"20 June 2020" Archive

SC stays Delhi HC decision in case of Brand Equity -Transitional credit

Union of India Vs Brand Equity Treaties Limited & Ors. (Supreme Court)

Supreme Court has stayed Delhi HC decision in case of Brand Equity Treaties Limited Vs Union Of India which permitted the assessee to file Form Tran-1 on or before June 30, 2020....

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No ITC on transportation of employees which is not obligatory under Law

In re Prasar Bharti Broadcasting Corporation of India (GST AAR Himachal Pradesh)

 If the facility provided by a taxpayer for transportation of employees is not obligatory under any law, for the time being in force then no ITC will be available to such a taxpayer. The applicant will however be eligible to claim ITC for the service supplied at 12% GST Rate if the conditions laid down in the second proviso to section 17...

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Include CMA services in Desk Review system of GST Audit

In Desk Review, CMAs can also be a good assistant to CBIC and can guide to Govt. Officials which documents are necessary to scrutiny and review properly before field visit according to nature of business which in result will prevent revenue leakage of Govt....

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RCM Liability on Government Services

Under GST Law, Section 9 of the CGST Act, 2017 and Section 5 of the IGST Act, 2017 empowers the Central Government to notify such goods and services on supply of which the recipient shall be liable to pay applicable GST under the Reverse Charge Mechanism....

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Transitional credits in GST – a litigation saga….

Taxpayers, subject to certain conditions, could transition un-utilised input tax credits under the erstwhile laws say, Central excise, Service Tax and State VAT laws into GST by filing Form GST TRAN-1. In regard to transitional credits, intense legal battles were fought on certain contentious issues like is it a vested right or a conditio...

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Analysis of E- Commerce Operator in GST

INTRODUCTION: In the present article I will discuss the important aspects of E-Commerce Operator (in short “ECO”) in GST. In this era ECO plays an important or vital role in our life and it have impact not only to the market but day to day life of human being also.  To understand the GST law […]...

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Buy-Back of Securities under Companies Act, 2013

BUY-BACK OF SECURITIES I. Applicable provisions: > Companies Act, 2013 – Section 68 – Section 69 – Section 70 – Rule 17 of The Companies (Share Capital and Debentures) Rules, 2014 > SEBI – Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018. II. What is Buy-Back? There is n...

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Bail granted to Youth accused of Evading GST by bogus invoices

In a recent judgment, the High Court of Punjab & Haryana, in case of Abhishek Modgil Vs State of U.T. Chandigarh, dated June 12, 2020, granted anticipatory bail to 24 years young boy accused on account of committing an offence of tax evasion to the tune of Rs. 4,02,00,136 by generating bogus invoices of sales and […]...

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Incentive for export of agriculture products – An overview

In order to boost the economy and promote exports from India, there has been various schemes notified under Foreign Trade Policy (2015-20) giving the incentive to the exporters to make the Indian products price competitive in the international markets. Further it is also clear that the taxes should not be exported as per the internationa...

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Section 17 | Apportionment of credit & blocked credit | Simplified

The input tax credit eligibility is based on the fact as to whether the goods or services or both are used for taxable supplies or exempt supplies. Where the goods or service or both are used for both taxable and exempted supplies, only proportionate credit is allowed to a registered person....

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Provisions of Takeover code and recent changes

Introduction The concept of takeover is quite old but in India it began in the 20th century. The first effort to takeover was a failed one in the country. The first take over was of the companies Escorts Ltd. and DCM Ltd. It was however a failed one because there were not any rules and […]...

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Company Name Change Procedure under Companies Act 2013

All the companies incorporated under The Companies Act, 2013 are governed by the Companies Act, 2013. And apart from many other provisions, The Companies Act, 2013 has given the liberty for changing the existing name of company in case company is desirous of changing its name. Now, let us go through its important provisions, in […]...

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AAR cannot decide on question which is already pending before department

In re Lear India Engineering LLP (GST AAR Maharashtra)

In re Lear India Engineering LLP (GST AAR Maharashtra) Whether the design & Development services provided by Lear India to Lear entities situated aboard would fall under the category of OIDAR. services. In view of the provision to Section 98(2) of the CGST Act, 2017, we find that this authority cannot admit the application in [&hellip...

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Export or intra-state supply of services- AAR cannot decide

In re Panbase Resources Private Limited (GST AAR Maharashtra)

The questions posed by the applicant involve determination of place of supply of the services provided, as the applicant considering himself as intermediary, has asked for a ruling on whether the services qualify to be an export or an intra-state supply of the services....

