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Archive: 03 June 2020

Posts in 03 June 2020

Further revision in the definition of MSME

June 3, 2020 2580 Views 0 comment Print

MSME definitions revised further to include firm with upto Rs. 250 Crore Turnover Highlights: 1. As per new definitions, a firm with up to Rs. 50 Cr. investments and upto Rs. 250 crore is classified as a medium enterprise. 2. Union cabinet has approved further changes to definitions of MICRO, SMALL & MEDIUM enterprises, a […]

Highlights of all changes in GST for the month of May, 2020

June 3, 2020 3864 Views 0 comment Print

1. GST on Directors Salary has been put to rest by a recent decision of the Authority for Advance Rulings (AAR), Karnataka bench. AAR bench has clarified that if the director is an employee of the company, there will be no incidence of GST. However, if the director is a non-executive director (that is, a […]

Supreme Court on Waiver of Right to Object in Arbitration

June 3, 2020 4131 Views 0 comment Print

Quippo Construction Equipment Limited Vs Janardan Nirman Pvt. Limited (Supreme Court); Civil Appeal No. 2378 of 2020; Dated: 29/04/2020  FACTS The Respondent, a business of infrastructure development activities approached the Claimant who is engaged in a business of providing equipment for infrastructure activities. The Claimant gave certain equipment on rent to the Respondent in lieu […]

PM Modi launches the technology platform Champions

June 3, 2020 1143 Views 0 comment Print

Prime Minister Shri Narendra Modi today launched the technology platform CHAMPIONS which stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength.

Annual Information Statement (Form 26AS)- More than just Tax Paid History

June 3, 2020 11997 Views 0 comment Print

The government has introduced new section 285BB vide Finance Act, 2020 replacing the existing section 203AA of the Income Tax Act, 1961 (Act) which will now allow the income tax authority to produce additional information which is necessary and to the extent is in the interests of Revenue in Form 26AS. Old and New Provisions […]

GST on Revenue Sharing Development Agreement & AAR Rulings

June 3, 2020 44232 Views 1 comment Print

In a revenue sharing agreement the developer is providing taxable service to land owner. The value of the service is equivalent to the share of Developer in the market value of developed plots sold in the project.

Time limit for claiming credit of GST paid under reverse charge

June 3, 2020 14706 Views 10 comments Print

Section 16(4) of the Central Goods and Services Tax Act, 2017 (CGST Act, 2017), provides the time limit for claiming credit under GST. As per the said section, a registered person can claim credit pertaining to an invoice or a debit note for supply of goods and services earlier of: 1. Due Date of furnishing […]

EPF & ESI – Forms used and Legal Compliance

June 3, 2020 88452 Views 8 comments Print

Basis EPF ESI 1.) Acts Applicable The Employees’ Provident Funds And Miscellaneous Provident Act, 1952. Employees’ State Insurance Act, 1948 Extends to Whole INDIA Whole India 2.) Name of Scheme Employees Provident Fund Scheme. 3.) Organisation Employees’ Provident Fund Organization (EPFO). Employee’s State Insurance Corporation (ESIC) 3.) Applicability All business entities with 20 or more […]

TDS, TCS Compliances & Impact of Covid-19 Thereon

June 3, 2020 91806 Views 4 comments Print

In this article we will discuss in detail about Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) along with updated TDS Rate Chart and TCS Rate rate chart amidst the outbreak of COVID-19 and lockdown: TDS Compliances And Impact of Covid-19 Thereon TDS Deductor and Deductee TDS is basically income tax deducted […]

Reopening of portal for Transitional Credit | Dismisses SLP filed by Dept. | SC Not inclined to interfere ;

June 3, 2020 6978 Views 1 comment Print

CHOGORI INDIA RETAIL LTD Vs UOI-SLP Before Supreme Court on GST Transitional Credit issue : With a view to challenge the above order passed by the Hon’ble Delhi High Court, revenue filled a Special Leave Petition (SLP) against the same before the apex court.

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