Mr. Paresh, is an NRI who is of the opinion that the Indian Financial system is very weak and requires a lot of reforms. After returning to India, he noticed that India runs on Chai (Unlike the country from where he comes from which runs on other drinks) and enters a tea shop to have […]
Before analyzing the 34th GST Council meeting decisions, let us look at the key decisions of the 33rd GST Council meeting. The 33rd GST Council meeting held on 24th February 2019 proposed the rates of tax for the Construction sector being: 1. 5% without ITC on residential properties outside affordable segment 2. 1% without ITC […]
On 7th March 2019, the Central Board of Indirect Taxes & Customs, issued three notifications bringing into effect the decisions taken by the GST Council in view of ease of doing business. Let us analyse these notifications: Notification No. 10/2019 DATED 07th March 2019 This notification is a landmark notification seeking to increase the threshold […]
After the inconclusive meeting through a Video Conferencing, the Arun Jaitely led GST Council concluded with few take-away for the end consumer. Let us analyse the decisions: GST rate: GST shall be levied at effective GST rate of 5% without ITC on residential properties outside affordable segment; GST shall be levied at effective GST of […]
With the onset of the IND AS in the Corporate world and the tightening screws of the Ministry of Corporate Affairs, ICAI has come up with a series of Exposure Drafts to revamp the Accounting Standards that were erstwhile issued. This move is to ensure that the older accounting standards are in line with IND […]
To create a PE, one has to pass the three tests of: permanency, a fixed place and disposal. All the three tests are satisfied and hence MIPs act as PE of the applicant. We hold that significant activities relating to clearance and settlement take place in India. Detailed analysis of Galileo judgement and application of the rationale held in Galileo case to the present case. Automatic equipment like server can also create PE and there is no requirement of human intervention. MasterCard network also creates a PE of the applicant in India.
