"24 November 2021" Archive

GST – Perils of Tax Administration with Algorithms & Recent Notices

On 12th and 13th November 2021, many taxpayers in Telangana, falling under the administrative jurisdiction of State Tax authorities were shocked and surprised to receive an alert in their e mail, that they have been issued show cause notices (Form DRC 01 - demand notices under Sec. 73 of CGST/TSGST Act, 2017) which can be downloaded from ...

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GST on flats allotted to Landowner-Promoter & on development rights in case of Joint Development Agreement is illegal- Part-II

Concept of Joint venture: A joint venture is a combination of two or more persons in a specific venture, where profit is jointly sought without any actual partnership or corporate designation. It is a common enterprise for profits with a joint control over strategic financial and operative decisions....

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Allocation of additional quantity of 303 MT for export of raw sugar to USA under Tariff Rate Quota (TRQ) for the Fiscal Year 2021

Public Notice No. 39/2015-2020-DGFT [F.No. 01/91/180/879/AM08/EC/Vol. VIII] 23/11/2021

Additional quantity of 303 MT of raw sugar, for export to USA, under TRQ, upto 31.12.2021, has been notified vide Public Notice No. 39/2015-2020 – DGFT Dated: 23rd November, 2021. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) New Delhi Public Notice No. 39/2015-2020 – DGFT | ...

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What is Tax Planning & Why it is Important for Individuals or Businesses

A tax is a mandatory charge levied by the government on an individual’s or a business’s hard-earned income during any financial year. While paying taxes is certain and inescapable there are various ways to diminish this burden and one such measure is tax planning. Tax planning is a process of analyzing one’s financial situation duri...

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Abridged Director Report for Small Company and OPC

Abridges Means to shorten by omission of words without sacrifice of sense. Abridged Director Report means the format of director report is not vast rather an abridged Director Report shall also be sufficient. Applicability: Small Company One Person Company (OPC) Rules   : Companies (Accounts) Amendment Rules, 2018 MCA has introduced new...

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No withholding of GST refund on account of need for verification of suppliers to supplier of ultimate exporter

Bhagyanagar Copper Private Limited Vs Central Board of Indirect Tax and Customs (Telangana High Court)

Since no discrepancy had been found with regard to the suppliers of assessee, the refund claim by assessee could not be denied to be processed on the ground that verification of the suppliers of assessee's supplier was pending as the provisions of the CGST Act and the IGST Act did not mandate refund claimant to verify the genuineness of t...

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No Service tax on goods component of composite works contract if VAT been paid

Touchstone Infrastructure and Solutions Private Limited Vs Commissioner of Central Taxes and Central Excise (CESTAT Chenaai)

Where VAT had been paid on the goods component of the composite works contract, no service tax could be levied on such component again taking recourse to Rule 2A(ii) of Service Tax (Determination of Value) Rules, 2006....

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Form CSR-1 & related ROC Compliance

FORM NO. CSR-1 is issued Pursuant to section 135 of the Companies Act, 2013 and Rule 4(1) and (2) of Companies (CSR Policy) Rules, 2014 for Registration of Entities for undertaking CSR Activities. In accordance with the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, company can undertake CSR activities either it...

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Diving into composition scheme under GST

Introduction to composition scheme: A scheme named composition scheme/Composition levy is introduced in the GST law in addition to normal levy. The reason for introducing this scheme is to reduce the tax burden of small taxpayers whose aggregate turnover is less than the prescribed limits. What is a composition scheme: In a composition s...

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Exception of Foss v. Harbottle rules

Exception of the rules of FOSS V HARBOTTLE The rule in Foss v. Harbottle is not absolute but is subject to certain exceptions. That are the exception of rule Foss V. Harbottle. 1. Ultra Vires Acts. Where the company or its directors representing the majority of shareholders and perform any such activities which is not […]...

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November 2021