Job Opportunity for B.Com/M.Com/BBA/MBA at Hydro

Job Opportunity for B.Com/M.Com/BBA/MBA at Hydro

Overview:

Hydro is seeking for an Accountant- Accounts Receivables for their Jaipur location. The role includes the operational responsibility for the following functions in North America: Accounts Receivable, Cash application and Reporting. The responsibility includes the application of the Accounts Receivable software of the Global Financial Shared Services and bookkeeping in the AR sub-ledger for the North-American Hydro locations.

Roles and responsibilities:

The ideal candidate should be able to:

• Application and usage of AR module software.
• Application of the common Chart of Account for Hydro locations in North-America.
• Correction and reconciliation of the daily transmission errors of bank files sent to AR module and post check images
• Correction and reconciliation of the daily AR automatic invoice data from the legacy systems and Order Management to the AR module
• Overseeing the standard register invoice process
• Entering the manually completed invoices into the AR system
• Settlement of the invoice problem with the locations and the North-American Credit & Collections
• Settlement of the problems of the customer payments with the locations, the North-American Credit & Collections and the banks
• Loading and daily matching of the bank statements, verification of them, entering of cash receipts into the AR module, statement reconciliation on a daily basis
• Booking of preferred payment methods like ACH Payments, Wire, Credit cards, etc.
• Matching and maintenances of items of customer’s account on the basis of the instructions received from the North-American Credit & Collections or the locations
• Cooperation with North-American Credit & Collections and the locations
• Keeping contact with the customers of the Financial Shared Services cooperating with the North-American Credit & Collections
• Regular reconciliation and check of AR and suspense bank accounts of both AR and GL sub-ledger with the GL department
• Discussion of compensations with AP and GL departments and the locations
• Provide reports and statistics required by the locations
• Monthly closing
• Contributing to the development and improvement of AR procedures
• Responsibility for the fulfilment of audit requirements related to his/her work in the area assigned to him/her and/or managed by him/her on AR basis

The ideal candidate should also have:

• Knowledge of finance and connecting functions and operating financial processes
• Knowledge of integrated financial software/system

Eligibility:

• Degree in Accounting and/or Finance
• 1-3 years of work experience in the finance field

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Job Opportunity for B.Com/M.Com/BBA/MBA at BCG

Job Opportunity for B.Com/M.Com/BBA/MBA at BCG

Overview:

BCG is looking for an experienced Senior Analyst for their New Delhi location. The candidate will be responsible for managing & delivering on responsibilities related to financial reporting and analytics needs, using relevant data tools, reporting environment and dashboards for BCG. The candidate will work as a business/ thought partner with our business areas with a focus on bringing insights to light through data analysis and visualization.

Roles and responsibilities:

The ideal candidate should be able to:

• Being a thought partner to business, creatively solving problems by bringing insights,
• Ability to structure hypothesis, build thoughtful analyses, develop underlying data models and bring clarity to previously undefined problems
• Desire and flexibility to work through details with keen attention to accuracy and interdependencies
• Comfortable working with ambiguity, complex and in an iterative environment
• Strong stakeholder management skills, ability to manage multiple stakeholders across different time zones
• Adapts style to changing situations and audiences with tact, poise and patience
• Demonstrates persistence to drive change. Contributes to a positive and productive work environment
• Works positively and collaboratively with others and within team; builds strong and lasting relationships
• Must be able to perform successfully in a fast-paced, intellectually intense, service-oriented environment
• Strong Organizational skills and process management skills
• Ability to contribute to multiple work streams at once and prioritize efforts accordingly. Demonstrated ability to drive projects to scheduled conclusion
• Familiarity or willingness to work on Agile methodology will be a plus

The ideal candidate should also have:

• Very strong problem solving & analytical skills
• Excellent communication skills; written and oral
• Flexible to work across time zones
• Proven ability to work effectively in a global environment with people at all levels, preferably in a professional services organization
• Strong finance knowledge of financial statements including P&L, Balance Sheet, etc.
• Advanced computer literacy
• Experience with and exposure to data analytics and business intelligence tools e.g. SAP Business objects, Power BI, Tableau; advanced excel, building reports, and diagnosing issues
• Prefer experience with Oracle applications such as Oracle Financials, HFM, Hyperion Planning

Eligibility:

• B.Com / Master’s degree in Finance or Chartered Accountant or equivalent
• 6 to 8 years of relevant finance experience

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Job Opportunity for B.Com/M.Com/BBA/MBA at JLL

Job Opportunity for B.Com/M.Com/BBA/MBA at JLL

Overview:

JLL is looking for an experienced Accounts Payable Analyst at their Gurgaon location. The candidate will be responsible for processing and monitoring vendor invoices and on time payment performance within agreed timeline and accuracy as per the Service Level Agreement.

Roles and responsibilities:

The ideal candidate should be able to:

• Process various types of accounts payable transactions including data entry of vendor invoices, expense reports, manual and emergency check requests
• Assist accountants and controllers with A/P issues or problems as they arise
• Answer property inquiries via phone and e-mail
• Understand and comply with all JLL A/P policies and procedures
• Monitor and enforce compliance by all JLL employees involved in the A/P process (site and accounting personnel) in respect to standard A/P policies and procedures
• Perform various other duties as assigned by a supervisor
• Assist in training of new A/P employees as needed
• Gather data on department’s processing metrics on a daily basis
• Communication with internal and external customers and vendors as needed

The ideal candidate should also have:

• Experience in an electronic accounts payable processing environment required
• Computer system skills including Excel preferred
• Basic Accounting Knowledge – Domain specific knowledge will be an added advantage
• Ability to maintain a high level of accuracy in processing vendor invoice.
• Ability to maintain confidentiality concerning client financial data.
• Excellent interpersonal skills
• Bookkeeping skills & analytical and problem solving skills.
• Demonstrate good oral and written communication skills
• Detail Oriented
• Team Player
• Ability to work overtime when required
• Ability to work in a fast-paced environment
• Demonstrate willingness and ability to accept responsibility
• Collaborate with site staff and accountant to complete weekly A/P processing for multiple clients.

Eligibility:

• Accounting Back Ground (B.Com /M. Com/MBA Finance)
• 1-2 years A/P or accounting related experience required

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Income for the AY in question had escaped assessment is based on a mere ‘change of opinion,’ it does not justify the reopening of the assessment

Income for the AY in question had escaped assessment is based on a mere ‘change of opinion,’ it does not justify the reopening of the assessment

M/s Sri Jagannath Promoters & Builders, Giri Road Berhampur Ganjam vs Deputy Commissioner of Income Tax, Berhampur Circle, Berhampur, Ganjam & others; W.P.(C) no. 14603 of 2014; High Court of Orissa at Cuttack; 26.10.2021

The challenge in this writ petition is to a notice dated 16th September 2013 issued by the Deputy Commissioner of Income Tax, Berhampur Circle, Berhampur (Opposite Party No.1) under Section 148 of the Income Tax Act, 1961 (Act) seeking to reopen the assessment of the Petitioner for the assessment year (AY) 2009-10.

Facts

• The Petitioner is a partnership firm. It filed its return for the AY in question on 16th November 2009 disclosing a total income of Rs.15,30,110/-. The return was picked up for scrutiny.
• In response to the notices under Sections 142 (1) and 143 (2) of the Act, the Petitioner appeared before the Assistant Commissioner, Income Tax (ACIT) [hereafter the Assessing Officer (AO)], Berhampur Circle, Berhampur and produced its books of account including cashbook ledger, audit report, balance sheet and profit and loss (P & L) account.
• The AO, after examining the documents, issued on 19th October 2011 a detailed questionnaire to the Assessee which again the Assessee responded to.
• On 5th December 2011, the AO passed the assessment order under Section 143 (3) of the Act determining the total taxable income as Rs.18,43,708/-. Accordingly, the tax payable was determined as Rs.1,39,054/-.
• In the assessment order, the AO disallowed Rs.3,13,600/- on account of sundry creditors. However, the appeal filed by the Assessee against the aforementioned assessment order was allowed by the Commissioner of Income Tax (Appeals) (CITA) by order dated 17th July, 2013. The aforementioned addition was deleted. The said order attained finality.
• On 16th September 2013, the impugned notice was issued by the Respondent under Section 148 of the Act stating that income chargeable to tax for the assessment year 2009-10 has escaped assessment within the meaning of Section 147 of the Income Tax Act, 1961 and thereby requiring the delivery of return in prescribed form of the assessee’s income for said assessment year. The present petition has been filed challenging the same.

