Finance Minister declared a scheme namely ‘Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019’. It aimed to settle unresolved issues pertaining to pre-GST regime.
Whether the activities performed by the employees at the corporate office in the course of or in relation to employment such as accounting, other administrative and IT system maintenance for the units located in the other states i.e. distinct persons, shall be treated as supply to attract GST?
What is the interpretative rule to be applied while interpreting a tax exemption reportable provision/notification when there is an ambiguity as to its applicability with reference to the entitlement of the assessee or the rate of tax to be applied?
There can be 3 stages of an application under IBC before NCLT i.e defect, listing and admission under IBC
The test of Dispute is the sine qua non for entertaining a claim under IBC. If there is an existence of a dispute between the Operational Creditor and the Corporate Debtor then the adjudicating authority may reject the application under IB Code.
Anti-Profiteering is going to be the biggest grey area in GST. Business entities should cautiously adopt their costing failing which they will land up with unwanted litigation in future.
The change was so dynamic that it could lead to boosting the GDP of India and also result in changes in price of goods and services as well. The business transactions suddenly saw different trend altogether.
I must share certain pathetic situations of corporates which i came across while rendering ex-parte counsel opinions in last 5-6 months on certain already implemented process of GST in different organisations including anti-profiteering on regular basis.
GST is a tax known throughout the world as practical business tax. It is not a tax on income but a tax on business as settled in courts of law in various country having GST regime. Thus, it was coined to be a practical business tax.
The budget 2017, as expected has neither proposed anything specific nor has resulted any change in the existing indirect tax laws . The entire budget could however reflect a strong will to implement GST at an earliest possible date.
