"07 March 2019" Archive

GST Composition Scheme limit enhanced to Rs. 1.5 cr w.e.f. 01-04-2019

Notification No. 14/2019 –Central Tax [G.S.R. 196(E)] (07/03/2019)

Notification No. 14/2019 – Central Tax- Seeks to supersede notification No. 08/2017 – Central Tax dated 27.06.2017 in order to extend the limit of threshold of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017 to Rs. 1.5 crores. Threshold Limit Composition Scheme (Effective from 1st April, 2019) Thres...

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CBIC notifies due date for monthly GSTR-3B for April 19 to June 19

Notification No. 13/2019–Central Tax [G.S.R. 195(E)] (07/03/2019)

Notification No. 13/2019 – Central Tax Seeks to prescribe the due dates for furnishing of FORM GSTR-3B for the months of April, May and June, 2019. Last date for GSTR-3B- The return in FORM GSTR-3B of the CGST Rules, 2017 for each of the months from April, 2019 to June, 2019, shall be furnishedOn or […]...

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CBIC notifies Due date for Monthly GSTR-1 for Apr 19 to Jun 19

Notification No. 12/2019–Central Tax [G.S.R. 194(E)] (07/03/2019)

Notification No. 12/2019 — Central Tax– Seeks to prescribe the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of more than Rs. 1.5 crores for the months of April, May and June, 2019. Last Date for GSTR-1- The time limit for furnishing the details of outward supplies in FORM GSTR-1 […]...

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CBIC notifies Due date for quarterly GSTR-1 for Apr 19-Jun 19

Notification No. 11/2019–Central Tax [G.S.R. 193(E)] (07/03/2019)

Notification No. 11/2019 – Central Tax– Seeks to prescribe the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover upto Rs. 1.5 crores for the months of April, May and June, 2019. Special procedure for Statement of outward supplies ( GSTR-1) for Small taxpayers-Time Period for filing GSTR-1 for Regi...

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GST Registration Exemption up to 40 lacs w.e.f. 01-04-19

Notification No. 10/2019–Central Tax [G.S.R. 190(E)] (07/03/2019)

Notification No. 10/2019-Central Tax dated 7th March, 2019 Threshold limit for registration (For those engaged in exclusive supply of goods Enhanced to Rs. 40 lacs – Except persons engaged in making intra-State supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura,...

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Optional 6% GST composition scheme w.e.f. 1st April 2019

Notification No. 02/2019-Central Tax (Rate) [G.S.R. 189(E).] (07/03/2019)

Notification No. 2/2019-Central Tax (Rate) To give composition scheme for supplier of services with a tax rate of 6% having annual turn over in preceding year upto Rs 50 lakhs. ...

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UTGST Registration Exemption up to 40 lacs w.e.f. 01-04-19

Notification No. 02/2019-Union Territory Tax (07/03/2019)

To give exemption from registration for any person engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 lakh vide Notification No. 2/2019- Union Territory Tax Dated 7th March, 2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 2/2019- Union Territ...

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Sales promotion schemes / Discounts under GST: Clarification

Circular No. 92/11/2019-GST (07/03/2019)

It has been noticed that there are several promotional schemes which are offered by taxable persons to increase sales volume and to attract new customers for their products. Some of these schemes have been examined and clarification on the aspects of taxability, valuation, availability or otherwise of Input Tax Credit in the hands of the ...

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Optional 6% UTGST Tax for First 50 lacs w.e.f. 01-04-2019

Notification No. 02/2019-Union Territory Tax (Rate) [G.S.R. 191(E).] (07/03/2019)

CBIC notifies  composition scheme for supplier of services with a tax rate of 6% having annual turn over in preceding year upto Rs 50 lakhs vide Notification No. 2/2019- Union Territory Tax (Rate) dated 7th March, 2019....

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How a Flexi Loan can help you transform your CA firm for better

According to statistics by the Institute of Chartered Accountants of India (ICAI), over 50% of chartered accountants who were surveyed feel that technologies like big data and artificial intelligence are going to change the course of the profession in the coming years. However, one in every two also shared that the costs involved in procu...

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Advance Income Tax Provisions in a brief

Under Income Tax Act, 1961 certain type of Assessee are required to Pay Advance Tax in 4 Instalments. Short or Non Payment of Advance Tax tax results in levy of Interest Under Section 234A, Section 234B and Section 234C of Income Tax Act, 1961. Advance Tax Instalment falls every Year on 15th June, 15th September, […]...

