"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...

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 […]...

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...

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...

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 […]...

Posted Under: Corporate Law |

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 […]...

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 […]...

Posted Under: Corporate Law |

Electronic Transmission of Out of Charge copy of Bill of Entry & eGatepass

Two major reforms for reduction in Physical Interface and enhancing Ease of Doing Business Electronic Transmission of Out of Charge copy of Bill of Entry (eOoC) Electronic Transmission of E- Gate pass (eGatepass) *This presentation is only for training purposes – For details please refer to CBIC Circular No. 19/2020-Cus dated 13.04....

Posted Under: Corporate Law |

SEBI Relaxes Buy back regulations due to COVID-19

Circular No. SEBI/HO/CFD/DCR2/CIR/P/2020/69 23/04/2020

Relaxation in Regulation 24(i)(f) of the SEBI (Buy-back of Securities) Regulations, 2018 due to the COVID 19 pandemic SEB) vide  Circular No. SEBI/HO/CFD/DCR2/CIR/P/2020/69  dated 23rd April, 2020, Relaxed Regulation 24(i)(f) of the SEBI (Buy-back of Securities) Regulations, 2018 due to the COVID 19 pandemic. Text of the Circular is as ...

Legality of Transfer of available cash balance through GST PMT -09

Recently, amidst COVID – 19, one important development that has taken place on the GST portal is the utility for Form GST PMT – 09 has been activated. Form GST PMT -09 enables a taxpayer to transfer amount from one minor head/major head to another minor/major head. For instance, taxpayer has paid Rs. 10,000 in […]...

Posted Under: Corporate Law |

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September 2023