"14 May 2020" Archive

FM announces measures to support poor, migrants, farmers, tiny businesses & street vendors

• Free food grains supply to Migrants for 2 months. • Technology system to be used enabling Migrants to access PDS(Ration) from any Fair Price Shops in India by March,2021-One Nation one Ration Card. • Scheme for Affordable Rental Housing Complexes for Migrant Workers and Urban Poor to be launched....

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Posted Under: Finance |

Revised Definition of MSME

Key Points Investment limit will be revised upwards. Additional criteria of Turnover. Both are cumulative conditions as there is used “and”. Criteria for Manufacturing & Services to be same Both are cumulative conditions as there is used “and”. We can understand this with the help of the following illustrations: Illustration 1...

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Posted Under: Finance |

Salary from company is part of aggregate turnover for GST threshold?

Partner salary, income from salary from  Company and various other income interest  on Loan and deposit , Interest on debenture , rent on commercial building , rent on residential unit and Capital Gain on Shares will be added for Aggregate turnover In GST for computing threshold limit of Rs,. 20 Lacs or 40 Lacs. Lets […]...

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Posted Under: Finance |

Rectification of GSTR-3B- Analysis of Delhi HC Judgment

Delhi HC allows rectification of GSTR-3B in the month to which the mistake relates The Delhi HC in the matter of Bharti Airtel Ltd vs UOI, allowed the rectification of mistakes in GSTR 3B in the same month to which the mistake pertains reading down para 4 of Circular No. 26/26/2017-GST which restricted it to […]...

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Posted Under: Finance |

Law of GST In Case of Death of Sole Proprietor

In the present Article, I am going to discuss the law and provisions of GST applied in case of death of sole proprietor. There are number of events when and where the transfer of business takes place few of the reason are mentioned herein below: a) sale of the business, b) merger, c) de-merger, d) insolvency, […]...

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Posted Under: Finance |

TCS Rate Chart for AY 2020-21 and AY 2021-22- Updated

Article contains updated TCS Rate Chart for For Assessment year 2020-21 (Financial year 2019-20) and Assessment year 2021-22 (Financial year 2020-21) updated with latest changes made by press release dated 13th May, 2020 and Finance Act, 2020. It further explains newly inserted TCS Provisions of Section 206C(1G)(a) – TCS on foreign ...

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SOP for non GST Return filers during lock-down- Problem & solutions

SOP for non filer regarding Circular No.129/48/2019-GST and chaotic situation during the lock-down process and its problem and solutions Base of the Provision 1.1 As per the circular, the GST Department plans to act tough with non-filers of returns and cancel their registration. It has also decided to update the progress made in this rega...

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Posted Under: Finance |

Cross Charge Vs Input Service Distribution – ISD is not a substitute for Cross Charge and Vice-Versa

Cross Charge Vs Input Service Distribution – ISD is not a substitute for Cross Charge and Vice-Versa Goods & Services Tax (GST) is one of the biggest tax reformations in Indian Indirect Tax History. With this reformation there are many unsolved issues which are still exist even after 3 years of implementation of GST Law. […]...

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Posted Under: Finance |

A Massive Hit to Genuine Exporter of Goods claiming Refund of Input Tax Credit

Exports play a pivotal role for building an economy as it helps in influencing the level of economic growth, employment and the balance of payments. GST law provides copious benefits to exporters, however in the meanwhile we will analyse how the Indian Government has discouraged the same by modifying definition of turnover of zero-rated s...

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Posted Under: Finance |

Applicability of RCM on Director Remuneration- Version 2

Introduction As per Serial No. 6 of Notification No. 13/2017-Central Tax (Rate) dated 28.06.2017, services supplied by a Director of a company or a body corporate to the said company or the body corporate is liable to tax under reverse charge. Thus, the company or a body corporate located in the taxable territory, being recipient [&hellip...

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Posted Under: Finance |

HC grant Bail to accused in alleged GST Fraud case

Gaurav S/o Sampat Lal Maheshwari Vs State (Rajasthan High Court, Jodhpur)

Gaurav S/o Sampat Lal Maheshwari Vs State (Rajasthan High Court, Jodhpur) (1) This application for bail has been filed by the petitioner under Section 439 of the Cr.P.C. in connection with CR No.205/2019, Police Station Udaimandir, District Jodhpur, for the offences under Sections 420, 406, 467, 468 and 471 IPC. (2) Mr. Anand Purohit, lea...

