"24 December 2020" Archive

MCA notifies Rule 9A Extension of reservation of name

G.S.R. 795(E) 24/12/2020

MCA has vide Companies (Incorporation) Third Amendment Rules, 2020 notified Rule 9A. Extension of reservation of name in certain cases. Under the rule Registrar shall extend the period of a name reserved under rule 9 up to 60 days on Payment of Fees. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 24th December, 2020 G.S.R. 795(E)....

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Intricacies In Valuation, Time of Supply & Place of Supply under GST

Once it is determined that the transaction in question shall be leviable to GST, the next logical question shall be to determine the value of supply in question on which the rate of tax shall have to be applied to determine the amount of the tax which is payable. The present paper therefore seeks to discuss certain intricacies on the aspe...

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Posted Under: Company Law |

Validity of ITC restriction (20/10/5%) under Rule 36(4)- GST

Rule 36(4) restricts the credit relating to the invoices not uploaded by the suppliers in their form GSTR-1 to the extent of 20% (10% w.e.f. 01.01.2020) of such credit. Further w.e.f. 01.01.2021, said percentage was further reduced to 5%. Now let us see on ground it can be said that the conditions imposed under Rule 36(4) is invalid or ba...

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Posted Under: Company Law |

Extend Income Tax, Companies & CGST Act compliance due dates

Direct Taxes Professionals’ Association made a Representation to FM for extending the due dates of compliance under Income Tax Act , the Companies Act and CGST Act and widening the scope of benefit in case of cases where Assessee has been allowed relief by Hon’ble ITAT and due date of filing appeal by Department has […]...

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Posted Under: Company Law | ,

Critical Changes in GST Compliances from 1st January 2021

Notification No. 94/2020-Central Tax Dated 22.12.2020 – 14th CGST Amendment Rules 2020 Rule 21 : Additional Grounds for Cancellation of Registration – (a) does not conduct any business from the declared place of business; (b) issues invoice or bill without supply of goods or services in violation of the provisions of the Act, or the [...

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Posted Under: Company Law |

Due Dates as per Income Tax Act 1961 expiring on 31st December 2020? Is it really so? Just Check up before Panicking

Infinite and Still Continuing Order of the Hon’ble Supreme Court for Extension of the Due Dates under General law of limitation or under Special Laws (both Central and/or State). The Supreme Court of India has, vide its order dated 23-03-2020 SUO MOTU took COGNIZANCE FOR EXTENSION OF LIMITATION and passed the following order: ORDER 1. [...

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Posted Under: Company Law |

HC explains invocation of Rule 86A for blocking ITC

M/s S. S. Industries Vs Union of India (Gujarat High Court)

S. S. Industries Vs Union of India (Guajrat High Court) I) The invocation of Rule 86A of the Rules for the purpose of blocking the input tax credit may be justified if the concerned authority or any other authority, empowered in law, is of the prima facie opinion based on some cogent materials that the […]...

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Provisions for modifying PAN based IEC introduced

Public Notice No34/2015-2020 24/12/2020

In case of change in constitution of a PAN based IEC by way of merger, acquisition, liquidation, inheritance etc. such that PAN of the new entity so formed is different from the earlier one, an IEC can be availed against the new PAN, if not existing already. Previous IEC(s) can also be operationally linked to the PAN/IEC of the new entity...

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New grounds for cancellation of registration under GST

Now the officer can proceed for cancellation of GSTIN where a taxpayer avails Input Tax Credit (ITC) exceeding the permissible amount of ITC, which is in violation of the provisions of section 16 of the CGST Act and rules made thereunder....

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Posted Under: Company Law |

Validity of e-way bill narrowed by increasing distance from 100 km. to 200 km. per day

The validity of e-way bill under Rule 138(10) of the CGST Rules has been amended, according to which the e-way bill will now be valid for 1 day for every 200 km of travel, as against 100 km earlier, in cases other than Over Dimensional Cargo or multimodal shipment in which at least one leg involves transport by ship....

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Posted Under: Company Law |

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