Vide Finance Act 2020 Section 163(3) of Income Tax Act, 1961 has now been amended to provide that the Equalisation Levy would now be applicable also to ‘to consideration received or receivable for e-commerce supply or services made or provided or facilitated on or after the 1st day of April, 2020’. This amendment expands the scope of Equalisation Levy to any online sale or provision of services or their facilitation.
There have been many amendments, relaxations, due date extensions and many more in respect of GST Annual Returns. In this article these aspects and key features were briefly discussed with bullet points providing relevant notification references wherever required. At the end of the article, due date table was also given for ready reference. This article […]
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.
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.
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.
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 operations. Therefore, […]
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 was separately […]
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 investments, […]
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. […]
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 […]