Observations and Findings:

• The law in relation to the reopening of the assessment has been explained in detail in a number of decisions of the Supreme Court of India.
• The short question, therefore, to be determined in the present case is whether the reopening of the assessment was based on mere “change of opinion” as contended by the Assessee or was there new material which could not have been examined earlier and which justified the reopening of the assessment.
• Judgment of the Hon’ble Supreme Court in Kelvinator of India Limited pronounced in 2010 covers the present facts and circumstances. That judgment requires that there has to be some new material to justify the re-opening of the assessment. It cannot be based on a mere change of opinion on the basis of the same materials.
• In the present case, the reasons for reopening the assessment do not point to any new material that was available with the Department
• What appears to have happened is that the same material viz., the accounts produced by the Assessee were reexamined and a fresh opinion was arrived at by the Opposite Party No.1 regarding the claim of the deduction of Rs.48,183/- on account of the loss of sale of assets.
• This had already been disclosed in the detailed accounts filed by the Assessee.
• In fact, a questionnaire had been issued by the AO in the course of the original assessment proceedings to the Assessee which was responded to by the Assessee. In other words, there was conscious application of mind by the AO to the said materials.
• Therefore, the inevitable conclusion as far as the present case is concerned is that the ‘reason to believe’ of Department that income for the AY in question had escaped assessment is based on a mere ‘change of opinion’.
• The threshold set by the Supreme Court of India in Kelvinator of India Limited to justify the reopening of the assessment has not been met in the present case.

Held:

Consequently, the Ld. High Court was unable to sustain the reopening of the assessment. Accordingly, for the aforementioned reasons, the impugned notice and all proceedings of the Department pursuant thereto were quashed.

To Read the Judgment Download PDF Given Below :

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Job Opportunity for B.Com/M.Com/BBA/MBA at PwC

Job Opportunity for B.Com/M.Com/BBA/MBA at PwC

Overview:

PwC is seeking for an experienced Advisory Associate for their Bangalore location. As an Associate, the candidate will work as part of a team of problem solvers, helping to solve complex business issues from strategy to execution.

Roles and responsibilities:

The ideal candidate should be able to:

• Invite and give in the moment feedback in a constructive manner.
• Share and collaborate effectively with others.
• Identify and make suggestions for improvements when problems and/or opportunities arise.
• Handle, manipulate and analyse data and information responsibly.
• Follow risk management and compliance procedures.
• Keep up-to-date with developments in area of specialism.
• Communicate confidently in a clear, concise and articulate manner – verbally and in the materials I produce.
• Build and maintain an internal and external network.
• Seek opportunities to learn about how PwC works as a global network of firms.
• Uphold the firm’s code of ethics and business conduct.
• Work on and deliver Deals Corporate Finance related requests by using appropriate research sources and searching the identified sources to locate the information required
• Support preparation of marketing materials, management presentations, pitchbook, teaser, confidential information memorandum
• Analyse financials for quantitative research around financial statements, valuation multiples, weighted average cost of capital etc.
• Prepare company profiles, industry and economic overviews
• Screen for target/buyer companies. Identify comparable companies and transactions
• Organize research findings into meaningful deliverables to the requestor
• Obtain training on the relevant databases, acquire knowledge required to use the databases efficiently
• Provide input on best practices and process optimization opportunities
• Churn out varied work requests in short turnaround time.

Eligibility:

• Degree in Finance/Accounting
• Relevant Experience

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The link to Apply for this Job Vacancy is Given in the attached PDF. 

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Job Opportunity for B.Com/M.Com/BBA/MBA at Amazon

Job Opportunity for B.Com/M.Com/BBA/MBA at Amazon

Overview:

Amazon is seeking for an experienced Finance Reporting Analyst at their Hyderabad location to join the AWS Finance Operations team. The candidate will be responsible for creating and maintaining key metrics and reports, and supporting processes for various AWS business partners.

Roles and responsibilities:

The ideal candidate should be able to:

• Help the businesses in the decision making process
• Support them by providing data analysis and business insight.
• Develop and report on financial and operational performance metrics and goals
• Create Oracle reports for AWS finance
• Create queries and pulling reports from Oracle Business Intelligence environment and various Databases
• Investigate report outputs to extract key data points to expose to the AWS customers
• Perform ad-hoc business and financial analyses
• Drive process improvements and automation initiatives
• Reconcile invoices from Amazon’s imaging system

The ideal candidate should also have:

• Excellent working exposure on SQL, Python, Excel / PowerQuery, PowerBi and VBA.
• Completed Advance level certification in RPA (UiPath/AutomationAnywhere/Blue Prism)
• Good attention to detail, problem solving, and analytical skills
• Excellent English communication skills, both verbal and written
• The ability to work effectively in a fast-paced environment with tight deadlines

Eligibility:

• A degree at the Bachelor level or higher
• 4 – 6 years of demonstrable experience in finance operations reporting (accounting, asset management, accounts payable, and/or lease management etc.)

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The link to Apply for this Job Vacancy is Given in the attached PDF.  

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Job Opportunity for B.Com/M.Com/BBA/MBA/CA at Xiaomi

Job Opportunity for B.Com/M.Com/BBA/MBA/CA at Xiaomi

Overview:

Xiaomi is seeking for an experienced Sr. Executive-Finance at their Bangalore location.

Roles and responsibilities:

The ideal candidate should be able to:

• AP/AR/GL accounting.
• Verification of claim and reimbursement.
• Vendor/Customer account reconciliation
• AR Collection management
• Preparation of workings for various tax requirements.
• Preparation of BRS on periodic basis.
• MIS preparation.
• Preparation of variance between budget and actual expenses.
• Insurance Claim.
• Conversant with SAP and ME-Excel.

Eligibility:

• Minimum Qualifications/Education : B.Com
• Relevant discipline Minimum Experience 4/5 years in the related area.

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The link to Apply for this Job Vacancy is Given in the attached PDF. 

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MCA Updates eForm DIR-12 on MCA website w.e.f 30th November 2021

MCA Updates eForm DIR-12 on MCA website w.e.f 30th November 2021

The Ministry of Corporate Affairs MCA Updated on MCA Website eForm DIR-12 w.e.f 30th November 2021. Please use the updated DIR-12 Form for Compliance Purposes.

Purpose of the eForm DIR-12
Existing company is required to file an eForm DIR-12 for particulars of its directors and key managerial personnel of the company with the Registrar, within 30 days from the date of appointment/ resignation and of any change taking place in their designations.

eForm DIR-12 is required to be filed pursuant to Sections 7(1) (c), 168 & 170 (2) of the Companies Act, 2013 and Rule 17 Of Companies (Incorporation) Rules , Rule 8, 15 & 18 of Companies (Appointment and Qualification of Directors) Rules, 2014 which are reproduced for your reference.

Section 168:
(1) A director may resign from his office by giving a notice in writing to the company and the Board shall on receipt of such notice take note of the same and the company shall intimate the Registrar in such manner, within such time and in such form as may be prescribed and shall also place the fact of such resignation in the report of directors laid in the immediately following general meeting by the company:
Provided that a director shall also forward a copy of his resignation along with detailed reasons for the resignation to the Registrar within thirty days of resignation in such manner as may be prescribed.

(2) The resignation of a director shall take effect from the date on which the notice is received by the company or the date, if any, specified by the director in the notice, whichever is later:
Provided that the director who has resigned shall be liable even after his resignation for the offences which occurred during his tenure.

Section 170(2):
(2) A return containing such particulars and documents as may be prescribed, of the directors and the key managerial personnel shall be filed with the Registrar within thirty days from the appointment of every director and key managerial personnel, as the case may be, and within thirty days of any change taking place.

Rule 17:
The particulars of each person mentioned in the articles as first director of the company and his interest in other firms or bodies corporate along with his consent to act as director of the company shall be filed in Form No.DIR-12 along with the fee as provided in the Companies (Registration offices and fees) Rules, 2014.

