"29 June 2020" Archive

India Widens Taxation of Cross Border E-Commerce Transactions

Taxation of cross border e-commerce transactions has been a challenge for the whole world, including India due to location of the supplier, absence of physical presence, characterizing the nature of transaction (goods or service), administrative challenges in tracking and collecting taxes and taxing jurisdiction....

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Posted Under: Income Tax |

Analysis of Recent Amendment in 4 Sections of CGST Act 2017

49/2020-Central Tax (24//0/6/20)

Effect of Notification 49/2020-Central Tax dated 24th June, 2020– Central Government appoints 30th June, 2020 as the date on which the amendment in Section 2(114), Section 109(6), Section 168(2) and Section 172(1) of of CGST Act, 2017  i.e. Section 118, 125,129 and 130 of the Finance Act, 2020  shall come into force. These amendme...

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Posted Under: Income Tax |

FAQs on GST Annual Return (GSTR 9) for FY 2018-19

The process of preparing and filing of annual return in GSTR 9 for FY 2018-19 under GST has started and there have been a number of doubts arising as to how to reconcile the output tax liability under various tables pertaining to the FY 2018-19, because the GSTR 3B filed for 2018-19 contains rectifications for […]...

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Posted Under: Income Tax |

Rule 11UAC Exemption from deeming provisions of section 56(2)(x)

Notification No. 40/2020-Income Tax [G.S.R. 421(E)] (29/06/2020)

Rule 11UAC Exemption from deeming provisions of section 56(2)(x)-Prescribed class of persons for the purpose of clause (XI) of the proviso to clause (x) of sub-section (2) of section 56- Income Tax Notification No. 40/2020 dated 29th June, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 4...

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CORRIGENDUM to Income Tax Notification No. 35/2020

Notification No. 39/2020-Income Tax [S.O. 2126(E)] (29/06/2020)

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM Notification No 39/2020 New Delhi, the 29th June, 2020 TAXATION AND OTHER LAWS S.O. 2126(E).—In the notification of the Government of India, Ministry of Finance, (Department of Revenue) (Central Board of Direct Taxes), number 35/2020, dated the 24th ...

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Govt allows export of PPE medical coveralls for COVID-19

Notification No. 16/2015-2020-DGFT [S.O. 2125(E)] (29/06/2020)

DGFT vide Notification No. 16/2015-20 dated 29.06.2020 has allowed the export of PPE medical coveralls for COVID-19 subject to quantitative restriction of 50 lakh units per month. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan New Delhi Notification No. 16/2...

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SC: Remember to change records after vehicle sale or be liable to pay for mishap

We all own a vehicle of our own. We sell our used vehicles or sometimes we  purchase used vehicles. But do we ensure that the vehicles are duly transferred in the name of the purchasers in the records of the Registration Department? Perhaps the answer is ‘NO’ because we are not aware of the legal […]...

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Posted Under: Income Tax |

Scheme of Time Relaxation in Case of Filing of Charge Forms Under Companies Act, 2013

[MCA General Circular No. 23/2020 dated 17 June, 2020] You are well aware that Ministry of Corporate Affairs (MCA), vide General Circular No. 12/2020, dated 30/03/2020, has come out with a Companies Fresh Start Scheme, 2020 forproviding relaxation in time for several forms. However, the benefit of waiver of additional fees, under the Comp...

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Posted Under: Income Tax |

MSME Udyam Registration Number from 01/07/2020

After the spread of pandemic ‘COVID-19’, GOI has announced many relief packages for MSME sector to boost industry as well as economy of the country. Government initiatives include ease of doing business, Digital India, start-ups, easy loans , Make in India, subsidies, moratorium for loans, reduced rate of interest, simple tax complian...

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Posted Under: Income Tax |

‘Guidelines for Portfolio Managers’ – Extension of implementation timeline

SEBI/HO/IMD/DF1/CIR/P/2020/111 (29/06/2020)

After taking into consideration requests received from portfolio managers and the prevailing business and market conditions, it has been decided to extend the timeline for compliance with the requirements of SEBI Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/26 dated February 13, 2020, by further three months. Accordingly, the provisions of sai...

