"05 June 2017" Archive

Transactions with distinct persons/Related party in GST – An in-depth understanding

Who is distinct person? - As per CGST ACT -Section 22(1) provides that every supplier shall be liable to be registered under this Act in the State or Union territory from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds Rs. 20 lakhs (10 lakhs for specified states):...

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GST Council: Passes many tests in 15th Meeting

The GST Council meeting held on 3rd June, 2017 at New Delhi succeeded on completing the pending issues on the agenda which inter alia included fitment of rates on textiles, bidi's, biscuits, gold & jewellery etc. ...

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Where are the Big Bang Reforms?

As the government led by Prime Minister Narendra Modi completes its third year in office, there has been a flurry of commentary on the hits and misses of these three years. ...

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Revision or Re-opening of Accounts under Companies Act, 2013

Unlike Companies Act, 1956, Companies Act, 2013 has provided a mechanism for revision or reopening of financials statement of a Company, even in a situation where it has already been approved by the company at its AGM or circulated to the members or filed with ROC....

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A Step By Step Guide To First Financial Plan

Prabu was a college student till yesterday. Today he has got a job. He has changed his costume from T-shirt and jeans to a formal wear with a tie. When he got his first pay cheque, his father advised him to save, his girl friend asked him to take her out on a date, and his friends wanted a party. Prabu was totally confused what to do with...

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Composition scheme under GST for small taxpayers

In GST, to give relief to the small traders from paying GST as per the rates specified and other compliance, they can pay GST on the gross turnover. Further taxpayer either opt for the composition scheme or pay GST by normal method....

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Clarification on transmission of Securities by Operation of Law -Reg.

General Circular No. 07/2017 (05/06/2017)

It has been stated that since transfer of shares to IEPF under section 124 (6) of the Companies Act, 2013 read with rules referred to above takes place on account of operation of law hence the procedure followed during transmission of shares may be followed in such cases and duplicate shares need not be issued in such cases. ...

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Expenditure Incurred on Issuance of Debentures is Revenue Expenditure: ITAT Bangalore allows Deduction [Read Order]

Shanders Properties Pvt. Ltd. Vs The Income Tax Officer (ITAT Bangalore)

In Shanders Properties Pvt. Ltd Vs. ITO, the ITAT Bangalore directed the AO to allow the expenditure incurred in relation to issuance of debentures as it constitute revenue expenditure under the provisions of the Income Tax Act....

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PM reviews progress towards beginning of GST on July 1

The Prime Minister, Shri Narendra Modi, today reviewed the status of GST, which is to be implemented from July 1. The meeting, which lasted for over two and a half hours, was attended by Finance Minister Arun Jaitley, and top-most officials from the Ministry of Finance, PMO and the Cabinet Secretary. ...

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GST Road- How Smooth ?

Recently attended a seminar on GST and difference between current and GST tax regime. I must say it would have been much better had it been taken in the way it was thought of one nation one tax....

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January 2021