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CBIC Implements decisions of GST Council for MSME Sector

Implementation of various decisions taken by the GST Council for the MSME Sector; Issue of Notifications there of The GST Council in its 32nd Meeting held on 10th January, 2019, inter-alia, had taken the following decisions to be effective from 1st April, 2019 (01.04.2019): Higher Exemption Threshold Limit for Supplier of Goods: Ther...

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How To Compute Input Tax Credit Under GST

The Government has amended CGST Act, 2017 vide CGST Amendment Act, 2018 with various changes w.e.f 01.02.2019 and one of the important amendment was made in Section 49 of CGST Act by introducing new section 49A to the CGST Act, 2017....

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Amendments in Companies Act during January & February 2019

Ministry of Corporate Affairs has recently between 1st January, 2019 to 28th February, 2019 issued approximately 13 amendment notification / Circulars under Companies Act, 2013. These are Eight Notifications related to Amendments in Rules, Three other Notifications, One  Circular and Companies Amendment (Ordinance) 2019. Most Important ...

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One time Amnesty Scheme in Maharashtra- Transactions that may constitute an issue

Notification No. Sett/MMB-2019/1/ADM-8 (07/03/2019)

Notification under Section 9(1) of the Ordinance for notifying the transactions that may constitute an issue. RNI No. MAHBIL/2009/31745 COMMISSIONER OF STATE TAX, MAHARASHTRA STATE, MUMBAI GST Bhavan, Mazgaon, Mumbai 400 010, dated the 7th March 2019. Notification THE MAHARASHTRA SETTLEMENT OF ARREARS of TAX, INTEREST, PENALTY OF LATE FEE...

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Note on preparation of GST Annual Return in Form GSTR-9 at GSTN portal

Central Board of Indirect Taxes and Customs (CBIC) had notified pdf version of GST Annual Return in Form GSTR-9 (applicable for regular taxpayers) back in September 2018. Since then, taxpayers have been awaiting for the Form to be made live at the common portal. Recommendations were even made by the industry to auto-populate the details [...

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WORK LIFE BALANCE:- An extract of a day from diary of a working MoM

In the said article, MoM doesn’t stand for Minutes of the meeting, but Mom i.e mother.A lot gets discussed every year on women empowerment, legal and social dimensions and knowledgeable topics from the various leading female professionals who have carved their niche in their respective industries and professions....

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NO GST on Income Tax TCS: CBIC clarifies

Corrigendum to Circular No. 76/50/2018-GST (07/03/2019)

For the purpose of determination of value of supply under GST, Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961 would not be includible as it is an interim levy not having the character of tax....

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Is GST applicable on Naturopathy, Ayurveda, Yoga, Siddha, Unani & Homeopathy Based Medical Treatments?

CBIC), has issued Notification No. 12/2017-Central Tax Rate dated 28.6.2017, exempting 'health care services' rendered at clinical establishments by authorized medical professionals or paramedics, from applicability of GST, vide entry no. 74...

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Benefits of MSME Registration In India

The Indian government has always been in favor of providing benefits to Micro, small and medium enterprises (MSMEs). There are many advantages of obtaining MSME registration in India, which can be only availed if the business had registered itself as an MSME/SSI under MSME Act. The following are a few advantages or obtaining SSI/MSME regi...

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GSTR 9 Annual Return Tab is available on GSTN Portal for filing Annual Return

Form GSTR 9 for the annual return is now active on the GSTN portal. Every registered taxpayer on GST is required to file GSTR 9 – the form for the annual return for FY 2017-18 (July 2017 to March 2018) on or before 30th June 2019. It consolidates the information furnished in the monthly or […]...

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HC quashes MCA order publishing list of disqualified directors & deactivating DIN

Gaurang Balvantlal Shah S/O Balvantlal Shah Vs Union of India (Gujarat High Court)

MCA order in publishing the list of directors  associated with struck off companies under Section 248 of the Companies Act, 2013 on the Website of MCA, showing the status of assessee as disqualified Directors was not legally tenable as section 164(2) of the Companies Act would take effect only from the financial year 2014-15. ...