Rule 8:
Every person who has been appointed to hold the office of a director shall on or before the appointment furnish to the company a consent in writing to act as such in Form No. DIR-2:Provided that the company shall, within thirty days of the appointment of a director, file such consent with the Registrar in Form No. DIR-12 along with the fee as provided in in the Companies (Registration Offices and Fees) Rules, 2014.

Rule 15:
The company shall within thirty days from the date of receipt of notice of resignation from a director, intimate the Registrar in Form DIR-12 and post the information on its website, if any.

Rule 18:
A return containing the particulars of appointment of director or key managerial personnel and changes therein, shall be filed with the Registrar in Form DIR-12 along with such fee as may be provided in the Companies (Registration Offices and Fees) Rules, 2014 within thirty days of such appointment or change, as the case may be.

 

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MCA Updates eForm DIR-3 KYC MCA website w.e.f 30th November 2021

MCA Updates eForm DIR-3 KYC MCA website w.e.f 30th November 2021

Ministry of Corporate Affairs MCA Updated on eForm DIR-3 KYC w.e.f 30th November 2021 on MCA Website. Please use updated DIR-3 KYC Form for Compliance Purpose.

As per MCA, any director who was given a DIN by or on 31st March 2018 and whose DIN is in Active status, will have to submit his KYC details to the MCA. This procedure is also required for directors who have been disqualified.

From the Financial Year 2019-20 onwards, any director who has been assigned a DIN on or before the end of the financial year and whose DIN is in Active status must file form DIR-3 KYC by September 30th of the next financial year.

eForm DIR-3 KYC is required to be filed pursuant to Rule 12A and Rule 11(2) and (3) of The Companies (Appointment and Qualification of Directors) Rules, 2014 which is reproduced for your reference.

As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through the eform DIR-3 KYC. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 15th Spetember,2018.

Rule 12A:
Every individual who has been allotted a Director Identification Number (DIN) as on 31st march of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year.

Rule 11(2):
The Central Government or Regional Director (Northern Region), or any officer authorised by the Central Government or Regional Director (Northern Region) shall, deactivate the Director Identification Number (DIN), of an individual who does not intimate his particulars in e-form DIR-3-KYC within stipulated time in accordance with rule 12A.

Rule 11(3):
The de-activated DIN shall be re-activated only after e-form DIR-3-KYC is filed along with fee as prescribed under Companies (Registration Offices and Fees) Rules, 2014.

Updated DIR-3 KYC can be downloaded from Below Link.

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Over Rs 52,000 crore in GST compensation is owed to states upto September as per Finance Ministry

Over Rs 52,000 crore in GST compensation is owed to states upto September as per Finance Ministry

The states were due over Rs 52,000 crore in GST compensation as of September 2021, Parliament was informed on Monday.

Giving details of GST compensation released and pending release as of November 24, 2021, Minister of State for Finance Pankaj Chaudhary stated in the Lok Sabha that Rs 1,10,208 crore and Rs 1.59 lakh crore were released to states as back-to-back loans in the 2020-21 and 2021-22 fiscal years, respectively.

He stated that the total GST compensation outstanding through September 2021 was Rs 51,798 crore.

This includes delayed payments to Maharashtra of Rs 13,153 crore, Uttar Pradesh of Rs 5,441 crore, Tamil Nadu of Rs 4,943 crore, Delhi of Rs 4,647 crore, and Karnataka of Rs 3,528 crore.

The states of Arunachal Pradesh, Manipur, Mizoram, and Nagaland have received no GST reimbursement from the Centre.

In response to a second question, Chuadhary stated that the Centre had transferred Rs 17,000 crore from the compensation fund to states on November 3, 2021.

This is in addition to the Rs 43,303 crore in GST compensation distributed to states and Rs 1.59 lakh crore in back-to-back assistance provided during the current fiscal year.

“During 2020-21 (April 2020-March 2021), the Centre released Rs 1,36,988 crore in compensation and Rs 1.1 lakh crore in back-to-back credit assistance,” he said. Under the GST statute, states are compensated for any revenue loss resulting from the adoption of GST for five years, until June 2022.

The amount of compensation to be paid from the compensation fund, which is determined by levying a cess on top of the highest tax slab on luxury, demerit, and sin items.

GST compensation has already been given to states for fiscal years 2017-18, 2018-19, and 2019-20.

According to Chaudhary, the economic impact of the pandemic has resulted in increased compensation requirements due to reduced GST collection as well as lower GST compensation cess collection.

Because compensation fund revenues are falling short of expectations, the Centre has borrowed money worth Rs 1.10 lakh crore and Rs 1.59 lakh crore for the 2020-21 and 2021-22 fiscal years, respectively, and passed them on to the states as back-to-back loans.

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Net direct tax revenue increased by 68% to Rs 6.92 lakh crore as of November 23rd

Net direct tax revenue increased by 68% to Rs 6.92 lakh crore as of November 23rd

Net direct tax collection increased over 68% from April 1 to November 23 to more than Rs 6.92 lakh crore, according to Minister of State for Finance Pankaj Chaudhary on Monday.

“The Net Direct Tax Collection data for the FY-2021-22 as on 23.11.2021 are at Rs 6,92,833.6 crores, representing an increase of 67.93% and 27.29% above the net collection figures for the comparable periods FY2020-21 and FY2019-20,” he said in a written reply to the Lok Sabha.

Between April 1 and November 23 of the 2020-21 and 2019-20 fiscal years, the net collection was more than Rs 4.12 lakh crore and more over Rs 5.44 lakh crore, respectively.

The gross direct tax collection (before adjusting refunds) amounted at over Rs 8.15 lakh crore as of November 23, representing a 48.11 percent increase over the previous fiscal period.

Chaudhary also stated that the gross GST collection in the current fiscal year (April 2021-March 2022) following the Covid-19 epidemic is increasing.

The total gross GST collection for the fiscal year 2020-21 ended March 2021 was more than Rs 11.36 lakh crore, whereas the same figure for the current fiscal year ended October was Rs 8.10 lakh crore.

In response to a second question about whether tax evasion is on the rise in Delhi and other areas of the country, Chaudhary stated that there is no evidence to suggest that cases of income tax evasion are on the rise in Delhi and other parts of the country.

“In terms of instances detected under Goods and Services Tax (GST) and Customs, there is no increasing trend in such evasion observed in Delhi,” he added. “However, there is an overall increase across detection of GST and Customs evasion cases in the country.”

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How to register for RBI Retail Direct scheme to invest in government securities

How to register for RBI Retail Direct scheme to invest in government securities

In early November, Prime Minister Narendra Modi announced the commencement of the RBI Retail Retail Direct initiative. This is a method for retail investors to invest in government securities (G-sec) or bonds directly. To invest, a retail investor must first open a gilt security account with the Reserve Bank of India, called as a “Retail Direct Gilt Account” (RDG) (RBI).

The following steps will show you how to create a Retail Direct Gilt account.

Who is eligible to invest in RBI Retail Direct scheme?

Retail investors are eligible to open an RDG account. Individually or in collaboration with another retail investor who fits the requirements, an RDG account can be formed. Non-resident retail investors can acquire government assets under the Foreign Exchange Management Act of 1999, therefore NRIs can do so as well.

To open an RDG account, you’ll need the following information.
Individuals can open a Retail Direct Gilt Account by going to https://ift.tt/3caixVG and logging in.
According to the Retail Direct website, the account can be started online with the following documents:

• Individual’s PAN
• Rupee bank account details
• Contact information via email
• Working cellphone number

Individuals must supply these details and complete an online KYC procedure to enroll under this scheme.

How do I sign up for the RBI Retail Direct scheme online?

To sign up for the Retail Direct Gilt Account, follow these steps:

Step 1: Go to https://ift.tt/3caixVG and select “Open RBI Retail Direct Account” from the drop-down menu.

Step 2: Select “Register Here” from the drop-down menu.

Step 3: Choose Account Type and fill in the required information, such as Name, PAN, and Date of Birth.

Step 4: Enter the selected Login name and verify your email and cellphone with the OTP received.

Step 5: When you click “Preview and Submit,” it takes you to a Preview page. Click “Submit” after you’ve double-checked the information.

Step 6: Click “Initiate KYC” to begin the KYC process. On the following page, you’ll find two KYC options.

