"14 April 2020" Archive

Transaction Value – Section 15 of CGST Act 2017

1. Value of taxable supply : The value of a supply of goods and/or services shall be the transaction value, that is the price actually paid or payable for the said supply of goods and/or services where the supplier and the recipient of the supply are not related and the price is the sole consideration […]...

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Turnover Meaning under GST Audit

Every business entity engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 Lakhs in a financial year is required to be registered under the GST Act. For supply of services, aggregate turnover of Rs 20 Lakhs (10 Lakhs in special category States ) is the […]...

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Refund of Cesses In Cash Not Allowed

1. FACTS OF CASES: 1. M/s Mylan Laboratories Ltd (appellant) is engaged in the manufacture of pharmaceutical and is 100% EOU. The appellant was availing the benefit of CENVAT credit under CENVAT Credit Rules 2004. The appellant filed a refund claim dated 04.01.2018 seeking refund of Rs 28,600/- of its unutilised balance of cesses lying [&...

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Clubbing of income from the asset transferred to Spouse

Clubbing Provisions on the income from the asset transferred to Spouse Clubbing of income means the inclusion of income of a person in the gross total income of the major earner while computing his/her taxable income. In general, these clubbing provisions are applicable among family members. The income of a spouse, child are clubbed toget...

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Goods Transport Agency (GTA) under GST – Analysis

1. Introduction: Transportation of goods from one place (of production or origin) to other places for further process or for consumption is normal economic activity. It facilitates trade and industry. The services offered by way of transportation of goods by road are important component of GDP and thus attracted attention of tax gathering...

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FAQs of Passing of Urgent Resolutions during Lock Down Period

FAQs of Passing of Urgent Resolutions during Lock Down Period – Circular 14/2020 Issued by Ministry of Corporate Affairs Introduction: 1.This Circular will not have any impact to Section 108 and Section 110 of the Companies Act, 2013; 2.By following the modalities of the Circular No 14/2020 only EGM can be convened and Unavoidable and [...

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Critical issues in GST on Logistics Sector

Logistics industry has a critical role to play in the manufacturing industry and trading activities. It is considered as backbone of the economy. In simple words logistics can be considered as movement of goods from point of origin to point of consumption....

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Deposits Under Companies Act, 2013 & Deposits Rules

What is Deposits as per the Companies Act,2013? Section 2 (31) of Companies Act and Rule 2(1)(v) DEFINITION OF DEPOSIT ‘Deposit’ includes any receipt of money by way of deposit or loan or in any other form, by a company But does not include; Any amount received from the CG or a SG, or any […]...

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LLP Settlement Scheme, 2020- Applicability and Key Points

LLP Settlement Scheme, 2020 is applicable to any defaulting LLP i.e. LLP registered under Limited Liability Partnership Act, 2008 and which has made default in filing of documents on the due dates specified under LLP act 2008 and the rules made there under and which were due to be filed till 31st October, 2019....

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Setting up of Export Oriented Units (EOUs)

EXPORT ORIENTED UNITS INTRODUCTION The Export Oriented Units (EOUs) scheme, introduced in early 1981, is complementary to the SEZ scheme. It adopts the same production regime but offers a wide option in locations with reference to factors like:- 1. Source of raw materials, 2. Ports of export, hinterland facilities, 3. Availability of tech...

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Relaxations by SEBI amidst Covid–19 – Part II

Credit Rating Agencies 1. Are there any relaxations/exemptions provided by the Securities and Exchange Board of India (SEBI) to the Credit Rating Agencies registered with SEBI due to the pandemic Covid-19? Answer: Considering the outbreak of Covid – 19 and the 21 day lockdown in India, the Reserve Bank of India (RBI) had permitted m...

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COVID-19 Outbreak: How About Essential commodities?

Transport of Essential Commodities           -What is an Essential Commodity? -What is included under essential commodities? -What is the situation during lockdown period? -How does the transport sector work? Essential Commodities? The Essential Commodities Act, 1955 was enacted in the interest of general public for the control ...

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Postal Ballot under Companies Act 2013 and Rules

[Section 110 and Rule 22 of the Companies (Management and Administration) Rules, 2014)] According to section 2(65) of Companies Act, 2013, “postal ballot means voting by post through any electronic mode. It includes voting by shareholders by postal or electronic mode instead of voting personally for transacting business in a general mee...

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Exemption towards tax paid by employer on non-monetary perquisites: Section 10(10CC)

Provisions of section 10(10CC) of the Income Tax Act exempts the income tax paid by the employer (on behalf of the employee) on the non-monetary perquisites provided to the employee. The current article simplifies the said exemption provisions of section 10(10CC) of the Income Tax Act. Understanding the provisions of section 10(10CC)̵...

