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Archive: 16 July 2020

Posts in 16 July 2020

Cancellation of GST Registration-Section 29-CGST Act 2017 GST Series – Part 19

July 16, 2020 48639 Views 1 comment Print

1. The registration granted under GST can be cancelled for specified reasons. The cancellation can either be initiated by the department on their own motion or the registered person can apply for cancellation of their registration. The provisions of cancellation cover under Section 29 of the CGST Act and CGST Rule 20 to 22. 2. […]

RBI Fair Practices Code for Asset Reconstruction Companies

July 16, 2020 636 Views 0 comment Print

Asset Reconstruction Companies (ARCs) are advised to put in place Fair Practices Code (FPC) duly approved by their Board. In the matter of recovery of loans, ARCs shall not resort to harassment of the debtor. ARCs shall ensure that the staff are adequately trained to deal with customers in an appropriate manner.

Time of Supply (TOS) under GST

July 16, 2020 7767 Views 0 comment Print

Article explains When Taxpayer is Liable to pay GST, Time of Supply under Forward Charge, Time of Supply when GST is payable under Reverse Charge basis under section 9(3) and 9(4), Time of Supply in case of issue of Voucher, Time of Supply in case of issue of Residual Case and Time of Supply when […]

GST Rate on Sanitizers

July 16, 2020 24186 Views 1 comment Print

1. Whether GST shall be levied at 12% or 18% on the supply of sanitizers has been in debate in the recent weeks. Ministry of Finance came out with a press release dated 15.07.2020 stating that ‘hand sanitizers attract GST at the rate of 18%’. The said Press Release classifies the sanitizers in the category […]

CBIC notifies Rate of Exchange of Foreign Currencies wef 17.07.2020

July 16, 2020 1143 Views 0 comment Print

CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 17.07.2020 vide Notification No. 59/2020-Customs (N.T.), Dated: 16th July, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 59/2020- Customs (N.T.)  New Delhi, dated the 16th July, 2020 S.O. 2350(E).—In exercise of […]

Appointment of CAA in case of in case of Sony India Private Limited

July 16, 2020 552 Views 0 comment Print

Appointment of Common  Adjudicating Authority (CAA) in case of in case of Sony India Private Limited by CBIC vide Notification No. 58/2020-Customs (N.T.) dated- 16th July, 2020. Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes and Customs) Notification No. 58/2020-Customs (N.T.) New Delhi, the 16th July, 2020 S.O.2353(E).—In exercise of […]

Class Action under Companies Act, 2013 | Section 246

July 16, 2020 3939 Views 0 comment Print

If any numbers of members or depositors or any of them is of opinion that the affairs of the company being conducted in a manner prejudicial to the interest of the company, or its members, or its depositors, they file an application to the NCLT on behalf of members, or depositors.

YRIPL & YRMPL do not constitute DAPE or PE of Yum! Restaurants in India

July 16, 2020 1818 Views 0 comment Print

The issue which is arising in the present appeal is whether there is DAPE. The Assessing Officer has alleged the existence of DAPE on account of alleged marketing activities undertaken by Indian entity on behalf of the assessee company.

Gold Investment- Pros & Cons in Indian Market

July 16, 2020 8292 Views 3 comments Print

investor’s monetary goals in a way. The most singular and valid reason that places gold in the upper region is the fact that in the market, gold’s value never faces a drawback. The prices always go up on a rollercoaster that does not come down. This is the sole reason that has attracted millions of […]

Holding of AGM via VC or OAVM – Part I

July 16, 2020 2649 Views 0 comment Print

In this write up, we will discuss how to hold an AGM via VC or OAVM for companies which are required to provide the facility of e-voting under the Act, or any other company which has opted for such facility.

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