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Archive: 23 August 2023

Posts in 23 August 2023

GST Appeal Rejection under Section 107 for non-submission of Physical Copy of Order

August 23, 2023 3843 Views 0 comment Print

Examine whether an appeal under Section 107 can be rejected based on non-submission of physical order, considering Rule 108 amendments and recent court verdicts.

SOP for making application for re-computation of total income for sugar factories

August 23, 2023 1164 Views 0 comment Print

Guide to the SOP for re-computing total income for sugar factories post amendments to the Income Tax Act 1961. Key steps and timeline for application.

Rule 88D: Bridging ITC Discrepancies Between GSTR-3B and GSTR-2B

August 23, 2023 2814 Views 0 comment Print

Delve into the new Rule 88D of CGST Rules addressing ITC disparities between GSTR-3B and GSTR-2B. Explore its evolution, implications, and impact on GST compliance.

Understanding Social Stock Exchange: Key Features & Criteria

August 23, 2023 1212 Views 0 comment Print

Dive into nuances of Social Stock Exchange (SSE), its role, impact, and prerequisites for non-profit organizations to register. Introduction: In recent times, a unique paradigm shift in stock exchanges has taken form – the emergence of the Social Stock Exchange (SSE). In June 2020, the Securities and Exchange Board of India put forth a pivotal recommendation, paving the way for non-profit organizations to gain more visibility and resources. Especially against the backdrop of the economic turmoil caused by the COVID-19 pandemic, understanding the SSE becomes crucial. Understanding the Social Stock Exchange (SSE): 1. Defining SSE: The Social Stock Exchange is not just another segment of conventional stock exchanges. It’s a dedicated platform that aids Social Enterprises in gathering funds from the public using well-established stock exchange mechanisms. 2. The Role of SSE: SSE stands as a bridge connecting Social Enterprises with potential fund providers. The uniqueness lies in its emphasis on measurable social impact. Enterprises registered here are committed to creating, tracking, and reporting the tangible social differences they’re making. 3. Type of Entities on SSE: The SSE is versatile. Whether you’re a Not-For-Profit Organization or a For-Profit Social Enterprise, you can leverage this platform to raise funds. However, the primary intent should always be social betterment, regardless of the profit orientation. 4. Key Features of SSE: The core strength of SSE lies in its mission to simplify, diversify, and bolster the growth of social enterprises. By acting as a hub for social financing, it brings together social enterprises, philanthropists, and investors, streamlining the process of impact investment. Eligibility Criteria for Listing on SSE: 1. Core Social Intent: The enterprise should have a clear focus on creating a social impact. It should align with the 17 Social Development Goals (SDG) and could involve products, services, research, or even governance. 2. Target Audience: Social enterprises should primarily aim at serving underserved or underprivileged populations. The areas or regions they serve should ideally be ones lagging in developmental indicators. Mandatory Pre-requisites for NPOs: 1. Legal Framework: An NPO must be registered as such and should hold valid certifications under Sections 12A/12AA/12AB of the Income Tax Act 1961. 2. Tax Benefits: Valid 80G registration is crucial, signaling that donations to the NPO can avail tax deductions. 3. Track Record: The NPO should have been in operation for at least three years. 4. Financial Health: In the preceding financial year, the NPO should have had an annual spending of a minimum of Rs. 50 lakhs and funding of at least Rs. 10 lakhs. Conclusion: The introduction of the Social Stock Exchange marks a revolutionary step towards integrating social good with financial mechanisms. By offering a regulated platform for social enterprises and NPOs, it promises not only to amplify their reach but also ensure that their endeavors create a sustainable and measurable social impact. As the world grapples with socio-economic challenges, such initiatives pave the way for a more inclusive and empathetic future.

Employee Right to Vent in WhatsApp Group Not Misconduct: Madras HC

August 23, 2023 9150 Views 0 comment Print

Madras High Court upholds employees’ right to express critical views in private WhatsApp groups. Learn about case A. Lakshminarayanan vs Assistant General Manager and its implications

SEBI Consultation: Recognising Corporate Bodies for Research Analyst Supervision

August 23, 2023 549 Views 0 comment Print

SEBI seeks public input on recognizing a body corporate for supervising Research Analysts. Learn about the proposal, background, and how to provide comments

CBI Nabs CGST Superintendent in Bribery Case

August 23, 2023 1278 Views 0 comment Print

CBI has detained a Superintendent from CGST, Bhiwandi Commissionerate, Mumbai on charges of bribery. Arrest was made following officer’s alleged acceptance of bribe.

Understanding Rule 88D of CGST Rules: ITC Mismatch Between GSTR-2B & GSTR-3B

August 23, 2023 9156 Views 2 comments Print

A comprehensive guide to CGST Rule 88D which deals with discrepancies in Input Tax Credit (ITC) between GSTR-2B and GSTR-3B returns, and implications of DRC-01C intimation.

Condonation of Delay in LLP Forms Filing: MCA Circular 08/2023

August 23, 2023 8790 Views 1 comment Print

Understand MCA’s one-time relaxation on delays in filing of Form-3, Form-4, and Form-11. LLPs can update their filings without additional fees. Details inside.

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August 2023