"02 July 2019" Archive

Detailed Analysis of CGST (Fourth Amendment) Rules, 2019

CBIC vide Notification No. 31/2019-Central Tax dated June 28, 2019, has made various amendments in CGST Rules, 2017 vide Central Goods and Services Tax (Fourth Amendment) Rules, 2019. The Central Board of Excise and Customs vide Notification No. 31/2019-Central Tax dated June 28, 2019, has made various amendments in Central Goods and Se...

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GST annual figures for 2018-19 to be reported in Cost Records/ Cost Audit Annexures/ Reports

As per section 148 of the Companies Act 2013, the specific companies are required to maintain the cost records (having turnover exceeding Rupees Thirty-Five Crores*) and/or are supposed file Cost Audit Reports (for companies having turnover exceeding Fifty/Hundred Crores*) with Ministry of Corporate Affairs....

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Expectations from Budget 2019 for corporate restructuring

While the Interim Budget did not have an expanded section for tax proposals, there are increasing expectations from this full Budget. As the industry eagerly awaits Union Budget 2019, we list down expectations, which are imperative from business restructuring perspective:...

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MCA set to deploy the eForm for reporting details of SBO

MCA, on July 1, 2019, issued Companies (Significant Beneficial Owners) Second Amendment Rules, 2019 thereby notifying e Form BEN-2 required to be submitted by companies....

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Understand Senior Small Shareholders’ plight over demat

Since MCA as well as SEBI both have decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in dematerialised form with a depository. This measure came into effect from April 01, 2019. For everyone’s information  ...

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New GST Returns and challenges – July 2019

The new returns are being introduced replacing GSTR 1 and GSTR 3B which is being filed by majority of the assessee. Those who are under composition scheme could continue to file GSTR 4. It is estimated that around 17% of the assessee are under composition scheme. Other returns such as Non-Resident Foreign Taxpayer Returns (GSTR 5), ISD re...

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How a Financial Planner can make you a successful investor?

Do you want to become rich? Do you want to succeed in your financial life? All the rich and successful people have a common Word of Wisdom for you: Managing your money is more important than the money you earn. How do you manage your money? Let’s explore the categories of people with their habits […]...

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Cancelled GST Registeration? Don’t Forgot to File GSTR-10 (Final Return)

GSTR 10 is a return to be filed by taxpayers whose GST Registration has either been surrendered by the taxpayer or has been canceled by authorities. This return is intended to provide details of ITC involved in closing stock (including inputs and capital goods) to be reversed/ paid by the taxpayer....

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Two Years of GST

We Completed two years of GST era in India on 1st July 2019. Let us try to review what GST has been able to achieve in these two years and future of GST. The aim of GST was to abolish or subsume multiple indirect taxes levied by Central & State Govt. into one Tax. To […]...

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TDS not deductible on Payment for Reimbursement of Costs

Pr. CIT Vs Goldman Sachs (India) Finance Pvt Ltd. (Bombay High Court)

Pr. CIT Vs Goldman Sachs (India) Finance Pvt Ltd. (Bombay High Court) The amount in question was by way of reimbursement of costs. The Tribunal held that Assessee had paid such sums towards administrative costs such as the employee cost, rent, finance and legal corporate recharge etc. The Tribunal noted that, GSIPL had provided services [...

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