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Archive: 26 March 2021

Posts in 26 March 2021

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7017 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Circular cannot stand in the way of a benefit offered under statutory provisions

March 26, 2021 1671 Views 0 comment Print

HC directed the Authorities to refund the sanctioned amount. Held that, circular cannot stand in way of a benefit under a statutory scheme and is contrary to the statutory provisions of Section 54(3) of the Central Goods and Services Tax Act, 2017.

The Game of Due Date

March 26, 2021 23601 Views 3 comments Print

Every year the assessees, tax professionals and the tax departments play the game of ‘Due-Dates, Due Dates’. It has become a game of cricket in which the match is not decided until the last ball is bowled. For reasons attributable to all the stakeholders like tax professionals including assessees and the tax department, the due date of the compliance is rarely honored.

Interest payable on delayed remittance of refund on account of IGST

March 26, 2021 1041 Views 0 comment Print

TMA International Pvt. Ltd. & Ors. Vs Union of India & Anr. (Delhi High Court) Thus, the only other question left for consideration is: as to whether the petitioners should be paid any interest for delayed remittance of refund on account of IGST? Mr. Samar Bansal, who appears on behalf of the petitioners, in support […]

Section 7 IBC- Action can be taken against Corporate Guarantor for Loan to Non-Corporate principal borrower: SC

March 26, 2021 10383 Views 0 comment Print

Laxmi Pat Surana Vs Union Bank of India (Supreme Court) The fact that the principal borrower had availed of credit/loan and committed default and that the (corporate) guarantor/corporate debtor had offered guarantee in respect of the loan account is not disputed. What is urged by the appellant is that the acknowledgment of liability to pay […]

Process for Conversion of LLP into Company

March 26, 2021 86499 Views 1 comment Print

Introduction A Limited Liability Partnership (LLP) is a corporate business form combining features of both Company and traditional partnership firms. It offers the benefits of a limited liability to the partners. The concept of LLP was emerged and got place in statutes in 2008 while the concept of private company is much older. LLPs offer […]

TOPSY – Turvy Tale of Section 129 of CGST Act, 2017

March 26, 2021 3891 Views 0 comment Print

What triggered Section 129: Section 129 comes into picture when any person who is incharge of a conveyance carrying goods then under the provisions of Section 68  of CGST Act, 2017 the proper officer during the transit of the goods can ask for the inspection of goods and if the officers found out any discrepancy […]

Common Mistakes while doing Overseas Direct Investment & judicial proceedings

March 26, 2021 15351 Views 2 comments Print

With the aim of diversifying the business abroad, Overseas direct investments (ODI) are undertaken as significant means for developing economies and emerging markets where companies need funding and expertise to expand their international sales. The importance of ODI can be accurately measured by the innumerable benefits like better economic co-operation, economic integration, growth of capital etc.

Analysis of changes in Schedule III (Balance Sheet) of Companies

March 26, 2021 26061 Views 2 comments Print

Detailed analysis of changes brought in by ministry of corporate affairs in Schedule III of Companies Act 2013; dated 24th March 2021 – Balance Sheet Section 467 of the companies act 2013, gives powers to the central government to alter any of the regulations, rules, tables, forms, and other provisions contained in any of the […]

Applicability and generation of QR code in GST

March 26, 2021 29274 Views 0 comment Print

Article explains the term ‘Dynamic Quick Response Code’ Applicability of QR code on B2B invoices (e-invoicing QR code), Applicability of QR code on B2C invoices (dynamic QR code) and Summary of Applicability of the QR code under GST. QR code provisions apply differently for both B2B transactions and B2C transactions. The present article firstly explains […]

Year End Activities in GST for Financial Year 2020-21

March 26, 2021 30741 Views 2 comments Print

Year End Activities to be done in GST for Financial Year 2020-21 – We are in the penultimate week of Financial year 2020-21. It calls for some activities to be carried out under GST and laws  for smooth transition to Financial Year (FY) 2021-22. We have listed down certain important activities for the said transition/ […]

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