The 44th GST Council Meeting was held on 12th June, 2021 with a single agenda point to discuss the report of the Group of Ministers for GST concessions on Covid-relief items. The Council recommended reducing GST rates on specified items being used for Covid-19 relief and management till 30th September, 2021.
TCS on sale of scrap was introduced by the Government as a measure to ensure availability of data in rather unorganised sectors of the Economy. However, over time this has ended up becoming another litigated subject which has seen it’s fair share of controversies. An attempt has been made in this article to understand the […]
There are employees in the company who has a key role in its whole functioning and law imposes greater responsibility on them including the duty to protect the interest of various stakeholders. Section 203 read with Rule 8 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 provides for the appointment of Whole Time […]
Cashew Export Promotion Council of India’s powers to issue/renew RCMCs for products falling under their jurisdiction arc suspended and APEDA is designated as the agency authorized to issue RCMCs for Cashew Kernels, Cashewnut Shell Liquid and Kardanol, with immediate effect. However, RCMCs already issued by Cashew Export Promotion Council of India shall remain valid for the rest of their validity period
All entities registered with SEBI under section 12 of the SEBI Act 1992, shall be eligible for testing in the regulatory sandbox. The entity may apply either on its own or in partnership with any other entity. In either scenarios, the registered market participant shall be treated as the principal applicant, and shall be solely responsible for testing of the solution.
With consistent growth in different biller categories and to facilitate mobile prepaid customers with more options to recharge, it has been decided to permit ‘mobile prepaid recharges’ as a biller category in BBPS, on a voluntary basis. This will be implemented on or before August 31, 2021.
This article deals with section 206AB of The Income Tax Act, 1961 which is going to be effective from 1st July, 2021. The practice of putting some other date instead of first day of the financial year from which the amendment could apply seems to be unexplainable and such provisions coming into effect from such date (not from the first day of financial year) also do not caution the taxpayers clearly in advance on smooth application of the provisions.
The Hon’ble Apex Court upheld the provisions of the Insolvency and Bankruptcy Code relating to insolvency of personal guarantors that were brought into force in 2019. Further the notification has been issued by MCA on 15.11.2019 which has notified the provision of IBC w.r.t. to personal guarantors. However, validity of the same has been challenged by IBBI on 20.11.2019 which is confined to impugned notification.
Three upcoming provisions of the Income Tax Act, which will come into effect from 1st July 2021, has tremendously increased complexity for all Accountants and Professionals. Where Section 194Q deals with TDS on Sale of Goods, Section 206AB & 206CCA is inserted to penalise the person who was liable but did not file their Income Tax Return.
With the increasing use of technology and liberalisation policy adopted worldwide, now a day whole world is like a business market place subject to that your product/ service meets the customer need/ requirements. There are many examples of this global market place like Alibaba E- Commerce platform is supplying China products globally using the technology. […]
