"09 June 2020" Archive

GST on GTA Service/Transport Service

GST on the GTA Service/Transport Service Introduction :– Transportation of goods from one place to another palace is the normal economic activity, in the India, there are huge no of trucks/Lori etc. for the transportation of the goods being vast area of our country whereas some state/location are main manufacturing hub such as Gujar...

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Zero Rated Supply in IGST Act has not been Zero Rated

Under VAT or GST system of levy of tax on sale or supply of goods or services, a zero rated supply is understood as a sale or supply of goods or services or both on which tax is not payable and person making zero rated supply is entitled for claiming benefit of input tax credit […]...

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GST Implications on Print Media Industry (Due to covid19 pandemic)

As we all know, the economic impact of Covid 19 virus pandemic has been largely disruptive. The work process of various sectors has been heavily hampered due to this outbreak. In this Article we are discussing the impact of Covid 19 on Print Media Industry. Because of this pandemic and subsequent lockdown, it was really […]...

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GST on the Work Contractor

Section 2 (119) “works contract” means a contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any immovable property wherein transfer of property in goods (whether as goods or in some other form) is ...

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GST Composition Scheme | Opt or not | Decide with our Excel Sheet

फायदा देखो यार – Avoid Confusion with Normal & Composition- Make/Modify choice with this Excel worksheet If a businessman chooses the type of his GST registration without calculating the actual impact of his choice, there is scope for making wrong choice. This article explains what should be the real basi...

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Role of Authority of Advance Ruling under GST

In the present article, we will discuss detail description and purpose of Authority of Advance Ruling (AAR) established under GST.  I will try to cover or describe all the need and purposes of AAR under GST. INTRODUCTION: “Advance ruling” means a decision provided by the Authority or the Appellate Authority to an applicant on matters...

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Analysis of SC Judgment- PILCOM Vs. CIT | TDS | Section 194E

Pak-Indo-Lanka, Joint Management Committee (Hereinafter, 'PILCOM') filed a special leave petition (Civil Appeal No. 5749/2012) in Supreme Court challenging the decision of High Court of Calcutta whereby High Court dismissed Income Tax Appeal No. 196 of 2000 and affirmed the view taken by the Income Tax Appellate Tribunal, Calcutta....

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Set-Off & carry forward of losses – A Complete Summary

This article covers the provisions of The Income Tax Act, 1961 and rules made there under in regard to the Carry Forward and Set Off of Losses. The Income Tax Act has prescribed rules to set-off loss arising from one head against other heads of income. The process of setting off of losses and their […]...

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Which scheme should an employee opt for Income Tax?

The dilemma of which scheme should an employee opt for Income tax in FY 20-21 Everything has been changed in the beginning of new FY 2020-21 like the new virus, lockdown, work from home and also popped up new question i.e.  ‘Which scheme should an employee opt for Income Tax ?’ A new section 115BAC […]...

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Free Depreciation Calculator Version 2.3- Schedule II of Companies Act 2013

Auditors Tool on Depreciation as per Companies Act 2013- Version 2.3 updated upto FY 2019-20 (Released on 08.06.2020) WHAT IS NEW- in this updated Version 2.3 1. Consolidated Fixed Asset Register (itemised) for enabled upto Financial Year 2019-20 , akin to gross block concept. 2. Master Pivot Table enabled upto FY 2019-20 3. Minor bug [&h...

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Vivad se Vishwas Scheme deadline extended to December 31, 2020

Vivad se Vishwas is a direct tax scheme for settling tax disputes between assessee’s and the income tax department. The extension of the deadline has come as a relief for those individuals who want to settle their tax disputes.   The Government on May 13, 2020, announced that is has extended the deadline for tax […]...

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Changes in Company Law Compliance – Due to COVID-19

As per The Companies Act, 2013 – Every company is required to file the annual accounts & annual returns within 30 days and 60 days respectively from the conclusion of the Annual General Meeting. The ROC filing of annual accounts is governed under Section 129 (3), 137, of The Companies Act , 2013 read with […]...