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Goods Transport Agency – Taxation under GST Regime

Transportation of Goods by road and tax implications associated with it becomes an important area of discussion in today’s scenario since a major share of goods in India(around 60%) are moved from one place to another via roads. Goods Transport Agency is majorly involved in providing the service of transportation of goods from one place...

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Posted Under: Income Tax |

GST Oneview Template (All-in-one GST Reconciliation)

–> This is GST One View Template with 3 dimension reconciliation format. This template contains tables to capture GST data as per books, as per GSTR 3B, GSTR 1, GSTR 2A and other reconciliation reports are readily available. –> GST Electronic Credit ledger balance and GST ledger balances as per books can be tracked easil...

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Posted Under: Income Tax |

GST Invoice, Debit /Credit Note | Section 31-34 | CGST Act 2017

Simplified GST Series -Section 31-34/CGST ACT 2017/PART-16- Article covers Section 31- Tax Invoice under GST, Section 31 A- Facility of digital payment to recipient, Section 32- Prohibition of unauthorised collection of tax, Section 33- Amount of tax to be indicated in tax invoice and other documents  under GST and Section 34- Credit and...

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Posted Under: Income Tax |

Transformation from Taxation of Business Income to Taxation of Business Transactions by CBDT

Equalization Levy Background of Equalization Levy:- Equalization Levy was introduced in India in 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India. It is aimed at taxing business to business transactions. To bring in clarity in this regard, the government introd...

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Posted Under: Income Tax |

CGST Act 2017 Updated Till 28th June 2020- Free E-Book

In this Article Author compiled  CGST Act 2017 with all notification / Acts issued and changes which occurred till Till 28th June 2020. Books contains all Section of CGST Act 2017 as Promulgated by President on 12.04.2017 updated with subsequent changes till 28th June 2020. Book is Updated by By Ghanshyam Upadhyay and Praveen Upadhyay [&...

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Posted Under: Income Tax |

Procedure/criteria for export of PPE Medical Coveralls- COVID-19

Trade Notice No. 17/2020-21 (29/06/2020)

DGFT vide Trade Notice No. 17 dated 29.06.2020 has outlined the procedure & criteria for submission of applications & issuance of export licenses under export quota for PPE medical coveralls for COVID-19. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawa...

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Seize ₹ 3.83 Cr from Dynamatic CEO in Insider Trading case: SEBI

Dr. Udayant Malhoutra Vs SEBI (SAT Mumbai)

Dr. Udayant Malhoutra Vs SEBI (Securities Appellate Tribunal, Mumbai) 1. The present appeal has been filed against an ex-parte order dated June 15, 2020 passed by the Whole Time Member (‘WTM’ for short) of Securities and Exchange Board of India (‘SEBI’ for short) directing the appellant to deposit a sum of Rs. 2,66...

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Reclassification of MSME Enterprises & Udyam Registration

All units with Goods and Services Tax Identification Number (GSTIN) listed against the same Permanent Account Number (PAN) shall be collectively treated as one enterprise and turnover and investment figures for all such entities shall be seen together and only the aggregate values will be considered for deciding the category as a micro, s...

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Posted Under: Income Tax |

GST on Sale of Plot of Land With Basic Amenities- AAR Ruling

In an Application filed before AAR under GST, Gujarat by Shree Dipesh Anilkumar Naik Applicant is the owner of the land, who develops the land with an infrastructure such as Drainage line, Water line, Electricity line, Land levelling etc. as per the requirement of the approved Plan Passing Authority. Scope of Work 1. Forming land [&hellip...

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Posted Under: Income Tax |

Step by Step Procedure of Trust Formation

Step by Step Procedure on Trust Formation Every person in this world will earn money by doing business. That means they are selling Services/Goods by fixing a price. Simply, they are expecting something. But the same person will do some deeds without expecting anything. That is Selfless Service. The Person can lawfully do the same [&helli...