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Analysis of Advance Ruling order in case of Anil Kumar Agrawal, Karnataka Bench

The applicant is unregistered person and has field an application for advance ruling under section 97 of the CGST Actr 2017 read with Rule 104 of CGST Rules 2017 and section 97 of KGST Act,2017 read with rule 104 of KGST Rules 2017. The applicant is an unregistered person and in receipt of various types of […]...

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Posted Under: Finance |

Relaxations in GST Compliances Due to Covid 2019- Part 1

Central Government has provided various relaxations on payment and in filing of returns which, inter alia include allowing delayed payment of taxes, lower or nil rate of interest, extension of due dates for payment of GST and filing of GST returns etc....

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Posted Under: Finance |

New Economic Package W.R.T Direct Tax (TDS/TCS Chart)

Q 1. Why this post? Ans: Economic package announcements have been made by the Finance Minister of India by addressing a press conference on May, 13th 2020 in relation to Direct taxation amongst others. Thus this post is to analyse those aspects and specially with respect to TDS provisions. Q 2. What are the key […]...

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Posted Under: Finance |

Taxation of Digital Transaction – Equalisation Levy

Article explains Taxation of Online Advertisement Prior to Equalisation Levy, Introduction of Equalisation levy at 6 % for online Advertisement, Exception to Equalisation levy on Online Advertisement, Equalization levy at 2% on E- Commerce Transaction, Exception to Equalisation levy on Ecommerce transaction, Exemption under Income Tax Act...

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Posted Under: Finance |

Authority for Advance Ruling under Income Tax

1. Are the Advance ruling, binding on taxpayers or tax authorities?  An advance ruling pronounced by the Authority is binding on the follows :- -The Applicant. -The Commissioner. -Commissioner of Income-tax (Appeals). -Income-tax authorities who are subordinate to Commissioner -In respect of transaction for which ruling had been sought...

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Posted Under: Finance |

Countrywise Withholding tax rates / Chart as per DTAA

Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services ...

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Posted Under: Finance |

Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or as per the rates prescribed under the DTAAs, whichever is more beneficial to such non-resident. ...

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Posted Under: Finance |

Analysis of SC Judgment in the case of Basir Ahmed Sisodia Vs. ITO

ANALYSIS OF SUPREME COURT CASE BASIR AHMED SISODIA V. ITO. CIVIL APPEAL NO. 6110 OF 2009 dated 24th April 2020. The referred judgment of Supreme Court is one of its kind wherein the deletion of penalty has led to deletion of quantum addition. The important facet their lordships observed was fundamental tenet of taxation that […]...

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Posted Under: Finance |

Annual Compliance under Companies Act, 2013

Due to the continuous increase in registration of new companies and the rise in the number of young entrepreneurs in India the need for assistance and guidance in making sure that all the compulsory and mandatory compliances are in order has also been increased. This editorial, however, targets all the mandatory yearlong compliances a com...

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Posted Under: Finance |

कंपनी अधिनियम 2013 के अंतर्गत कंपनियों के प्रकार

कंपनी अधिनियम 2013 के अंतर्गत कंपनियों के प्रकार  (Types of Companies, under Companies Act, 2013) इस लेख को तैयार करने का उद्देश्य आपको कंपनी अधिनियम 2013 के अंतर्ग...

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Posted Under: Finance |

Earlier and revised definition of MSME

Definition of MSME will be revised by raising the Investment limit. An additional criteria of turnover also being introduced. The distinction between manufacturing and service sector will also be eliminated. Definition of MSMEs will be revised Investment limit will be revised upwards Additional criteria of turnover also being introduced. ...

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Posted Under: Finance |

Atma Nirbhar Bharat – Make in India 2.0

Before yesterday’s address of Honb’le Prime Minister Shri Narendra Modi ji, India was talking about the 1991 economic reform brought by then Finance Minister Dr. Manmohan Singh Ji, which created a new road map for Indian economy and India never looked back. At that time India was facing huge economic crises and the government was [&he...

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Posted Under: Finance |

Relief Measures Taken for MSME’s by FM on 13th May 2020

1. Collateral Free Automatic Loan to MSME: No guarantee required. Period 4 Years. No principal repayment for 1 year. Scheme can be availed till 31st Oct 2020. 45 lakh units can resume business activity and safeguard jobs. Borrowers with up to Rs. 25 crore outstanding and Rs. 100 crore turnover eligible 2. Stressed MSME: Subordinate [&hell...

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Posted Under: Finance |

Tips for staying safe – Post COVID resumption of work

𝐖𝐨𝐫𝐤𝐩𝐥𝐚𝐜𝐞 𝐬𝐚𝐟𝐞𝐭𝐲 𝐭𝐢𝐩𝐬 – 𝐫𝐞𝐨𝐩𝐞𝐧𝐢𝐧𝐠 𝐩𝐨𝐬𝐭 𝐂𝐎𝐕𝐈𝐃𝟏𝟗 With work locations across the country reopening gradually, Learning to live with and getting around in a post COVID world becomes critical. Particularly, health of us an...