CKYC – Recommended or Offline KYC (if the investor is not KYC compliant or the CKYC database does not have any information about the investor, this option is essential).

 

Step 7: You can use the PAN to look for information. The error notice “Failed to Search CKYC Number Please Try Again Later” shows if the customer’s PAN is not found in the CKYC database.

Click the “round arrow button” on the “TOP LEFT” area to return to the previous page and select Offline KYC.

Note : The investor must choose DOB/DOI as the “AUTHENTICATION KEY” and provide his or her date of birth for CKYC-compliant instances. Select CKYC information from the drop-down menu.

 

Step 8: After reviewing the CKYC information on the screen, the customer should click “SUBMIT.”

Note: If the investor receives a “CKYC Non-Compliant” message, they must “UPLOAD COPY OF PAN” and “AADHAR XML” from the UIDAI website link provided.

Step 9: Customers can make a declaration under FATCA and PMLA by filling out “ADDITIONAL PERSONAL DETAILS” on the next page.

Step 10: is for the customer to confirm his or her address.

Step 11: Select your bank and upload a blank check image. If a copy of the cheque is not available, the investor can skip to the following page and manually fill in the information.

Step 12: The investor’s account is credited with a random sum, which the investor must input to complete Bank Verification. The investor must fill out nominee details after bank verification.

Step 13: The investor will be brought to the APPLICATION SUMMARY page after filling out the nominee information, where he or she can click SUBMIT to finish the KYC and registration procedure.

The investor can review the terms and conditions as well as the signee’s name after submitting the application. After the investor confirms the facts, the application is officially filed. The investor will receive a letter with instructions on how to use an Aadhaar-enabled OTP to digitally sign the Terms and Conditions.
After completing “Offline KYC,” the investor must now complete “Video KYC” to complete the process. The investor would be asked to show his or her original PAN during Video KYC.

If the investor has any problems, he or she can phone 1800 267 7955 or email support@rbiretaildirect.org.in.

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Association of State Road Transport does not carry on any business, trade or commerce with the intent of earning profit: Delhi HC

Association of State Road Transport does not carry on any business, trade or commerce with the intent of earning profit: Delhi HC

Issue

Before the High Court of Delhi present appeal has been filed challenging the order dated 25th February 2020, passed by Income Tax Appellant Tribunal (ITAT) in ITA No. 643/Del/ 2017 whereby the appeal filed by the appellant was dismissed.

In the present appeal, the Commissioner, Income Tax (Exemption), Delhi, has proposed the following question of law: –

“(1) Whether on the facts and in the circumstances of the present case and in law, the Hon’ble ITAT was correct in upholding the order of CIT (A) ignoring the fact that the activities of the assessee do not fall under any of the categories i.e., relief to poor, education, medical relief, preservation of environment and preservation of monuments or places or objects of artistic or historic interest and that the assessee had receipts under the heads ‘Revenue from test laboratory ‘and ‘consultancy receipts ‘which were commercial in nature and their aggregate value exceeded Rs. 10 Lakh?”

Facts

• Assessee-association is an apex coordinating body of all nationalized State Road Transport Corporation working under the aegis of Ministry of Road Transport and Highways, Govt. of India.
• Its main object is to improve the public transport system in the country and to assist its members State Transport Undertakings by providing automobile parts at the most economical and competitive rates so that the members could run its passenger buses at economical cost.
• First proviso to Section 2(15) of the Act does not exclude entities which are essentially for charitable purpose but are conducting some activities for a consideration or a fee and the object of introducing first proviso is to exclude organizations which are carrying on regular business with profit motive.
• In any event the assessee-association is charitable in nature and the appellant itself has granted the assessee registration under Section 12A and also recognized under Section 10(23C) (vi) of the Act vide notification No.1348 dated 31st October. 2007.
• Appellant states that ITAT has erred in upholding the order of CIT(A) to the extent that it has overlooked that the activities of the respondent-assessee do not fall under the categories of education, medical relief, relief to poor, preservation of environment.
• He states that the ITAT overlooked that the assessee-society has receipts under the head ‘revenue from test laboratory’ and ‘consultancy receipts’ which are of commercial nature and their aggregate value exceeds Rs. 10 Lakhs.
• He further states that the ITAT has erred in following its earlier decision in the Assessee’s case for the assessment year 2009-10 as the department has not accepted the said decision and an appeal against the same is being filed.

Judgement

Delhi High Court held finds that Appellate Authorities i.e., Commissioner (Appeals) and ITAT have held that the assessee-association has not been earning any profit as the main object of the assessee-association is to improve the public transport system in the country and the road safety standards. Undoubtedly, the activities of laboratory testing and consultancy are bringing revenue to the assessee-association but the intent of such activities is not to earn profit for its shareholders/owners. Consequently, this Court is in agreement with the findings of the CIT (A) and ITAT that the assessee-association does not carry on any business, trade or commerce with the intent of earning profit.

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GST chargeable on cold storage of tamarind pulp as it does not qualify under definition of ‘agricultural produce’ – Tamilnadu AAR

GST chargeable on cold storage of tamarind pulp as it does not qualify under definition of ‘agricultural produce’ – Tamilnadu AAR

Introduction:

An advanced ruling is a mechanism whereby taxpayers can get answers or clarifications regarding supply of goods and services, directly from tax authorities and the primary objectives for such a mechanism are to reduce litigation, attract FDI due to transparent tax liability, provide certainty with respect to tax liability and disclose ruling in an inexpensive and transparent manner. The Authority for Advanced Ruling (AAR) constituted by the tax authorities interprets tax laws for the taxpayers and it was created to address any issues faced by taxpayers and assist them by providing a decision on the clarification sought. The AAR’s appellate authority is the AAAR (Appellate Authority or National Appellate Authority for Advanced Ruling). Section 95 to Section 106 in Chapter XVII of CGST Act covers the procedures and rules related to advance rulings. An application is made by the taxpayer on the clarification sought by them. The taxpayer is provided an opportunity of being heard by the AAR. If there is consensus on resolution on the clarification sought between the AAR and taxpayer, an ‘Advance Ruling’ is issued by the AAR and on the contrary, the matter is referred to the AAAR.

The question of law which is address through this AAR is as follows:

• Whether the cold storage of tamarind pulp is classified as ‘agricultural produce’ and hence it will be exempt from GST.

Facts of the application made to AAR, by taxpayer ‘Arun Cooling Home(applicant)’, dated 27-Feb-2021:

The applicant is into the business of cold storage and various agricultural produce such as potato, dates, chillies apple, tamarind etc. They are licensed under FSSAI to carry out the business of cold storage for several of their produce including pulses. The applicant required clarification regarding the cold storage related to pulp of tamarind excluding the shell and seeds in their cold storage facility. They are of the contention that the tamarind pulp which they store in their cold storage is classified under ‘agricultural produce’ as set out under Heading 9986 of Notification no. 11/2017-Central Tax (Rate), S.No. 24(e) Loading unloading packing storage or warehouse of agricultural produce and notification no. 12/2017-CT (Rate) which exempts services related to cultivation of plants and rearing of horses, for food, fiber, raw material or other similar products or agricultural produce by way of (e) loading, unloading packing storage or warehousing of agricultural produce, both date d28.Jun.2017.

The process which the applicant follows is, once the tamarind is ready for harvest, it is removed with its shell and the tamarind is separated from the shell and the seeds are separated from the pulp, which is all done manually as a cottage industrial process. The applicant quoted the definition of ‘agricultural produce’ as follows:

‘It means any produce out of cultivation of plants and rearing of all life forms of animals, except rearing of horses, for food, fiber, raw material or other similar products, on which either no further processing is done or such processing is done as is usually done by a cultivator or producer which does not alter its essential characteristics but makes it marketable for primary market.’

The applicant is of the contention that since the nature of the produce is not altered in the case of tamarind and it is kept in cold storage for future use, it is exempt from GST under Notification no. 11/2017-Central Tax (Rate) and notification no. 12/2017-CT (Rate), both dated 28.Jun.2017.

