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Archive: 26 April 2018

Posts in 26 April 2018

Incorporation of Private Company

April 26, 2018 8691 Views 6 comments Print

Private Limited Company is basically a closely held Company which requires minimum two persons as Directors and shareholders for its incorporation. It is the most common and suitable form of entity for carrying out business in India with a long term objective. A Private Limited Companies in India are governed by the Companies Act, 2013.

E-Way Bill: Implementation Update and Important Points to Note

April 26, 2018 13038 Views 1 comment Print

Attention: Suppliers, Recipients & Transporters of Goods ! E-Way Bill System is now operational for SMOOTHER, SWIFTER & EASIER movement of goods. IMPLEMENTATION UPDATE ♦ E-way bill system has been introduced for inter-State movement of goods across the country from 1st April, 2018. ♦ States of Andhra Pradesh, Gujarat, Karnataka, Kerala, Telangana, Uttar Pradesh, Bihar, […]

Inter-state and Intra State applicability of E-way Bill

April 26, 2018 7311 Views 0 comment Print

In order to ease & speed up the physical movement of goods, GST council has come up with concept E-way Bill to track the status movement of goods from one place to another. It has been notified that w.e.f. 1st April 2018 E-way bill is mandatory for inter-state movement of goods in case consignment value is more than 50,000.

Triple Taxation under Income Tax Act, 1961 after introduction of Section 115BBDA

April 26, 2018 79146 Views 5 comments Print

With the introduction of the Section 115BBDA in the Income Tax Act, 1961 by the Finance Act, 2016, w.e.f. 1-4-2017 the Government is levying 3 times tax on same source of Income. As per said section, when the shareholder receives the dividend in aggregate of more that Rs. 10 lakhs, then such shareholder have also to pay Income Tax. Therefore, effectively the Government is collecting 50.35% tax on same source of Income. The working of the same is explained in table as Annexed hereunder.

GST Margin Scheme in Brief

April 26, 2018 12972 Views 6 comments Print

1. Margin is the difference between sale value and purchase value of second hand goods 2. In Margin scheme, GST is applicable only on the profit margin unlike GST charged on the transaction value for the goods in normal condition 3. No GST is applicable if there is no profit margin

ESOP – A Motivational tool for Startups

April 26, 2018 4008 Views 0 comment Print

Traditionally, ESOPs were given to remunerate senior employees and to acknowledge their proven contribution to the company. However, in modern times, ESOPs are used as a consideration as Startups can’t afford to spend high salaries in the beginning. Employee Stock Options in India has gained immense popularity in the recent times with the emergence of a vibrant startup ecosystem in the country.

Recovery of arrears under existing law & reversal of inadmissible ITC- Certain issues

April 26, 2018 11112 Views 0 comment Print

Clarification vide Circular No. 42/16/2018-GST Dated 13.04.2018 regarding procedure for recovery of arrears under the existing law and reversal of inadmissible input tax credit-Certain issues

Onetime condonation under EPCG Scheme – Extension till 30.09.2018

April 26, 2018 4056 Views 0 comment Print

he Directorate General of Foreign Trade had issued following Public Notices: a. Public Notice No. 35/2015-20 dated 25.10.2017 – Onetime condonation of time period in respect of obtaining block-wise extension in Export Obligation period under EPCG Scheme.,

Analysis of provisions of Section 142 of CGST Act- certain doubts

April 26, 2018 59880 Views 4 comments Print

On perusal of the provisions of Section 142 of CGSTA, certain doubts have emerged which are as mentioned below for critical examination of the other members and their views. The doubts/comments are provided sub-section wise hereunder.

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