In this article i am trying to compile all the relevant provisions of GST and Income Tax Act applicable to E- Commerce and Transaction through Payment Gateways: A:LETS FIRST UNDERSTAND FROM POINT OF VIEW OF GST: Definition of E commerce and E commerce operator as per CGST Act, 2017 are Section 2(44): electronic commerce means supply of […]
Now a day banks are asking its customers having CC /OD facility to close current accounts. This is as per the RBI Circular Dated 06.08.2020. As per this circular no bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system […]
Loan and Investment by Company (FAQs) –Updated Up-to 19/07/2021 FAQs on Section 186 of Companies Act, 2013 Q.1 What is maximum limit thorough which a company can make investment through layers of companies? [Sec 186(1)] Ans. Company is not allowed to make investment through not more than two layers of investment companies; However, this provision […]
TCS under Section 206C(1H) and Imposing Higher Rate of TCS under Section 206CCA As we know there are provisions which provides for collection of tax at source for certain specified category of goods however there was no provision of tax collection at source for sale of goods in general. Now with the intent to establish […]
The issue with respect to tax treatment of interest earned out of the share application money deposited with a bank due to a statutory requirement has been a matter of debate before the Courts. Being a subject matter of discussion for a number of years, closure for the same has been achieved after the Ruling of the Apex Court of India.
It is said that in any organisation quality is everyone’s responsibility. It is very satisfying when an independent assessor assesses the quality of our collective work and the results show a very high degree of compliance to benchmarks.
FSSAI issues direction concerning the assignment of food product category 18 for registration/licensing of FBOs manufacturing Indian sweets and snacks The Food Safety and Standards Authority of India has undergone numerous representations from industry associations concerning hardships being faced by several small and medium scale manufacturers/packers of Indian sweets and snacks and savouries products due […]
Global Minimum Tax, Equlization Levy & Section 195, Section 9B & Section 45(4), New Judgements, Filing ITR & Tax Audit Report; Section 194Q & Section 206AB, New Registration of Trusts, Section 148 Notices & TDS/TCS Changes – vide Finance Act, 2021 Global Minimum Taxation 2 Pillar Approach – Pillar 1 Scope – 1. Multinational enterprises […]
Central Government allocates jurisdiction among Competent Authorities authorized under section 5(1) of Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 for the purpose of section 7 of the Prohibition of Benami Property Transactions Act 1988 MINISTRY OF FINANCE (Department of Revenue) (COMPETENT AUTHORITY CELL) New Delhi Notification No.02 of 2021 | Dated: 19th […]
Seeks to amend notification No. 46/2017-Customs dated 30th June, 2017, to clarify leviability of IGST, on recommendation of the GST Council vide Notification No. 37/2021-Customs | Dated: 19th July, 2021. Following clause (d) inserted in Notifications No. 45 & 46 –Customs (d) on the recommendation of the GST Council, for removal of doubt, it is […]