Further the applicant submitted two AAR rulings, one by Rajasthan AAR ruling no. RAJ/AAR/2018-2019 dated 11.Jun.2018 and another by Andhra Pradesh AAR ruling no. AAR/AP/02(GST) 2018 dated 23.Mar.2018, which gave conflicting verdicts where, in the former case, since machine process was involved in tamarind storage, it was taxable under GST and in the latter, tamarind pulp storage was exempt from GST. Hence the applicant required clarification in this regard if the cold storage of tamarind can be classified as ‘agricultural produce’ and exempt from tax as per the two notifications given above.

Observations and final ruling by AAR vide Order No. 07/ARA/2020 dated 24.Mar.2021:

The AAR acknowledged the facts presented by the applicant and took note of the two rulings as presented by the applicant. The AAR further elaborated on the two notifications presented and represented the definition of ‘agricultural produce’. It further explained that green tea leaves is agricultural produce but tea is not agricultural produce and jaggery which is produced from sugarcane is not agriculture produce and pulses which undergo dehusking or splitting process are also not agricultural produce. It explained that in all the aforementioned case, the essential characteristic of the agricultural produce is changed and hence cannot be exempt from GST.

The AAR contended that as per Serial no. 33A of Schedule I to Notification No. 01/2017-Ct (Rate) dated 28.Jun.2017 as amended, classified ‘Tamarind dried’ under HSN 0813 which attracts 5% GST rate while ‘fresh tamarind’ classified under Serial No. 57 of notification no. 02/2017-CT (Rate) dated 28.Jun.2017 as amended, exempts fresh tamarind from GST. As per the explanatory notes to the notification, the current description of tamarind falls under HSN 0813 as it undergoes the process of drying under the sun, removing of shell and seeds and the resultant tamarind pulp being stored in cold storage.

So the AAR concluded that tamarind inner pulp which undergoes a transformation process which is not related to farming, is not ‘agricultural produce’ as per 2(d) of notification no. 12/2017-CT (Rate) dated 28.Jun2017 and hence the cold storage of such processed tamarind cannot be exempt under Serial no. 54(e) of notification no. 12/2017-Ct (Rate) dated 28.Jun.2017, as the applicant have themselves acknowledged the process of making tamarind pulp as cottage industry.

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Evidence submitted to claim lower GST should mandatorily reflect GST exemption clauses & is subject to reissue by proper authority

Evidence submitted to claim lower GST should mandatorily reflect GST exemption clauses & is subject to reissue by proper authority

Documentary evidence submitted to claim lower GST under notifications adopted from pre-GST era, should mandatorily reflect GST exemption clauses and subject to reissue by proper authority

Introduction:

An advanced ruling is a mechanism whereby taxpayers can get answers or clarifications regarding supply of goods and services, directly from tax authorities and the primary objectives for such a mechanism are to reduce litigation, attract FDI due to transparent tax liability, provide certainty with respect to tax liability and disclose ruling in an inexpensive and transparent manner. The Authority for Advanced Ruling (AAR) constituted by the tax authorities interprets tax laws for the taxpayers and it was created to address any issues faced by taxpayers and assist them by providing a decision on the clarification sought. The AAR’s appellate authority is the AAAR (Appellate Authority or National Appellate Authority for Advanced Ruling). Section 95 to Section 106 in Chapter XVII of CGST Act covers the procedures and rules related to advance rulings. An application is made by the taxpayer on the clarification sought by them. The taxpayer is provided an opportunity of being heard by the AAR. If there is consensus on resolution on the clarification sought between the AAR and taxpayer, an ‘Advance Ruling’ is issued by the AAR and on the contrary, the matter is referred to the AAAR.

The question of law which is address through this AAR is as follows:

• Whether applicability of lower GST rate basis notification under erstwhile Acts continues under GST regime, even though amendments to certifications granting such exemptions have not been made specifying ‘special provisions’ of GST Act.

Facts of the application made to AAR, by taxpayer ‘M/S. Thermo Fisher Scientific India Pvt. Ltd., (applicant)’, dated 18-Sep-2019:

The applicant, M/S. Thermo Fisher Scientific India Pvt. Ltd., is in the business of supplying scientific/technical equipment to research oriented institutions which are registered under the Department of Industrial and Scientific Research (DSIR) such as IITs, public funded research institutions, universities, labs and departments of State and Central Governments, research institutions etc. Applicant transfers the goods imported into bonded warehouse by submitting bill of entry for warehouse without paying IGST or customs duty or clears them through normal route by filing bill of entry for home consumption by paying applicable IGST and customs duty. The applicant is currently paying 5% GST or 5% IGST as applicable as per Notification No. 45/2017-Central Tax (Rate) and Notification No, 47/2017-Integrated Tax (Rate), dated 14.Nov.2017.

The purchase orders raised by the above listed entities have to accompany the following documents and declare that the purchase of the scientific/technical equipment will be used exclusively for research and development purposes. The mandatory documents to be annexed with the purchase orders, to avail the lower GST rate are as follows;

• Certificate of registration with DSIR
• Certificate from the Head of the Department of the entity procuring the goods that the goods will be used only for research purpose
• In the case of entities other than publicly funded research institutions, a declaration that the goods will not be transferred or sold by the entity for a period of 5 years, on installation of the equipment.

The certificate of registrations are valid for a specific period of time and since some were issued in the pre-GST era and mentioned the notification number under which the entities enjoyed lower customs rates namely notification 51/96 Cus dated 23.Jul.1996 and central excise duty exemption under notification 10/97-CE dated 01.Mar.1997. Since many certificate of registrations were valid even under the post-GST era, the applicant had doubts if these certificates were valid documents to avail the lower GST rates. But the government has issued Notification No. 45/2017-Central Tax (Rate) and Notification No, 47/2017-Integrated Tax (Rate), dated 14.Nov.2017 to provide continuing effect to the lower GST rate applicable for the scientific/technical goods, even though the certificates issued to the independent entities were not amended as they still had validity in the post-GST era. The applicant had requested the PO requisitionists to request for amendment to the certificates even if the validity was still applicable. But the requisitionists could not fulfill the requirements as per applicants needs as the DSIR refused to issue fresh certificate of registrations, before expiry of the old one. Therefore the applicant is of the contention that the certificate of registrations which still have validity in the post GST era quoting old notification numbers, can still be considered for availing lower GST rates on the good supplied by them.

Further to reiterate their contention, the applicant quoted few case law in Hemraj Gordhandas Vs. H H Dave reported in 1978, Doce Airlines Pvt. Ltd. Vs. Commissioner of Customs (Prev.) New Delhi reported in 2014 etc.

Observations and final ruling by AAR vide Order No. GST-ARA-45/2019-20/B-15 dated 14.Jun.2021:

During the personal hearing held on 08.Dec.2020, the applicant was requested to present fresh certificate of registration bearing notification numbers as per GST Act, e-mail correspondences denying issuance of fresh certificates of registrations reflecting GST notification numbers from its customers and the relation between Toll India Logistics Pvt. Ltd and the applicant. The applicant presented that their customers could not present fresh certificates of registrations and also that Toll India Logistics Pvt. Ltd is the lessor of the bonded warehouse from where the imported goods are cleared for supply as per PO received.

The AAR acknowledged the facts presented by the applicant and further stated that the Notification No. 45/2017-Central Tax (Rate) and Notification No, 47/2017-Integrated Tax (Rate), dated 14.Nov.2017, clearly mandated the production of the 3 documents mentioned above, while presenting the PO for supply of goods from applicant as in the case of the prior notification under the customs and excise regime.

The AAR mentioned that the notification states that the certificate of registrations have to be signed by an officer of DSIR not below the rank of Deputy Secretary. It further stated that the applicant has not made submission confirming the same. The AAR further stated that the applicant has submitted 9 certificates of registrations, out of which, on 4 certificates the validity period had expired on 31.Mar.2019 but the notification under GST Act for availing lower GST rates were mentioned clearly. Only 1 certificate out of 9, in the name of CSIR-Institute of Minerals and Materials Technology mentioned the central excise notification no. 10/97-Central Excise dated 01.Mar.1997. The declaration that the goods will be used for research and development purposes only was not provided by the applicant. Hence, the AAR contended that in the absence of the requisite documents/certificates, the applicant is ineligible for a blanket exemption providing lower GST rates and would restrict their conclusion only on cases for which proper certificates and complete set of documents as listed in the notification are provided.