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42 FAQ’s on UAN And KYC issued by EPFO

Employees’ Provident Fund Organization, India, Ministry of Labour & Employment, Government of India has issued FREQUENTLY ASKED QUESTIONS on UAN AND KYC Dated 13/04/2020.  Q 1. What is Universal Account Number (UAN)? Ans. UAN is 12-digit number provided to each member of EPFO. The UAN acts as an umbrella for the multiple Member...

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Clarification on difficulties on passing of Ordinary & Special Resolution

The Ministry of Corporate Affairs (MCA) had issued the Circular No. 14/ 2020 dated 8th April, 2020 which has provided the clarifications with relation to passing of Ordinary Resolution and Special Resolution by companies under the Companies Act, 2013 and rules made thereunder on account  of the threat posed by COVID-19. Through such Circ...

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Time to apply for Renewal of Food Licence/Registration extended till 30.06.2020

Extension till 30th June, 2020 for applying for Renewal of Food Licence/Registration As there is restriction of movement during pan-India lockdown period due to COVID-19 pandemic, it has been noted that Food Business Operators (FBOs) who generally take help of State Helpdesks, authorities or consultants to file applications are not being ...

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Procedure to Appoint Additional Director / Director in Existing Company

APPOINTMENT OF ADDITIONAL DIRECTOR / DIRECTOR IN EXISTING COMPANY STEPS FOR APPOINTMENT OF ADDITIONAL DIRECTOR / DIRECTOR IN EXISTING COMPANY. Every person to be appointed as Additional Director / Director in the existing Company  is required to have DIN no before his appointment. No person shall be appointed as a Director of a Company u...

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Aftermath of COVID19-Stimulate Pharma Industry

COVID19 has applied sudden break to halt all industries except few. Pharma is one of the exceptional industries wherein some activities are happening being essential in the current crisis. Though pharma industries are allowed to function during the lockdown, many challenges like, transportation of employees, movement of active pharmaceuti...

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Direct Tax Relief Measures By GOI Amid Covid 19

In a normal scenario we have Operating profit in our financials which is denoted with EBITA (Earnings before Interest, Taxes, Depreciation/ Amortization) . But this year, we may have a new concept – EBITADAC (Earnings before Interest, Taxes, Depreciation/ Amortization and Corona Virus. All provisions/ significant expenses made in the FY...

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Registration at Place of Importation is no more a conundrum in GST Law

Since GST is understood as a ‘destination-based consumption tax’, there is no provision that declares this fact. This missing declaration is more than adequately supplied by the principle being embodied in the provisions of ‘place of supply’. The law makers have declared, in each case of supply, its destination of supply....

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Service contract Cancelled/ Goods Returned- GST Already Paid

CBIC has clarified certain issues vide CBIC Circular No. 137/07/2020-GST dt. 13.04.2020, which is briefed as below: 1. In case where an advance is received by supplier for a Service contract which subsequently got cancelled. The supplier has issued Tax Invoice before supply of service and paid the GST thereon. Whether he can claim refund ...

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GST Updates from 14th March 2020 to 3rd April 2020

39th GST Council Meeting Held on 14th March 2020. Deferment and Extension of Return :– > Relaxation to taxpayers for filing GSTR 9C (F.Y. 2018-19) for taxpayers having turnover below INR. 5 Crore. > Due date for filing GSTR 9C (F.Y. 2018-19) extended to 30th June 2020 for taxpayers having turnover above INR. 5 Crore. […...

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Brief about Companies Fresh Start Scheme 2020

The Ministry of Corporate affairs (MCA) has issued new Scheme “Companies Fresh Start Scheme 2020” which simply means File all pending ROC returns without any penalty.  Brief about the Companies Fresh Start Scheme 2020: The central government has launched the Companies Fresh Start Scheme with effect from 1st April 2020 to allow a defa...

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An independent director’s online self-assessment test as on today

Companies Act, 2013 section 150 introduces one to selection of independent director through a data bank maintained by any body, institute or association etc. Just now I passed with flying colors the self-assessment test conducted by Indian Institute of Corporate Affairs to join 1950 other qualified professionals who offer themselves as in...

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Summary of Circular no. 137/07/2020-GST dated 13th April 2020

The Government has released Circular no. 137/07/2020-GST dated 13th April 2020 wherein following matters have been clarified: 1. Cancellation of Goods and Service Contract The treatment under GST have been clarified vide above referred circular in respect of certain transactions of supply of goods and service where the same gets cancelled...