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AAR not allowed to answer on place of supply

In re Shalini Manish Mittal (GST AAR Maharashtra)

In re Shalini Manish Mittal (GST AAR Maharashtra) Issue- Whether online or telephonic educational coaching from India for corporate, individuals or any other entities residing required outside India is subject to GST and if so under which category is it taxed and section/notification covered for the same Held- On perusal of the provision ...

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Anti-Dumping Investigation on imports of Aluminium Foil 80 micron & below

Case No. ADD-OI-18/2020/F. No. 06/21/2020-DGTR (20/06/2020)

Case No. ADD- OI- 18/2020- Initiation of Anti-Dumping Investigation concerning imports of Aluminium Foil 80 micron and below from China PR, Indonesia, Malaysia and Thailand....

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Remuneration of KMPs | Section 197 & 198 | Companies Act, 2013

Section: 197 of the  Companies Act, 2013 Remuneration to Key Managerial Personnel 1. Maximum ceiling for payment of Managerial Remuneration Section 197 of the Companies Act, 2013 prescribed the maximum ceiling for payment of managerial remuneration by a public company to its managing director whole-time director and manager which shall n...

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Impact of Bhagavad Gita on Board’s Decisions

CORONA AND KARUNA! The unprecedented reversal in our life in the form of COVID-19 has thrusted the humanity in to inward journey! The miseries of the people worldwide forced everyone seeking spiritual remedy to this mysterious malaise! The latent impact of COVID 19 has shaken the base of Corporate world also beyond reasonable repair. Henc...

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Marriage in violation of Permissible Age not Void but Voidable: HC

HC: Marriage in violation of Permissible Age not Void but Voidable -orders for Registration of Marriage Hindu Marriage Act, 1955 mandates that the permissible age for marriage is 21 years for a male & 18 years in case of female. If anyone marries in violation of the said permissible age, there is contravention of Section […]...

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ICSI allows students to opt December 2020 exam session

ICSI decided as under: 1. To allow such students to opt December 2020 exam session, instead of June 2020 exam session. 2. Carry forward the examination fee already paid by the students for the module for which they have enrolled for June 2020 Session....

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Stock Market Timings in India

Meaning of Stock Exchange Stock exchange is a marketplace where securities, such as stocks and bonds, are bought and sold. In simple words Stock exchange is a place where investors meet to buy and sell securities of a Listed Company. Anyone who deals in the Indian Stock Market should know about the timings of Trade […]...

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Self-adhesive HAUV Polyester Film with U.V. Printing classifiable under Chapter 3919

In re Security Printing And Minting Corporation of India Limited (GST AAR Maharashtra)

In re Security Printing And Minting Corporation of India Limited (GST AAR Maharashtra) The issue before us is with respect to classification of Heat Activated Ultra-Violet (HAUV) Polyester Film with Adhesive Coating and U.V. Printing”, a product imported by the applicant and further sold by them. Applicant wants to ascertain the cor...

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Boost to ICAI Disciplinary mechanism

ICAI has a robust disciplinary mechanism that derives strength from the provisions of the Chartered Accountants Act, 1949 and supports furtherance of excellence in the domain of Chartered Accountancy profession....

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Rights of Registered Trademark Holder vis-à-vis Prior User of a Descriptive Trademark

Peps Industries Private Limited Vs. Kurlon Limited (Delhi High Court)

In the present case, the Court by its reasoned order had refused to grant an injunction on the basis that the alleged infringing mark is descriptive in nature and does not tarnish the goodwill of the Plaintiff. Also the same is being used as a label by the Defendant and not as a trademark per se....

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Govt monitoring transmission of repo rate cut by Banking Sector

Government closely monitoring transmission of repo rate cut by the Banking Sector and recognise efforts of wealth creators in scripting India’s growth story : Finance Minister in a virtual meeting with PHD Chamber...

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Creation or Modification of charges | Relaxation of time | FAQs

ICAI FAQs on Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India issued and FAQs dated 19.06.2020 on MCA Scheme for relaxation of time for filing forms related to cr...

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Breaking Myths – Search Warrant under Income Tax Act

Warrant of Authorization [as stipulated under the Income Tax Act] The genesis of Search lies in the growing menace of Black money in our economy which is popularly known as Parallel economy. One cannot deny the fact that there are rampant tax evasion practices prevalent in our society and the government has constitutional duties to [&hell...