The AAR further concluded that the applicant is eligible for the lower GST rate under Notification No. 45/2017-Central Tax (Rate) and Notification No, 47/2017-Integrated Tax (Rate), dated 14.Nov.2017 and they are eligible for lower GST rate if the conditions specified in the notification are met, i.e proper production of valid documentation mentioned in the notification as listed above. In the instant case, the AAR concluded that the applicant cannot claim lower GST rate where the customers certificate of registrations have expires as in the case of 4 institutions mentioned in the prior para and also when the certificate of registrations reflect the notifications under the pre-GST era period.

On the applicants representation made with respect to denial of change of registration certificates, the AAR concluded that the emails attached do not convey anything clearly and since exemption provisions cannot be interpreted loosely, the amended certificate of registrations reflecting appropriate GST notifications are mandatory. And on the applicant’s presentation of various case laws, AAR concluded that they only reflect that the exemption notifications have to be interpreted strictly and it is required that the Certificate of Registrations have to be amended reflecting the notification exemption under the GST regime. The AAR provided a final ruling that the applicant is correct with applying Notification No. 45/2017-Central Tax (Rate) and Notification No, 47/2017-Integrated Tax (Rate), dated 14.Nov.2017 where all the documentations are valid and are provided by the customer as per notification.

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Central Electronics Ltd’s strategic disinvestment has been approved by the government

Central Electronics Ltd’s strategic disinvestment has been approved by the government

The Cabinet Committee on Economic Affairs (CCEA) empowered Alternative Mechanism (AM) comprised of Shri Nitin Jairam Gadkari, Union Minister of Road Transport and Highways; Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs; and Shri Jitendra Singh, Union Minister of State (Independent charge) Ministry of Science and Technology, has approved the highest price bid of M/s Nandal Finance and Leasing Pvt Ltd for the sale of 100 percent equity (DSIR). The winning bid amount is Rs 210,00,60000/-. (Rupees two hundred ten crore sixty thousand only).

With CCEA’s ‘in-principle’ permission on October 27, 2016, the disinvestment of CEL began. The completed SPA, together with the ‘Request for Proposal’ document, were communicated with the Qualified Institutional Buyers (QIBs) on 02.05.2019, inviting financial bids by 20.06.2019. Financial bids, on the other hand, were not received.

On the 3rd of February 2020, the process was re-launched with the release of a Preliminary Information Memorandum (PIM) and a request for Expressions of Interest (EOI). Due to the current covid-19 scenario, the deadline for submitting an EoI has been extended to 15.7.2020.

By the extended deadline, three expressions of interest had been received (15.07.2020). The TA had shortlisted all of the bidders. On 7.1.2021, the Alternative Mechanism (AM) accepted the updated SPA and revised RFP, and DIPAM was permitted to forward the revised RFP and revised SPA to the Transaction Adviser for additional action, as well as any clarifications needed. The approved RFP and SPA, as well as the proforma for acquiring Security Clearance, were shared with the Transaction Adviser (TA) for distribution to the short-listed bidders for putting financial bids.

Shortlisted bidders were given access to the Virtual Data Room (VDR), where CEL supplied detailed information to qualified bidders, as well as opportunity to inspect the assets and facilities offered as part of the deal. A huge number of bidders’ questions were answered. On 17.2.2021, the TA released the approved RFP and SPA, as well as the Security Clearance format, to the short-listed bidders after the due diligence procedure was completed, with the deadline for submission set for March 10th, 2021. Prior to bid submission, the final SPA comprised extensive terms and conditions, as well as the respective duties for meeting the conditions precedent for concluding the deal, including the release of government guarantees prior to completion.

Due to the difficulties created by Covid-19 and on the request of bidders, the deadline for submitting financial bids was extended until October 12th, 2021. By the deadline, the two qualified bidders had submitted two sealed bids, complete with non-financial offer documentation and bid security.

Following the receipt of sealed financial bids and in accordance with the approved procedure for strategic disinvestment, a ‘Reserve Price’ of Rs 194 crore was established based on appraisals by the Transaction Adviser (TA) and the Asset Valuer (AV) using the established methodology. Following the independent setting of the Reserve Price, the sealed financial offers that had already been received were opened in front of the bidders, as follows:

I M/s Nandal Finance and Leasing Pvt Ltd for Rs 210,00,60,000/- as a price bid (Rs two hundred ten crore sixty thousand only)

(ii) M/s JPM Industries Ltd. for Rs 190,00,00,000/- (Rs one hundred ninety crore only).

M/s Nandal Finance and Leasing Pvt Ltd’s higher of the two price bids was deemed to be higher than the reserve price.

Through multi-layered decision making involving the Inter-Ministerial Group (IMG), Core Group of Secretaries on Disinvestment (CDG), and the empowered Alternative Mechanism (AM) at the apex Ministerial level, the entire disinvestment process was carried out in a transparent manner, with due regard for the confidentiality of the bidders. The entire process has been assisted by a Transaction Adviser, Legal Adviser, and Asset Valuer, all of whom are experts in their industries.

The successful bidder, the firm, and the government will then issue a Letter of Intent (LoI) and sign the Share Purchase Agreement, after which the conditions precedent must be met by the successful bidder, the company, and the government. The acquisition is planned to be finalised in the current fiscal year 2021-22.

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SC said that unnecessary litigation can be avoided if the proper tax system is designed

SC said that unnecessary litigation can be avoided if the proper tax system is designed

Issue

Section 14A of Income Tax Act, is questioned before the law. Issue arises before the Supreme Court: 

“Whether proportionate disallowance of interest paid by the banks is called for under Section 14A of Income Tax Act for investments made in tax free bonds/ securities which yield tax free dividend and interest to assessee Banks when assessee had sufficient interest free own funds which were more than the investments made”  

Facts 

• The assessees are scheduled banks and in course of their banking business, they also engage in the business of investments in bonds, securities and shares which earn the assessees, interests from such securities and bonds as also dividend income on investments in shares of companies and from units of UTI etc. which are tax free. 
• Section 14A was introduced to the Income Tax Act by the Finance Act, 2001 with retrospective effect from 01.04.1962. The new section was inserted in after the judgment of this Court in the case of Rajasthan State Warehousing Corporation Vs. CIT. The said Section provided for disallowance of expenditure incurred by the assessee in relation to income, which does not form part of their total income. As such if the assessee incurs any expenditure for earning tax free income such as interest paid for funds borrowed, for investment in any business which earns tax free income, the assessee is disentitled to deduction of such interest or other expenditure. 
• Although the provision was introduced retrospectively from 01.04.1962, the retrospective effect was neutralized by a proviso later introduced by the Finance Act, 2002 with effect from 11.05.2001 whereunder, re-assessment, rectification of assessment was prohibited for any assessment year, up-to the assessment year 2000-2001, when the proviso was introduced, without making any disallowance under Section 14A. The earlier assessments were therefore permitted to attain finality. As such the disallowance under Section 14A was intended to cover pending assessments and for the assessment years commencing from 2001-2002. 
• None of the assessee banks amongst the appellants, maintained separate accounts for the investments made in bonds, securities and shares wherefrom the tax-free income is earned so that disallowances could be limited to the actual expenditure incurred by the assessee.  
• In absence of separate accounts for investment which earned tax free income, the Assessing Officer made proportionate disallowance of interest attributable to the funds invested to earn tax free income. 
• Since actual expenditure figures are not available for making disallowance under Section 14A, the Assessing Officer worked out proportionate disallowance by referring to the average cost of deposit for the relevant year. The CIT (A) had concurred with the view taken by the Assessing Officer. 
• The appeal was filed before ITAT, and it was held by the ITAT that disallowance under Section 14A is not warranted, in absence of clear identity of funds. 
• The decision of the ITAT was reversed by the High Court by acceptance of the contentions advanced by the Revenue in their appeal. 

Findings  

This Court is of the view that the proportionate disallowance of interest is not warranted, under Section 14A of Income Tax Act for investments made in tax free bonds/ securities which yield tax free dividend and interest to Assessee Banks in those situations where, interest free own funds available with the Assessee, exceeded their investments.  

