"08 September 2021" Archive

Nuts & Bolts of the LLP Amendment Bill, 2021

BACKGROUND:    The Limited Liability Partnership (LLPs) is an alternative corporate business vehicle that provides the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. In order to provide greater ease of doing business in I...

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Posted Under: Company Law |

GST Query: Whether GST is Applicable on Sale of Designs outside India

Query: Seller is located in India, he wants to sell his designs on online platforms, located outside India, which manufacture and deliver the goods as per the designs as selected by the customer through online mode.  The platforms collect the money from the customers for the goods sold, retains the value of material, other manufacturing ...

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Posted Under: Company Law |

GST: Seizure of Goods beyond Statutory Period is Unlawful

Taxation regimes (direct or indirect) duly recognize the concept of search and seizure as a legal mechanism to avoid tax evasion and to protect the interest of legitimate taxpayers. Any officer so authorized under a taxing statute may search a premise and seize such goods, tax on which he believes has not been paid. The […]...

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Posted Under: Company Law |

Advertisement charges paid to non-resident company cannot be considered as royalty

Myntra Designs Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Payments made by the Applicant to the Non-resident Company cannot be considered as royalty payments and hence, it does not give rise any income chargeable in India under the Indian IT Act. Held that there is no requirement to deduct TDS under Section 195 of the IT Act....

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Refund of Service Tax paid under RCM allowed post implementation of GST

NSSL (P.) Ltd. Vs Commissioner of Central Excise, CGST & CE, Nagpur (CESTAT Mumbai)

The Appellant failing to pay its Service Tax Liability under RCM in a stipulated time but shown as liability in the Service tax Return under the Finance Act, 1994, which was repealed and was replaced by the Goods and Services Tax...

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ITC not admissible for bills of Jan to March 2020 for which supplier furnished GSTR-1/3B in November 2020

In re Eastern Coalfields Ltd (GST AAR West Bengal)

In re Eastern Coalfields Ltd (GST AAR West Bengal) Whether the applicant is entitled for input tax credit already claimed by him on the invoices raised by the supplier pertaining to the period Jan-2020, Feb-2020 and March-2020 for which the supplier has paid the tax in November-2020 and whether the applicant has to reverse the […]...

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Symbolic Changes For Promoters Under Listing Regulations

SEBI came out with the discussion paper which reduces minimum lock-in period for promoters after IPO, agrees to controlling shareholder’s concept. Markets regulator SEBI proposed to rationalise the definition of ‘promoter group’ and move to the concept of ‘person in control’ as well as lower the minimum lock-in periods for promo...

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Posted Under: Company Law |

Others cannot make AAR application for Joint Venture Company

In re Mukesh & Associates (GST AAR Tamilnadu)

In re Mukesh & Associates (GST AAR Tamilnadu) From the submissions made by the applicant we find that it is the Joint Venture with the Registered seat of the Association at Cologne, Germany is the ‘Person’ to whom the ‘Project’ is awarded and not the applicant. As per existing laws of the land, a Joint [&hellip...

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AAR explains applicability of paragraph 2A of Notification No. 03/2019-Central Tax (Rate) dated 29.03.2019

In re Thiru Neelakanta Realtors LLP (GST AAR Tamilnadu)

In re Thiru Neelakanta Realtors LLP (GST AAR Tamilnadu) 1.Whether paragraph 2A of Notification No. 03/2019-Central Tax (Rate) dated 29th March, 2019, is applicable to those agreements entered on or before 29th September 2019 with unregistered persons? 2. If the answer to question (1) is affirmative, whether Notification no 03/2019-Central...

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Without material evidence for proposed supply, no ruling can be extended : AAR

In re Esmario Marine Private Limited (GST AAR Tamilnadu)

In re Esmario Marine Private Limited (GST AAR Tamilnadu) Apart from the pictures and write-up, the applicant has not furnished any documents such as Bill of Entry, Tax Invoice, Purchase Order, address of sale & Service centers, letter/ correspondences to support their argument that they are in discussion with the mentioned Principals,...

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