In the instant case there are two activities involved, viz: development of land and sale of plots. The transaction relating to the sale of land is not a supply of either goods or service under GST (entry 5 of Schedule III of the CGST Act refers).
Whole of the world is experiencing entirely unprecedented situation wherein almost all the businesses have been shut or were shut. The world practically has come to a standstill wherein Economic cycle has touched its bottom but to rise from the bottom, there has to be some stimulus from the governments. Various business organisations are giving astronomical figures to be considered as business losses suffered by various economies.
The objective of this paper is to provide a conceptual Corporate Governance perspective to the Board Reporting Framework – Post COVID 19 which will serve as an internal document from the managements mirroring the renaissance of the related entity.
a. All States/UTs should designate nodal authorities and develop standard protocols for receiving and sending such stranded persons. The nodal authorities shall also register the stranded persons within their States/UTs. . In case a group of stranded persons wish to move between one State/ UT and another State/UT, the sending and receiving States may consult each other and mutually agree to the movement by road.
SEBI has from time to time, taken steps to simplify the process of KYC for investors and intermediaries. SEBI has allowed the use of technological innovations which can facilitate online KYC. The use of technology would facilitate the investors to complete the KYC without the requirement of physically visiting the office of the intermediary.
First major litigation before various courts across the country in GST era was pertaining to the transitional credit where the assessees were not able to file TRAN-1/ TRAN-2 within the requisite time. Whereas Government being already short of revenue was adamant on recovering some undue amount from the dealers, the assessees could not let go an amount which was available with them under the pre GST era, especially keeping in the view the fact there were many teething problems with the GST Network which was the only option for using the accrued credit. Also the fact that in some cases the amount involved was huge.
After the amendment legal position related to equalisation levy has changed drastically. Now, the non-resident e-commerce operators are required to withhold at the rate of 2% of the gross amount received/receivable in lieu of e-commerce supply and service.
The DGGI Delhi Zonal unit has booked an important case involving non-payment of IGST on free-of-cost import of software by a major software company whose sister company is based abroad and recovered the entire duty amount of Rs 22.68 crore for the period July, 2017 to March, 2020.
It has also been decided that, non-achievement of PSL targets will not be included as one of the criteria for classifying a UCB as Financially Sound and Well Managed (FSWM) with effect from March 31, 2021. However, it will continue to be taken into account while granting regulatory clearances/approvals for various purposes.
Two major reforms for reduction in Physical Interface and enhancing Ease of Doing Business Electronic Transmission of Out of Charge copy of Bill of Entry (eOoC) Electronic Transmission of E- Gate pass (eGatepass) *This presentation is only for training purposes – For details please refer to CBIC Circular No. 19/2020-Cus dated 13.04.2020and ICES advisory communicated […]