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Brief Analysis of Direct Tax Vivad se Vishwas Act, 2020

The Story so far 1. Feb 01, 2020, Finance Minister speaks about the introduction of the scheme 2. On Feb 05, 2020, the Direct Tax Vivad se Vishwas Bill is introduced in the Parliament 3. Various representations received regarding the draft bill 4. On Mar 07, 2020, Circular No. 07/2020 issued along with 55 FAQs […]...

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Is Managing Financials Important for Salaried Persons too ?

Looking at the Lockdown from the perspective of Salaried Persons , we may say that there is not much they can do in this situation but there is  a lot to do now and also after lockdown. Many salaried persons currently sitting at home are ideal and unable to work for which they usually get […]...

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Checklist of Important Tasks to Do in FY 2020-21

1. The composition scheme is applicable to manufacturers or traders whose taxable business turnover is up to Rs 1.5 crore (Rs 75 lakh in case of Specified States). A service provider can also opt for the scheme if his taxable turnover is up to Rs 50 lakh. This limit is to be checked in the […]...

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Differential ITC Indicated In Form GST TRAN-1 But Not In Revised ST-3 Cannot Be Denied

M/S Deendayal Port Trust Versus Union of India R/SPECIAL CIVIL APPLICATION NO. 6418 of 2019

It was held that stand taken by the respondent that once original return ST-3 is revised, there is no option in the Service Tax Rules, 1994 to permit to file second revised return is not tenable....

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GST: Conditional Waiver and no extension for February to April 2020

Considering the difficult situation the country is facing due to the pandemic of Covid-19, the Government has announced various relief measures for the trade and industry. One such measure is to provide the trade and industry sufficient time to file the GSTR-1 and GSTR-3B for the period February 2020 to April 2020 without any penal [&hell...

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22 Key Highlights of PM Speech dated 14th April 2020

1. India has staved off the extensive damage which would have been caused by coronavirus, because of the sacrifice by countrymen 2. We can understand the difficulties faced by the People, but for the country you have carried out your duty and I thank you for your service. 3. Today is Dr B R Ambedkar […]...

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Section 8 Company Registration under Companies Act 2013 and its Compliances after Registration

As the Government of India is focusing on Ease of Doing Business many steps has been taken by MCA in relation to making easy process of Incorporation of Private/Public Limited companies in India. With the Introduction of Section in relation to CSR Activities in Companies Act 2013, many peoples from Society wants to Incorporate Society/ [&...

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For TDS, Employee Now Have An Option to Opt For Lower Regime, But Is It Worth?

CBDT vide Circular No.  C1/2020 dated 13.04.2020 has clarified that an employee, having income other than business income can intimate their employer to deduct TDS as per rates u/s 115BAC (Deduction of TDS under New Regime). However once such intimation is given, same cannot be modified later. Circular also provides that option at the ti...

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An insight into Personal Data Protection Bill, 2019

The Data Protection Bill, 2019 (Bill) has been proposed to protect the sanctity of data belonging to natural persons and for setting upan Authority for ensuring the fundamental right of privacy and protection of personal data of the citizens of India. Through this article, we would attempt to understand the Bill and the changes that [&hel...

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Legal implications of COVID-19 on Contracts, Workplace Issues, Corporate governance disclosures

The article highlights implications on contract with force majeure clause or without force majeure clause, reporting as per corporate governance and brief on employer employee relationship contract....

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Decoding of refund on account of inverted duty structure in GST

Inverted Duty Structure means a situation where in the tax rate on inputs is higher than tax rates on outward supplies. Thus where taxes paid on inputs are at a rate higher than the taxes paid on outward supplies, such situation is an Inward Duty Structure. Inverted duty structure generally results in accumulation of excess […]...

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Mutual Fund – The Conclusion

This write up is the sequel to my previous article on Mutual Fund, if you have not read it yet, you can check it out at Mutual Fund – The Beginning. In this write-up, I am going to touch upon various terminologies/jargon used in mutual industry (i.e NAV, Sharpe Ratio, Beta, Standard Deviation, Factsheet, etc.), […]...

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All about Articles of Association (AOA) under Companies Act, 2013

Article explains What is Article of Association (AOA), Why a  company need Articles of Association, Features of Articles of Association, Provisions for Entrenchment, Who can enforce Articles of Association, Do Articles of Association override the Companies Act, Form of Article, Contents  of AOA, Where do you find Articles of Association...

