"26 March 2022" Archive

Oppression & Mismanagement | Section 241-246 | Companies Act, 2013

Oppression and Mismanagement [Section 241 to Section 246] of the Companies Act Section 241 to Section 246 covers provisions relating to ‘Oppression and Mismanagement’ under the Companies Act. The briefing of all the sections is contained hereunder- Sections Briefing Section 241 Application to Tribunal for Relief in Cases of Oppression...

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Posted Under: Company Law |

All about Aadhaar PVC Card

Q.1 What are the different forms of Aadhaar and what are their features? Ans. The Unique Identification Authority of India (UIDAI) has introduced various forms of Aadhaar from time to time for the convenience of residents: Aadhaar Letter: Paper-based laminated letter with secure QR Code with Issue Date and Print Date. Aadhaar letter is s...

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Posted Under: Company Law |

Imprisonment under GST is only in cases of serious nature: FM

Imprisonment is only in cases of serious nature & not for minor mistakes or wrong entries...GST law also doesn't provide for imprisonment in cases where amount of tax evaded or ITC availed & utilised is less than threshold limit of Rs 1 cr....

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Posted Under: Company Law |

ICAI announces Automatic Conversion from Old to Revised Scheme

ICAI has decided that the students who are in Old scheme stands automatically converted in the Revised Scheme of Education and Training. All such students may make requisition for study material on demand through Central Distribution System by paying Rs.1000/-....

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Posted Under: Company Law |

Entry Tax: Section 5 & Section 6 of West Bengal Finance Act, 2017 are ultra-vires & unconstitutional

Tata Steel Ltd. Vs The State of West Bengal (West Bengal Taxation Tribunal)

Tata Steel Ltd. Vs The State of West Bengal (West Bengal Taxation Tribunal) 1. Prelude The above bunch of cases have been heard analogously. West Bengal Tax On Entry of Goods into Local Area Act. 2012 (hereinafter referred as Entry Tax Act) was introduced w.e.f 01.04.2012 in purported exercise of the power conferred under Article [&hellip...

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3 persons arrested in 2 cases related to fake availment & utilization of ITC

In one of the cases, two accused were arrested on the ground that they were found actively involved in the racket of availing and utilizing fake/ fraudulent ITC under the name and style of a firm, by misusing the identity of a Rickshaw Driver....

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Posted Under: Company Law |

Treatment of reimbursement of expense under GST

Treatment of reimbursement of expense under GST Relevant provision of the GST Act & Rules 1. Section 7(1) of CGST Act: Reimbursement is supply or not. 2. Section-15- Value of supply 3. Rule-33 of CGST Rule : Value of supply of services in case of pure agent. 4. How to show in GSTR-1 5. Sec […]...

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Posted Under: Company Law |

Applicability of GST on renting or letting out immovable property/Hotel for commercial use

Applicability of GST on renting or letting out immovable property/Hotel for commercial use under GST Relevant provision of the GST Act & Rules 1. Section 2(71) of CGST Act: Location of supplier of service not Goods 2. Section 2(85) of CGST Act: Place of Business 3. Section 22(1) of CGST Act: Person Liable for registration […]...

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Posted Under: Company Law |

Major issues of Composition dealer under section 10 of GST

Major issues of Composition dealer A. Can a composition taxpayer supply exempted goods/services? B. If a composition taxpayer supply exempted Goods/services, whether he has to pay GST on exempted supply also? C. Whether Composition tax payer paid tax under RCM is eligible to avail input tax of those tax paid under RCM? D. When a […...

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Posted Under: Company Law |

Applicability of GST on Restaurant/Canteen/Out door catering under GST

Let us take an example Canteen/Outdoor catering Services 1. ABC Pvt Ltd given a contract to Mr. Ram for supply of food in company’s canteen for providing food to employee of company, the company charging Rs.20/- per employee at concessional rate against the food cost of Rs.40/- per employee charged by Mr.Ram. now following question [&he...

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Posted Under: Company Law |

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