"30 November 2020" Archive

Light!! Camera!! Action!! – Bad Debts Dichotomy

Happy to present before all of you, my article on Light!! Camera!! Action!! – Bad Debts Dichotomy correlated with Article 14 of Constitution of India to decipher the Principle of Equality before law and Equal protection to all within the territory of India. Suggestion to improve upon the article are welcomed with folded hands....

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Impact of GST on Advances/Security Deposits/Retention Money etc.

Goods and Services Tax Act, 2017 (GST) has brought concept of “One Nation, One Tax”, and has simplified method of collecting and calculating Indirect taxes all over India. There is no cascading affects and ambiguities, while dealing with provisions of GST Act, 2017. We know that for Sale Goods or Supply of Services, the most […...

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Can buyer claim ITC if supplier has not paid his tax under GST?

Can buyer claim ITC if supplier has not paid his tax ??? ⇓ As per Section 16(2)(c) of CGST Act, the recipient of goods and services can avail ITC only if supplier has deposited the tax with government either in cash or through utilisation of input tax credit. ⇓  After reading this section we can […]...

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Fake ITC & GST Bill case: HC refuses to grant Bail

Neeraj Karande Vs Directorate General of GST Intelligence (Telangana High Court)

Neeraj Karande Vs Directorate General of GST Intelligence (Telangana High Court) In view of the above rival submissions, the allegations against the petitioner are that he has collected and issued invoices or bills without actual supply of goods in violation of the provisions of the CGST Act and the rules made thereunder leading to wrongf...

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Importing Audio-Visual licenses from Japan: Understanding GATS & CEPA

This article attempts to clearly lay out the implications of the Comprehensive Economic Partnership Agreement (CEPA) for parties interested in bringing Japanese Animation titles to Indian markets. CEPA is a Free Trade Agreement (FTA) entered between India-Japan, which came into effect in August 2011....

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Constitute National Tribunals Commission to supervise appointments & functioning of Tribunals: SC to UOI

Madras Bar Association Vs Union of India & Anr. (Supreme Court of India)

Madras Bar Association Vs Union of India & Anr. (Supreme Court of India) (i) The Union of India shall constitute a National Tribunals Commission which shall act as an independent body to supervise the appointments and functioning of Tribunals, as well as to conduct disciplinary proceedings against members of Tribunals and to take care...

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15 Important Points of GST in Income Tax Audit to be Taken Care off!

After the relief of Corona now tax audit season is approaching. 31st December 2020 is the due date of the audit of Income-tax audit for AY 2020-21. Further assesses  who are not under audit also need to file their Income tax returns before 31st Dec to avoid late fees.  Also, 31st December 2020 is the due date for filing of GST Audit and...

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Implications of Unauthorised Collection of Tax & Non Payment of Tax Collected under Section 32 & 76 of CGST Act

Implications of Unauthorised Collection of Tax & Non Payment of Tax Collected under Section 32 & 76 of CGST Act Section 32 of CGST ACT prohibit to persons to collect unauthorised  collection of tax . Section 76 mandates  that every persons  should pay  any amount collected  by person as tax to the the Government forthwith [&h...

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TDS on Purchase of Property from NRI

When there is a purchase of immovable property, the buyer needs to deduct tax (TDS) from the Sale value, pay the balance amount to the Seller and pay the TDS amount to the Government. As per Indian Income Tax Act, where a resident purchases any property from a Non Resident, he has to deduct tax […]...

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Memorandum of Association (MOA) under Companies Act, 2013

The memorandum of association of a company is an important corporate document in India. It is often simply referred to as the memorandum. In the India, it has to be filed with the Registrar of Companies during the process of incorporating a company. It is the document that regulates the company’s external affairs, and comple...

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