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Posted Under: Finance |

PFRDA (Pension Fund) (Third Amendment) Regulations, 2020

No. PFRDA/12/RGL/139/9 (14/05/2020)

These regulations may be called the Pension Fund Regulatory and Development Authority (Pension Fund) (Third Amendment) Regulations, 2020. ...

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Reaction from Industry on reliefs announced by FM on 13.05.2020

India’s MSMEs sector is the largest across the world after China. MSMEs might be considered as small investment enterprises but their contribution to the Indian economy has always been noteworthy. Our homegrown enterprises have been hit hard by the pandemic and this move by the government lays a path for liquidity infusion, thereby givi...

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Posted Under: Finance |

FAQs on delayed payment to MSME & MSME form I

With the introduction of the Insolvency and Bankruptcy Code and strict measures by the Reserve Bank of India (RBI) for taking stringent action against Non- Performing Asset (NPA) accounts, MSMEs have been facing two-fold pressure:...

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Posted Under: Finance |

Importance of MSMEe Facilitation Centre; In the Post Covid-19 India

The Government of India on Wednesday announced the special economic package under the government’s Atmanirbhar Bharat Abhiyan-India’s Rs 20 lakh crore Covid-19 economic package. The entire package is aimed at providing a much-required boost to the Indian Economy which might otherwise face the inevitable economic slump due to long lock...

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Posted Under: Finance |

Sanjivani to MSME by Our Prime Minister Shri Narendra Modi JI

Today we Indians proud to have our Prime Minister  Shri NarendraModi ji and we as citizen of the country really experienced that we are in safe hand. Today as our Guardian he proved that when we need he is there to safeguard us. As far Economy is concern we have been taken out of ICU now it is our duty to fulfil his dream of 5 Trillion E...

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Posted Under: Finance |

IBC: Adjudicatory Attempt to Step into the Shoes of Regulatory

Hon’ble NCLT vide its order dated 12th May 2020, attempted to step into the shoes of Regulatory vide restricting the scope of section 7(3)(a), also, unwittingly try to give retrospective effect by covering those applications which are already filed and pending for admission. Hope the Hon’ble NCLT shall come out with a clarification, a...

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Posted Under: Finance |

COVID 19- The impact on Valuation

With the recent outbreak of COVID-19, stock markets around the world have plummeted with the SENSEX falling by over 40% since the beginning of March. In valuation parlance, volatility is translated as risk and is a key parameter in pricing an asset. However, quantifying such a risk is challenging at this time as the situation is still dev...

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Posted Under: Finance |

TDS Rate Chart for FY 2020-21 / AY 2021-22 – Updated

TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 As we all are aware that yesterday our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the […]...

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Relaxations from LODR Regulations by SEBI necessitating out of MCA circulars

Relaxations Provided By SEBI In View of COVID-19 Pandemic SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 Vide Its Circular Dated May 12, 2020 Relaxations necessitating out of MCA circulars Regulation No. Requirement as per the LODR Relaxation in view of COVID-19 Pandemic Regulation 36 (1)(b) and (c) – Docume...

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Posted Under: Finance |

Exemption u/s 54 allowed if purchase amount paid by assessee irrespective of name on agreement of Son

Smt. Subbalakshmi Kurada Vs ACIT (ITAT Bangalore)

Smt. Subbalakshmi Kurada Vs ACIT (ITAT Bangalore) The issue under consideration is that if the assessee reinvested capital gains in purchase of new residential house in the name of assessee and his son together then whether assessee in entitle to the full amount of exemption u/s 54? As per Section 54, it mandates that the […]...

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Constitution of ICC and LCC under Sexual Harassment of Women at Workplace Act, 2013

This act came into force on 9 December 2013. The history of this lies back to Vishakha case. In 1997 a female worker, named Vishakha was harassed at workplace which led to formulation of Vishakha guidelines. This act was formulated to supersede Vishakha guidelines. This act provides with provisions for sexual harassment of women at [&hell...

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Posted Under: Finance |

Old Vs. New MSME Classification

Micro, Small and Medium Enterprises (MSME) is one of the most distressed sector during Covid-19. It employs a huge number of people and contributes to around 30% of Indian GDP. There are severe supply chain disruptions especially in the businesses that provide essential services. It is difficult for them to continue paying workers during ...

