"12 November 2019" Archive

Extension of Time For Annual General Meeting | Section 96 | Companies Act 2013

In order to comply with the provisions of the Companies Act, 2013, every company other than the One Person Company is required to hold annual general meeting or AGM within the due date. Defaulting which may attract penalties & complications....

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Posted Under: Company Law |

Clarification on restriction in availment of input tax credit

Sub-rule (4) to rule 36 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the CGST Rules) provide restriction in availment of input tax credit (ITC) in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37of the Central Goods and Ser...

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Posted Under: Company Law |

GSTR 3B is now a return under Section 39 of CGST Act w.e.f. 1st July, 2017- Retrospective Amendment

As per the verdict of the Hon’ble Gujarat High Court in the case of AAP & Co. Chartered Accountants v/s Union of India [R/Special Civil Application No. 18962 of 2018 dated June 24, 2019], it was held that GSTR 3B was not a return in lieu of GSTR 3 specified u/s 39 of CGST Act, […]...

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Posted Under: Company Law |

AAR rejects application as same issue was already pending before another authority

In re M/s Anik Milk Products Private Limited (GST AAR Madhya Pradesh)

The application filed by the applicant is rejected as not admissible in terms of first Proviso to Section 98(2) of the GST Act 2017, since the issue was already pending before another authority when the application was made before AAR....

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GST exempt on services of transportation of students and staff of college to and from college

In re M/s Bhavika Bhatia (GST AAR Madhya Pradesh)

In re M/s Bhavika Bhatia (GST AAR Madhya Pradesh) Services provided by the applicant for transportation of students and staff of the contracee’s Institute/college under contract carriage by non-air conditioned buses is exempt from GST as per clause (b) of SI. No. 15 of Notification No. 12/2017-Central Tax (Rate), dated 28.6.2017. H...

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GST on Utility Vehicles, predominantly designed for transportation of goods

In re M/s Force Motors Limited (GST AAR Madhya Pradesh)

The product in question viz. Utility Vehicles, predominantly designed for transportation of goods conforming to the norms of Category N vehicles as per Automotive Industry Standards AIS 053, shall merit classification under Chapter 8704 of the GST Tariff and shall be chargeable to GST at the rate prevailing at the time of supply....

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No GST exemption on ‘Fitness Centre cum Gym’ items supplied to MPPGCL

In re M/s Kalyan Toll Infrastructure Ltd (GST AAR Madhya Pradesh)

In the instant case we find that the applicant have been awarded a consolidated contract for carrying out different specified works at Shri Singaji Thermal Power Project, which includes erection, commissioning, installation etc. We also find it necessary to place on record that there are certain items mentioned in the subject contract inc...

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HC held incorporation of Company vitiated by fraud as Invalid

Mrs. Nagappan Swarnalatha Vs M/s. Colour Books Associates Private Limited (National Company Law Tribunal)

Mrs. Nagappan Swarnalatha Vs M/s. Colour Books Associates Private Limited (National Company Law Tribunal) 1) We hereby declared that the incorporation of M/s. Colour Books Associates Private Limited (Respondent No.1 Company, is vitiated by fraud and consequently, the Certificate of Incorporation dated 14th May, 2018 issued by the Governme...

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Posted Under: Company Law | |

Tabulation of expenditure incurred on scientific research u/s 35 of Income Tax Act 1961

Tabulation of expenditure incurred on scientific research under section 35 of Income Tax Act 1961- Paid to research association having object of under taking scientific research or university, college or other institutes to be used for scientific research , Paid to research association having object of under taking scientific research or ...

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Posted Under: Company Law |

GST on Promotions of Research and Publishing of online research journal

In re M/s World Researchers Associations (GST AAR Madhya Pradesh)

In re M/s World Researchers Associations (GST AAR Madhya Pradesh) A joint reading of activities covered under the Notification and the activities performed show that Promotions of Research and Publishing of online research journal are not activities contemplated in the exemption entry since they do not fall under care or counselling; or s...