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New Regime for Taxation of Dividend Income in Context of Resident Individuals

If you have invested in the Shares and earning the dividend Income from the domestic companies then this article will going to be really informative to you as there is some changes made by the Budget 2020 in respect of Taxing the Dividend Income received from Domestic Companies. In this article, we only discussed the […]...

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Interest on saving bank account, PPF and personal loans is to be included in threshold limit of 20 Lakhs for GST Registration: AAR, Gujarat

Interest on saving bank account, PPF and personal loans is to be included in threshold limit of 20 Lakhs for GST Registration: AAR, Gujarat ruling on application by Shree Sawai Manoharlal Rathi Aggregate turnover for determining GST registration threshold to include Interest on ‘Saving bank deposit, PPF and Personal loan & advance...

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Section 194C- Synopsis of TDS on Contracts

Poornima M. Persons responsible for making payment of income, covered by the scheme of Tax Deduction at Source (TDS), are responsible to deduct tax at source and deposit the same to the Government Treasury within the time stipulated. The recipient of the income (though s/he gets only the net amount after TDS) is liable to […]...

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Interest free loan from employer & loans at concessional rates

In some cases companies extends loan facility to its employee for various purposes – like education, medical treatment, marriage, etc. These loans are generally free and recovered from salary of employees in the form of deduction of equal amount over a period of time, which vary from 6month to 7 years as per policy of […]...

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Concept of Business Trust in India

Many of us got so confused after hearing the name of ‘Business Trust’. There are so many doubts in the mind of people relating to this concept. Hence today I am come up with this most demanded topic of Business Trust....

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Reliefs announced by Ministry of Finance -13.05.2020 Q&A

Union Minister of Finance & Corporate Affairs Ms. Nirmala Sitharaman announced the Economic Package in order to focus on; – land, labour, liquidity and law....

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Companies Fresh Start Scheme, 2020 (‘CFSS Scheme’)

Good Day All, Today, Hereby we discuss and understand one time opportunity to the defaulting companies and to enable them to file the belated documents in MCA-21 registry under a scheme named as “Companies Fresh Start Scheme, 2020” Companies Fresh Start Scheme, 2020 (‘CFSS Scheme’) (Came into effect vide circular no. 12/2...

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All About PMAY – Top 10 Important FAQs

Affordable housing still remains a distant dream for the common man. The Government of India acknowledges this and has passed various schemes to offer financial assistance to those who hope to own their own house. The PMAY home loan can offer you financial help based on which category of the scheme you identify yourself with. […]...

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No incriminating material, no addition – Kolkata ITAT

Kusumlata Sonthalia vs. PCIT (ITAT Kolkata)

Kusumlata Sonthalia vs. PCIT (ITAT Kolkata) Preliminary issue of whether the addition could be framed u/s 153A of the Act in respect of a concluded proceeding without the existence of any incriminating materials found in the course of search. The scheme of the Act provides for abatement of pending proceedings as on the date of […]...

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Workplace Guidelines | Preventive Measures Against Covid-19

Introduction Lockdown 4.0 was in effect from 18.05.2020 till 31.05.2020. It also brought relaxations in working but with a challenge to curb the spread of COVID – 19. The Government through the Ministry of Home Affairs issued Order No. 40-3/2020-DM-I(A) has laid down fresh guidelines to govern the Country’s functioning. CHALLENGES It ...

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Subsequent property purchaser liable for Electricity dues of earlier owner: SC

Telangana State Southern Power Distribution Company Limited & Anr. Vs. Srigdhaa Beverages (Supreme Court)

Telangana State Southern Power Distribution Company Limited & Anr. Vs. Srigdhaa Beverages (Supreme Court) 1. M/s. SB Beverages, owner of a piece of land, failed to repay a loan to Syndicate Bank (creditor). 2. To this measure, on 25.05.2017 the Bank (secured creditor) brought the property to auction under the SARFAESI Act. 3. The land...

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Availability of ITC in case of business Re-Organization

TRANSFER OF CREDIT IN CASE OF BUSINESS RE-ORGANIZATION 1) Background In the present scenario, where most of the business organizations are unable to survive alone; on account of the liquidity crunches, weak management, etc; Business Re- Organization; is the need of the hour where most probably the strong concerns have an opportunistic tak...

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Factors to te Considered before Filing A Trademark

Trademark means any word, symbol, logo, slogan, product packaging or design that identifies the goods or services from a particular source and differentiates the same from other business brands. In the present day and age, with people becoming more and more aware about their intellectual property rights, it has become a daunting task to c...

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