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Posted Under: Finance |

State Govt should take care of all categories of migrant workers: HC

Mohammed Arif Jameel Vs Union of India (Karnataka High Court)

Mohammed Arif Jameel Vs Union of India (Karnataka High Court) If there are complaints received by the State that some contractors or employers are confining the migrant workers to their shelters and are not permitting them to go to their respective home States, the State Government will have to attend to such complaints and will […...

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Vizag Gas Leak: NGT’s use of the term “Strict Liability” being questioned- Lawgically explained, Why?

Vizag Gas Leak: Strict Liability or Absolute Liability? On May 07, 2020, around 3:45 a.m, Styrene, a hazardous gas got leaked from a chemical factory owned by the South Korean Company named LG Polymers India Pvt Ltd, situated at R.R. Venkatpuram village, Pendurthy Mandal, Vishakhapatnam resulting in the death of 11 persons, hospitalizatio...

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Posted Under: Finance |

Registrar of Newspapers of India is brought onboard e-SANCHIT

Circular No. 24/2020-Customs (14/05/2020)

. Now, 1 more PGA namely Registrar of Newspapers of India (RNI) with its LPCOs as detailed below is being brought onboard e-SANCHIT-...

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RBI extends IES for Pre and Post shipment Rupee Export Credit

Trade Notice No. 11/2020-21-DGFT (14/05/2020)

It is hereby informed that Interest Equalisation Scheme for Pre and Post shipment Rupee Export Credit is further extended for one more year i.e. upto 31.03.2021 with same scope and coverage....

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IRDAI (Appointed Actuary) Regulations, 2017 (Updated )

Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 20171 (Amended up to 14.05.2020) F. No. IRDAI/Reg/6/143/2017.—In exercise of the powers conferred by clause (zd) of sub-section (2) of section 114A of the Insurance Act, 1938 (4 of 1938) read with sections 14 and 26 of the Insurance Regulatory and D...

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Posted Under: Finance |

How Housing Finance Companies Sanction home loan to Salaried person?

Due to the rapid Growth & increasing Competition in the Housing Finance Sector, the chances of Procedural Lapses have also been increasing. The Probability of misuse & taking of advantage of the System by unscrupulous elements have also risen. It is very important to take urgent remedial & proactive steps so that incidents of ...

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Posted Under: Finance |

Relief Measures- Labour Laws – FM announcement 13.05.2020

Relief Measures Under Self Reliant India (Atmanirbhar Bharat) Movement for Labour Laws Amidst COVID-19 Pandemic This is subsequent to relief measures announced earlier for labour laws amidst Covid-19 Pandemic. As per the Self Reliant India Movement (Atmanirbhar Bharat) announced with effect from  13th May 2020, following additional relie...

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Posted Under: Finance |

Loan from directors – Section 68 addition- Additional Evidence- ITAT restore matter to AO

Harina Developers Pvt. Ltd. Vs ITO (ITAT Bangalore)

Harina Developers Pvt. Ltd. Vs ITO (ITAT Bangalore) The issue under consideration is that whether the loan received from two directors can be considered as unexplained cash credit u/s 68 of the Act? In the given case, the assessee has received amount from two of its directors. The assessee could file only ledger account extract […]...

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Operational Guidelines -Conversion/Switch of GOI Securities

Press Release: 2019-2020/2361 (14/05/2020)

Operational Guidelines for Switch/Conversion Transactions with the Government of India - Switch module on ekuber - 1. The market participants can bid in the switch auction through the Switch Transaction module provided in the e-kuber portal....

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GST on supply, erection, testing and commissioning of materials/equipments for providing rural electricity infrastructure

In re ARG Electricals Pvt. Ltd. (GST AAR Rajasthan)

In re ARG Electricals Pvt. Ltd. (GST AAR Rajasthan) 1. Whether the contract entered into with AVVNL as per the work orders combine of supply, erection, testing and commissioning of materials/equipments for providing rural electricity infrastructure qualifies as a supply for work contract under Section 2(119) of the CGST Act? ♦ The work ...

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Mining Support Service falls under HSN 998622 & attracts 18% GST

In re KSC Buildcon Private Limited (GST AAR Rajasthan)

Applicant is providing supporting service related to mining. The said service is classifiable under HSN 998622. The rate of GST on the said service is 18% (CGST 9% + SGST 9%) as provided under the Notification No. 11/2017-Central Tax (Rate) dated 28.06.2017 (as amended)....

