In one of the recent Advance Rulings, the Authority for Advance Rulings, Andhra Pradesh, has opined that GST will be levied on supply of food and accommodation services for coaching services and no exemption is available to such services. [In Re: Master Minds (2020) 7 TMI 348; (2020) 117 taxmann.com 824 (AAR, Andhra Pradesh)]. In […]
Indian economy has started picking up, if GST revenue for October, 2020 is any indication. Finance Minister has also signaled that economy has started growing and India may be among the fastest growing ones by text year. Government has already prioritized spending in infrastructure sector. Revival of demand and consumption; focus on sectors like infrastructure, […]
It is a proven fact that anti-profiteering provisions actually work and section 171 of the CGST Act, 2017 provides protection to the customers against illegal, inappropriate and excessive profiteering resorted by suppliers of goods and services. It becomes quite clear when rates are not reduced at all or commensurate with reduction in GST rates. The […]
World Bank has now signaled that Indian economy may contract 9.6% in Financial Year 2020-21. It says that Indian economy was already slowing before the pandemic and its situation is worse than before. There had been a 33% rise in poverty. India’s growth is projected to rebound to 5.4% in Financial Year 2022. However, new […]
On GST compensation option to states, about 20 states have reverted and all these states want Option-1 to borrow Rs. 97,000 crore without the obligation paying interest and principal back. Next GST Council meeting on 5th October shall take this forward. CAG report recently disclosed that for 2018-19, out of the Rs. 2.7 lakh crore […]
E-invoicing is going to commence from 1st October, 2020 but now various industry bodies including MNC’s have sought its deferment at least till January, 2021 for want of proper preparedness , i.e. to develop requisites technical capabilities and festive season ahead.
The Covid hit life and economy continues and all of us are becoming used to it and both co-live together. The economy is still weak and looking at various options on how to recover and move forward. Presently in India, local lockdowns are in force depending upon local situation as nationwide lockdown is not considered […]
Under the GST regime, assessees are required to obtain registration under the GST law based on their aggregate turnover. There is a threshold exemption provided to all taxpayers (suppliers of goods and services). If the aggregate turnover exceeds such threshold limit, registration under GST is mandatory. Controversy over what to be included in aggregate turnover […]
The importance of corporate governance in banks can not be undermined and is paramount in larger interests of shareholders, depositors and economy as a whole. Indian banking is today at cross roads facing challenges such as mounting non-performing advances (NPAs) failure of risk management triggers, ethical vacuum at top management and lack of governance, performance […]
In India, hand sanitizers are manufactured in the form of liquid, gel or foam and its demand has shot up during recent times. Many Sugar Mills and distilleries are also engaged in manufacturing/supplying alcohol-based hand sanitizers. In India many liquor manufacturing companies and distilleries have commenced manufacturing of sanitizers amid huge demand post Covid-2019. The […]
