Mechanisms are in place to deter wilful defaulters, curb incidence of wilful defaults, and effect recovery from wilful defaulters. These include, inter-alia, the following: 1. PSBs have been asked to examine all accounts exceeding Rs. 50 crore, if classified as Non-Performing Asset (NPA), from the angle of possible fraud and to immediately initiate examination of the issue of wilful default once a fraud is reported.
The Mauritius Leaks have once again revealed the devastating impact of tax avoidance. ICRICT calls for multilateral accord to overhaul the international tax system, the end of tax havens, the adoption of a minimum global tax and the creation of a Global Asset Registry
Here we have compiled List of CGST Circulars on GST Refund Claims- Issued till 22nd July 2019 since Implementation of GST from 1st July 2017. Article contains, Relevant Circular No., Date of Issue of the Circular and Brief about the contents of the Circular. Circular No. Date Subject Circular No. 2/2/2017-GST 04-07-2017 Issues related to […]
These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) (Amendment) Regulations, 2019. They shall come into force on the date of their publication in the Official Gazette.
These regulations may be called the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2019.
GST on monthly subscription/contribution charged by a Residential Welfare Association from its members A number of issues have been raised regarding the GST payable on the amount charged by a Residential Welfare Association for providing services and goods for the common use of its members in a housing society or a residential complex. The same […]
Article explains How to download and extract an ITR excel utility, How to download and import the prefilled XML to prefill all the personal and tax details to the ITR excel utility, How to import tax details from the previous version of the excel utility and what to do if your are getting ‘invalid XML’ […]
Several goods are taken out of India on consignment basis for exhibitions or other export promotion events. These goods are sold only when approved by the prospective customers abroad. The unsold goods are then brought back to India. This is a widespread practice in various sectors, including the gems and jewellery industry.
Maharashtra Value Added Tax (Second Amendment) Rules, 2019.- The period, within which the details of the current bank account shall be submitted, for the purpose of clause (c) of second proviso to sub-section (6) of section 16 shall be,— (a) six months from the due date of his return for the period starting on the 1st April 2019, in case of a dealer, who has obtained registration during the period starting on or after the 1st April 2018 to the 31st March 2019,
C.M.S. Info Systems Ltd. Vs Commissioner, CGST, Mumbai East & Ors. (Bombay High Court) We find that the fundamental submission of the petitioner before the AARA was the fact that money would stand covered by the definition of ‘goods’ under Section 2(52) of the GST Act so long as the same is not used as […]
