"06 April 2020" Archive

No Extension of Due Dates For Filing GSTR 1 & GSTR 3B

1. Government vide Notifications No. 31/2020 & 32/2020 dated 03.04 2020 has notified waiver of late fee & penalty / lower rate of interest for late filing of GSTR 1 and GSTR 3B. However, due dates for filing GSTR 1 and GSTR 3B have not been extended. 2. As per Notification No. 31/2020 , the […]...

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Section 194O TDS on payments to e-commerce participants

Applicability of Section 194-O-TDS on payments made to e-commerce participants by e-commerce operators -Section 194-O shall be applicable on R & NR (Resident & Non-Resident) E-commerce operators making payment to resident e-commerce participants in relation to sale of goods or services facilitated through its digital or electronic...

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Exemption towards commuted value of pension Section 10(10A)

Provisions of section 10(10A) provide exemption towards the commuted value of a pension. Under the present article, we would understand the exemption available under section 10(10A) of the Income Tax Act. However, before understanding the exemption, it is important to understand the term ‘commuted pension’ and ‘uncommuted pension’...

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TDS on Cash Withdrawals 194N–Clarifications Required On Crucial Issues

THE FINANCE ACT, 2020, received the assent of the President on the 27th March, 2020 substituted the following in place of the existing provisions of section 194N, which was introduced as a deterrent for cash transactions. 1.0 STATUTORY PROVISION For section 194N of the Income-tax Act, the following section shall be substituted with effect...

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Income Tax audit / GST Audit / LLP Audit Criteria

Different Audit applicable to individuals, Companies and HUF. There are many tax compliances in India. Here I simplify the different audit applicable to entity and to whom. Tax audit: A tax payer having a turnover or gross receipts more than 1 Crore is liable for tax audit for that financial years. Please note that with […]...

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Valuation under Companies Act, Income Tax Act and FEMA

Article explains Legislative requirements of valuation of Securities and Financial Assets in India under the Companies Act, 2013, The Income tax Act, 1961 and Foreign Exchange Management Act, 1999 and Regulations made there under. The valuation profession has undergone a sea change in recent past especially after the introduction of conce...

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GST Impact on Supply of Used vehicles

Introduction: Since implementation of GST, there were confusion regarding rate of GST applicable on supply of motor vehicles. In this article, the GST implications on supply of old/used vehicles including following aspects have been discussed: 1) General classification 2) GST rate changes (including abatement) and value 3) Special valuati...

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Levy of GST on Carbon Credits

Considering the earlier judicial pronouncement and treatment under VAT regime, the balance seems to be tilting in the favour of CERs being goods and thus subject to GST, however, GST being new law, any interpretation differing from the earlier view cannot be ruled out absolutely....

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Job work under GST

Unlike earlier days, the manufacturing entities instead of carrying out entire operations themselves, outsource few processes to job workers. This helps the manufacturers to get the job done faster and more efficiently. Few other advantages are discussed below: ♦ Reduction and to keep check of operational costs ♦ Improves focus on cor...

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GST RCM on Import of Service including IPR

This article would help persons who have large number of foreign clients, persons who attend foreign business events held outside India, or have holding company outside India including procurement of services from outside India. Service sector plays an important role in technology diffusion especially in areas such as financial services, ...

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ITC under GST on Purchase for Charity (Covid-19)

We are going through the impact of Covid-19 pandemic all over the world and no less in India. Government is making its best efforts to fight the situation however it is responsibility of every citizen to support in their own way. Many Citizens and business houses has jumped into this fight already by providing food, […]...

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Vouchers- Concept & GST implications thereon with Practical Case Studies

A. Concept: Voucher in terms of clause (118) of Section 2 of Central Goods and Services Tax Act, 2017 has been defined as follows: “”voucher” means an instrument where there is an obligation to accept it as consideration or part consideration for a supply of goods or services or both and where the goods or services or […]...

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Provisional Credit under rule 36(4) of the CGST,2017

CGST Rule 36(4) states that the provisional tax credit (without invoices on GSTR-2A) can be claimed in the GSTR-3B only to the extent of 10% of eligible...

