"18 October 2021" Archive

Classification of Glass-Fibre Reinforced Gypsum Board (GRG)

Gypsum Board in question is made-up of Gypsum, glass fibre and additives, cannot be called as Glass-Fibre Reinforced Gypsum Board (GRG) and as such cannot be classified under entry No. 92 of Sch. II of notfn No.1/2017-CT(R) dated 28.6.2017, which provides specific rates for GRG board under chapter 44 or and chapter....

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Advisory for taxpayers on Form GSTR-2B

510 18/10/2021

Form GSTR-2B is an auto-drafted ITC statement which is generated for every normal taxpayer on the basis of the information furnished by their suppliers in their respective GSTR-1/IFF, GSTR-5 (non-resident taxable person) and GSTR-6 (input service distributor)....

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Appointment of First Auditor under Companies Act, 2013 in Non-Government Companies

Overview: As per sub-section (1) of Section 139 of the Companies Act, 2013 (Act), “every company shall at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the […]...

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Analysis of WB AAR Ruling – Masterly Kolkata Management on Composite Supply

West Bengal Authority for Advance Ruling (‘AAR’) in the case of M/s Masterly Kolkata Facility Maintenance Private Limited has ruled that although separate invoices have been issued for ‘Gas Charges’ for consumption of gas, supply of gas through pipeline is found to be naturally bundled with facility & property manageme...

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Title Certificate Issuance by Advocates and Solicitors

Advocates and solicitors are often called upon to issue title certificates. This maybe a requirement under law, as in the case of the Maharashtra Ownership of Flats Act, 1963 (MOFA) and the Real Estate (Regulation and Development) Act, 2016 (RERA) or under contract, as in the case of loan transactions, mortgages, etc....

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Exclusion of PF/ESI Contribution from Value of Supply – Analysis of WB AAR Ruling

West Bengal Authority for Advance Ruling (‘AAR’) in the case of M/s Exservicemen Resettlement Society has ruled that Sub-sections (2) and (3) of Section 15 CGST Act leave no room to deduct any amount like management fee, employer contribution to PF/ ESI etc from the value of supply and thus GST is payable on total […]...

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Taxation of Mutual Fund SIP

Arjun (Fictional Character): Krishna, nowadays more and more people are making investments in mutual funds through SIPs? Krishna(Fictional Character): Arjuna, SIPs i.e., Systematic investment plans are a convenient method of investing in mutual funds in which the investor can invest small amounts periodically. Investors can choose the fre...

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Non-profit making body with objective of protecting trade or commerce would be eligible for exemption

Bombay Chamber of Commerce &

Bombay Chamber of Commerce & Mackinnon Mackenzie Building Vs ITO (ITAT Mumbai) Concluion: In present facts of the case, while allowing the appeal, it was held that the activities of Assessee comes under “charitable purpose” as defined under Section 2(15) of the Act and is eligible for exemption, because the amounts received by the...

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Advance ruling cannot be obtained in respect of past & completed supply

In re USV Private Limited (GST AAR Maharashtra)

Mah AAR rejected the subject application as being non-maintainable as per Section 95 of the CGST Act because the Applicant has firstly raised questions as a recipient of services and secondly the questions are in respect of past and completed supply as on the date of the application and not a supply, which is being undertaken/proposed to ...

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SEZ: Guidelines for change of name/shareholding pattern/constitution/Directors etc.

Instruction No. 109 18/10/2021

Guidelines regarding reorganization including change of name, change of shareholding pattern, business transfer arrangements, court approved mergers and demergers, change of constitution, change of Directors, etc. of SEZ Developers / Co-developers as well as SEZ Units....

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November 2021