The Government regularly reviews the country’s import policy, based on emerging trade and economic factors. Decisions to regulate imports are taken based on the assessment in national and public interest. At present, approximately 550 tariff lines are under the ‘Restricted’ / ‘Prohibited’ category for imports under the Foreign Trade Policy, imports of which are restricted from all countries including China.
Increasing Compliance on Non Audited Individuals / HUFs With Respect To Deduction of TDS/Collection of TCS Do you know that high value payments or receipts made by non-audited individuals or HUFs have now come under the compliance net of direct taxes through TDS or TCS applicability? In case of individuals or HUFs, whose books of […]
Like the Income Tax Act, provisions for the Tax Deduction at Source (hereinafter referred to as TDS) have also been incorporated in GST Acts. Section 51 of the CGST Act, 2017 empowers the government to provide for deduction of certain amount as TDS in the hands of prescribed persons i.e Central Government, State Governments or […]
ITO Vs. Scheme A1 of ARCIL CPS (ITAT Mumbai) Reversal of the impairment provision created by the assessee in the earlier years in respect of the financial asset was merely a book entry without any corresponding amount payable by anybody or any possibility of receiving any benefit or money or money’s worth. We are of […]
SEBI has advised that the issuer(s) of the listed CP shall disclose detailed data regarding previous due dates for repayment of principal of CPs/NCDs/NCRPS along with the payments of interest/dividend for NCDs/ NCRPS and whether the same has been paid or not, while submitting half yearly/annual financial statements to the Exchange. The disclosures should be done as per the provisions of Regulation 52(4)(d).
MAHARASHTRA ACT No. XXII OF 2020. Dated the 16th September 2020 (English) In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Goods and Services Tax (Amendment) Act, 2020 (Mah. Act No. XXII of 2020), is hereby published under the authority of the Governor. […]
Application for Incorporation of Companies as per Chapter II The Companies (Incorporation) Rules, 2014 An application for registration of a company shall be filed, with the Registrar within whose jurisdiction the registered office of the company is proposed to be situated, in SPICe+ (Simplified Proforma for Incorporating company Electronically Plus: INC-32) along with the fee as provided […]
MAHARASHTRA ACT No. XXIII OF 2020. Dated the 16th September 2020 (English) In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Goods and Services Tax (Second Amendment) Act, 2020 (Mah. Act No. XXIII of 2020), is hereby published under the authority of the […]
Blockchain is an evolving technology and it has emerged exponentially because companies are now understanding the benefits of the blockchain. However, many companies are not able to implement blockchain for array of reasons. Block Chain-as-a-Service (BaaS) providers have made it easier for the companies to implement blockchain whose core proficiency is in fields other than […]
Notional interest has to be considered as part of value of supply of service, if and only if the said notional interest influences the value of supply i.e. value of RIS service / monthly rent and is leviable to GST along with monthly rent at the rate applicable to monthly rent.
