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MSME-I & Assessment of applicability of Notification No. S.O. 368(E) dated 22.01.2019

July 15, 2020 7398 Views 0 comment Print

MSME-I and Assessment of applicability of Notification S.O. 368(E) dated 22nd January, 2019 In exercise of powers conferred by Section 9 of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, the Ministry of Micro, Small and Medium Enterprises had vide Notification Dated 2nd November, 2018 directed all companies who get supplies of goods and services from micro […]

Merger of Partnership Firm with Company through scheme of Merger/Amalgamation

July 14, 2020 25761 Views 0 comment Print

The following question arose for consideration before Ahemdabad Bench of National Company Law Tribunal (NCLT), in a recent case Kediya Ceramics [IA No. 254/NCLT/AHM/2017 in CA(CAA) No. 95/NCLT/AHM/2017]  Whether a registered partnership firm, being a body corporate, can be treated as a company for the purpose of section 230-232 of the Companies Act, 2013? Hon’ble […]

Dispute Informed or Raised or Filed After issuance of Notice U/s. 8(1) of IBC, 2016

July 12, 2020 5400 Views 0 comment Print

Dispute Informed or Raised or Filed After Issuance of Notice U/S 8(1) of Insolvency and Bankruptcy Code, 2016.  FIRST CASE- NO PRE-EXISTING DISPUTE, IF THE SAME WAS INFORMED AFTER ISSUANCE OF NOTICE U/S 8(1).  [In the matter of M/s. Next Education India Pvt. Ltd. Vs. M/s. K12 Techno Services Pvt. Ltd. before NCLAT, NEW DELHI, […]

Disclosure requirements regarding MSME dues under MSMED Act, 2006

July 11, 2020 51447 Views 4 comments Print

The MSME Development Act, 2006 (‘MSMED Act’) strengthens the provisions relating to delayed payments to the Micro, Small and Medium Enterprises (‘MSME’) by specifying the maximum credit period and higher penal interest if delayed beyond that period. If there is a delay in payment, companies will have to mention the reason for such delay in […]

Commencement of Business (INC-20A) and CFSS-2020

July 10, 2020 12018 Views 0 comment Print

Commencement of Business (INC-20A) and Companies Fresh Start Scheme, 2020 (‘CFSS-2020’) The concept of Certificate of ‘Commencement of Business’(COB) were earlier provided under Section 149 of the Companies Act, 1956 (Erstwhile Act). The provisions were only applicable to newly incorporated public companies having share capital. It was also introduced by the Companies Act, 2013 (“the […]

E-form Active (INC-22A) and CFSS-2020

July 9, 2020 16404 Views 1 comment Print

E-form Active (INC-22A) and Companies Fresh Start Scheme, 2020 (‘CFSS-2020’) On November 2, 2018, the Government of India has announced various new amendments to the Companies Act, 2013 (‘Principal Act’). These amendments were a continuation of a number of steps the Government of India has taken in the past couple of years, to strengthen the […]

End of Litigation of GST on Directors’ Salary

July 8, 2020 2445 Views 0 comment Print

END OF LITIGATION OF GST ON DIRECTORS’ SALARY [CIRCULAR NO. 140/2020 DATED 10.06.2020]  You are aware that the matter regarding applicability of GST on Director remuneration paid to full time / executive Directors has been subject to different interpretations in various ruling of AAR. Till date, there has been a lot of anxiety and confusion […]

Time period to pass GST refund order extended | section 54(7) | CGST Act 2017

July 7, 2020 4128 Views 0 comment Print

CBIC extends the time period to pass refund order under section 54(7) of CGST Act- Notification No. 46/2020-central tax dated 09th June, 2020 [The said Notification shall come into force w.e.f. 20th day of March, 2020]  Refund Order under GST As you are aware that Section 54(5) of CGST Act, 2017 provides that- “If, on […]

Gujarat AAR Ruling on Interest – Whether A Risk On Personal Capacity?

July 6, 2020 2415 Views 0 comment Print

The recent ruling could potentially put individuals into jeopardy with no clear distinction between personal and business purpose outlined by the authorities. This ruling can bother many interest earners like retired person (who will required to take GST Registration as per this Ruling) as it has not distinguished between interest earnings in the individual capacity and in the business capacity.

GST Applicable on Sale of Plot of Land with Amenities- GAAR

July 5, 2020 5196 Views 0 comment Print

[ADVANCE RULING NO. GUJ/GAAR/R/2020/11 dated 19.05.2020] It has come into knowledge that an Application under Section 97(2) of CGST Act, 2017 was filed on 18.08.2018 by one Shree Dipesh Anilkumar Naik, an unregistered person, before The Gujarat Authority for Advance Rulings (GAAR). The applicant has seeking an advance ruling in respect of the following question: […]

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