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Posted Under: Income Tax |

GST Compliance Relaxations (Refund, E-way Bills & Orders)- 27th June 2020

The Central Board of Indirect Taxes and Customs (CBIC) has issued Central Tax notifications under GST Laws to implement the relief measures due to outbreak of Covid-19 and Nationwide lockdown. Also recently Government has announced to roll out facility file NIL return in Form GSTR 1 through SMS. Earlier NIL GSTR 3B was announced to [&hell...

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Posted Under: Income Tax |

How To Do Audit of ‘Dividend‘

Meaning of Dividend:  A Dividend is payment made by a Company to its shareholders, usually as a distribution of profit. Compliance Procedures to be followed –  1. Whether Section 8 Company? If yes, it is prohibited to declare dividend. 2. Whether BR recommending Dividend is passed? 3. Whether OR has been passed to declare Dividend [&h...

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Posted Under: Income Tax |

Why it is beneficial to Deposit TDS before 30th June?

Why is it beneficial to Deposit TDS before 30th June despite an extension of TDS Return Due date? As we all know that the government has extended the due date of Quarter 4 of FY 2019-20 to 31st July 2020. But it doesn’t mean Due date to Deposit TDS with interest rate at 9% p.a. […]...

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Posted Under: Income Tax |

Know Your Residential Status in India for Income Tax Purpose

1. This article has been discussed in detailed regarding the determination of Residential Status of an Individual in India as per the Income Tax Act,1961-2020. 2. For computing the taxable income of an Individual, it is important to determine the residential status of an individual in India as per the Income Tax Act,1961 for each [&hellip...

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Posted Under: Income Tax |

GST on Works Contract Services for Use Other than Commerce

In an Application filed before AAR under GST, Rajasthan by M/S ARG Electricals Pvt. Ltd Facts: Applicant received the work order from AWNL (Government Entity)- first work order is for the ‘supply of materials/equipments’ for Providing of Rural Electricity infrastructure and the second work order is for erection, testing and co...

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Posted Under: Income Tax |

Credit of CVD & SAD paid post 01.07.2017 under Advance Authorisation Scheme-Importers left remediless

The GST Policy Wing has vide its Letter dated 22.06.2020 issued its comments on Writ Petitions relating to Transitional Provisions. On the specific issue of credit of CVD and SAD paid on non-fulfilment of export obligations in Advance Authorisation Schemes which was the subject matter of my article last week, the comments of the Policy [&...

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Posted Under: Income Tax |

Fresh Registration of Existing MSME on or After 01.07.2020.

[MSME Notification No. S.O.2119 (E), dated the 26th June, 2020] Ministry of Micro, Small and Medium Enterprises (MSME) has come out with a Consolidated Notification No. S.O.2119 (E), dated the 26th June, 2020 (referred as “said notification”)in the form of guidelines for classification and registration of MSMEs to be effected from Jul...

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Posted Under: Income Tax |

SC to ICAI: Be Flexible on CA Exam ‘Opt Out’ Option

Anubha Shrivastava Sahai Vs The Institute Of Chartered Accountants of India (ICAI) & Ors. (Supreme Court)

Anubha Shrivastava Sahai Vs ICAI & Ors. (Supreme Court) As per sources During the hearing SC said to ICAI that those students who have not opted out can appear for ICAI exam, but those who cannot appear although not opted out should be considered as an opt out student and be adjusted in November. Advocate […]...

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RVAT: Extend due dates for C-form submission & ITC mismatch

Extension of due date of furnishing of declaration form due to COVID-19 effect Sir the last date of filing of declaration forms is June 30,2020. It is requested to extend the due dates of declaration forms like C-forms from June 30,2020 to September 30,2020. Due to COVID 19 situation, it is very difficult to make the compliance....

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Posted Under: Income Tax |

Loan to Directors by Companies – Section 185

Loan to Directors, etc. Section 185 of Companies Act, 2013, explains the provisions related to loans or advances to directors or any security provided in connection with any loan taken by him or his relative either directly or indirectly by the company and also the punishment for contravention of the provisions of this section. The [&hell...

