This document contains a summary of legal updates from various sources such as court judgements and advance rulings. It also summarizes updates on GST, income tax, corporate law, and other topics. Specifically, it provides summaries of 3 advance rulings on classification of composite supplies under GST. It also notes updates from ICAI on new/revised publications and results of upcoming exams. In addition, it outlines some key news items such as approval of an agriculture export policy and changes to insolvency law. The document is meant for educational purposes.
Newsletter on daily professional updates- 18th July 2019
1. THE
NEWS
LETTER
THEME
Goods and Service Tax | Income Tax | Corporate
Law | Reserve Bank of India | FEMA | ICAI |
MSMEs | Start-ups | Other Legal Updates |
Union Ministries’ Press Releases
2. =============================================
About Scribbler
PRADEEP GOYAL
Fellow Member of the Institute of
Chartered Accountants of India.
Associate member of Professional
Accounting Body of Certified
Practising Accountants (CPA),
Australia.
CFA (Corporate Finance)- Columbia
Business School, USA | EMERITUS
Institute of Management, Singapore.
Certified Goods & Service Tax
Practitioner from ICAI & Ministry of
Micro, Small & Medium Enterprises,
Government of India.
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3. July 18, 2019
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
1
GST UPDATES
LEGAL UPDATES- COURT JUDGEMENTS/ADVACE RULINGS
Sr.No. Source Court/AAR Judgement/Ruling
Type Detail
1 [2019] 107 taxmann.com
259 (AAR - GOA)
Alcon Resort Holdings (P.)
Ltd., In re
ADVANCE RULING NO.
GOA/GAAR/6 OF 2018-
19/3749, DOP-JANUARY 22,
2019
AUTHORITY
FOR
ADVANCE
RULINGS,
GOA
Advance
Ruling
Supply of
medicines/consumables in
course of providing health
care services is ‘composite
supply’, exempt under GST
2 [2019] 107 taxmann.com
264 (AAR- RAJASTHAN)
All Rajasthan Corrugated
Board & Box Manufacturers
Association, In re
ADVANCE RULING NO.
RAJ/AAR/2019-20/07
MAY 17, 2019
AUTHORITY
FOR
ADVANCE
RULINGS,
RAJASTHAN
Advance
Ruling
Incidental services offered in
conference are ‘composite
supplies’, classified under
SAC 9985, taxed @18%
3 [2019] 107 taxmann.com
262 (AAR - TAMILNADU)
ORDER NO. 22/AAR/2019
MAY 22, 2019
AUTHORITY
FOR
ADVANCE
RULINGS,
TAMILNADU
Advance
Ruling
Repair services relating to
cooling structures of dairy
units, are classified under
heading 9987, taxed @ 18%
GST (Composite Supply)
4. July 18, 2019
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
2
CORPORATE LAW UPDATES
No update today
UPDATES FROM SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
No update today
ICAI UPDATES
ICAI issued fourth edition of its earlier issued publication which contains an
overview of various aspects related to Indian Accounting Standards (Ind AS) such as
roadmap for the applicability of Ind AS, carve-outs from IFRS/IAS, changes in
financial reporting under Ind AS compared to financial reporting under accounting
standards, summary of all the Ind AS etc.
[Indian Accounting Standards (Ind AS): An Overview (Revised 2019) - (17-07-2019)]
Educational Material on Indian Accounting Standard (Ind AS) 8, Accounting Policies,
Changes in Accounting Estimates and Errors - (17-07-2019).
[Get your copy here]
Result of the Information Systems Audit [ISA] Assessment Test held on 29th June
2019 is likely to be declared on 18th July, 2019.
The results of the Common Proficiency Test (CPT) held in June 2019 are likely to be
declared on Thursday, the 18th July 2019 at around 6.00 P.M.
[Announcement here]
Exposure drafts of ASLB 21, 'Impairment of Non-Cash Generating Assets', ASLB 26,
'Impairment of Cash Generating Assets' and ASLB 32, 'Service Concession
Arrangements: Grantor [Click here for announcement]
Exposure draft on Amendments to IFRS 17, Insurance Contracts
5. July 18, 2019
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
3
INCOME TAX UPDATES
Central Government notifies tall provisions of Protocol, amending the Agreement
between the Government of the Republic of India and the Government of the People’s
Republic of China for the avoidance of double taxation and the prevention of fiscal
evasion with respect to taxes on income, as annexed hereto, shall have effect in the Union
of India.
[Notification here]
LEGAL UPDATE-INCOME TAX
Sr.No. Source & Case detail Court Judgement
1 [2019] 106 taxmann.com 307
(Bombay)
Rajbhushan Omprakash Dixit
v.
Deputy Commissioner of
Income Tax, Central Circle-
2(4), Mumbai*
WRIT PETITION NO. 3546 OF
2018
APRIL 5, 2019
HIGH COURT
OF BOMBAY
No reassessment just because assessee
had certain cash which wasn't disclosed
in ITR
FEW IMPORTANT NEWS UPDATES
{Source- Business Standard & Press Information Bureau)
THE CENTRAL GOVERNMENT HAS APPROVED A CENTRAL SECTOR SCHEME TITLED
‘IMPLEMENTATION OF AGRICULTURE EXPORT POLICY- MOCI NOTIFICATION DATED 16.07.2019
GOVT CLEARS CHANGES TO INSOLVENCY LAW; SECURED LENDERS TO GET PREFERENCE
Better business climate, trade norms will help India attract FDI: IMF
Govt's plan to sell its first foreign sovereign bonds a risky money idea?
6. July 18, 2019
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
4
RENUNCIATION
“THOUGH ALL THE INFORMATION ASSIMILATED IN THIS DOCUMENT IS TAKEN FROM AUTHENTIC
SOURCES, I DON’T MAKE ANY WARRANTIES ABOUT THE COMPLETENESS, RELIABILITY AND ACCURACY
OF THE INFORMATION CONTAINED IN THIS DOCUMENT. ANY ACTION YOU TAKE UPON THE
INFORMATION IN THIS DOCUMENT, IS STRICTLY AT YOUR OWN RISK AND I WILL NOT BE LIABLE FOR
ANY LOSSES OR DAMAGES IN CONNECTION WITH THE USE OF THIS DOCUMENT”- PRADEEP GOYAL
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