"23 September 2020" Archive

GST on Sale/transfer/disposal of Capital Goods – A new pandora box under GST!

This article is penned down to enlighten the implications in respect of capital goods that are lost, stolen, destroyed or disposed by way of gift and sale of capital goods under Goods and Services Tax Act, 2017. Page Contents ♦ Meaning of Capital Goods ♦ Meaning of Supply in context to “Transfer/Disposal of Capital Goods” [&hellip...

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ICAI extends validity of Registration Period

Students at all levels may please note that the Institute on account of cancellation and merging of May 2020 examination with November, 2020 examination due to Covid-19 pandemic as a one-time measure has granted upto one year extension in the validity period of registration at all levels....

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No Penalty for Not Generation of E-way Bill – Section 129

Absence  of  e-way  bill  or  non generation of e-way bill, being a technical mistake or breach may be contravention  of  the  rule  138  &  138A  as  such  it  will  result  into imposition of penalty Rs. 10,000/....

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Discover four factors that influence the value of the US dollar

The US dollar is the most popular currency worldwide. Its rate is affected by several key factors. Here is an overview of these correlations. US Dollar Rate and the Four Factors That Affect It No other currency beats the US Dollar. It is used for most international transactions. Travelers and traders exchange other currencies to […...

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Free Trade Agreements – Additional Obligations on Importers

Background 1. India has entered into several bilateral and multilateral treaties (referred to as Free Trade Agreements (FTA)) to promote cross-border trade. Examples include treaties with Singapore, Chile, Malaysia, Korea, Japan, SAARC members, etc. Article XX, containing general exceptions, under the General Agreement on Tariffs and Trad...

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Income Tax TCS under Section 206C(1H) Wef 01/10/2020

Tax Collection At Source (TCS) Under Newly Introduced Section 206C(1H) of The Income Tax Act, 1961 Wef 01/10/2020 1. BASIC FEATURES: a) Section is applicable only in case of seller whose total sales, gross receipt or turnover from the business carried on by him exceeds Rs. 10 crores during the financial year immediately preceding financia...

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Chapter VIA Deductions from Gross Total Income of Individuals & HUF

Deductions from the Gross Total Income of Individuals and Hindu Undivided Family Chapter VI – A Sections 80C to 80U of the Income Tax Act specifies the deductions to be made from the gross total income of an assesses. Gross total Income means the total income, under all the five heads of Income i.e. Salary […]...

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Process of Postal Ballot Including Remote E-Voting

Section 110 of the Act mandates the transacting of certain business items by means of postal ballot. Postal Ballot means casting of vote by a shareholder by postal or electronic mode instead of voting personally by being present for transacting business in general meeting of the company. As per Companies Act 2013, the provisions of [&hell...

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Proposed Amendment Electricity Act 2003 – Draft Electricity (Amendment Bill 2020)

In order to address some recurring issues, and to promote further commercial incentive for Private players to enter the market in the generation, distribution and transmission of electricity, with some policy modifications, the Electricity (Amendment) Bill, 2020 has been introduced by the Ministry of Power on April 17, 2020 (Amendment). T...

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Revocation of Cancellation of GST Registration – HC found argument of erroneous exercise of jurisdiction untenable

M.S. Retail Private Limited Vs Union of India (Karnataka High Court)

M.S. Retail Private Limited Vs Union Of India (Karnataka High Court) It is not in dispute that the show cause notices, the order of cancellation and the order rejecting the application for revocation of cancellation are passed by proper officer. The show cause notice dated 18.03.2020 and the order of cancellation of registration dated 06....

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March 2021