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Posted Under: Income Tax |

MSME – What is New from 1st July, 2020

MSME – (MICRO, SMALL AND MEDIUM ENTERPRISES)- WHAT IS NEW FROM 1st JULY, 2020 The Government of India is committed to make India totally self-reliant i.e. ‘Atmnirbhar Bharat’. The matter of changing the definition of MSMEs upwardly was under process, finally it got notified vide notification S.O. 2119(E) dated 26th June 2020...

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Posted Under: Income Tax |

New Rate for Taxpayers paying GST under Composition Scheme

50/2020-Central Tax

Rule 7 of the CGST Rate, 2017 is amended through Notification No. 50/2020-Central Tax dated 24th June, 2020 in respect rate of composite tax payers. This new rate is effective from 1st April,2020. Section Category of registered persons Rate of tax Remarks Sub-section (1) & (2) of Section 10 Manufacturers, other than manufacturers of ...

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Posted Under: Income Tax |

India-Singapore Double Tax Avoidance Treaty

Double Tax Avoidance Treaty India-Singapore The Double Taxation Avoidance Agreement is a tax accord between two countries to avoid taxing of same income by two countries levying their own tax. Double Taxation unjustly penalizes income flow between the countries and thereby discourages trade & commerce between the countries. To mitigat...

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Posted Under: Income Tax |

Important MSME Revised Guidelines and Threshold limit

The Government of India has issued notification on June 26, 2020 giving revised guidelines and limit for classification of enterprises among Micro, Small and Medium. The synopsis for the said important notification is as under: 1. The new guidelines and limit are effective from July 01, 2020. 2. Revised thresholds for classification among...

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Posted Under: Income Tax |

GTA Services & Consignment Note- AAR Ruling Analysis

Consignment note' has not been defined in the CGST Act or in the Notification either. In this context we take the help of Explanation to Rule 4B of Service Tax Rules, 1994 wherein the ''consignment note' has been defined as a document provided by a goods transport agency against the receipt of goods for the transport of goods by roadways ...

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Posted Under: Income Tax |

GSTR-3B Return – e-filing – Due dates with Interest relief due to corona virus

Recently vide notification No.50/2020-Central Tax, dated 24.06.2020 has been issued. Interest payable on GST, relief has been provided, due to corona virus pandemic in the country. The table below is easy manner demonstrate for taxpayers: A – Taxpayer having aggregate turnover more than Rs.5 crores during preceding financial year S.No. ...

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Posted Under: Income Tax |

MHA Guidelines for Phased Re-opening (Unlock 2)

No. 40-3/2020-DM-I(A) (29/06/2020)

1. Activities permitted during Unlock 2 period outside Containment Zones In Areas outside containment Zones, all activities will ha permitted, excerpt the following: (i) Schools, colleges, education and coaching institutions will remain closed till 31 July 2020, Online/ distance learning shall continue to be permitted arid shall be ...

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Land development is Supply of Service- GST AAR Karnataka

Activity of Developing The Land Is A Supply of Service Under GST- An Advance Ruling From Karnataka Authority in the case of Maarq Spaces Private Limited vide Advance Ruling No. KAR ADRG 119/2019 dated 30.09.2019. Advance ruling is upheld by AAAR vide Order No. KAR/AAAR-19/2020-21 dated: 04/05/2020. It has come into knowledge that an appli...

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Posted Under: Income Tax |

Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2020

Notification No. G.S.R. 420(E) (29/06/2020)

MCA has vide Notification No. G.S.R. 420(E) dated 29th June, 2020 has issued and published the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2020 further to amend the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. Full text of the notification is as follows...

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Unconstitutional levy of GST on sale of developed plots- Builders Vs. AAR

Big Controversy between Real Estate Industrialist and Authority of Advance Ruling to bring in the unconstitutional levy of GST on sale of developed plots Introduction: 1. The transaction in the nature of sale of land has been kept out of purview of GST, as these transaction are neither considered as supply of goods nor supply […]...

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Posted Under: Income Tax |

Decoding Notification of Ministry of MSME dated June 26, 2020

Decoding the Notification issued by Ministry of Micro Small and Medium Enterprise on June 26, 2020 The Finance Minister had made announcement on May 13, 2020 regarding proposed changes to be made in definition of Micro Small and Medium Enterprise (MSME) and had mentioned that turnover will also be included as one of the criteria […...