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Now Incorporate Company with 15 Lakh Capital with Zero Fees

MCA implemented the rule of Incorporation with Zero fees for the proposed companies with a nominal capital of less than or equal to Rs. 10 Lacs and in respect of proposed companies not having share capital, whose members does not exceed 20. Now with effect from 18.03.2019, this limit of 10 lacs has been revised to Rs. 15 lacs....

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Deposit banned & not banned under Deposit Schemes Ordinance

Article explains What is banned under Banning of Unregulated Deposit Schemes Ordinance, 2019, What is an Unregulated Deposit Schemes,  To whom is Banning of Unregulated Deposit Schemes Ordinance, 2019 applicable and Which are the deposits not banned in Banning of Unregulated Deposit Schemes Ordinance, 2019? Presently, non-banking entitie...

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Scope of ‘Deposits’ under ‘Banning of Unregulated Deposit Scheme Ordinance, 2019’

Now it is pertinent to note here that, restriction / ban has been imposed on only Unregulated Deposit Scheme and not on all deposits. It means that all deposits are not banned, and only those deposits are banned which are classified under the Unregulated Deposit Scheme....

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Increase in MRP post GST Reduction is violation of Anti-profiteering law

Shri R. K. Gupta. Vs Ms Abbott Healthcare Pvt. Ltd. (National Anti-Profiteering Authority)

It is revealed that the rate of tax was 30.06% in the pre-GST era which was reduced to 28% in the post-GST era vide Notification No. 1/2017 Central Tax (Rate) dated 28.06,2017, and the rate of GST was further reduced from 28% to 18% vide Notification No. 41/2017-- Central Tax (Rate) dated 14 11.2017 However, during these periods, the base...

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EPF Registration

Employees Provident Fund [EPF] is a scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the purview of Employees’ Provident Fund Organisation (EPFO) which is one of the World’s largest Social Security Organizations in terms of clientele and the volume of financial transactions u...

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All About GSTR-9 Annual Return

Article explains Who should file GSTR 9 annual return, What is the due date of GSTR-9, Details required in the GSTR-9 form, When NIL GSTR-9 RETURN can be filed and Issue with Figures in GSTR-9. The Annual return under GST (FORM GSTR-9) is active on the GST portal now. Once you login, you will be able to […]...

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Anti-profiteering provisions not apply in absence of reduction in tax rate

Kerala State Screening Committee on Anti-Profiteering Vs Director General Anti-Profiteering (National Anti-Profiteering Authority)

Kerala State Screening Committee on Anti-Profiteering Vs Director General Anti-Profiteering (NAA) On perusal of the facts of the case and the details provided in the table given above in para 4 it is apparent that there was no reduction of tax with the introduction of GST. The DGAP on examining various facts has categorically mentioned [&...

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No profiteering if base price of product remain same after GST rate reduction

Kerala State Screening Committee on Anti-profiteering Vs M/s Velbon Vitrified Tiles Pvt. Ltd (NAA)

Kerala State Screening Committee on Anti-profiteering Vs M/s Velbon Vitrified Tiles Pvt. Ltd (NAA) As seen from the invoices given above at para 4 it is clear that the base price of the product per box was Rs. 232.50 prior to 15.11.2017 and had remained the same even after GST rate reduction w.e.f. 15.11.2017. Therefore, […]...

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ITC allowed on GTA services in case of FOR sale

M/s Ultratech Cement Ltd. Vs C.C.E. Kutch (Gandhidham) (CESTAT Ahmedabad)

M/s Ultratech Cement Ltd. Vs C.C.E. Kutch (Gandhidham) (CESTAT Ahmedabad) We find that the Chartered/ Cost Accountant has certified that the goods were sold on FOR basis by the Appellant and the freight/ damages in transit was responsibility of Appellant till the goods reaches the doorstep of the Customers. Also we find that the consignme...

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DPT- 3 Form Filling – Return of Deposits

What are the new rules for the Return of Deposits? On 22nd January 2019, the MCA came up with a new amendment in the Companies (Acceptance of Deposits), Rules, 2014. Now as per the new guideline, every company other than the government companies has to file a onetime return of loans. Those which has not been […]...

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GST Set off Rules Wef 01.02.2019 are Boon or Bane !