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GST Rate on services of coal beneficiation and transportation

In re M/s Madhya Pradesh Power Generating Company (GST AAR Madhya Pradesh)

In re M/s Madhya Pradesh Power Generating Company (GST AAR Madhya Pradesh) The services of coal beneficiation and transportation are two different supplies and they will attract the following rates: a. Coal Beneficiation: GST @18% (CGST 9% + SGST 9%) under SAC9997 b. Transportation by a GTA by road @5% (CGST 2.5% + SGST 2.5%) […]...

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Restriction in availment of GST input tax credit under CGST Rules 2017

CBIC has issued Circular No. 123/42/2019–GST dated 11th November 2019 clarifying Restriction in availment of input tax credit in terms of sub-rule (4) of rule 36 of CGST Rules, 2017. The key summary of the circular has been given below for easy understanding: This is a clarification to the Notification No 49/2019-Central Tax dated 9th [...

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Posted Under: Company Law |

General Provisions for MSME Sector under GST

With the government's commitment to strengthen MSME's on all fronts including GST, it is expected that the current challenges would be stabilized and the industry gradually take a positive turn to fulfill the nation's vision....

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Posted Under: Company Law |

Removal of name of company from register of companies- Reg

In view of the above, you are kindly requested to permit filing of application by companies for removal of name of companies from register of companies on the ground of non-filing of e-Form 20A for commencement of business on the ground of non-receipt of subscribed money after 180 days of its incorporation....

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Posted Under: Company Law |

Can A Incorporated Company Be Considered As Void Ab Initio (void from the beginning) ???

Can A Incorporated Company Be Considered As Void Ab Initio (void from the beginning) ??? The incorporation of a company refers to the legal process that is used to form a corporate entity or a company. Section 7 of the Companies Act 2013 and rules made thereunder as amended from time to time are applicable […]...

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Posted Under: Company Law |

Changes and Clarifications on ITC Claim in Return GSTR-3B

As per Circular issued, the restriction of 36(4) will be applicable where credit is availed after 09 10 2019. As credit is deemed to be availed on submission of GSTR 38, it appears to be applicable for returns of any period filed after 09. 10.2019 implying retrospective applicability (circular extending provision applicability) and discri...

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Posted Under: Company Law |

Analysis of clarification on restriction on Input Tax Credit under GST

t has clarified that restriction on input Tax Credit under GST shall not be imposed through common portal and will be the responsibility of the taxpayer to claim restricted input on self-assessment basis....

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TDS Interest Calculation

Interest Calculation in TDS-Demystified This article aims to simplify interest calculation when TDS CPC aims processes TDS returns with interest demands. There are two sections that are constantly used in TDS interest calculation: 1. Section 201(1A)-Interest on failure to deduct tax and interest on failure to deposit deducted tax amount. ...

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Posted Under: Company Law |

Meaning of Interest for Section 94B of Income tax Act, 1961

Section 94B, was inserted by the Finance Act, 2017, w.e.f. 01.04.2018 which provides that interest expenses claimed by a Company to its associated enterprises shall be restricted to 30% of its earnings before interest, taxes, depreciation and amortization (EBITDA) or interest paid or payable to associated enterprise, whichever is less....

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Posted Under: Company Law |

Difference between Exempt, Nil Rated, Zero Rated & Non GST Outward Supplies

Based on my understanding, I would like to explain the meaning of  Exempt Supply under Goods & Services Tax (GST), Nil Rated Supply under GST, Zero Rated Supply under GST and Non GST Outward Supply with the help of definitions or explanations etc. given under the Central Goods and Services Tax Act, 2017 and Integrated […]...

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Posted Under: Company Law |

Simple Statutory Audit Checklist

A. Internal Control verification:- As Auditor we check the Internal control, just to ascertain whether weak internal controls are materially affecting financial statements. Give separate report on internal control, wherever applicable:- –  Check processing pattern of company / firm from purchase order placed by company to actual de...

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Posted Under: Company Law |

Arbitration Laws In India – Litigation, Arbitral Award And Alternative Dispute Resolution

Arbitration comprises of a panel of Arbitrators which can be selected by the parties and such process is a very common gesture to analyse and consummate a dispute through understanding the disparity between any contractual obligations or indenture. Notwithstanding, such freedom of process imparted to the parties, “The Arbitration and Co...

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Posted Under: Company Law |

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