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Filing NIL Form GSTR-3B through SMS on GST Portal

1. A taxpayer may now file NIL Form GSTR-3B, through an SMS, apart from filing it through online mode, on GST Portal. 2. To file NIL Form GSTR-3B through SMS, the taxpayer must fulfill following conditions: -They must be registered as Normal taxpayer/ Casual taxpayer/ SEZ Unit / SEZ Developer. -They have valid GSTIN. -Phone […]...

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Acceptance of Deposits By Private and Public Companies

Acceptance of Deposits Section 73 to 76 of the Companies Act 2013 (herein after called the Act) read with Rules made under Chapter V of the Companies Act, 2013 Acceptance of deposit Deposit is one of the sources available with company to raise funds for meeting its short term and long term fund requirements. Section […]...

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GST Compliances Chart For June 2020

Extensions and relaxations announced in the due dates of Goods and Services Tax Act by the Government of India in the wake of COVID-19 Notification No. 31/2020; 32/2020; 33/2020; 36/2020 CGST Act 2017 GST COMPLIANCES CHART – JUNE 2020 MONTH GST T/O UPTO1.5CRT/O > 1.5CRUPTO 5CR T/O > 5CR FEB 20 GSTR 3B 30/06/20 29/06/20 [&helli...

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Composition Levy Under GST Regime

INTRODUCTION:– The word ‘Composition’ comes from the Latin , meaning ‘Put together’. It is a feature of Indirect tax laws that in order to provide comfort to an assessee from completing with the requirement of paying tax on value addition by maintaining details of ‘inputs’ & ‘outputs’, an option is provided to go...

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Why Stock Market is rising when Economy is falling?

At the time of Covid-19 pandemic, the whole suffered from the job losses, adverse business conditions and falling of economy. The economy of whole world would suffer the loss of trillions of dollars. Jobs are vanishing day by day, daily expenses are increasing rapidly, saving are going down and business are getting ruined. But at [&hellip...

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Raising of Funds through External Commercial Borrowings (ECB)

What is ECB: External Commercial Borrowings are commercial loans raised by eligible resident entities from recognised non-resident. The ECB has been classified in category Foreign Denomination ECB: Loan raised in any freely convertible Foreign Currency INR Denomination ECB: Loan raised in INR Method of raising ECB: ECB can be accessed und...

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PPT Vivad Se Vishwas Scheme, 2020

PPT on Vivad Se Vishwas Scheme, 2020 Purpose of Vivad Se Vishwas Scheme, 2020- To Reduce Income Tax Litigations pending before various Appellate Authorities i.e. CIT(A), ITAT, High Court and Supreme Court. Approximately 4.9 lakhs cases involving  Dispute of Rs. 9.32 crores are pending at various Appellate Levels as on date. To save the T...

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Tax Deducted at Source (TDS) Rates for FY 2020-21

Finance Act, 2020 has made certain changes in TDS provisions further to provide relief to the taxpayers against hardship caused by COVID-19 Hon. Finance Minister announced reduction in certain TDS rates for period 14 May 2020 to 31 March 2021. The summary of TDS rates applicable for AY 2021-22 is as follows: Tax Deducted at […]...

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GST on Plotted developemnt of land

1. Introduction: Urbanisation paved the way towards real estate development around urban areas, may it be frontline metropolis or tier I Tier II semi urban areas. Real estate development may be for residential purpose, industrial activities or commercial purposes. The vertical development by way of high rise buildings is one kind of devel...

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Section 11 of CGST Act (Power to grant exemption from tax)

Section 11 of CGST Act, empower the government to grant exemptions on the recommendation of GST Council in the public interest....

