP/RP.
IBBI unveils guidelines for appointment of Insolvency Resolution Professionals or Liquidators