"24 April 2020" Archive

SEBI relaxes timelines for compliance by Depository & Depository Participants

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/72 24/04/2020

Thus, SEBI vide Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/72dated 24.04.2020 after considering the current situation due to COVID 19 relaxed timelines for compliance with regulatory requirements by Depository and depository participants....

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Process of Refund of ITC or IGST paid on export supply of Goods

A person can make the export supply of goods by making payment of Integrated GST and refund can be claimed for the same. Further exports can be made without making payment of IGST after the submission of Bond/LUT. In such cases, a refund of accumulated Input Tax Credit on expenses may arise....

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Posted Under: SEBI |

GST on Export of Goods & Services

I have tried to explain the basic provision, rules as well as notification which are very important to understand the GST on the export of Goods as well as services....

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Posted Under: SEBI | ,

GST applicability on Electricity Paid under Rent Agreement

Applicability of GST on recovery of Electricity charges, on actual basis, relating to renting of commercial property-  Today, there are many business entities which are operating under the roof owned by others. Also, it is not feasible for every entity to purchase land, construct building / factory on the same and commence their operatio...

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Posted Under: SEBI |

Restaurant Sector facing serious GST issues

Background Food supplied by a restaurant is whether supply of goods or supply of services? This question has been hovering since last few decades. The Constitutional Amendment by inserting Article 366 (29A) (f) partially included it within the definition of deemed sale of goods. With introduction of service tax law, the service portion wa...

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Posted Under: SEBI |

Franklin Templeton Fund Closure – All Investors needs to know

Background to the FT Fund Closure Franklin Templeton has voluntarily decided to wind up six of its fixed income debt schemes effective from April 23rd 2020. Other funds – Equity and hybrid – are unaffected by Franklin Templeton’s decision. Starting April 24 existing investors in the scheme will not be able to withdraw their investme...

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Posted Under: SEBI |

GST PMT 09 – Transfer amount from one head to another head in cash ledger

GST PMT 09- Transfer amount from one head to another head in cash ledger Earlier launched by CBIC via Notification no. 31/2019 CT on 28th June 2019, PMT- 09 is the prescribed challan for relocating the falsely or erroneously paid ITC. This enables a registered taxpayer to transfer any amount of tax, interest, penalty, etc. […]...

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Posted Under: SEBI |

GST Rate: Works Contract vs Pure Labour Contract

As per Black’s Law dictionary contractor have been defined as one who contracts to do work or provide supplies for another competent contractor. A contractor who has the knowledge, skill, experience, and available equipment to do the work that he is employed to do without creating an unreasonable risk of injury to others and who [&helli...

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Posted Under: SEBI |

Unbelievable Saga of Crude Oil – NYMEX, MCX & Indian Economy

By the time, when most of us woke up on the morning of Tuesday, 21.4.2020, crude oil prices had fallen to below zero levels, for the first time in history. To be more specific, the WTI crude oil closing price was announced at a negative -$37.64 a barrel, at the trade closing hours on NYMEX on 20.4.2020....

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Posted Under: SEBI |

Implications of GST on transfer of business

Implications of GST on transfer of business Nowadays corporate restructuring has become a need for change in the organizational structure, or business model of a company. It is done majorly to revive a declining business, increase a company’s value or to gain a competitive advantage. Post this Covid-19 pandemic as well, we may notice ma...

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Posted Under: SEBI |

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