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Govt withdraws duty Concession on Bamboo import for Agarbatti manufacturing

Notification No. 27/2020-Customs [G.S.R. 358(E).] (09/06/2020)

CBIC further amens notification No. 50/2017-Cus dated 30.06.2017 so as to withdraw the concessional rate of 10% available to the import of Bamboo for the manufacture of Agarbattis, and to levy a uniform rate of 25% on import of Bamboos [HS 1401 10 00] vide Notification No. 27/2020-Customs dated- 9th June, 2020. GOVERNMENT OF INDIA [&helli...

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CSR under Companies Act, 2013 (with Latest Updates)

India is one of the first countries in the world to make Corporate Social Responsibility (CSR) mandatory for companies following an amendment to the Companies Act,2013 (Companies Act) in 2014. a. Applicability: Section 135(1) of Companies Act, 2013 prescribes thresholds to identify companies which are required to constitute a CSR Committe...

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Analysis of Section 115BA, 115BAA, 115BAB of Income Tax

Introduction The Government of India has introduced the Taxation (Amendment) Ordinance Act, 2019, on the 20th of September 2019. Several amendments are made in the Income Tax Act, 1961 through these ordinance. Section 115BAA, Section 115BAB were inserted in the Income Tax Act, 1961, by the Finance Minister, Nirmala Sitharaman, in the Unio...

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Govt imposes Anti-dumping duty on import of Flexible Slabstock Polyol

Notification No. 14/2020-Customs (ADD) [G.S.R. 364(E).] (09/06/2020)

Seeks to impose anti-dumping duty on import of Flexible Slabstock Polyol originating in or exported from Singapore for a period of 5 years, in pursuance of sunset review final findings issued by DGTR. Notification No. 14/2020-Customs (ADD) Dated 9th June, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification N...

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Anti-dumping duty on import of 1-phenyl-3-methyl-5-Pyrazolone extended

Notification No. 13/2020-Customs (ADD) [G.S.R. 363(E).] (09/06/2020)

CBIC imposes provisional anti-dumping duty on import of 1-phenyl-3-methyl-5-Pyrazolone originating in or exported from China PR for a period of six months vide Notification No. 13/2020-Customs (ADD) Dated 9th June, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 13/2020-Customs (ADD) New Delhi, the 9...

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SEBI Relaxes eligibility conditions related to Fast Track FPO

Circular No. SEBI/HO/CFD/CIR/CFD/DIL/85/2020 (09/06/2020)

SEBI relaxes eligibility conditions related to Fast Track Further Public Offer (FPO) as contained in the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 Securities and Exchange Board of India CIRCULAR SEBI/HO/CFD/CIR/CFD/DIL/85/2020 June 09, 2020 To, All Recognized Stock Exchanges  All Registered Merchant Bankers De...

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Company Fixed Deposits – Are they secure to invest in?

Corporate fixed deposits sound lucrative due to higher interest rates as compared to bank FDs. Nevertheless, one must realise that these are unsecured. Investors rely on corporate reputation and credit rating when investing in them. Credit rating companies have in the past, however, gone wrong on ratings many times. Hence it would help if...

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NIL GST Return (Form GSTR 3B) VIA SMS

In continuation to ease of compliance by the government in recent past, the finance ministry rolls out the facility which will allow taxpayers in filing of NIL GST monthly return in FORM GSTR-3B through SMS with Press Release dated 8Th June.This is again a major change which will benefit approx. 22 lacs traders to file […]...

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Declaration of Dividend under Companies Act 2013

DECLARATION AND PAYMENT OF DIVIDEND SECTION 123 TO 127 OF COMPANIES ACT, 2013 READ WITH THE COMPANIES (DECLARATION AND PAYMENT OF DIVIDEND) RULES, 2014 DIVIDEND- SECTION 2(35) “Dividend” includes any interim dividend; Where in simple words, dividend can be defined as the sum of money paid by a company, to its shareholders, out...

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Legal Services Taxability under GST

In this write up I tried to summaries all the relevant provisons under GST on Advocate Services 1) Relevant Definitions: i) Legal Services Definition of legal services has been provided under entry 2 (zm) of notification no. 12/2017 – Central tax (rate) dated 28.06.2017 which is reproduced hereunder: “Legal service means any service p...

