"15 May 2023" Archive

GST Registration Advisory on Aadhaar authentication status, e-KYC documents

C.No: DGSYS/APP/CZU/RGM0/1/2020-ADD/ JD-III 15/05/2023

GST Registration Advisory - New functionality to view Aadhaar authentication status, to view/ download e-KYC documents for new registration applications and to upload e-KYC documents in PV report-reg....

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Does non-payment of consideration really attract reversal of ITC under section 16?

Second proviso to Section 16 entails reversal of ITC on non-payment of consideration for more than 180 days. But do GST authorities really have the authority to instruct business as to what credit period they can give and what they can’t? The relevant amended provisions as on 15-May-2023 are reproduced below for quick reference: 16.R...

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Issuance of Optionally Convertible Debentures – Overview

Companies Act of 2013 introduced Optionally Convertible Debentures (OCDs) as a financial instrument for companies to raise capital. This article provides a detailed understanding of OCDs, including their features, issuance process, regulatory compliance, and their impact on companies and investors....

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One-Time Settlement Scheme for Advance and EPCG Authorization Holders

In a significant move aimed at providing relief to Advance Authorization and Export Promotion Capital Goods (EPCG) Authorization holders, the government has introduced an Amnesty Scheme for one-time settlement of default in export obligations by by Advance and EPCG authorization holders. This scheme offers a unique opportunity for exporte...

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Clarifying the Role of Company Secretaries as Trademark Agents: An Urgent Need for Clarity

In recent times, a response letter dated 05.05.2023, related to an application for registration as a Trademark Agent, has been circulating on WhatsApp. This response has raised questions regarding the eligibility of Company Secretaries to act as Trademark Agents. The letter suggests that the Company Secretaries Act, 1980, does not list th...

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Enhancing Governance & Risk Management: Crucial Role of Internal Audit

Internal audit is a critical function of any organization, providing independent and objective assurance on the effectiveness of an organization’s risk management, control, and governance processes. It is a crucial component of corporate governance, ensuring that an organization’s operations are conducted in compliance with ap...

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Tax on Winnings from Online Gaming Platforms like Dream11 & Rummy Circle

Introduction Online gaming platforms have gained significant popularity in recent years, offering individuals the opportunity to engage in various games and potentially win cash prizes. One such platform is Dream11, which allows users to participate in fantasy sports and compete for winnings based on virtual team performances. However, th...

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Approach of Finance & Banking Companies: Unilaterally Appointment of Arbitrators

High Court of Calcutta has made a significant pronouncement on the practice of banking and financial institutions unilaterally appointing arbitrators. The court has deprecated this practice and refused to enforce an award that was passed by a unilaterally appointed arbitrator....

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Who should file Income Tax Return (ITR)?

Filing an Income Tax Return (ITR) is an important annual obligation for individuals in India. It helps in reporting and assessing their income, ensuring compliance with tax laws, and determining the tax liability or refunds owed to them. However, it is essential to understand who is required to file an ITR, as the criteria vary […]...

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Payment of Remunaration to directors and Its GST impact

1. There will be three types of payment to the Directors by a company. A. As Salary [Employer and Employee Relation] (TDS u/s 192) B. As Remuneration to the director (TDS us/ 194J) C. As a Professional fee for the service rendered in a professional capacity. 2. Compulsory Registration under GST[ Section 24] As per […]...

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May 2023