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Analysis of changes brought in by CARO, 2020

Company Auditor’s Report Order, 2020 (CARO, 2020) is passed by Government through Official Gazette on 25.02.2020. It consists 21 clauses to be reported/commented/addressed by the auditor of the company to which this CARO applies. Before this CARO-2020, CARO-2016 was in practice. In that order 16 clauses were covered on which auditor was...

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Income Tax Structure for Company and LLP for FY 2020-21

Do you know that manufacturing companies incorporated after 01st Oct, 2019 can opt for an optional tax rate and pay 15%? March 31, 2020 is already knocking its door. We would be stepping in the new Financial year. Definitely new year may have some changes in the tax rates. Here we come up with an […]...

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ICAI allows provisional registration in CA Foundation Course

Allowing provisional registration in the Foundation Course of Institute of Chartered Accountants of India (ICAI) for students who have been allotted either admit card and/or appeared in one or more papers of Class XII examinations...

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Recent Changes in GST due to Corona Lockdown

Relaxation of Provision Under Rule 36(4): In Terms of Notification No. 30/2020, a proviso has been inserted in CGST Rules 2017 to provide that the condition as stated in Rule 36(4) of the CGST Rules, 2017 shall not apply to input tax credit availed by the registered person in the returns in FORM GSTR-3B for the […]...

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Claim of ITC under GST in case of Business Reorganization

Under this topic one need to understand how we will claim the unclaimed ITC as on the date of business reorganization means thereby that when there is change in the constitution of business under the following circumstances ;...

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Disclosure of additional income before settlement commission is allowed: HC

PCIT Vs Shankarlal Nebhumal Uttamchandani (Gujarat High Court)

Additional income disclosed to the tune of Rs. 12 Crore by assessee during the course of proceedings before the Commission was just and proper and Commission was right in considering the revised offer made by assessee during the course of the proceedings in the nature of spirit of settlement....

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Section 44DA prevails over Section 44BB after amendment w.e.f. 01.04.2011

Paradigm Geophysical Pty Ltd. Vs CIT (Delhi High Court)

Paradigm Geophysical Pty Ltd. Vs CIT (Delhi High Court) After 01.04.2011, income falling within the scope of Section 44DA (1) of the Act would be excluded from the scope of Section 44BB of the If the income of a non-resident is in the nature of fees for technical services or royalty, it shall be taxable […]...

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ICAI cannot conduct disciplinary proceedings without written allegations

Manubhai And Shah LLP Chartered Accountants Vs Secretary, ICAI (Gujarat High Court)

ICAI had no power to conduct any disciplinary proceedings without written allegations and in the absence of any information as prescribed under Rules 7 of the Rules 2007 the prima facie opinion derived by the authority lacked jurisdiction and had no foundation....

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Registration of Trust cannot be cancelled if activities of Trust are within its objects

CIT Vs Mumbai Metropolitan Region Development Authority (Bombay High Court)

CIT Vs Mumbai Metropolitan Region Development Authority (Bombay High Court) In the instant case Tribunal discussed the objects of the assessee i.e.,the respondent and returned a finding of fact that the entire objects are charitable in nature having regard to the meaning of the expression “Charitable purpose” as defined in the Act. Tr...

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AMMA violates anti-competitive conduct: NCLAT Delhi

Association of Malayalam Movie Artists Vs Competition Commission of India & Ors. (NCLAT Delhi)

‘Association of Malayalam Movie Artistes’ (AMMA), Film Employees Federation of Kerala’ (FEFKA), ‘FEFKA Director’s Union’ and ‘FEFKA Production Executive’s Union’ and their office bearers were found to be liable under Section 48 for violation of anti-competitive conduct....

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SARFAESI / DRT proceeding not extends limitation period under IBC

Bimalkumar Manubhai Savalia Vs Bank of India (NCLAT)

Bimalkumar Manubhai Savalia Vs Bank of India (NCLAT) Conclusion: Proceedings initiated or pending in DRT, either initiated under SARFAESI or under debts and due to Banks and Financial Institutions could not be taken into account for the purposes of limitation.  Therefore, the application filed by Bank before the Adjudicating Authority on...

