"16 June 2020" Archive

ITC of Material Sent for Job Work | Section 19 | CGST Act 2017 | GST Series Part 12

1. Section 19 of CGST Act prescribes the provisions relating to taking input tax credit in respect of inputs sent for job work. The procedure for removal of goods for job work without payment of tax is prescribed under section 143 of the CGST Act. Rule 45 of CGST Rules specifies conditions and restrictions in […]...

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Housing Loan Deductions under Income Tax Laws

Buying a house is a dream for many and involves a lot financial planning. Home Loan journey can be quite eventful and confusing. Flying to your new place every day seems like an exciting way to live. But, even birds need a place to come to a nest of their own. Therefore, here i am […]...

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Issues In Ex-Factory Supply- Whether Intra-State or An Inter-State Transaction

It’s been almost 3 years when for the first time GST got introduced and since then there have been many challenging issues in GST and one such challenging issue is, whether to treat ex-factory sale as an intra state transaction or an Inter-state transaction. The actual issue is in the drafting of the relevant provisions […]...

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40th GST Council Meeting & Recent Developments

Faceless Assessments under Customs Faceless Assessments – Customs Cir – 28/2020 dt 5th June 2020 N No 50/2020 dt 5th June 2020 Ins 09/2020 dt 5th June 2020 Various Digitalization & Ease of Business Initiatives by Customs – 1. E- Gatepass 2. E- Out of Charge 3. Faceless Assessments – Start on 8th June & […]...

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Taxation of Digital Transactions/Services– Consensus with International Taxation

The growing digital economy has caused an explosion in indirect taxes rules around the globe and this has created both complexity and opportunity. The Asia Pacific (Asia Pac) region is no exception to this phenomenon. Very soon the number of countries with electronically supplied services (ESS) (or remote services) rules will exceed 100 a...

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How the Post-Coronavirus World will be for FinTech?

During the pandemic, we saw that productive and service-oriented companies made adjustments to their strategies to adjust to the changing environment. For instance, we witnessed ride-hailing companies starting food and essentials delivery, distilleries setting up a sanitizer line, and clothing manufacturers began sewing up face masks....

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Disclosure standards for Alternative Investment Fund (AIF)

Relevant Circulars: SEBI Circulars Dated 05.02.2020 & SEBI Circular Dated 12.06.2020 SEBI Circular Dated: 05.02.2020 Purpose of the Circular: 1. Streamline disclosure standards in the growing AIF space. 2. Introduced template for Private Placement Memorandum, Template for Private Placement Memorandum 1. Private Placement Memorandum is...

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How can a Non Resident Start Business in India & Legal Compliances?

Why is India a preferred destination for foreign investment? India is currently one of the fastest economy in the world. Foreign investors have been bullish on financial services, IT, pharma and FMCG. Private banks are preferred over public banks due to superior margin, asset quality resilience and higher capitalization. With manufacturin...

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Treatment of ITC in case finished goods destroyed as normal loss

Treatment of input tax credit (ITC) in case finished goods destroyed as normal loss In this article , I have analysed the treatment of input tax credit in case finished goods of a company gets destroyed at the time of packaging, transportation etc. as normal loss of business. There are many industries dealing with products […]...

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MCA Compliance Calendar 2020 with effect of COVID-19

Compliance Calendar F.Y. 2019-2020 under Companies Act, 2013 after considering changes due to COVID-19 S. NO FORM NO. NATURE OF FILING COMPLIANCE TIMELINES 1. MBP-1 Mandatory Disclosure of Interest by Director First Board Meeting of the FY (Gap of 120 days between two meetings. *due to COVID-19, 120+60=180 Days) 2. DIR-8 Mandatory Disqua...

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