"19 June 2020" Archive

Companies allowed to file Form GSTR-3B/GSTR-1 using EVC

Notification No. 48/2020 – Central Tax/G.S.R. 394(E) 19/06/2020

GST Registered person who are also registered under the provisions of the Companies Act, 2013 are allowed to file Form GSTR-3B/GSTR-1 using EVC, vide Notification No. 48/2020 – Central Tax dated 19.06.2020 as follows:- Form GSTR-3B-during the period from the 21st day of April, 2020 to the 30th day of September, 2020 Form GSTR-GSTR-1 ...

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Composition Levy under GST- A Comprehensive Study

The Composition levy scheme is a very simple, hassle free compliance scheme and an alternative method of levy of tax designed for small taxpayers. It is a voluntary and optional scheme. The objective of composition scheme is to bring easy and reduced compliances; simple quarterly return, quarterly payment of taxes and no requirement of ma...

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Is tax treatment of advocate services under GST discriminatory?

Under the Goods & Services Tax, a taxable event is the supply. A transaction must fall within the four walls of the term ‘supply’ for applying the levy and collection provisions envisaged in the GST laws. Liability to pay tax ensues at the time of supply of goods or services. The term supply is not […]...

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Cancellation & Revocation of cancellation of registration under GST

GST Came in 1st July 2017. After the GST arrival, many person took the GST number without knowing the applicability of GST. Many taxpayers did not even know that the returns of Nil GST had to be filed. As a result of this, taxpayers started getting to know GST registration cancellation. In this article, we will […]...

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Refund Under GST – Status of Application

With the Covid 19 situation changing the dynamics of business huge reliance is placed by the taxpayers on the refunds available under the various laws. GST being no exception is also flooded with applications for refunds specially as for many MSMEs working capital tied up in refund is a huge challenge. However as the entire […]...

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Permit Petitioner to upload TRAN-I on or before 30.06.2020: HC

Amba Industrial Corporation Vs Union of India & Anr. (Punjab and Haryana HC)

The Respondents are directed to permit Petitioner to upload TRAN-I on or before 30.06.2020 and in case Respondent fails to do so, the Petitioner would be at liberty to avail ITC in question in GSTR-3B of July 2020. ...

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Ruling on Benefit of India–Mauritius Treaty on Capital Gains (POEM/PPT/GAAR)

AAR – Ruling on Benefit of India–Mauritius Treaty on Capital Gains taken by Tiger Global International Group in respect of Shares of Flipkart (Singapore Co) sold by Mauritius based Co to a Company in Luxembourg (which is controlled by Walmart) and the value of shares is derived from assets located in India Summary of Case […]...

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Section 16- Input Tax Credit simplified

GST Series Simplified -Section 16- Eligibility and conditions for taking input tax credit –  Input tax credit is backbone of GST ACT so it is very broad concept, I will try to discuss it in a very simplified manner.  Section 16(1)-  Every registered person shall, subject to such conditions and restrictions as may be prescribed [&hell...

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TDS Rates With Surcharge Applicability

TDS: Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a certain percentage of income as tax before making the payment to the receiver. The payment includes salary, commission, professional fees, interest, rent, etc. So every person ...

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SEBI relaxes regulatory compliance timelines

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/101 19/06/2020

ZIt has been decided to further extend the timelines for compliance with the regulatory requirements by the Trading Members / Clearing Members / Depository Participants, mentioned in the SEBI circulars,...

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