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Risk assessment and Management Policy

Risk Management is a key aspect of the 'Corporate Governance Principles and Code of Conduct' which aims to improvise the governance practices across the Company’s activities. Risk Management Policy and processes will enable the Company to proactively manage the uncertainty and changes in the internal and external environment to limit ne...

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ICAI obliged to specify reasons for closure of misconduct case to Complainant

Trideep Raj Bhandari Vs ICAI (Delhi High Court)

ICAI was under an obligation to provide reasons to the complainant for its prima facie conclusion of the Chartered Accountant being member not guilty of any misconduct on the complaint made by a Complainant. ...

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EPFO Revises Instructions for rectification of Birth Records of PF Members

EPFO Issues Revised Instructions to Facilitate PF Members to Rectify their Birth Records In a move to extend the availability and reach of online services in the wake of the COVID-19 pandemic, EPFO has issued revised instructions to its field offices to facilitate PF members to rectify their date of birth in EPFO records, thus […]...

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Vehicle cannot be released if Owner of vehicle failed to prove that he had no knowledge about the goods

Vajid Vs State of U.P. (Allahabad High Court)

It is a case where a vehicle alongwith goods were seized when it was found carrying goods in violation of the Act of 2017. The petitioner alongwith owner of the goods was served with the notice before seizure of the goods....

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Income tax returns are public documents & can be summoned by Court

Pragati Green Meadows and Resorts Ltd. Vs M. Praneetha (Telangana High Court)

Income tax returns are public documents and they can be summoned by the Court. If same are produced before the Court , the same does not result in violation of Article 21 of Constitution of India, as they are Government documents and are accessible to others....

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All about shares: Short term, long term and losses set-off

Everyone in India invest in stock market. If people don’t invest then atleast they read about stock market. There are many full time investors and traders also in stock market. People earn, make losses have long term investments in market and many more. This blog comes with the intention of all the taxes applicable on […]...

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Provisions of Companies Fresh Start Scheme, 2020 (CFSS-2020)

When one dives deep down in Companies Fresh Start Scheme, 2020 (CFSS-2020), one gets clarity that it is an amnesty scheme to help long defaulting companies to complete filing related compliances without any additional fees/ penalty / prosecution....

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Policy for prevention, prohibition and redressal of sexual harassment of women at workplace

Sexual Harassment is not only a serious misconduct but criminal offence also, which can destroy human dignity and freedom. In an effort to promote the well being of all women employees at the workplace, this policy is envisaged as under:...

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Impacts of Covid-19 on Financial Reporting

COVID-19, an infectious disease caused by a novel Coronavirus is exponentially spreading illness and causing deaths to citizens throughout the globe and has been recognized as a global pandemic by the WHO. COVID-19 has not only affected the health of people across the globe and it has also caused severe disturbances in the global economic...

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Provident fund for International Worker

Foreign workers taking up overseas assignments pay more attention to the tax regime of the country when determining costs, and often tend to overlook the social security laws of the country, which are equally important. India requires every business entity employing more than 20 workers to register with the national social security syste...

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COVID-19 Relief Measures in GST- An analysis

In pursuance of the Press release dated 24th March 2020 wherein Government has announced various relief measures to mitigate the severe blow caused by the outbreak of COVID-19 across India and insertion of Section 168A in CGST Act, 2017 by way of an Ordinance, 2020 dated 31st March 2020, the Government, on 3rd April 2020 […]...

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Companies Fresh Start Scheme, 2020 – Immunity From Additional Fees

During the period of Lock-down, the Ministry of Finance and the Ministry of Corporate Affairs has issued various Press Release and Circulars containing major amendments in the Companies Act, 2013 Article deals with provisions of Companies Fresh Start Scheme (CFSS-2020) IMMUNITY FROM ADDITIONAL FEES Only Additional Fees shall be waived of....

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How to draft a Limitation of Liability Clause?

In the corporate world, each company will have a separate devoted team to monitor the legal/compliance aspects of such company. One part of such legal/compliance aspect is to ensure company compliance with the terms and conditions of the contracts entered and executed by such company. Each party to a contract will have to observe dedicate...

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Online School & Office – Cost Efficient Module

I never thought that working from home will be so easy and so comfortable with so many online platforms where virtual meetings, video conferencing and so many online platforms of keeping real-time work and employees engaged. The one industry which finds significant radical change post-Covid 19 is the education sector & the work from h...