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Procedure to Conduct AGM through VC During COVID-19 Pandemic

PROCEDURE TO CONDUCT ANNUAL GENERAL MEETING (AGM) OF COMPANIES THROUGH VIDEO CONFERENCING DURING THE COVID-19 PANDEMIC The Pandemic COVID-19 has affected the whole world, especially the Corporate sector, by shutting down the businesses to maintain social distancing and thus resulting in cessation of almost all economic activities due to w...

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Plea For Decongestion of Jails Overcrowded With Under-trials During Coid-19 Pandemic

Plea For Decongestion of Jails Overcrowded With Under-trials During Coid-19 Pandemic It is indeed perturbing that according to statistics revealed four years ago by the  National Crime Records Bureau, more than 67 per cent of 4.33 lakh inmates lodged in 1,400 jails in the country are undertrials. It is all the more disturbing that  1942...

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Corporate Restructuring- A measure to Outlast Ongoing Economic Distress

Economies across the globe are under distress due to the COVID-19 pandemic and have brought more than 35% business organisations in India at the verge of its closure. To combat the ongoing circumstances many business organisations have planned to curb down their cost of operations by way of retrenching their employees. This strategy of re...

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Nidhi Company Incorporation via SPICE+ | Companies Act 2013

NIDHI Company is governed under Section 406 of the Companies Act, 2013 and NIDHI Rules, 2014. Definition of NIDHI Company: NIDHI Company means a Company which has been Incorporated as a NIDHI with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, [&hel...

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MSME Definition, Benefits and Document Required

What is the definition of MSME ? The existing MSME classification was based on the criteria of investment in plant and machinery or equipment. Existing MSME Classification are given as below: SECTOR CRITERIA MICRO SMALL MEDIUM Manufacturing Investment < Rs 25Lakh < Rs 5 crore < Rs 10 crore Service Investment <Rs 10Lakh <Rs ...

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Levy and Collection | Section 9 | CGST Act 2017

SECTION 9- Levy and Collection – In my previous articles we have discussed Section 7 and 8 now we will discuss today Section 9 very important section of CGST ACT 2017 in simplified manner. Section 9 is the charging provision of the CGST Act. It provides the maximum rate of tax that can be levied […]...

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Major changes in notified ITR-7 – AY 2020-21

Changes in the notified ITR-7 for AY 2020-21 1. Corpus donation not to be considered as an application of Income –Schedule ER-Part B : ITR-AY 2019-20 had the details of Donation made towards the Corpus fund of Donee Society/Trust. However, in ITR-AY 2020-21, only Donation-Other than Corpus in Part B of Schedule ER 2. Disallowable [&hell...

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Types of Audit under GST

(I) Mandatory GST Audit (Section 35 of CGST Act, 2017) Conducted by CA / CMA where aggregate turnover exceeds Rs. 2 crore. -This is a mandatory audit by CA / CMA where aggregate turnover exceeds Rs. 2 crore. -Form used for this is GSTR-9C. -Due date for filing GSTR-9C is 31st December of following year […]...

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MSME Registration – Beneficial or Not?

DEFINITION OF MSMEs Definitions of Micro, Small & Medium Enterprises In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two Classes: Manufacturing Enterprises- The enterprises engaged in the manufacture or production o...

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Convening EGM for removal & appointment of director- Brief note

Convening of Extra Ordinary General Meeting of the Company by the  Members for Removal of Director and Appointment of other Director in his  place. 1. Relevant Sections- Section 169, Section 152, Section 100, Section 115 of the Companies Act, 2013. 2. To Remove Director suo-moto by the shareholders Section 169 of the Companies Act, 2013...

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Doctrine of Fresh Slate and Essar Steel Ruling- A Case for Disputed Claims Post Resolution Plan

Introduction The fundamental legislative intent behind the enactment of IBC has been the resolution of Corporate Debtors. Compared to previous laws, the distinguishing feature of the Code is that it does not to operate as a mere debt recovery route for creditors. The doctrine of fresh slate is of much significance in achieving the objecti...