GST SET OFF RULES WEF 01.02.2019. As per CGST Amendment Act 2018, the set off rules has been changed the updated rules are presented with examples as follows: Section 49(2), 5(c), 5(d) Amended proviso 5(c) “Provided that the input tax credit on account of State tax shall be utilised towards payment of integrated tax only where [&hellip...

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Finally Rajasthan got Permanent Regulatory body to Regulate Real Estate Sector

The Real Estate (Regulation & Development) Act, 2016 has come into force on 1st May, 2016 and as per the provisions of the Act, the state government has to form the rules and incorporate the regulatory authority within 1 year from the enforcement of the same so as to regulate the real estate sector in […]...

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Revisional order U/s 263 sustained in case of Anil Kapoor‘s Production Company

Ms Anil Kapoor Film Co. Pvt. Ltd. Vs Pr. CIT (ITAT Mumbai)

evisional order passed by the Principal Commissioner in case of Anil Kapoor Film Co. Pvt. Ltd was upheld as AO had not made enquiries/verification, to satisfy himself with respect to creditworthiness of the lender and genuineness of the transactions before framing the assessment....

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Internal Auditors cannot claim same pay scale parity as of Head Clerk in PSEB: SC

Punjab State Power Corporation Limited Vs Rajesh Kumar Jindal & Others (Supreme Court of India)

Internal auditors could not claim parity of pay scale as that of the Head Clerk in the Punjab State Electricity Board (PSEB) merely because they were categorised in same Group XII of Head Clerks as the nature of duties and responsibilities of Internal Auditors were different from Head Clerks. ...

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Transfer of Patent Rights subject to tax under CST Act

Ms. Lal Products Vs Intelligence Officer (High Court Kerala)

Transfer of patent rights would be subject to CST as while transferring of intangible rights obtained under a statute, to another entity having its place of business in another State; from where the transferee intended to exercise such rights thereafter, postulated a movement of the intangible, corporeal goods from one State to another an...

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Basic Details for DIN and its allotment process

Today the topic with which I am dealing is ‘Process to apply for Director Identification Number DIN’ Q.1. What is Director Identification Number (DIN)? A. DIN is an 8-digit Unique Director Identification Number allotted by the Central Government to any person intending to become a Director/Designated Partner of  a company/LLP...

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Deduction U/s 36(1)(ii) allowable on bonus paid to directors

Candor Business Solutions P. Ltd. Vs ITO (ITAT Begalore)

Candor Business Solutions P. Ltd. Vs ITO (ITAT Bangalore) Conclusion: Where bonus has been paid to directors for the services rendered and as part of a payment of employment, deduction of the same was to be allowed u/s. 36(1)(ii). Held: AO disallowed amount of bonus to director-shareholders of the assessee company u/s. 36(1)(iii). In the ...

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How to Deposit Punjab State development / Professional Tax

Deposit of Punjab Professional Tax Introduction Article 276, Clause 2 of the Indian Constitution covers the provision concerning professional tax in the country. Professional tax is imposed by state governments on the individuals who are employed in governmental, private and non-governmental organizations. The quantum of levy varies accor...

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Customs Rate of Exchange of Foreign Currency wef 08.03.2019

Notification No. 21/2019 - Customs (N.T.) (07/03/2019)

Customs Rate of Exchange of Foreign Currency Conversion wef 08.03.2019 notified vide Notification No. 21/2019 – Customs (N.T.) dated 7th March, 2019....

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Cabinet approves procedure & mechanism for Strategic Disinvestment of CPSEs

Cabinet approves procedure and mechanism for Strategic Disinvestment of the CPSEs – delegation thereof The Cabinet Committee on Economic Affairs chaired by the Prime Minister has approved delegation of the following to Alternative Mechanism in all the cases of Strategic Disinvestment of CPSEs where CCEA has given ‘in principle’ ...

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Cabinet approves creation of Post of Technical Member in SAT, Mumbai 

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the proposal for creation of the Post of Technical Member in Securities Appellate Tribunal (SAT), Mumbai at the level of Secretary to the Government of India in the pay scale of Rs. 2,25,000/- (fixed) or Level 17 of the Pay Matrix as per the […]...