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Highlights of financial stimulus announced by Nirmala Sitharaman

 Six major steps for the revival of the MSME sector 1. Collateral free loan of Rs 3 lakh crores for MSMEs. This will benefit 45 lakh units so that they can resume work and save jobs. 2. For stressed MSMEs, Subordinate debt provision of Rs 20,000 cr has been announced for 2 lakh MSMEs. It […]...

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Posted Under: Finance |

Some of the tax challenges in India in Current Global Crisis

In this article, we have tried to explain the difficulties or challenges that tax officials or taxpayers are facing in the current crises. Article explains Residential status of Internationally Mobile Employees, Residential Status of companies (Place of Effective Management), Risk of creation of Service Permanent Establishment (PE), Exten...

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Posted Under: Finance |

Highlights of Speech by FM Dated 13.05.2020 – Covid-19

Highlights of Speech by Finance Minister Dated 13.05.2020 in the Matter of Covid-19 1. Central Armed Police Forces (CAPFs) canteens to sell only indigenous products from 1st June, 2020; 2. The economic package aims to spur growth and make India self-reliant based on 5 pillars- Economy, infrastructure, System, Demography, Demand, intention...

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Posted Under: Finance |

CBIC extends validity of Export Performance Certificates

Notification No. 23/2020-Customs [G.S.R. 296(E)] (14/05/2020)

CBIC Seeks to further amend Customs Notification No. 50/2017-Customs dated 30.06.2017 so as to extend the period of validity of existing Export Performance Certificates for FY 2019-20 up to 30.09.2020- Notification No. 23/2020-Customs Dated- 14th May, 2020. Government of India Ministry of Finance (Department of Revenue) Notification No. 2...

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SEBI Relaxations Takeovers & Buy-back regulations

Circular No. SEBI/CIR/CFD/DCR1/CIR/P/2020/83 (14/05/2020)

one time relaxations are granted from strict enforcement of certain regulations of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Takeover Regulations) and SEBI (Buy-back of securities) Regulations, 2018 (Buy-back Regulations) pertaining to open offers and buy-back tender offers opening upto July 31, 2020....

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SEBI relaxes compliance of Minimum Public Shareholding requirements

Circular No.: SEBI/HO/CFD/CMD1/CIR/P/2020/81 (14/05/2020)

SEBI circular No. CFD/CMD/CIR/P/2017/115 dated October 10, 2017 lays down the procedure to be followed by the recognized stock exchanges / depositories with respect to MPS non-compliant listed entities, their promoters and directors, including levy of fines, freeze of promoter holding etc....

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Input Tax Credit under GST | Section 16 to 21 | Rules 36 to 45

Input tax credit has been defined as per Act in our previous article. It means the credit of Input Taxes paid on inputs, capital goods and input services. The Input tax in relation to a registered person, means the Central-tax (CGST), State-tax (SGST), Integrated-tax (IGST) and Union Territory Tax (UTGST) charged on any supply of [&hellip...

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Posted Under: Finance |

Provision on Place of Supply under GST

GST is a destination based tax,e., the goods/services will be taxed at the place where they are consumed and not at the origin of supply. So, the state where they are consumed will have the right to collect GST. This, in turn, makes the concept of place of supply crucial under GST as all the provisions of GST revolves around it....

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Posted Under: Finance |

Illustrations w.r.t. Determination of place of Supply under GST

Case : Mr. A of Maharashtra supplied goods to Mr. B of West Bengal for Rs. 1,00,000.Determine place of supply and nature of transaction if Mr A supplied goods at the place of Mr. B. Answer : As per section 10(1)(a), In the above case, where movement of goods is by supplier i.e. Mr. A, […]...

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Posted Under: Finance |

Registration under GST | Section 22 to 30 | Rules 8 to 26

Registration of any business entity under the GST Law implies obtaining a unique number known as the GSTIN/UIN from the tax authorities so that the registered person can collect tax on behalf of the government and there by avail Input tax credit for the taxes on his inward supplies. Without registration, a person cannot do the same....

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Posted Under: Finance |

Valuation of taxable supply under GST | Section 15 | Rule 27 to 35

Section 15 : value of taxable supply [Rule 27 to Rule 35] As GST is payable as percentage of the value of supply, it is thereby important to determine the value of taxable supply as per the GST Law. Section 15 of CGST act deals with the same along with several inclusions and deductions. However, […]...

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Posted Under: Finance |

Sabka Vishwas (legacy Dispute Resolution) Scheme (Amendment) Rules, 2020

Notification No. 01/2020-Central Excise (N.T.)[G.S.R. 295(E)] (14/05/2020)

These rules may be called the Sabka Vishwas (legacy Dispute Resolution) Scheme (Amendment) Rules, 2020. They shall come into force from the date of their publication in the official gazette....

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