It is a common sight of small investors, who are new to the stock market, trying their so-called luck, squandering money, getting dejected and forever staying out of the market. For those who are interested in the stock market, but have not been able to make their way through it due to inexperience or misinformation, […]
The issue of transfer of closing balance of credit through TRAN 1 from erstwhile regime to GST regime refuses to settle down even after three years of implementation of GST. While the GST Act and Rules created confusion on what can or cannot be transferred, the GST system failed to provide the critical technical support […]
GST implementation in India piloted various new concepts of indirect taxation. The cause for the levy of indirect taxes shifted from the concept of manufacturing, service and sales to the concept of ‘supply’. The indirect tax system itself transitioned from an origin-based taxation to a largely destination / consumption-based taxation system. An important change under […]
The Hon’ble High Court of Gujarat in a recent decision has held that GSTR 3B is not a return in terms of Section 39 of the CGST Act, 2017 (‘Act’). Judgment was given in the case of AAP And Co. Vs Union of India (Gujarat High Court). In relation to a writ petition filed against […]
Interest, in common parlance, is understood to be the cost of borrowing money. Alternatively, it is a compensation paid to the lender who could have benefited in value had he not parted with the money. In simple terms, interest is payable only when there is a loss of commercial opportunity of usage of funds. The […]
‘Taxes should not be exported’. The commerce and finance ministry have applied this principle consistently over the decades to ensure that the products manufactured in India and the services exported from India are competitive in the global market. The export incentive schemes of drawback or refund or rebate have been designed with the objective to […]