"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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