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Summary of Circular no. 137/07/2020-GST dated 13.04.2020

CBIC vide Circular no. 137/07/2020-GST dated 13.04.2020 have clarified in respect of certain challenges faced by the registered persons in implementation of provisions of GST Laws: Cancellation of Goods and Services contract The treatment under GST has been clarified in respect of certain transactions of supply of goods and services when ...

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Extension of Submission Date of Share Capital Audit Report for Q4 of 2019-20

BSE Circular No. LIST/COMP/1/2020-21 (14/04/2020)

Extension of Submission Date of Share Capital Audit Report for the quarter ended March 31, 2020 till 31st May, 2020 BSE vide Circular no. LIST/COMP/1/2020-21 dated 14.04.2020 informed listed companies on Relaxation in adherence to prescribed timelines issued by SEBI due to Covid 19 which was provided by SEBI Ciruclar No.SEBI/HO/MIRSD/RTAM...

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Trapped in Debt? Here Is How Personal Loan Can Help to Get Out of It

Monetary debt from a wide range of lending sources such as home finances, car finances, credit cards, etc. can lend you in hefty EMIs, mounting interest rates, & various debt accounts. You may end up looking for an easy and quick way to clear off your debt and may even dig into your savings or […]...

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How to view Submitted Letter of Undertaking (LUT)

Letter of Undertaking is commonly known as LUT is prescribed to be furnished in form GST RFD 11 under rule 96A of CGST Rules, 2017, whereby the exporter declares that he/she would fulfil all the requirements prescribed under GST while exporting without making IGST payment. In this article we have explained how a Exporter can […]...

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Lockdown 2.0: PM announces extension of lockdown till 3rd May

India’s fight against the Corona global pandemic is moving ahead with great strength and steadfastness. It is only because of your restraint, penance and sacrifice that, India has so far been able to avert the harm caused by corona to a large extent. You have endured immense suffering to save your country, save your India....

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Overview of Tax measures/relaxation : COVID 19

Below is an overview of some of the most relevant statutory compliances wherein relaxation is provided in statutory timelines (including reduction in interest rates/fees in some cases)....

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Detailed analysis of various GST Return Filling Compliance relief

Detailed Analysis of Relaxations/Relief Given On Various GST Return Filling Compliances In View of Covid-19 At the outset the entire country is facing the huge medical crisis resulting from spread of Coronavirus. Entire country is ordered by Government to be under a lockdown. In this troubling time in order to ease the burden of GST [&hel...

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Anomalies/absurdities’ in RoSTCL Scheme

it is of utmost importance for the office of DGFT and Ministry of textiles to provide the benefit of ROSCTL to all exporters of goods falling under chapter 61,62, 63  irrespective of whether the goods are being exported by EOU or SEZ units or by an advance authorization holder or under the duty drawback scheme....

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Cost Inflation Index [Explanation (v) to Section 48 of Income Tax]

As per Incoem Tax- COST INFLATION INDEX in relation to a previous year, means such index as the Central Government may, having regard to 75% of average rise in the Consumer Price Index (urban) for the immediately preceding previous year to such previous year, by notification in the official Gazette, specify, in this behalf....

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EMI Moratorium Facility Will Increase Cost of Loan ???

RBI announced 3 months EMI Moratorium on loans. People rejoiced and there was a big relief on many thinking they are now safe for the next 3 months. However, the reality is entirely different. What is the meaning of 3 Months Moratorium? As per the definition of the dictionary, Moratorium means ‘A legal authorization to […]...

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GST on Director’s remuneration- Whether payable?

A. Decoding Advance ruling on director’s remuneration Imagine you are the whole-time director of your company and drawing remuneration in the form of salary, allowances, and perquisites on a monthly basis. Now, if the GST Department audits books of accounts of your company and asks you to pay GST under the reverse charge mechanism (RCM)...

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HSN Code of Medical Supplies used in Corona virus Treatment

With the outbreak of pandemic Corona Virus (COVID 19) across the globe, demand for medical supplies like COVID Test Kits, Infrared Thermometers, Sanitizers, Protective garments like Disposable Face Masks/Face Shields, Gloves, Personal Protective Equipments (PPE) Kits & many medical consumables have  increased drastically. Even everyo...

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Measure To Save Indian Economy From Corona Virus Impact

Coronavirus outbreak was first reported in Wuhan, China on 31 December, 2019 and spread throughout world by the end of March 2020 with the number of COVID-19 cases leaning dangerously more than 18,00,000 and the worldwide death toll crossing more than 1,03,000 till the date of writing of this article. The World Health Organization (WHO) d...

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