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Archive: February, 2020

Posts in February, 2020

Fable of tumbling Indian SEZ

February 29, 2020 2094 Views 1 comment Print

This explains the whole anatomy of the declining interests of exporters in investing in Special Economic Zone (SEZ).  Let’s have a glimpse on the current situation of SEZ.

Discounts/Incentives-GST Implications

February 29, 2020 97815 Views 2 comments Print

1. In many industries (e.g. automobiles, FMCG, etc.) various kinds of discounts/incentives are given to the distributors on achieving certain sales targets. Issue therefore for discussion and analysis is whether such discounts/incentives can be considered as a separate consideration against any services supplied by such distributors. 2. At the outset please note that the tax […]

IGST refund allowed even if CG imported under EPCG Scheme for the period of 01.07.2017 to 12.10.2017

February 29, 2020 11193 Views 1 comment Print

IGST refund allowed even if CG imported under EPCG Scheme for the period of July 1, 2017 to October 12, 2017 The Hon’ble HC, Gujarat in the matter of M/S Prince Spintex Pvt Ltd v. Union of India [R/Special Civil Application No. 20756 of 2018 dated February 3, 2020] allowed refund of IGST paid on […]

What is Non Banking Financial Company (NBFC)

February 29, 2020 63951 Views 4 comments Print

In this article, I have tried to cover important questions relating to Non Banking Financial Company (NBFC) in question and answer mode. I hope you grab and increase your knowledge by reading this article. Article  explains What is a Non Banking Financial Company (NBFC), Are there different types of Non Banking Financial Company (NBFC), Does […]

PoEM – A New Direction to Indian International Taxation Regime

February 29, 2020 5082 Views 1 comment Print

Place of Effective management means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance, made.

SPICe+ New Company Incorporation Procedure wef 23.02.2020

February 29, 2020 47403 Views 7 comments Print

Article contains Significant Features of SPICe+, SPICe+ Procedure To Incorporate A New Company W.E.F. 23rd February, 2020, Forms Linked To SPICe+ and  Steps To Upload SPICe+. Pursuant to Companies (Incorporation) Amendment Rules, 2020 MCA has taken another initiative for the speedy incorporation of the Company in order to promote the ease of doing business: SPICe+ […]

SC set aside NCLAT order in the matter of Jaypee Infratech Vs Axis Bank

February 29, 2020 3219 Views 0 comment Print

Supreme Court judgment on avoidance of transactions under Insolvency Code. Key rulings on sections 43, 45, and 66. Anuj Jain vs Axis Bank. Legal insights.

Hardcastle Restaurants- SC Transfers all Writ Petitions to Delhi HC related to Anti Profiteering

February 29, 2020 1254 Views 0 comment Print

In the given case, a batch of writ petitions are pending before the High Courts of Delhi, Bombay and Punjab and Haryana in which the constitutional validity of Section 171 of the Central Goods and Services Tax Act 2017 read with Rule 126 of the Central Goods and Services Tax Rules 2017 and other cognate provisions, is under challenge. 

Summary of Important Circulars for Bank Branch Audit 2019-20

February 29, 2020 21114 Views 0 comment Print

Summary of Important Circulars for Bank Branch Audit (FY 2019-20-PSB/SCB Bank Branch) Brief Background: The Reserve Bank of India (RBI) at frequent interval issues various circulars/notifications/guidelines applicable to all the regulated entities viz. Scheduled Commercial Bank’s (SCB’s), Regional Rural Banks (RRB’s), Non-Banking Financial Companies (NBFC’s) etc. These relevant guidelines can be obtained from www.rbi.org.in /Notifications/Master […]

Annual GST Return GSTR 9 for F.Y. 18-19 – Errors – Rectification Required

February 29, 2020 28515 Views 30 comments Print

Annual GST Return – 9 for Financial Year 2018-19 – Errors – Rectification Required Hope you might be aware of the due date to file GSTR-9 (Annual Return) & GSTR-9C (Reconciliation Statement) for the financial year 18-19 is 31/03/2020 via Order No. 08/2019-Central Tax dated 14.11.2019. However few registered persons & professionals are still in […]

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