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Archive: 02 March 2017

Posts in 02 March 2017

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 16, 2024 3876 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 3501 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

All About Job Work Under GST Regime

March 2, 2017 15411 Views 3 comments Print

Movement of goods to job workers is an essential business situation which occurs frequently. Many times a manufacturer send goods to a job worker for getting further work done on them, and receive the goods back from job worker or sell the goods directly from the place of job worker.

New Book: GST Laws, Concepts and Impact Analysis of Select Industries

March 2, 2017 11097 Views 5 comments Print

Our new Book (Third in last one year) on GST – GOODS & SERVICES TAX – LAWS, CONCEPTS AND IMPACT ANALYSIS OF SELECT INDUSTRIES has just been released. It is a 882 page Book covering GST concepts and provisions based on model law (CGST/ SGST / IGST in Part-A (20 Chapters)

GATS: General Agreement on Trade in Services

March 2, 2017 18840 Views 0 comment Print

Taking an inspiration from GATT (General Agreement on Tariffs and Trade) which is a multilateral agreement regulating international trade, in January 1995 a treaty was passed by the World Trade Organization (WTO) in Uruguay Round negotiations known as GATS (General Agreements on Trade in Services).

Schedule V of Revised Draft GST Law- Persons Liable To Be Registered

March 2, 2017 3549 Views 0 comment Print

Schedule V of GST Law deals with person liable for registration. This schedule can be divided in three parts.Part A – Turnover Based Registration– As a general rule, every supplier is liable to be registered if his aggregate turnover in a financial year exceeds 20 lakhs.

All about NBFC Compliance and NBFC returns

March 2, 2017 55401 Views 4 comments Print

In September 2016, RBI has issued Master Direction – Non-Banking Financial Company –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016, to be followed by NBFCs. There is a separate Master Direction for NBFCs which accepts public deposit or NBFC’s with an asset size above Rs 500 crore.

Exposure Draft on Information and Cyber Security Framework for Insurance Sector

March 2, 2017 1575 Views 0 comment Print

Cyber security in financial sector has gained importance, more so with the advent of technological innovations. In this connection, IRDAI has planned to come out with a comprehensive Information and cyber security framework for Insurance sector covering various aspects for designing a suitable information & cyber security policy by the regulated entities, establishment of appropriate Governance structure for implementation of Information & Cyber Security policy and audit mechanism to mitigate cyber risks.

Borrower can Appeal to DRT even If Mortgaged property belongs to Guarantor

March 2, 2017 4233 Views 0 comment Print

This petition under Article 227 of the Constitution of India has been preferred for quashment of the recovery and auction proceedings initiated against the petitioner by the respondent UCO Bank (the Bank henceforth); for quashing the appellate order dated 9-11-2011 passed by the Debts Recovery Appellate Tribunal, Allahabad

Penalty before Completion of Assessment under TVAT Act, 2006 is premeditated and/or premature

March 2, 2017 942 Views 0 comment Print

A bare reading of the sub-section (5) of Section 22 would show that it is only after an assessment is complete under sub-section (4) of Section 22, that penalty can be imposed by the Assessing Officer. However, it can, either be imposed at the time when, the assessment order is passed, or, by way of a separate order, albeit, after the assessment order is passed. Therefore, the proposal in the show cause notice to levy penalty at the rate of 150% prior to adjudication demonstrates premeditation.

Levy not specified in SCN cannot be levied by Settlement Commission

March 2, 2017 795 Views 0 comment Print

This is an appeal preferred against the judgement of the learned Single Judge, dated 12.09.2016. 2. By virtue of the said judgement, the learned Single Judge disposed of a batch of writ petitions, which included, the writ petition filed by the appellant, before us.

Deficit incurred in earlier years by a Trust can be treated as application of Income in Subsequent year

March 2, 2017 5379 Views 0 comment Print

Deficit incurred by a trust could not be treated in the same way as that of a loss sustained by an assessee under the head ‘profits and gains of business or profession‘ for such deficit to be furnished in a return and verified. The same was to be allowed to be set off against surplus […]

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