"23 April 2020" Archive

MHA clarification on misplaced apprehensions of Industry

Notification No. 40-10/2020-DM-I (A) (23/04/2020)

Some apprehensions, based on wrong interpretation of the guidelines, have been raised in the media and by some companies having manufacturing facilities. Some of these are as under: I. States may take legal action, including imprisonment of CEO, in case a COVID-19 positive employee is found in the factory. II. In such a situation, t...

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Residency Test in India – for Individuals

Taxation of a person depends on his residential status in the country.  Section 6 sub-section (1) of the Income Tax Act, 1961 provides the circumstances under which an INDIVIDUAL is said to be Resident in India.  Once the INDIVIDUAL is said to be resident in India, then we need to find out if he qualifies […]...

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Posted Under: Corporate Law |

Interest on delayed GST payment- Whether automatic or adjudication is called for ?

Issuance of Show Cause notice u/s 73 of the Act is essential to proceed with the recovery of interest payable thereon under Section 50 and further held that Sec 75(12) of CGST Act is applicable only to the self-assessment made by the assessee and not to quantification or determination made by the Authority and hence by virtue of said s...

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Posted Under: Corporate Law |

Preferential Issue of Shares by Listed Company

Meaning of Preferential Issue: As per Regulation 2(1)(nn) of SEBI (ICDR) Regulation 2018- ‘Preferential issue’ means an issue of specified securities by a listed issuer to any select person or group of persons on a private placement basis in accordance with Chapter V of these regulations and does not include an offer of specif...

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Posted Under: Corporate Law |

All about interest in GST – Past, Present & future outlook

History of Interest under GST When the GST got introduced from 1st July 2017, quite a number of registered persons were struggling to come to terms with the change in the systems, policies and procedures that was brought by the new regime. This resulted in some of the major compliance decisions getting impacted such as […]...

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Posted Under: Corporate Law |

18% GST Payable on transportation services forming part of composite works contract

In re Siemens Limited (GST AAAR Maharashtra)

In re Siemens Limited (GST AAAR Maharashtra) The Appellate Authority for Advance Ruling held as under: From the conjoined and harmonious reading of various clauses of Third contract and Fifth contract awarded to the appellant and their interdependency under the whole contract comprising of six contracts, it can be safely concluded that t...

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Decoding FDI and FPI from Neighbouring Countries of India

On April 17, 2020, Department for Promotion of Industry and Internal Trade came up with an amendment in Foreign Direct Investment Policy, 2017 vide Press Release No. 3 (2020 Series) in order to shield the corporates from hostile acquisitions which may arise due to downward trend in the share prices of the Company. The experts […]...

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Posted Under: Corporate Law |

Payment voucher & Invoice under RCM in CGST Act 2017

U/s 31(3) (e) & (f) of GST Act, 2017- says if you are paying tax under RCM (reverse charge mechanism) u/s 9(3) or (4) then you have to issue an Invoice u/s 31(3) (e) and payment voucher U/s 31(3)(f) – Be conscious in case of payments made to Advocates, Passenger Vehicles, GTA, Arbitral Tribunal, Goods […]...

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Posted Under: Corporate Law |

ITC on GST charged by Contractor for hiring of buses for transportation of employees

In re YKK India Pvt Ltd (AAAR Haryana)

In re YKK India Pvt Ltd (AAAR Haryana) 1. Whether the applicant (YKK) is eligible to take input tax credit on GST charged by the Contractor for hiring of buses for transportation of employees? Yes, applicant is eligible to take input tax credit on GST charged by the Contractor for hiring of buses having approved […]...

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AAAR quashes AAR ruling considering Change in Law after ruling

In re Hero Solar Energy Pvt. Ltd. (GST AAAR Haryana)

In re Hero Solar Energy Pvt. Ltd. (GST AAAR Haryana) The order dated 22.08.2018 of the Advance Ruling Authority is quashed and the applicant may approach the Advance Ruling Authority for taking a decision afresh in accordance with law. The advance ruling dated 29.08.2018 obtained by the appellant is prior to the amendments made with [&hel...

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