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Archive: 19 September 2019

Posts in 19 September 2019

Different types of Audits /Reviews under GST

September 19, 2019 2667 Views 0 comment Print

Introduction: In a conventional sense, audit means scrutiny, verification of documents, events and processes in order to verify facts and to draw conclusions regarding the correctness of recording of facts and the efficiency of system under study. Today, the concept of audit in general has under gone change from a transactional audit to a risk […]

IBC: Interim Resolution Professional-time to analyze his role & performance

September 19, 2019 8169 Views 0 comment Print

As an Insolvency professional since 2018 and just requesting Adjudicating authority(one of the court judges of NCLT, New Delhi, in simpleton’s language) to relieve me of the duties as Interim Resolution Professional, after completion of task assigned, I am left with the thinking to analyze who is an interim resolution professional(IRP), what role he/she plays […]

Nuances of Schedule III transactions of CGST Act which not treated as supply

September 19, 2019 56100 Views 2 comments Print

Schedule III of the CGST Act, deals with those areas which can be neither treated as supply of goods nor treated as supply of services. This schedule deals with those goods/services other than that which has been kept constitutionally out of the ambit of GST being alcoholic liquor of human consumption and the items for […]

Taxation of Reimbursement Expenses in GST

September 19, 2019 14433 Views 0 comment Print

Reimbursement involves being repaid of what has been spent and restoring to an equivalent of something which has been paid. ‘Reimbursement expenses‘  have always been a point of debate in indirect tax laws. It is associated with the consideration flowing from one person to another and whether it forms a part of consideration or not […]

11 Initiatives taken by MCA towards Ease of Doing Business

September 19, 2019 2019 Views 1 comment Print

Initiatives taken by the Ministry towards Ease of Doing Business 1. Ministry of Corporate Affairs has provided exemption to private companies through Companies (Amendment) Act, 2015, wherein the requirement for minimum paid up capital was removed. 2. Central Registration Centre(CRC) was established by MCA under Section 396 of the Companies Act, 2013 (Act) vide notification […]

Latest and Simplified Version of Regional Economic Integration and WTO

September 19, 2019 2940 Views 0 comment Print

(Based on UGC NET 2019 DEC-COMMERCE Business Environment Syllabus). Following concepts will be fruitful to Students who write examination based on Business Environment. The important concepts explained are the following- Business Environment and International Business Concepts and elements of business environment: Economic environment- Economic systems, Economic policies(Monetary and fiscal policies); Political environment-Role of government in […]

Return filed U/s. 153A would be deemed to be return filed U/s.139

September 19, 2019 9405 Views 0 comment Print

Where assessee had filed return under section 153A, which was accepted by revenue, therefore, no penalty under section 271(1)(c) could be imposed for concealment of income because return filed under section 153A would be deemed to be return filed under section 139.

Capital Gains taxable in Year of Transfer of Possession of Land

September 19, 2019 3849 Views 0 comment Print

The issue under consideration is whether Capital Gain will be taxable in the year when consideration for sale of land received irrespective of the possession of the land?

ICAI extends time limit of UDIN generation to 30 days- One Time Relaxation

September 19, 2019 19197 Views 0 comment Print

Extension of time limit of UDIN generation from 15 days to 30 days – One Time Relaxation In response to the various representations received from Members at large for inability in generating UDIN due to floods in many parts of the Country and related internet issues, the Council at its 386th Meeting held on 18th […]

GST on providing drivers to consumers & e-commerce services to drivers

September 19, 2019 4350 Views 0 comment Print

In re Humble Mobile Solutions Pvt. Ltd. (GST AAR Karnataka) Whether the applicant is liable to pay tax for supply of services by another person through the e-commerce platform operated by the applicant? The activity of supply of the applicant is examined and it is seen that there are three supplies involved in the entire […]

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