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Archive: 07 May 2020

Posts in 07 May 2020

CPC Processing/Additions cannot go beyond Inst. No.10/2017

May 7, 2020 3042 Views 0 comment Print

CBDT’s instruction No.10/2017 dated 15.11.2017 has clearly laid down that only when receipts are completely omitted to be declared in the return of income can there be an addition for invoking 143(1)(a)(vi) of the Act.

Time of Supply under Goods & Services Tax (GST)

May 7, 2020 28386 Views 0 comment Print

After ascertaining whether a transaction falls under the definition of supply, we come to the next pertinent issue, the date of the charging event i.e. the date when the liability of the tax arises which is covered by the provisions of Time of Supply under GST. Under the CGST act Sections 12, 13 & 14 […]

Supply under Goods & Services Tax

May 7, 2020 4932 Views 1 comment Print

The determination of the taxable event is one of the most important matter in every tax law. It is that event which on its occurrence creates or attracts the liability to tax. The taxable event under GST shall be the supply of goods or services or both made for consideration in the course or furtherance […]

GST Reverse Charge Mechanism chart on Goods & Services

May 7, 2020 26919 Views 3 comments Print

Section 9(3): U/S 2(98) of CGST Act Reverse charge is defined as “liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section (3) or sub-section (4) of section 9, or under sub-section (3) or sub-section (4) of […]

GST Composition Scheme – An Introduction

May 7, 2020 4170 Views 0 comment Print

The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 1.5 Crores (Rs. 75 lakhs in case of a In case of North-Eastern states and Himachal Pradesh) [N.N 14/2019-CT(rate) dt. 07-03-2019] From 1st of April,2019, the composition scheme will also be available to services and […]

E-filing of petition & hearing through video conferencing before NCLT, Mumbai during lockdown

May 7, 2020 12087 Views 0 comment Print

Procedure to file a Company Petition / Interlocutory Application before NCLT, Mumbai Bench and hearing thereof through video conferencing during lockdown as a measure to prevent spread of COVID-19:

Detailed Analysis of Implications of GST on Real Estate Sector

May 7, 2020 38979 Views 1 comment Print

Article explains Implications of GST on Real Estate Sector. It explains GST when Builder Purchases a Land and Constructs flats for the purpose of Sale, Joint Development Agreemen, Supply of Constructed Flats by Promoter to Land Owner, Supply of constructed Flat by Promoter to Outsiders, Amendments in GST in Real Estate Sector (w.e.f. 01-04-2019), Reverse […]

Value of Supply: Ascertaining ‘Value’ on which GST is calculated

May 7, 2020 3393 Views 0 comment Print

Supply & Value of Supply The event which attracts the levy of ‘tax’ is called the taxable event and in GST, the taxable event is ‘Supply.’ The scope of this Supply has been defined under section 7 of the  CGST Act. s.15 determines the ‘Value of taxable supply’ of goods or services or both, to […]

Share Transfer under Companies Act, 2013

May 7, 2020 21882 Views 1 comment Print

Share transfer means transfer of ownership rights in shares from one person to another. Though the securities or other interest of any member in a public company shall be freely transferable, such transfer mandatorily involves the Compliance of Companies Act, 2013 and the Indian Stamp Act. The applicability of the Foreign Exchange Management Act, 1999 […]

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