In case of newly incorporated company, situation may occur when subscribers to the Memorandum of Association (‘MOA’) fails to pay subscription money as agreed by them in MOA. Earlier there was no time limit prescribed in the Companies Act, 2013 (the Principal Act) for depositing the subscription money by the subscribers to the Company. The […]
It is submitted that for the purpose of passing an order of provisional attachment under Section 83 of the Act, the pendency of the proceedings under Section 62 or Section 63 or Section 64 or Section 67 or Section 73 or Section 74 is a must. In the absence of any such pending proceeding, there cannot be any order of provisional attachment under Section 83 of the CGST Act, 2017.
The DB of Gujarat High Court in M/s. Valerius Industries Limited vs Union of India on 28th August, 2019 observed that it is only the opinion of the Commissioner which is condition precedent for taking action under Section 83 of the CGST Act, 2017 for provisional attachment of any property. However, any exercise of powers by any other officer (other than Commissioner) shall be in violation of the mandate of Section 83 and consequently, the provisional attachment shall be illegal.
[Ref: In the matter of M/s. Bindal Smelting Private Limited vs Additional Director General on 20 December, 2019 before DB of Punjab & Haryana High Court] In In the matter of M/s. Bindal Smelting Private Limited vs Additional Director General on 20 December, 2019 the DB of Punjab & Haryana High Court directed that the power should be exercised only to protect interest […]
In order to protect the ‘interests of the revenue’ during the ‘pendency of any proceedings’, the Government has the power to provisionally attach the properties of any taxpayer. It is stated that any litigation under GST law might take a considerable amount of time and potentially delay the earning of revenue by the Government. Moreover, […]
[Ref: Notification No. 94/2020-Central Tax dated 22nd December, 2020] We all are aware that recently, in exercise of the powers conferred by Section 164 of the Central Goods and Services Tax Act, 2017 (CGST Act, 2017), the Central Government, on the recommendations of the Council, has issued a Notification No. 94/2020-Central Tax dated 22nd December, […]
1. Changes in Rule 36(4) of CGST Rules, 2017 from 1st January, 2020- recipients can claim provisional Input Tax Credit (“ITC”) in GSTR-3B to the extent of 10% instead of earlier 20% of the total ITC available in GSTR-2B for the month; 2. Insertion of new Rule 86A providing conditions of use of amount available in electronic credit ledger.
1. GST registration can be cancelled or suspended under CGST Rules, 2017 21A at the discretion of the tax officer in certain cases; 2. Changes in Rule 36(4) of CGST Rules, 2017 from 1st January, 2021- recipients can claim provisional Input Tax Credit (ITC) in GSTR-3B to the extent of 5% instead of earlier 10% of the total ITC available in GSTR-2B for the month;
The Board is the primary management body of any company and having a fiduciary duty to the company. It is expected from the Board to act in good faith and to promote the best interests of all the stakeholders. Directors are exposed to liabilities as a consequence of a breach of their duties. Liabilities may […]
The valid question which comes into the mind of every person who is required to file Income Tax Return (‘ITR’) as per Income Tax Act, 1961 (‘the IT Act’), is ‘whether can a person file his ITR again which has been originally filed by that person with some mistakes or omission’. As a human being […]
