"23 April 2021" Archive - Page 2

‘Companies (Auditor’s Report) Order, 2020’ Reporting requirements

CARO 2020 is a new format for issue of audit reports in case of statutory audits of companies under Companies Act, 2013. The aim of CARO 2020 is to enhance the overall quality of reporting by the company auditors. The MCA has notified Companies (Auditor’s Report) Order, 2020 on 25 February 2020. This order (CARO […]...

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Posted Under: Company Law |

Threshold Limit of Turnover for exemption of Goods & Services from GST

Sales Tax, VAT, Goods and Services Tax, etc. are indirect taxes. Under such tax laws, businessmen are allowed to collect from customers, the amount of tax payable by them to the Government. Even then such taxes (Sales Tax, VAT or Goods and Services Tax) cast burden on the businessmen due to compliance cost and administrative […]...

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Posted Under: Company Law |

Logic Of Name Clause In MOA

Memorandum of association (MOA) can be called as the Constitution of company. First clause in MOA is name clause where company is required to state its name along with private limited (in case of private limited company) or limited (in case of public limited company) or Producer Company limited (in case of Producer Company). Legislature [...

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Posted Under: Company Law |

Measures taken by ESIC during recent surge of COVID-19 pandemic

To deal with the resurgence of COVID-19 Pandemic, the Employees’ State Insurance Corporation (ESIC) under the Ministry of Labour and Employment has undertaken multiple steps to cater to its Stakeholders as well as general public.  ...

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Posted Under: Company Law |

Training Requirements exempted for June-2021 CMA Examinations

Ref. No.: G/128/04(2)/2021 23/04/2021

This is to notify that all types of training to be completed before appearing CMA Intermediate/ Final Examinations as applicable are hereby exempted only for June- 2021 Term of Examinations due to pandemic situation arising out of spread of COVID-19....

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Posted Under: Company Law |

Recipient of services cannot file AAR Application

In re Hubli-Dharwad Municipal Corporation (GST AAR Karnataka)

In re Hubli-Dharwad Municipal Corporation (GST AAR Karnataka) Any person registered or desirous of obtaining registration under CGST Act 2017 can seek advance ruling only in relation to the supply of goods or services or both being undertaken or proposed to be undertaken. In the instant case, we observe that M/s HDMC, who have filed [&hel...

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Pharmaceutical Reference Standards classifiable under CTH 38220090

In re Analytica Chemie Inc. (GST AAR Karnataka)

In re Analytica Chemie Inc. (GST AAR Karnataka) The Pharmaceutical Reference Standards (Prepared Laboratory Reagents) imported and supplied by the Appellant and classified under Tariff Item 3822 00 90 of the Customs Tariff Act, 1975 is covered under Entry No. 80 of Schedule-II to Notification No.1/2017-Integrated Tax (Rate) dated 28.06.20...

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GST on Pharmaceutical Reference Standards (Prepared Laboratory Reagents)

In re M/s Kaustubha Scientific Research Laboratory Private Ltd. (GST AAR Karnataka)

In re M/s Kaustubha Scientific Research Laboratory Private Ltd. (GST AAR Karnataka) Pharmaceutical Reference Standards (Prepared Laboratory Reagents) imported and supplied by the Appellant and classified under Tariff Item 3822 00 90 of the Customs Tariff Act, 1975 is covered under Entry No. 80 of Schedule-II to Notification No. 1/2017-Int...

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No GST on Books delivered from warehouse located in USA to customers outside India

In re Guitar Head Publishing LLP. (GST AAR Karnataka)

In re Guitar Head Publishing LLP. (GST AAR Karnataka) A. Whether the supply of books from the warehouse located in USA (non-taxable territory) to the customers located in USA, UK and Canada (non-taxable territory) without such books entering into India by the applicant are treated as supply under GST? The supply of books from the [&hellip...

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Disallowance on ad hoc basis justified if assessee not produces any vouchers

Sunrise Jewellers Vs ITO (ITAT Cuttack)

Sunrise Jewellers Vs ITO (ITAT Cuttack) Addition of Rs. 1,19,848/- on ad hoc basis without  specifying/pinpointing which voucher is not verifiable After hearing both the sides and perusing the entire material available on record along with the paper book filed by the assessee as well as the orders of the authorities below and the written...

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