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Active Company Tagging Identities and Verification (Amendment In Companies Act)

URGENT(1) Every company incorporated on or before the 31st December, 2017 shall file the particulars of the company and its registered office, in e-Form ACTIVE (Active Company Tagging Identities and Verification) on or before 25.04.2019.Provided that any company which has not filed its due financial statements under section 137 or due annual returns under section …

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Interim Budget 2019 an Overview

The Finance Minister presented the Interim Union Budget 2019 1st Feb as the general elections are scheduled later this year. The Interim Union Budget 2019 aims to provide benefits to the middle-class taxpayers especially salary earners, pensioners, and senior citizens. Key tax and regulatory proposals of the Interim Union Budget 2019 have been summarised herein …

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Ineligible categories under MEIS

Ineligible categories under MEIS i.Supplies made from DTA units to SEZ units. ii.Export of imported goods covered under paragraph 2.46 of FTP; iii.Exports through trans-shipment, meaning thereby exports that are originating in third country but trans-shipped through India; Deemed Exports; v.SEZ/EOU/EHTP/BPT/FTWZ products exported through DTA units; vi.Export products which are subject to minimum export price …

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Products not eligible for incentive under MEIS

Sl. No. Chapters Products under the following chapters are not eligible for incentive under MEIS 1 Chapter-01 Live animals 2 Chapter-02 Meat and edible meat offal 3 Chapter-10 Cereals 4 Chapter-24 Tobacco and manufactured tobacco substitutes 5 Chapter-25 Salt; sulphur; earths and stone; plastering materials, lime and cement 6 Chapter-26 Ores, slag and ash 7 …

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Export of goods through courier or foreign post offices using e-Commerce under MEIS

Export of goods through courier or foreign post offices using e-Commerce under MEIS: Exports of goods through courier or foreign post office using e commerce, as notified in Appendix 3C, – of FOB value up to Rs. 25000 per consignment shall be entitled for rewards under MEIS. – of FOB value more than Rs 25000 …

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Merchandise Exports from India Scheme (MEIS) under Foreign Trade Policy of India (FTP 2015-20)

Merchandise Exports from India Scheme (MEIS) under Foreign Trade Policy of India (FTP 2015-20):- What is the MEIS scheme? Merchandise Exports from India Scheme (MEIS) under Foreign Trade Policy of India (FTP 2015-20) is one of the two schemes introduced in Foreign Trade Policy of India 2015-20, as a part of Exports from India Scheme. …

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Export Promotion Capital Goods (EPCG) scheme

Export Promotion Capital Goods (EPCG) scheme Export Promotion Capital Goods (EPCG) scheme allows import of capital goods including spares for pre production, production and post production at zero duty subject to an export obligation of 6 times of duty saved on capital goods imported under EPCG scheme, to be fulfilled in 6 years reckoned from Authorization issue date. …

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Applicability of IND AS – Indian Accounting Standards

The Ministry of Corporate Affairs (MCA) has notified the Companies (Indian Accounting Standards (IND AS)) Rules 2015, which stipulates the adoption and applicability of IND AS in a phased manner beginning from the Accounting period 2016-17 and subsequently, issued Amendment Rules 2016 to amend the 2015 rules. Phase of adoption MCA has notified phase-wise convergence to …

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GST to be levied on goods stored in customs warehouse only on final clearance

The Central Board of Indirect Taxes and Customs (CBIC) has asked its field offices to levy GST on goods in customs warehouse only at the time of final clearance. The move is aimed at ensuring ease of doing business for importers. In a circular to principal chief commissioners and chief commissioners, the GST policy wing …

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Treatment of expired medicines for Hospitals/ Pharma sector

Pharma sector is seeking clarification on various provisions of GST. Treatment of expired medicines at the time of return from retailer to whole seller and from whole seller to manufacturer needs clarification. Let us go into detail to understand the implication of various provisions. Mechanism to book return of goods and time limit in GST: …

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