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Amortized cost of tools cannot be added to arrive at value of goods supplied for GST

In re M/s. Nash Industries (I) Pvt.Ltd (GST AAAR Karnataka)

In re M/s. Nash Industries (I) Pvt. Ltd (GST AAAR Karnataka) The appallate authority for advance ruling has set aside the rulings passed under section 98(4) of the CGST Act 2017 vide NO. KAR ADRG 24/2018 dated 25/10/2018 i.e. Contention of the appellant is allowed based on examination of the contract and purchase orders furnished. [&helli...

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Cabinet approves Scheme to Rebate State and Central Embedded Taxes to Support Textile Sector 

Cabinet approves Scheme to Rebate State and Central Embedded Taxes to Support the Textile Sector The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Scheme to Rebate State and Central Embedded Taxes to Support the Textile Sector. This will enable the Government to take various measures for making exports of apparel ...

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PM releases new series of visually impaired friendly coins

The Prime Minister, Shri Narendra Modi, today, released the new series of visually impaired friendly circulation coins,in New Delhi.Rs.1, Rs.2, Rs.5, Rs.10 and Rs.20 are the various denominations of coins released as part of the new series. The coins were released at a function at 7, Lok Kalyan Marg, where visually impaired children were ...

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One time amnesty Scheme for pre-GST dues: Forms and how to submit

Order No. ORD./MMB-2019/1/2019/ADM-8 (07/03/2019)

Under Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance 2019 forms appended hereto to be the Forms for carrying out purposes of the settlement of aforesaid arrears under the Relevant Act, in respect of the period ending on or before the 30th June 2017...

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Refrain from issuing notices on directions of AGCR Audit: DVAT Commissioner

Circular No. 09/2018-19 (07/03/2019)

Commissioner DVAT on 07/03/2019 has issued Circular No. 9/2018-19 directing all the Assessing Authorities to refrain from issuing notices on the directions of AGCR Audit for various Financial Years including time barred years. OFFICE OF ADDITIONAL COMMISSIONER (POLICY) DEPARTMENT OF TRADE AND TAXES GNCT OF DELHI, VYAPAR BHAWAN, NEW DELHI-...

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Foreign Exchange Management (Permissible Capital Account Transaction) (First Amendment) Regulations, 2019

Notification No. FEMA 1/2019-RB (07/03/2019)

(i) These Regulations may be called the Foreign Exchange Management (Permissible Capital Account Transactions) (First Amendment) Regulations, 2019.(ii) They shall come into force from the date of their publication in the Official Gazette....

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Special Economic Zones (2nd Amendment) Rules, 2019

Notification No. G.S.R. 200(E) (07/03/2019)

The process of renewal of Letter of Approval shall take into account the efforts made and the results achieved or status of the following criteria, namely:-(i) Export performance of the Unit in the last block.(ii) Employment generated.(iii) Instance of violation of applicable statutes related to the functioning of the Unit....

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GST, Excise, Service Tax & Customs updates for February 2019

Article contains Proposal of 32nd GST council meeting, Summary of GST Notification / Circulars Issued during February 2019, Analysis of Important cases decided on GST, GST Compliance calendar – March 2019 , Summary of Custom Notification / Circulars / Judgments of  February 2019, Summary of Central Excise & Service Tax  Notificati...

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Closure of Liaison Office in India- Compliances to be done

FCA Neeraj Bhagat Liaison offices (LOs) are a popular option for foreign investors exploring the Indian market for the first time, and unsure of how the country’s liberalizing FDI caps will affect their business. In contrast to other business structures, LOs allow foreign companies to establish a light footprint in India while keeping t...

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GSTR-9A (Annual composition scheme return)- How to file with FAQs

Article explains What is Form GSTR-9A, Who needs to file Form GSTR-9A, Who doesn’t need to file Form GSTR-9A, Is it mandatory to file Form GSTR-9A,  pre-conditions for filing Form GSTR-9A, filing of nil Form GSTR-9A,  How to file Form GSTR-9A, date of filing of Form GSTR-9A, when do I need to file Form GSTR-9A, […]...

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Compliance Chart on Recent Notifications Issued by MCA

CS Shruti Bansal Article explains due dates of new compliances introduced by Ministry Of Corporate Affairs (MCA) recently which includes filing of ACTIVE FORM-INC 22A, INC-20A, DPT-3, MSME-1, BEN-1 and DIR-3 KYC Alongwith details of when the same was introduced, Fees for Filing and Penalty for late filing, Information/ Documents to be fur...

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