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Archive: 25 January 2022

Posts in 25 January 2022

GST on educating & training physical, mental & spiritual practices of Yoga

January 25, 2022 7860 Views 1 comment Print

In re Stonorti Marketplace Private Limited (GST AAR Rajasthan) Question: Whether the services supplied by the applicant by way of educating and training physical, mental and spiritual practices of Yoga is exempted under Notification No. 12/2017-CT(R) dated 28-06-2017 under entry number 80? Answer: NO, it is not exempted. It will be covered under service having description […]

Supply of food by eating joints/central kitchen falls under ‘restaurant service’

January 25, 2022 2862 Views 0 comment Print

In re Shrivika Foodcraft (Prop. Mrs. Richa Jalani) (GST AAR Rajasthan) Supply of food by the entity partially or completely cooked in the central kitchen through or from the various eating joints would be covered by ‘restaurant service’ and the supply of all the items of food and beverages offered by the eating joints/central kitchen […]

Filing of appeal in criminal court against Civil dispute amounts to abuse of process of Court: SC

January 25, 2022 903 Views 0 comment Print

Jayahari Vs State of Kerala (Supreme Court of India) he facts thus show that a transaction was entered into between the complainant and the appellants, in terms of which the property belonging to the appellants was sought to be purchased by the complainant; and in order to enable him to effectuate such purchase, certain loan […]

Small Companies And Their Benefits/Privileges

January 25, 2022 5037 Views 1 comment Print

A One Person Company, small company and dormant company shall be deemed to have complied with the provisions of this section if at least one meeting of the Board of Directors has been conducted in each half of a calendar year and the gap between the two meetings is not less than ninety days:

Effect of Expression ‘Age Admitted’ under an Insurance Policy

January 25, 2022 2781 Views 0 comment Print

Age is one of the most important facts to be declared by the customer at the time of onboarding, because the rate of premium, the risk attached to his age, his medical conditions etc., will be determined on the age.  

Norms of Interpretation of Tax Laws

January 25, 2022 31164 Views 0 comment Print

No enactment has been enacted by the Legislature for Interpretation of Statues including on Tax Laws. However, in many an act, definition clause is inserted to mean a ‘word’ or ‘expression’. Explanations and Provisos are inserted to expand or curtail.

Taxation of ULIP (on or after 1st February 2021)

January 25, 2022 19326 Views 1 comment Print

Finance Act 2021 has amended provisions of the Income Tax Act 1961 (Act) in relation to taxation of Unit linked insurance premium (ULIP) paid and amount received on or after 1st February 2021. We are discussing herewith changes in section 10(10D) and 45(1B) of the Income Tax Act along with latest notification issued in relation […]

Mandatory Post Incorporation Compliance of Private Company

January 25, 2022 6456 Views 0 comment Print

Consequently to the company be incorporated successfully, groups of other compliances are also required to be fulfilled by the company. Through this article, we try to cover details of those compliances and provisions that mandate them. The Companies Act 2013 is a stringent act and leaves no room for any mistakes. “Ignorantia Juris non-excusat” means […]

Whether amount paid UNDER PROTEST during the course of investigation is refundable?

January 25, 2022 39348 Views 10 comments Print

Whether amount paid UNDER PROTEST during the course of investigation is refundable? During the course of investigation proceedings, the Taxable Person voluntarily (GST -DRC-03) deposits some amount, primarily to buy peace with the Investigation authorities. More often than not, this amount gets blocked until the final conclusion of the Investigation is met. However, if the […]

GST on Plots? To Be or Not To Be?

January 25, 2022 5718 Views 4 comments Print

GST cannot be levied upon the land which is a property of the state and is an immovable asset. The Schedule III of CGST Act’2017 note implies that the sale of Land or Buildings is neither goods nor services.

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