"21 June 2020" Archive

Input Service Distributor (ISD) | Section 20 & 21 | CGST Act 2017 | GST Series Part 13

1. The concept of Input Service Distributor (ISD) has its roots in the service tax regime. The Head office of an organization obtains services that are common for all the company’s units located across the country. The supplier of such services issues an invoice in the name of the company’s head office. These services are […]...

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TDS on E Commerce Transactions under Section 194O with effect from 01.10.2020

TDS on E Commerce Transactions under Section 194O with effect from 01st October 2020 Are you planning to start selling your products or providing service on e-commerce platforms or Are you E commerce participant i.e. currently selling your products or providing services on e-commerce platforms? If your answer is yes, then this article wi...

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Taxability on Director’s Remuneration under Goods & Service Tax

The issue of taxability on director’s remuneration always remain in controversy under the Service Tax as well as Goods and Service Tax Regime. Pointless to say that controversy always arises due to ambiguity in provision and lack of proper clarification....

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Issuance of Preferential Certificate of Origin for India’s exports to Vietnam

Trade Notice No. 15/2020-2021 21/06/2020

The COO applications for exports under ASEAN-India FTA to all ASEAN countries except Thailand should now be submitted through the e-COO Platform by the exporters to the offices of the designated issuing agencies i.e. EIA, MPEDA and Textile Committee....

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Assignment of Risk Weights on Credit Facilities under ECLGS

RBI/2019-20/255 DoR.BP.BC.No.76/21.06.201/2019-20 21/06/2020

As credit facilities extended under the scheme guaranteed by NCGTC are backed by an unconditional and irrevocable guarantee provided by Government of India, it has been decided that Member Lending Institutions shall assign zero percent risk weight on the credit facilities extended under this scheme to the extent of guarantee coverage....

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Advisory on potential cyber offensive attack from Chinese Army

No.E-32099/4/CYBER ALERT/EDP CELL/39741/2020-1265-(E) 21/06/2020

It is submitted that Computer Emergency Response Team-India (CERT-In) has issued an advisory regarding a potential cyber offensive attack from the Chinese Army. In the guise of a Free Covid-19 Test,...

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MSME under IBC Regime

IBC refers to Insolvency and Bankruptcy Code, 2016, the Bankruptcy Law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. Certain provisions on Insolvency Law deals with Micro, Small and Medium Enterprises (MSME’s) which are reproduce below for reference. 1. Section 29A of ...

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Application of IBC on Current COVID-19 Scenario

JUDICIAL RESPONSE: 1. Suo moto cognizance by Hon’ble Supreme Court in WP(C) No. 03/2020 dated 23.03.2020: Under exercise of power conferred under Article 141 and 142, Extension of limitation period in all proceedings irrespective of the limitation prescribes or not under the General or special law whether condonable or not. 2. Suo moto ...

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CMA Examinations for June 2020 Term to commence from 01.09.2020

Ref. No. G/128/6/2020 21/06/2020

CMA Foundation, Intermediate and Final examinations that were scheduled from 20th-28th July, 2020 will now commence from 1st September, 2020....

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Whether Interest Income included in aggregate turnover for GST Registration??

Whether interest income From PPF,Bank saving or other interest & interest on personal Advances are included in aggregate turnover for determining the threshold for GST Registration??? Gujarat AAR Decision: Shree Sawai Manoharlal Rathi (GST AAR Gujarat) In the case of Sawai Manoharlal Rathi, the Gujarat Authority for Advance Ruling ha...

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