"01 August 2018" Archive

Provisions of KYC Updation of Directors on MCA

As per new provisions, Every Director is required to file E-form DIR-3 KYC on or before 31st August 2018. Details regarding the same are as follows:- Introduction:- The Ministry of Corporate Affairs as part of updating its registry, is conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC. […]...

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Posted Under: Company Law |

The Fugitive Economic Offenders Act, 2018

NO. 17 OF 2018 (31/07/2018)

Govt notifies Fugitive Economic Offenders Act, 2018. It shall be deemed to have come into force on the 21st day of April, 2018. The provisions of this Act shall apply to any individual who is, or becomes, a fugitive economic offender on or after the date of coming into force of this Act....

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Proposed Simplified GST Returns & Return Formats: Synopsis

Key features along with new formats of GST returns proposed by GST Council. Proposals relate to upload – lock -pay concept, amendment of returns / invoices, missing invoices etc. Following are the salient features of the new GST return processes and formats, proposed by GST Council: All taxpayers will be required to file monthly ret...

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Posted Under: Company Law |

Which services have been exempted from GST after 28th GST meeting?

The newsworthy 28th GST committee meeting that was hung on 21st July 2018 and headed by the Union Minister of Finance Sh. Piyush Goyal has to be sure ended up being to be an innovator as it has uncovered a few momentous monetary and fiscal change measures that are indubitably in light of a legitimate concern for the little dealers and the...

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Posted Under: Company Law |

What is Zero Rated Supply in GST?

As per section 16 (1) of Central Goods and Services Act, 2017, the following supplies are considered as ‘Zero rated supply’: Export of goods or services or both Supply of goods or services or both to a Special Economic Zone developer or a Special Economic Zone unit Take Input Tax Credit for Zero rated supplies […]...

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Posted Under: Company Law |

Input Tax Credit Under GST- Complete Analysis

GST comprises of the following levies: 1. Central Goods and Services Tax (CGST) [also known as Central Tax] on intra-state or intra-union territory without legislature supply of goods or services or both. 2. State Goods and Services Tax (SGST) [also known as State Tax] on intra-state supply of goods or services or both. 3. Union […...

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Posted Under: Company Law |

Complete Analysis on Tax Audit for Financial Year 17-18 i.e. AY 18-19

As soon as  due date of filing tax audit is coming near, assessee and tax auditor are making effort to comply the tax audit provision....

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Posted Under: Company Law |

Form 3CB Reporting on GAAR

The Revised 3CD Form has introduced additional reporting in view of the applicability of the Special Provisions Relating To Avoidance Of Tax Chapter: X And General Anti-Avoidance Rule Chapter: X-A. The new reporting requirements are contained in Clauses...

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Posted Under: Company Law |

RBI Policy Watch: The Long and Winding Price Road

Today’s policy decision suggests that the RBI seems to be taking a long term view on inflation rather than remaining purely data dependent. The discussion on the possible increase in inflation early next year (Estimate of Q1 2019-20 to 5%) as well the assertion that policy rate changes impact the real economy with a lag (with a shorter...

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Posted Under: Company Law |

Benefit of ambiguity in Tax Exemption Notification should be given to Revenue: SC

Commissioner of Customs (Import) Vs M/s Dilip Kumar and Company & Ors. (Supreme Court of India)

(1) Exemption notification should be interpreted strictly; the burden of proving applicability would be on the assessee to show that his case comes within the parameters of the exemption clause or exemption notification....

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