Judgement  

Supreme Court held the decision in Favour of assessee by stating that the tax an individual or a corporate is required to pay, is a matter of planning for a tax payer and the Government should endeavor to keep it convenient and simple to achieve maximization of compliance. Just as the Government does not wish for avoidance of tax equally it is the responsibility of the regime to design a tax system for which a subject can budget and plan. If proper balance is achieved between these, unnecessary litigation can be avoided without compromising on generation of revenue. 

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Procedural flaws in presenting appeal leads to lapse of limitation period and dismissal of appeal- AAAR

Procedural flaws in presenting appeal leads to lapse of limitation period and dismissal of appeal- AAAR

Introduction:

An advanced ruling is a mechanism whereby taxpayers can get answers or clarifications regarding supply of goods and services, directly from tax authorities and the primary objectives for such a mechanism are to reduce litigation, attract FDI due to transparent tax liability, provide certainty with respect to tax liability and disclose ruling in an inexpensive and transparent manner. The Authority for Advanced Ruling (AAR) constituted by the tax authorities interprets tax laws for the taxpayers and it was created to address any issues faced by taxpayers and assist them by providing a decision on the clarification sought. The AAR’s appellate authority is the AAAR (Appellate Authority or National Appellate Authority for Advanced Ruling). Section 95 to Section 106 in Chapter XVII of CGST Act covers the procedures and rules related to advance rulings. An application is made by the taxpayer on the clarification sought by them. The taxpayer is provided an opportunity of being heard by the AAR. If there is consensus on resolution on the clarification sought between the AAR and taxpayer, an ‘Advance Ruling’ is issued by the AAR and on the contrary, the matter is referred to the AAAR.

The question of law which is address through this AAAR is as follows:

• Whether limitation period for appeal to Appellate Authority has to be from the date of order on rectification of mistakes (ROM) application made or from the date of order of AAR
• Whether filing a ROM is the correct approach towards seeking remedy against a order passed by the AAR.

Facts of the appeal made to AAAR, by M/S. Durga Projects and Infrastructure Private Limited (appellant)’, dated 02-Feb-2021:

The appellant, M/s. Durga Projects and Infrastructure Private Limited is into the business of property development for residential purposes. The appellant had entered into several joint development agreements where they had agreed to provide certain built-up areas to land owners. The appellant had approached the Authority for Advanced Ruling (AAR), Karnataka, on the below questions on which it required clarification.

• Whether GST is applicable under a Joint Development Agreement (JDA) on execution and hand-over of the owner’s portion where completed work fell both in the pre and post GST eras.
• If GST is applicable, then how the valuation should be done.

The AAR vide its order no. KAR ADRG No. 17/2019 dated 25.Jul.2019 concluded that the appellant has to pay GST on hand-over of owner’s portion as per JDA and further the valuation for payment of tax will be based on para 2 of Notification No. 11/2017-Central Tax (Rate) dated 28.Jun.2017.

The appellant filed a rectification of mistakes (ROM) application dated 27.Sep.2019 w.r.t the order passed by the AAR on the grounds that the ruling provided by the AAR was significantly different from the ruling passed in the case of M/S. Nforce Infrastructure India Private Limited vide Order no. KAR ADRG 30/2018 dated 28.Nov.2018, eventhough the appellants case was similar to the aforementioned case. Further in terms of the valuation, the appellant stated that since there is no transfer of undivided interest from appellant to land owner and vice versa, the valuation approach as stated in notification no. 11/2017-Central Tax (Rate) cannot be applied. The ROM application was rejected by the AAR vide order no. KAR ROM 03/2020 dated 11.Sep.2020.

Aggrieved by the order passed by AAR on the ROM application, the appellant filed the appeal to AAAR on the following grounds.

• As per Section 142 of CGST Act, when point of taxation is under pre-GST era and portion of property was transferred in the pre-GST era, the entire value of interest transferred to owners of property under the JSA cannot be taken for computation of GST. And when in the pre-GST period where VAT/Service tax was applicable, in such instances, GST cannot be made applicable.
• The appellant further contended that as per Karnataka VAT Act, the point of taxation arises on entering the JDA and quoted CESTAT case of Vasanth Green Projects – Appeal No. ST/31095/2017 dated 11.May.2018 and the assessable value will be the consideration received by the appellant at that point. They laid the same argument for the service tax payment too and relied their contention on education guide issued dated 20.Jun.2012 and hence cannot be made to pay tax under GST.
• They further quoted the case of M/S. Nforce Infrastructure India Private Limited where it was concluded that GST will be applicable only on portions handed over after GST became applicable.
• Appellant also appealed for delay of 20 days in filing appeal due to the pandemic.

Observations and final ruling by AAAR vide Order No. KAR/AAAR/02/2021 dated 02.Feb.2021:

In the personal hearing conducted on 14.Dec.2020 and on a specific request by the appellate authority members as to why the appeal was filed based on Section 98(2) of the CGST Act, the appellant explained that the lower authority had taken almost a year to decide on the ROM application submitted on 27.Sep.2019 and for filing the appeal, stated that the limitation period starts from the date when the order on the ROM application was passed and substantiated their contention by quoting cases held by Allahabad High Court in the matter of Utility Equipment & Management Private Ltd Vs. Commissioner of Trade Tax reported in 1999, etc.

Further the AAAR opined on the admissibility of the appeal and elaborated on the advanced ruling procedures and stated that an appeal has to be made within 30 days from the order date of the lower authority and can be extended by another 30 days, if substantiated well. Further any appellant can apply for rectification when correction on records on their face value is found or noticed by concerned officer/authority/appellate authority/jurisdictional officer within 6 months from the date of order. Further the appellate authority took note of the chronology of incidents in the instant case, starting from application till ROM application rejection and submission of this appeal.

The appellate authority was of the view that an appeal can be files to them only on orders passé by the lower authority under Section 98(4) of the CGST Act. Hence, in the instant case, the appeal should have been filed within 30 day of the AAR order passed on 25.Jul.2019. But no appeal was filed within 30 days. Further on the appellant’s submission that in the case of Utility Equipment & Management Private Ltd Vs. Commissioner of Trade Tax reported in 1999 where the rectification was on correction of wrong name used, the AAAR contended that the instant case and the aforementioned cases are different. It further stated that in case of rectification in records on the face value is found, in such cases, only after the rectification orders are passed, the period of limitation starts to operate. It further mentioned that rectification of mistakes is an administrative function whereas appeal proceedings are judicial functions and hence are different in the spirit of law. On the other case laws sighted, the AAAR was of the view that they are unrelated to the instant case.

The appellate authority quoted the case of Kothari Industrial Corporation Vs. Agricultural Income Tax Officer where a clear distinction between a review application and rectification application is made where in a review application there is a merger of decisions on account of modification/reversing/ confirming original order whereas in a rectification application, the correction is incorporated in the original order in terms of numerical/typographical errors. It further reiterated that in a rectification order, the original order is not set aside and in the instant case, since the ROM application was rejected as there was no error apparent therein, the current application should have been filed within 30 days from the date of original AAR order issued on 25.Jul.2019.

Hence the appellate authority contended that it can condone a delay of only 30 days and since the ROM rejection order dated 11.Sep.2020 does not merge with the AAR order dated 25.Jul.2019, the appeal is not maintainable and hence the remaining pleadings in the appeal are also not maintainable. The appeal was thus dismissed.

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Account balance of PMJDY has increased to Rs. 43.85 crore, with a deposit amount of Rs. 1,48,069 crore

Account balance of PMJDY has increased to Rs. 43.85 crore, with a deposit amount of Rs. 1,48,069 crore

According to banks, the total number of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts as of 25.03.2020 (pre-COVID-19 lockdown) was 38.33 crore with a deposit balance of Rs.1,18,434 crore, whereas the total number of Pradhan Mantri Jan Dhan accounts as of 10.11.2021 (post-COVID-19 lockdown) is 43.85 crore with a deposit balance of Rs. 1,48,069 crore. Dr Bhagwat Kisanrao Karad, Union Minister of State for Finance, mentioned this in a written response to a question in the Lok Sabha today.

In response to a question, the Minister stated that the government has no plans to implement any scheme that would provide monetary benefits to PMJDY beneficiaries in the form of interest on their money, as all saving bank accounts, including PMJDY accounts, earn interest on deposits according to the Board approved policy of banks.