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Posted Under: Income Tax |

GST on Works Contract Services pertaining to Machinery for Processing of Agricultural Produce

GST on Works Contract Services Pertaining To Machinery For Processing of Agricultural Produce In an Application filed before AAR under GST, Gujarat by Magnam Netlink Private Limited  Applicants Submission: 1. Dairy plant will be processing raw milk obtained from the farmers and producing pasteurised milk as well as milk products there fr...

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Posted Under: Income Tax |

Provisions of Combination under Competition Act, 2002

Relevant Sections: Section 5 & 6 under the Competition Act, 2002. What is Combination? Section 5 of the Competition Act, 2002 Combination means- The acquisition of One or more enterprise by one or more persons, or Merger or Amalgamation of enterprise shall be a combination of such enterprises and persons or enterprises, if- Situation...

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Posted Under: Income Tax |

New Regime For MSME’s

The government recently revised the definition of the MSME through the notification dated 1st June, 2020 which shall come into effect from 1st July, 2020. However, in the supersession of this notification and other notifications issued on 30th June, 2017, 1st November, 2013 and 5th October, 2006 respectively, Ministry of MICRO, SMALL AND ...

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Posted Under: Income Tax |

Online EPF Transfer Process

Employees’ Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued Instructions for transfer online EPF during this Pandemic situation (COVID-19). In case of change of Job, it is important to switch EPF account from previous employer to the new employer. Prerequisites: i. must ha...

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Posted Under: Income Tax |

ISKCON is a well-known trade mark & use by others of if it is Misuse: HC

International Society for Krishna Consciousness (ISKCON) Vs. Iskcon Appaeral Pvt. Ltd. & Anr. (Bombay High Court)

At the outset, it is important to note that the claim of the Plaintiff that ISKCON is a well-known trade mark is not disputed by the Defendant. It is clear that ISKCON is a coined trade mark of the Plaintiff, that is to say that the said term ISKCON did not exists prior to the Plaintiff’s adoption and use of the same....

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End-date to complete statutory compliances under Excise & Custom

D.O.No.21/CH(IC)/2020 (29/06/2020)

The end-date for completion of statutory compliances under Central Excise Act, 1944, Customs Act, 1962, Customs traiff Act, 1975 or Chapter V of the Finance Act, 1994 has been extended till 30th day of September, 2020....

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GST on food supplied to hospitals on outsourcing basis

In re Navneeth Kumar Talla (GST AAR Telangana)

In re Navneeth Kumar Talla (GST AAR Telangana) Q 1. Whether the food supplied to hospital i.e. Government Hospitals, Private Hospitals and Autonomous Bodies on outsourcing basis the GST is chargeable? If GST is chargeable what is the tax rate? Ans: Yes Q 2. If no GST is chargeable on the supply of food the […]...

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Services to ‘OPTCL’ falls under services provided to Government entity

In re M/s. Vishwanath Projects Limited (GST AAR Telangana)

In re M/s. Vishwanath Projects Limited (GST AAR Telangana) Whether EPC contract in respect of power distribution and transmission company fall under the category of “Government Entity” As per GST Notification number 1/2018 – Central Tax (Rate), if so the rate of GST applicable Advance Ruling issued (a) Services Rendered ...

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Timelines for submission of Life operational returns in BAP

Ref. No: IRDAI/Life/Cir/Misc/165/06/2020 (29/06/2020)

Life Insurers have been mandated to submit various returns- monthly, quarterly and annually. While monthly returns are being submitted through BAP module and also manually, the quarterly and annual returns are being submitted only through BAP module since 2018-2019....

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GST Registration – A Detailed Analysis

In any tax system, registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail I...

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Posted Under: Income Tax |

Government Bans 59 mobile apps (Check List)

Release ID: 1635206 (29/06/2020)

Government Bans 59 mobile apps which are prejudicial to sovereignty and integrity of India, defence of India, security of state and public order...

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