"17 October 2019" Archive

Extend due date to take Input Tax Credit for Financial Year 2018-2019

As per the above provision the last date for taking input tax credit for the Financial Year 2018 — 2019 is 20th October 2019 We humbly submit the following practical issues before your good self: Last date for Income Tax Audit under section 44AB is extended till 31st October 2019. It is respectfully submitted over and above the tax pay...

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Posted Under: Income Tax |

Debts in Ancient India

this modern legislation is working towards bringing a paradigm shift in the manner of resolution of distressed firms in the country, it is important to note that the practice of recovery of debt from the person of the debtor has been a common practice since the inception of insolvency law....

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Posted Under: Income Tax |

Sabka Vishwas in layman’s language & the peaceful way ahead

The Sabka Vishwas Legacy Dispute Resolution Scheme, 2019, that was initiated by the government from the 1st of September 2019, has since been the cynosure in the indirect tax spectrum. Indirect tax litigation pertaining to the pre-GST regime is an ocean and this scheme is mainly aimed at containing the said ocean in a bottle. […]...

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Posted Under: Income Tax |

Group Insolvency – The Need for Codification

With the introduction of the Insolvency and Bankruptcy Code, 2016 (Code), the consolidation of fragmented laws relating to reorganisation in distressed situations, insolvency resolution to reconstitute the company's promoters, novate the loan agreements, settle dues of workmen and employees and pay the financial creditors (FCs) and operat...

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Posted Under: Income Tax |

Foreign Exchange Management (Non-debt Instruments) Rules, 2019

Notification No. S.O. 3732(E). 17/10/2019

(1) These rules may be called the Foreign Exchange Management (Non-debt Instruments) Rules, 2019. (2) Save as otherwise provided in these rules, they shall come into force from the date of their publication in the Official Gazette....

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‘K juice Grape’ classifiable under CTH 22021090- Other- 28% GST Payable

In re M/s. Kalis Sparkling Water Private Ltd. (GST AAR Tamilnadu)

The product 'K Juice Grape' falls under the category of "Other" under CTH 2202 10 90. The applicable rate of tax is 14% CGST vide SI.No. 12 of Schedule IV under Notification No. 1/2017-Central Tax (Rate) and 14% under SGST at 14% vide SI.No. 12 of Schedule IV under Notification No.II(2)/CTR/532(d-4)/2017 vide G.O. (Ms) No. 62 dated 29.06....

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GST on Compensation for obligation to refrain from an Act, or to tolerate an Act

In re Goa Industrial Development Corporation (GST AAR Goa)

In re Goa Industrial Development Corporation (GST AAR Goa) Q. Is an obligation to refrain from an Act, or to tolerate an Act or a situation treated as supply of Goods/Services (Schedule II U/s 7 Scope of Supply). A. The compensation paid by GIDC would clearly qualify as ‘Supply’ under clause 5(e) of Schedule II […]...

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Foreign Exchange Management (Debt Instruments) Regulations, 2019

Notification No. FEMA 396/2019-RB/G.S.R . 796(E) 17/10/2019

(1) These Regulations may be called the Foreign Exchange Management (Debt Instruments) Regulations, 2019. They shall come into force from the date of their publication in the Official Gazette....

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Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019

Notification No. FEMA. 395/2019-RB / G.S.R . 795(E) 17/10/2019

a) These regulations may be called the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019. b) They shall come into force from the date of their publication in the Official Gazette....

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Drawbacks of One Person Company (OPC)

If you are planning to register one person company then you MUST know the drawbacks of One Person Company registration. A) One of the biggest disadvantage of company registration is that the owner of one person company cannot incorporate or register another one person company and the nominee of one person company cannot become nominee [&h...

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Posted Under: Income Tax |

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