"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 |

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 |

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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