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Pandemic and Economy

1918, World was going through its first world war. Historical power like Great Britain, Germany and Austria and other colonial powers were losing its ground. The new world order was being created with the United States of America emerging as new superpower riding on the unprecedented growth trajectory of the economy. Other parts of Europe...

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Summary of relief measures relating to Taxation and Corporate Law

Summary of relief measures relating to Statutory and Regulatory compliance under Various laws in view of COVID-19 INCOME TAX 1. Donation to PM CARES Fund:  Donation to PM CARES FUND would enable the donor to get 100% deduction in section 80G(2)(a)(iiia) i.e. without any internal limit of 10% of adjusted Gross Total Income. Any person [&h...

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Changes in GST Compliance due to COVID-19

Introduction: 1. In the wake of coronavirus and observation of lockdown all over the world, businesses have affected the way they used to carry their business. In India, particularly, the cashflows of the corporates are badly affected due to the slowdown of the overall economy due to humongous changes of laws in various areas which [&hell...

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Area declared as backward for section 80HH cannot be deemed as backward for Section 80IA

CIT Vs Endeka Ceramics (India) Pvt. Ltd. (Karnataka High Court)

CIT Vs Endeka Ceramics (India) Pvt. Ltd. (Karnataka High Court) Admittedly in the instant case, the industrial undertaking of the appellant-assessee is not located in the Industrial Backward District, which has been mentioned in the Notification issued by the Central Government. It is pertinent to note here that the first Notification was...

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FAQs On EPF Advance to Fight Covid-19 Pandemic

Q 1. Who is eligible for the advance from EPF to fight COVID-19 Pandemic? Ans: Any member of EPF Scheme, 1952 with UAN (Universal account number) employed in any establishment or factory covered under EPF & MP Act, 1952. Q 2. Under which provision of the EPF Scheme, 1952, a member is entitled for benefit? Ans: That […]...

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No GSTR 1 & GSTR 3B due date extension- Only relief from Interest & Penalty

Recently, CBIC issued the few notifications on  extension of due date of various compliance except for GSTR 1, GSTR 3B etc. due to lockdown. However, Govt. provide some relaxation like waive of late fees in case of delay filing of GST Returns , no interest or interest at reduced rate etc. Part A: For taxpayers […]...

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Recent updates Related to Companies Compliances that you Must Know

Article explains Recent updates Related to Compliance in pursuance of General Circular No. 11 dated 24th March,2020 & General Circular No. 12 dated 30th March,2020, Companies Fresh Start Scheme, 2020 and Revised LLP Settlement Scheme,2020, Clarification on contribution to PM Cares Fund as Eligible CSR Activity, Spending of CSR Funds F...

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Analysis on LLP Settlement Scheme, 2020

The Limited Liability Partnership (LLP) is viewed as an alternative corporate business vehicle that provides the benefits of not only limited liability but also allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. In order to give an opportunity to the long stand...

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Comparison of Modified LLP Settlement Scheme, 2020 with Original

MCA Modifies LLP Settlement Scheme, 2020 due to Corona Virus. A comparison between original and modified scheme Recently, the Ministry of Corporate Affairs which regulates the functioning of corporate sector in india had vide its General Circular No. 06/2020 dated March 04, 2020 launched a one time settlement scheme for the LLPs popularly...

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Karnataka Bank – NEFT/RTGS Excel Utility

Karnataka Bank NEFT / RTGS Utility for generating NEFT/RTGS Form at any time. You can add 2000 beneficiaries to the Form, hence when you need sombody’s Bank details in future,You can easily get it from this Form. Along with NEFT / RTGS form, you can Print respective cheque also. Now you are free from missing […]...

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FAQs on Practical Problems Related to Spice+

In this article the author will try to cover the practical problems and issues faced by professionals while filling and uploading SPice+ form. Frequently Asked Questions on Practical Problems Related to Spice+ : Q 1. Where to find SPice MOA and SPice AOA? Ans:  Once you will fill and submit the Spice+ form, both of […]...