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CBIC extends validity of e-way bills to 30th day of June

Notification No. 47/2020–Central Tax/G.S.R. 362(E) (09/06/2020)

CBIC extends validity of e-way bill generated on or before 24.03.2020 (whose validity has expired on or after 20th day of March 2020) till the 30th day of June vide Notification No. 47/2020 –Central Tax Dated: 9th June, 2020. This can be summarized as follows: E-Way Bill Generated on or before Validity has Expired on […]...

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Period to pass order on GST refund application extended

Notification No. 46/2020–Central Tax/G.S.R. 361(E) (09/06/2020)

Section 54(7) of CGST Act provides that final order in GST refund cases shall be issued within sixty days from the date of receipt of application complete in all respects  but considering Pandemic CCovid-19 CBIC notified that  If GST refund order date falls between 20th March to 29th June 2020 in that case refund order can be issued wit...

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Special procedure for Merged UTs of Daman & Diu & Dadra & Nagar Haveli to continue till 31.07.2020

Notification No. 45/2020–Central Tax/G.S.R. 360(E) (09/06/2020)

CBIC extends the date for transition under GST on account of merger of erstwhile Union Territories of Daman and Diu & Dadar and Nagar Haveli from existing 31st day of May, 2020 to 31st day of July, 2020 vide Notification No. 45/2020 –Central Tax Dated: 9th June, 2020. Ministry Of Finance (Department Of Revenue) (Central […]...

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How to File Nil Form GSTR-3B through SMS

All about Filing Nil Form GSTR-3B through SMS Q 1.When can Form GSTR-3B be filed as Nil? Ans. Form GSTR-3B can be filed as a nil return if there are no outward supplies as well as liability (including reverse charge liability) in the month, for which the return is being filed for. This form can […]...

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How to file ‘Nil’ Form GSTR-3B return Online with DSC or EVC

Form GSTR-3B can be filed as a nil return if there are no outward supplies as well as liability (including reverse charge liability) in the month, for which the return is being filed for. This form can be filed nil, in both online mode and in offline mode (by SMS)....

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Time to Change the way we invest in Gold

We Indians are crazy on yellow metal. The rate of 10 grams of pure 24 Karat gold was sold at Rs.1,670 in the year 1981 and it is being sold now (2020) at Rs 46,790. We were able to see a 33% price hike between 2019 and 2020. In the history of last 40 years, […]...

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Mahavat criteria for selection of cases for assessment scheme-2020

Notification No. VAT. 1520/C.R. 45/Taxation-1 (09/06/2020)

Criteria for selection of the cases for assessment  under Maharashtra Criteria for Selection (on the basis of probable revenue earnings) of the cases for Assessment (Amendment) Scheme, 2020. FINANCE DEPARTMENT Madam Cama Marg, Hutatma Raiguru Chowk, Mantralaya, Mumbai 400032, dated the 9th June, 2020. NOTIFICATION MAHARASHTRA VALUE ADDED...

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Draft Employees’ State Insurance (Central) Amendment Rules, 2020

Notification No. G.S.R. 359(E) (09/06/2020)

Draft Employees’ State Insurance (Central) Amendment Rules, 2020 MINISTRY OF LABOUR OF EMPLOYMENT NOTIFICATION New Delhi, the 9th June, 2020 G.S.R. 359(E).— The following draft of certain rules further to amend the Employees’ State Insurance (Central) Rules, 1950 which the Central Government, after consultation with the Empl...

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Vehicle documents validity further extended till 30th September, 2020

Advisory No. RT-11036/35/2020-MVL, Press Release ID: 1630455 (09/06/2020)

hri Nitin Gadkari today announced further extension of the validity date of motor vehicle documents till September this year. Accordingly, the Ministry of RTH has issued an advisory to all States and UTs to this effect....

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