"17 September 2022" Archive

GST Council Newsletter for the month of August, 2022

GST Revenue collection for August, 2022 ₹1,43,612 crore gross GST revenue collected in the month of August, 2022 The gross GST revenue collected in the month of August, 2022 is ₹1,43,612 crore of which CGST is ₹24,710 crore, SGST is ₹30,951 crore, IGST is ₹77,782 crore (including ₹ 42,067 crore collected on import of goods) [&...

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Lump sum payment under Maharashtra Settlement Act 2022

Requirement of statutory order to settle return dues under payment of lump sum amount option under Maharashtra Settlement of Arrears of Tax, Interest and Penalty act 2022. In this article issue, whether return dues eligible for payment of lump sum amount option under Maharashtra Settlement of Arrears of Tax, Interest and Penalty act 2022 ...

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Washout Charges or Liquidated Damages in GST

It’s discretionary upon the both parties of the contract to settle / close / washout the unexecuted contract at the rate fixed by it. In this regard, on mutual agreement, the rates which contracts settles is usually the market rate....

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Analysis of amendment to Definition of Small Company u/s 2(85) & Key Considerations

The MCA vide its Notification No. G.S.R. 700(E) Dated 15th September, 2022 has yet again revised the definition of Small Company [Section 2(85) of The Companies Act, 2013]. Accordingly, the definition of Small Company under section 2(85) shall be read as under: Small Company means a company, other than a public company— paid-up share...

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National Logistics Policy- a new initiative in India

What is Logistics? Logistics is generally the detailed organization and implementation of a complex operation. In a general business sense, logistics is the management of the flow of things between the point of origin and the point of consumption to meet the requirements of customers or corporations. The resources managed in logistics ma...

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Conceptual View on Companies Act, 2013

Companies Act, 2013 is a landmark legislation with a far reaching impact on all companies incorporated in India. The act is more outward looking and has been developed with a motive to keep in align with the international requirements. It is expected to set the tone for a more modern legislation which enables growth and prospects in the c...

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Historical Regime of Company Legislation in India

Company Legislation in India started with the Joint Stock Companies Act, 1850 which was based on the  England Corporate Law, 1844. The act provided for the incorporation of the Company without  obtaining a Royal Charter or Sanction by a Special Act of Parliament....

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Air transport service is not sale as there is no actual transfer or possession of Aircraft

Indian Metals & Ferro Alloys Ltd Vs State of Orissa (Orissa High Court)

Held that as there is no actual transfer of the possession of the aircraft in question to the user of the aircraft, rendering of the Air Transport Services by the Assessee will not tantamount to Sale as envisaged by Section 2(g)(iv) of the OST Act....

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Once identity & creditworthiness of investors is established addition u/s 68 unsustainable

ACIT Vs Sri K V Madhava Verma (ITAT Visakhapatnam)

Held that as identity and creditworthiness of the investors is established, merely because of delay in transferring of the shares to the prospective investors, the amount cannot be treated as unexplained investment u/s 68....

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Registration of premises not prerequisite for claiming refund u/r 5 of CCR, 2004

Selling Simplified India Private Limited Vs Commissioner of CGST (CESTAT Delhi)

Held that service provider is entitled for refund under rule 5 of Cenvat Credit Rules, 2004 when output service is exported. The said rule 5 doesn’t stipulate registration of premises as a necessary prerequisite for claiming a refund....

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September 2022