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Relaxation from compliance of SEBI (LODR) Regulations, 2015

Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – (SEBI (LODR) Regulations, 2015 Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 issued and publish dated 19th March 2020, has published Furt...

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Summary of GST Notifications announced due to Covid Outbreak

Central Board of Indirect Taxes & Customs (CBIC) has issued various notifications on 3rd April 2020 to give effect to GST relief measures announced by Finance Minister on 24.03.2020. The summary of the aforesaid amendments are attached. LEGAL UPDATE – GST 1. Central Board of Indirect Taxes & Customs (CBIC) has issued various not...

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Company Fresh Start Scheme 2020- One time additional fees waiver

MCA as COVID 19 relief providing initiatives with Central Govt., has introduced scheme namely Company fresh start Scheme, 2020 as one time opportunity to file various statements, documents and returns required under Companies act, 2013 as well as Companies Act, 1956....

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DGFT removed restrictions on export of 12 APIs and 12 formulations

Notification No. 02/2015-2020-DGFT [S.O. 1248(E)] (06/04/2020)

Foreign Trade Policy, 2015-20, the Central Government hereby makes following amendment in the chapter 29 and 30 of the Schedule 2 of the ITCHS Export Policy amending the Notification No. 50/2015-20 dated 03.03.2020 related to export Policy of APIs and formulations made from these APIs:...

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Reg. Retrospective Issuance of Certificates of Origin under India’s Trade Agreements

Trade Notice No. 62/2019-2020-DGFT (06/04/2020)

Government of India Ministry of Commerce & industry Department of Commerce Directorate General of Foreign Trade Dated 6th April, 2020. TRADE NOTICE NO 62/2019-2020 To 1. Regional Authorities of DGFT 2. Customs Commissionerates 3. Members of Trade and Industry 4. Joint Secretary (Customs), CBIC 5. Ministry of Trade and Commerce/ other ...

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Anti-Dumping Investigation of imports of Mono Ethylene Glycol from Saudi Arabia terminated

Case No. (O.I.) 21/2019 (06/04/2020)

It is clarified that as the domestic industry has requested for termination of the investigation only in respect of imports of ‘Mono Ethylene Glycol (MEG or Ethylene Glycol)’ from Saudi Arabia, the investigation shall continue against the imports of subject goods originating in or exported from Kuwait, Oman, UAE and Singapore in accor...

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GST Covid-19 relief package, 7 GST notification Issued

D.O.No. 09/CH(IC)/2020 (06/04/2020)

On the GST side, as part of the GST Covid- 19 relief package, seven GST notifications giving effect to the compliance-relief package announced by the Hon'ble Union Finance Minister have been issued. The package includes postponement of return filing, reduction of applicable interest rates, extending the period of SVLDRS, extending e-Way b...

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Insider trading in USA: Its evolution, current rules and other titbits

Insider trading, the bane of many Indians who were caught and jailed for their infamous acts is not new to USA. Even in 1700s, Mr. Nilliam Duer, Assistant Secretary, Treasury Department of Federal Government, USA, used his position to guide the purchase of bonds. This article intends to guide its evolution, current rules and show [&hellip...

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Supply of Medical Oxygen smooth and hassle-free

As part of maintaining smooth supply of essential items in the country, Union Home Secretary, Shri Ajay Kumar Bhalla has written to all State Chief Secretaries to give special attention on keeping the supply of medical oxygen smooth and hassle-free....

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SCBA Creates New ‘SCBA Covid 19 Helpline Scheme’

The Supreme Court Bar Association has set up a plan by the name of ‘The SCBA COVID-19 HELPLINE SCHEME‘ so as to give budgetary help to individuals who are confronting troubles because of the national lockdown in the wake of the Coronavirus flare-up. BENEFIT OF THIS SCHEME: The Scheme involves giving an advance of Rs. […...

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Impact of Coronavirus on Auditing of Financial Statements

The global financial authorities are already shaken by the implications of the spread of COVID-19 on a world scale. It is highly unlikely to state when the current situation will pass and the economy will come right back on the tracks. It seems very justified to state that the pandemic which originated far away from […]...

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26 Income Tax Amendments by Finance Act 2020 we must know

In this article an effort is made to list out and summarize the amendments (from income tax point of view, made by Finance Act 2020. Unless otherwise stated, all the amendments are to be effective from April 1, 2021 i.e. the assessment year 2021-22 relating to the income of the financial year 2020-21 starting from […]...

