"11 March 2021" Archive - Page 5

Mandatory to mention 4/6-digit HSN/SAC Code w.e.f. April 1, 2021

The Central Board of Indirect Taxes (CBIC) issued Notification No. 12/2017-Central Tax dated June 28, 2017, to show specified digits of Harmonised System of Nomenclature (HSN)/ Service Accounting Code (SAC) Code on raising of tax invoices for supply of goods or services as under: S. No. Aggregate Turnover in the preceding Financial Year N...

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NCLT/NCLAT can exercise jurisdiction under Section 60(6)(c) of IBC, 2016

Gujarat Urja Vikas Nigam Limited Vs Amit Gupta & Ors. (Supreme Court of India)

The jurisdiction of the NCLT under Section 60(5)(c) of the Code cannot be invoked in matters where a termination may take place on grounds unrelated to the insolvency of the CD. It cannot even be invoked in the event of a legitimate termination of a contract based on an ipso facto clause, if such termination will not have the effect of ma...

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Understanding Basics of Black Money Act, 2015

Understanding The Basics of Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015 (Black Money Act, 2015) Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015, in short, Black Money Act (BMA) came into force from 01.04.2016 which seeks to tax Undisclosed Foreign Asset and Undisc...

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OMAN VAT: Solving The Registration Dilemma

The Sultanate of Oman is due to implement Value Added Tax ‘VAT’ from 16th April, 2021. The Sultanate of Oman like its Gulf peer, Kingdom of Bahrain, has adopted a phased approach for Implementing VAT in its country. The Tax Authority has released a Transitional Registration guide that proposes a four phase VAT Registration Pro...

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June 2021