1. Objective: To provide rewards to exporters to offset infrastructural inefficiencies and associated cost. Also to encourage and maximize export of notified services from India. 2. Eligibility: A. Service provider located in India shall be rewarded under SEIS. If he provides: a) Supply of services from India to any other country or; b) Supply of […]
Chapter overview: Section 7 (1) Meaning and Scope of supply Section 7 (1) (a): Both Business and Consideration > Any Supply of goods or services or both made or agreed to be made by a registered taxable person such as: > Barter, Exchange, Lease, Transfer, Disposal, Sale, Licence, Rental (BELT DSLR) > for a consideration, […]
Charges under CGST is covered under Section 9 (1) & 9 (2) of CGST Act, 2017 while Charges under IGST Falls under Section 5 (1) & 5 (2) of IGST Act, 2017. CGST IGST Levy and collection under section > A taxable person shall pay CGST on any intra-state supply of goods/services or […]
Valuation of shares under Net Asset Method (Guidelines issued by the ICAI) Valuation of shares: Formula to calculate the Value per share under Net Asset method is as follows: (Total Assets – Liabilities – Preference shareholders) ÷ Total No. of outstanding Equity shares A) Net Assets: All asset should be valued at market value. Points […]
Brief Background Tour Operator (hereinafter referred as Service Provider) provides services to the ultimate consumers (Recipient) through various counterparts such as the Airline companies, local taxi operators, hotel, embassy issuing visas and many other services. The major sources of Income for Tour Operators are: 1. Domestic/ International Hotel Bookings 2. Air Ticket & Commission from […]
(LLP Act, 2008) A. Introduction: Any Limited Liability Partnership (LLP) registered under the act Limited Liability Partnership Act, 2008 may change its name any time during its active status with the approval of register. B. The circumstance under which LLP could change its name: Section of LLP Act, 2008 Circumstance 17 The directions from Central Government […]
Corporate Social Responsibility (CSR) is a concept whereby organizations consider the interest of society by taking responsibility for the impact of their activities on customers, suppliers, employees, shareholders, communities, and other stakeholders as well as the environment. Nowadays’ companies adopt CSR for various benefits like: 1) Securing strong relationship with stakeholders, 2) To increase attractiveness […]
Specified Financial Transactions and Reportable Accounts A. Section 285 BA: Obligation to furnish statement of financial transaction or reportable account: Sub – Section Section 285BA 1 Specified Person shall furnish a statement in respect of such specified financial transaction or such reportable account which is registered or recorded or maintained by him and information […]
Section 34 of CGST Act, 2017 read with Rule 53 1) Relevant terms: A. Section 2(41): Document includes written or printed record of any sort and electronic record (B). B. As per clause (t) of section 2 of the Information Technology Act, 2000: “Electronic record” means data, record or data generated, image or sound stored, […]
Article explains When Taxpayer is Liable to pay GST, Time of Supply under Forward Charge, Time of Supply when GST is payable under Reverse Charge basis under section 9(3) and 9(4), Time of Supply in case of issue of Voucher, Time of Supply in case of issue of Residual Case and Time of Supply when […]