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Homebuyers file plea in SC challenging IBC’s latest Amendments

The distressed home buyers had very few legal options as they were stuck with one sided agreements, although some did approach Consumer Courts or regular Courts but these were a time taking procedure....

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Procedure of inter se transfer between immediate relatives of Promoters- SAST Regulations

Procedure of inter se transfer between immediate relatives of Promoters under Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations) Note: This procedure has been prepared on the basis of facts that the transaction of proposed transfer is to be made between the immedia...

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Compounding under FEMA, 1999

Article on Compounding of Contraventions Under Foreign Exchange Management Act (FEMA), 1999 explains Power to compound by Reserve Bank,  Power of Enforcement Directorate to Compound Contraventions under FEMA, Delegation of Powers to Regional Offices, Authorisation to compound the contraventions by FED CO Cell, New Delhi, How to make Appl...

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Analysis of circular issued to clarify GST refund related issues

The board has issued circular no.135/05/2020 dated 31st March 2020 (herein referred as “impugned circular”) to resolve the issues faced by the taxpayers applying for refund and has tried to redress them Let`s analyse the 5 issues, the clarification and its validity in this article: – 1. Clarification on clubbing of months of dif...

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CBIC defers ITC restrictions & relaxes GST Compliance due date

Extension of GST Compliance due date and Deferment of Input Tax Credit restrictions The COVID-19 pandemic has forced governments to take unprecedented measures such as restricting travel and implementing strict quarantine requirements. In this difficult context, most countries are putting stimulus packages in place, including measures to ...

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20 FAQs on Modified LLP Settlement Scheme, 2020

A large number of representations were received from various quarters for waiver of fee or condonation of delay and relaxations in additional fee on the ground of excessive financial burden. It is also noted that a large number of LLPs are not filing their due statutory documents which are required to be filed with the […]...

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CBIC extends GST returns due dates & relaxes Late Fees & Interest

Relaxation to statutory and regulatory compliance due to pandemic Corona-virus (COVID-19) Entire word is facing pandemic corona-virus (COVID-19).  Maharashtra had the highest number of the corona-virus (COVID-19) cases as of April 3, 2020. In view of the emergent situation and challenges faced by taxpayers in meeting the compliance requi...

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GST returns Due date, interest and late fee amendment

GST returns Due date, interest and late fee amendment as per various Notifications issued on 03.04.2020 Note : As per CGST Circular No. 136/06/2020-GST 3rd April, 2020 para 3 Sr. No. 2 “The due dates for furnishing FORM GSTR-3B for the months of February, March and April, 2020    & GSTR 1 Mar, April and May […]...

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Relaxations on GST Compliances due to COVID-19 outbreak

The spread of Novel Corona Virus (COVID-19) across many countries of the world, including India, has caused immense loss to the lives of people and resultantly impacted the trade and industry. In view of the emergent situation and challenges faced by taxpayers in meeting the compliance requirements under various provisions of the Central ...

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Things to Consider When Moving to a New Financial Year

As we move into the New Financial Year 2020-21 here are a few important things every businesses must do. 1. New Billing Series: If your business has GST registration you must start a new billing series for your Sales Invoice, Debit Note & Credit Note. As per Section 31 of the CGST Act, 2017 a business […]...

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Relaxations To Listed Entities By SEBI

The market regulator Securities and Exchange Board of India (SEBI) provided many relaxations to the listed entities w.r.t. the strict timelines of compliances amid the outbreak of corona virus so that the people of India do not have to go out in any case to adhere to such strict timelines of various acts regulated by […]...

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Basics about Taxable Supplies in GST

In Indirect Taxes Regime tax/duty was charged on various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of State etc. This have been done away in GST with in favour of just one taxable event i.e. ‘Supply‘.  The taxable event in GST is supply of goods or services or both. [&hellip...

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GST returns filing due date chart during Covid-19

Articles presents GST Returns filing date chart for the period Feb 2020 to May 2020 for Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding Financial year, Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to 5 crores in the preceding FY and Taxpayers having […]...

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