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Empanelment for Appointment of CA Firm for Internal Audit of Central Warehousing Corporation

Empanelment for Appointment of CA Firm for Internal Audit of Central Warehousing Corporation

E-TENDER NOTICE

Central Warehousing Corporation (CWC) invites e-tendering under two bid system from experienced and eligible bidders for Appointment of Chartered Accountants Firm for Reviewing/ Updating Existing Internal Audit Manual & Internal Control of Central Warehousing Corporation.

For further details the prospective bidders are requested to visit website: www.cwceprocure.com, www.cewacor.nic.in.

INTRODUCTION:

Central Warehousing Corporation (CWC), a Schedule -A, Category -I Mini Ratna Central PSU established under the Warehousing Corporations Act, 1962 enacted by the Parliament. It is functioning under the Ministry of Consumer Affairs, Food & Public Distribution, Govt. of India. CWC has been established for the purpose of warehousing of agriculture produce and other notified commodities. With the passage of time, Central Warehousing Corporation has diversified its business and started operation of Bonded Warehouses, Air Cargo Complex as well as Inland Container Depots (ICDs)/Container Freight Stations (CFSs) all over the country. CWC has been nominated to run the Integrated Check Posts (ICPs) at various international borders. CWC, being a premier warehousing agency in India providing warehousing and logistics support services to diverse group of users and diversified its activities to the construction, consultancy and management warehouses at different places of the user at their requirement. Turnover of CWC during the Financial Year 2020-21 was Rs. 2168.13 Crores. CWC is interested to get review/update the Existing Internal Audit Manual which came into existence in the year 2010 & internal control of the Corporation. Bidders may familiarize themselves with CWC by visiting CWC ‘s website at cewacor.nic.in.

PURPOSE OF THE BID:

The present bid invitation under two bid system is to select CA firm (Delhi based firm) to get review/update the Existing Internal Audit Manual which came into existence in the year 2010 & internal control of the Corporation.

The complete Tender document can be viewed and downloaded from the website (www.cwceprocure.com) during the period as stipulated in the bid invitation notice. The prospective bidders have to make the payment of requisite fee through e-payment mode.

The prospective tenderer may submit queries, if any, through email addressed to Dy.General Manager, Internal Audit at cwcinternal.audit@cewacor.nic.in Central Warehousing Corporation, Corporate Office, New Delhi in connection with this tender within 7 days from the date of publish of the tender on the website, so that the queries can be clarified. The bidder’s queries will be clarified through tender portal /website.

CWC reserves the right to reject any or all the bids without assigning any reason thereof.

KEY EVENTS AND DATES:

Tender Type	Open
Tender No.	CWC CO-IA/MANUAL/2021-IA
Name of Work	Appointment of Chartered Accountants Firm (Delhi Based) For Reviewing and Updating the Internal Audit Manual and Internal Control of Central Warehousing Corporation.
Scope of Work	The Selected CA Firm shall review/ update, ascertain and advise on the following: a. Changes required in existing internal control system of the Corporation. b. Changes required in existing Internal Audit Manual of the Corporation w.r.t. requirement of The Warehousing (Development & Regulation) Act, 2007. c. Changes required in existing Internal Audit Manual of the Corporation w.r.t CARO 2020. d. Changes required in the existing Internal Audit Manual of the Corporation w.r.t requirement relating to Internal Financial Control. e. Changes required in existing Internal Audit Manual of the Corporation w.r.t requirement relating to risk management system. f. Changes required in existing Internal Audit Manual of the Corporation w.r.t requirement of standards on Internal Audit. g. Changes required in existing check lists for Internal Audit needs any revision / addition / deletion. h. Changes required in internal control system and internal audit manual keeping in view the computerization of various operations. i. Any other changes, as may be required due to certain factors.
Project duration and deliverables	(i) 6 months from the date of award of contract. (ii) Revised/updated internal audit manual after incorporating all suggestion/ recommendations as per above scope. (iii) Revised SOPs of different business activities after incorporating all suggestion/ recommendations of improvement of internal control system and internal financial controls as per above scope. (iv) Executive summary of the proposed changes in the internal audit manual, internal control and internal financial control.
Document downloading date and time	25.11.2021 from 16:00 hours upto 22.12.2021 1400 hours.
Last date and time of online bid submission	22.12.2021 upto 1500 hours
Date and time of online technical bid opening	22.12.2021 at 15:30 hours
Date and Time of online price bid opening	To be intimated later
EMD	Tenderer has to submit the EMD Declaration as per Annexure VI.
Processing fee	Tender processing fee (Non-refundable) of Rs. 885/- inclusive of Goods and Service Tax @ 18% would be paid mandatorily to ―M/s. ITI Ltd. through E-payment which is already integrated in CWC through the portal www.cwceprocure.com.
Security Deposit	Successful bidder shall have to furnish Security deposit of Rs.30,000/- as Security Deposit. The security deposit of the selected bidder shall be refunded only after completion of deliverables as per scope and no interest shall be paid on the security deposit amount.
Validity period of Bid	90 days from the date of opening of Price Bid.
For further details please visit	www.cwceprocure.com, www.cewacor.nic.in/

Any clarification regarding online participation, Bidders may contact the following official of M/s ITI Ltd. Delhi.

Helpdesk : – 011-49424365
Mr. Himanshu: – 8799753411
Email ID: – cwceproc@etenderwizard.com

Further, any clarification/information regarding tender can be obtained from Deputy General Manager (IA) through email: – cwcinternal.audit@cewacor.nic.in

To Read More Details Download PDF Given Below :

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Income Tax Department conducts searches on two major real estate developers of Ludhiana

Income Tax Department conducts searches on two major real estate developers of Ludhiana

On 16.11.2021, the Income Tax Department launched a search and seizure operation against two big Ludhiana real estate companies. Around 40 locations in Ludhiana were searched as part of the operation.

The main finding of both organisations’ search and seizure activities is that they received unaccounted cash through on-money on property purchases. Documentary proof in the nature of ‘agreement to sell’ (popularly known as ‘Biyana’ in local lingo) for some properties was discovered and seized during the search process. These documents show that the ‘agreement to sell’ for plots was executed for a substantially higher amount/rate than the consideration mentioned in the plot’s registered sale deed. In addition, incriminating documents such as loose sheets, excel sheets demonstrating the calculation of receipt of on-money in particular property deals, soft data, chats from the parties concerned’s mobile phones, and so on have been recovered. A preliminary examination of these documents reveals that unexplained cash was received in the form of on-money on real estate deals. In addition, a number of other corroborating evidences supporting the receipt of on-money have been acquired.

Investigations have also shown that unaccounted cash expenditures were made on the construction of one of the key persons’ residential house.

Defaults on compliance with provisions of tax deduction at source have been found in one of the groups with reference to payments made to land sellers, etc.

Unaccounted cash worth roughly Rs. 2.00 crore, as well as foreign exchange, and unexplained jewellery worth about Rs. 2.30 crore, were seized as a result of the search.

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Job Opportunity for CA/MBA at Macquarie Group

Job Opportunity for CA/MBA at Macquarie Group

Overview:

Macquarie Group is seeking for an experienced Associate – Credit Analyst at their Gurugram location. The candidate will play an integral role, as an extension of our London Credit team, in supporting the coverage of the Commodities and Global Markets business group, focusing on analysing, rating and monitoring global counterparties.

Roles and responsibilities:

The ideal candidate should be able to:

• Work closely and collaboratively with a team of analysts, senior approvers, and senior business stakeholders to approve annual and interim reviews.
• Conduct initial reviews for new client relationships
• Involve in providing recommendations for credit limits, supported by thorough analysis and well-executed interpretation of relevant financial, industry, country, business, and market information.
• Monitor the credit quality and global exposure of existing and new clients, addressing and resolving any concerns.

The ideal candidate should also have:

• In-depth understanding of current economic trends and market information
• Solid ability to understand risk, interpret financial statements and navigate commercial outcomes.
• Relevant professional qualification, such as CFA or FRM, and familiarity with financial institutions, or commodities.

Eligibility:

• MBA/CA
• Experience of up to 2 years, ideally in a credit analysis role

Join Studycafe Membership to Download File and Apply

The link to Apply for this Job Vacancy is Given in the attached PDF. 

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