"27 August 2021" Archive

Admissibility of Input Tax Credit Per SE Section 16(2) : A Study

Input Tax credit is the heart and soul of GST, the reason for the existence of GST. Determining the admissibility of Input Tax Credit under GST has been a toiling task since beginning and is becoming more and more difficult due to the complexities and genuine bottlenecks/ gaps in the provisions and prescriptions under the […]...

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Draft Maharashtra Code on Social Security Rules, 2021

Notification No. S.S.C.-2021/C.R.28/LABOUR-9 27/08/2021

The following draft of rules which the Government of Maharashtra, proposes to make in exercise of the powers conferred by section 154 and section 156 of the Code on Social Security, 2020 (36 of 2020) read with section 24 of the General Clauses Act, 1897 (10 of 1897) and of all other powers enabling...

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Time Limit To Avail ITC In Case of Import of Goods

Section 16 of the CGST Act, 2017 spells out the eligibility and conditions for availing the input tax credit. The Section 20 of IGST Act, 2017 provides for the applicability of various provisions of CGST Act, 2017 to the IGST Act, 2017 mutatis mutandis and by virtue of said section the provisions related to Input […]...

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Taxability of rewards given to Olympic Participants

The Income-tax Act specifically exempts the rewards given by the Central Government and State Governments to the medal winners at Olympics Games, Asian Games, and Commonwealth Games u/s 10(17A) of the Act...

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GST on NGO and charitable Trust

The GST has impacted the industry as well as the nonprofit entity. The GST is not totally exempt on these entities but there are few special exemption provided to these entities as discussed. The rest all activities are chargeable to GST if they are not covered in other exemption entry or are not considered as […]...

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Art of Drafting and Pleadings in GST

The above words will equally apply to the Tax Advocates, GST Practitioners and other Tax Professionals, as no doubt they will have toiled into the night to draft the writ petitions, replies to show cause notices, grounds of appeals etc....

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Master Directions on Prepaid Payment Instruments (PPIs)

Circular No. RBI/DPSS/2021-22/82 CO.DPSS.POLC.No.S-479/02.14.006/2021-22 27/08/2021

Master Directions on Prepaid Payment Instruments (MD-PPIs) provide a framework for authorisation, regulation and supervision of entities issuing and operating PPIs in the country;...

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Enhancements to Indo-Nepal Remittance Facility Scheme

Notification No. RBI/2021-22/94 CO.DPSS.RPPD.No.S475/04.09.003/2021-22 27/08/2021

Indo-Nepal Remittance Facility Scheme leverages the National Electronic Funds Transfer (NEFT) ecosystem available in the country for origination of such remittances and entails a ceiling of Rs. 50,000 per remittance with a maximum of 12 remittances in a year....

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RBI Review of incentive & other measures to enhance distribution of coins

RBI/2021-22/93 DCM (CC) No.97527/03.41.01/2021-22 27/08/2021

Keeping in view the overall objectives of Clean Note policy and to ensure that all bank branches provide better customer service to members of public with regard to exchange of notes and distribution of coins, the afore-said Scheme has since been reviewed and it has now been decided to revise the incentive being paid to the banks for dist...

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Applicability of GST on Sale of developed Plots (where developer is owner of Land) Before completion Certificate

Applicability of GST on Sale of developed Plots (where developer is owner of Land) Before completion Certificate In general practice many developers treating it as sale of Land by taking an assumption that basic facilities provided such as Roads, drainage system, Electrical work, etc along with land as an ancillary services and sale of la...

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