Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Various webinars are also conducted as well informational videos prepared on these functionalities and posted on GSTNs dedicated YouTube channel for […]
Finance Act 2020 had amended section 206C of the Income-tax Act 1961 by inserting a new subsection (1H) which says that the seller is required to collect the tax if the sale of goods to buyers exceeds Rs.50 lakhs. Finance Act 2021 inserted a new section 194Q which says that the buyer is required to […]
Market Regulator Securities Exchange Board of India (SEBI) introduced SECURITIES AND EXCHANGE BOARD OF INDIA (SHARE BASED EMPLOYEE BENEFITS) REGULATIONS, in the year 2014 for the Listed Companies. The provisions shall be applicable to the following:- Definitions- Appreciation” means the difference between the market price of the share of a company on the date of […]
Permanent Removal of Restriction of Board Meeting (BM) through Video Conferencing/ Audio Visual Means (VC/AVM) Ministry of Corporate Affairs (MCA) has made the amendment in Companies (Meetings of Board and its Powers) Rules, 2014, vide its Notification dated June 15, 2021. The amendment made by notification specifies deletion of the provision w.r.t. restriction on conducting […]
Understanding the Crypto Currency Cryptocurrency is decentralized digital money, based on blockchain technology. These currencies are owned by an entity that owns the key that lets it create a new entry in the ledger. Access to the ledger allows the re-assignment of the ownership of that currency. Cryptocurrencies are such product of the digital age […]
Home guards department was an agency of state government and therefore, could not be considered as ‘person’ engaged in the business of running security services. Therefore, there could be no levy of service tax on security services provided by the Home Guards Department as it was a part of its statutory function.
FROM 1ST July 2021- NEW TDS PROVISION ON PURCHASES OF GOODS | SECTION 194Q | ANALYSIS OF SECTION 194Q A new provision of TDS is coming into force on the purchase of ‘goods’ with effect from 1st July 2021, under which the buyer of the goods has to deduct TDS from his seller at a […]
Divergent opinion on constitutional validity of Section 13(8)(b) IGST Act pertaining to intermediary services The Hon’ble Bombay HC in Dharmendra M. Jani v. Union of India [W.P. No. 2031 of 2018 dated June 09, 2021] Justice Ujjal Bhuyan held that Section 13(8)(b) of the Integrated Goods and Service Act, 2017 (“IGST Act”) is ultra vires […]
CESTAT set aside the order passed by the Commissioner (Appeals) disallowing the refund claims of the assessee on the ground that credit reversal in Form GSTR-3B pertains to GST credit and not CENVAT credit. Held that, procedural delay will not disentitle the assessee from claiming refund when credit had been reversed in Form GSTR-3B.
Senior Finance Ministry officials to hold interactive meeting with Infosys on 22nd June, 2021 on issues in the new IT e-Filing portal. Stakeholders including ICAI members, auditors, consultants & taxpayers to be part of the interaction.
