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

July 5, 2020 5220 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: […]

DIR-3-KYC due date for financial year ending 31st March 2020

July 4, 2020 77358 Views 1 comment Print

First time in Companies Act, 2013 and rules thereto, the concept of Director KYC was introduced in the year 2018. The Ministry of Corporate Affairs (‘MCA’) vide its Notification No. 615(E) Dated July 05, 2018 has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 as the Companies (Appointment and Qualification of Directors) Fourth […]

Recommendations of Insolvency Law Committee & subsequent Notifications & IBC (Amendment) Ordinance, 2020

July 4, 2020 1563 Views 0 comment Print

Recommendations of Insolvency Law Committee and subsequent Notifications and The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 All are aware that the Insolvency Law Committee (“Committee”), in third report dated 20th February, 2020 recommended certain amendments in the IBC Code mentioning the object of the amendments. The Committee’s recommendation for said amendment was for smoother […]

Due date of filing of MSME-I in the year 2020-21 and Test of immunity from prosecution for delay filing

July 3, 2020 46758 Views 3 comments Print

You are well aware that the companies are required to make certain disclosures pertaining to the vendors registered under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. However, we would like to marmorise flashback of changes made in the MSMED Act and requirement of Form MSME-I. In exercise of powers conferred by Section […]

Whether GST applies to Slump Sale?

July 3, 2020 23259 Views 1 comment Print

Schedule II of the CGST Act talks about activities or transactions to be treated either as a supply of good or supply of service. There are some certain activities or transaction which led to confusion whether they are supply of goods or supply of service. The matters listed out in Schedule II are primarily those […]

Validity period of an Ordinance – Whether 6 Months or 6 Weeks?

July 2, 2020 43878 Views 0 comment Print

The Government issue various ordinances which become the law for time being in force. However, there is, mostly, confusion in the mind that for what time the ordinance will remain in force. Whether it will remain in force for six weeks or six months.? Now, in this Article, we will discuss the Ordinance making power […]

New criteria for classification of Micro, Small and Medium Enterprises

July 2, 2020 144798 Views 2 comments Print

New criteria for classification of Micro, Small and Medium Enterprises – GAZETTE NOTIFICATION – 26th June, 2020 The Government has always been in favor of providing benefits to Micro, Small and Medium Enterprises (MSMEs). There are many benefits of MSME registration in India, which can be only availed if the business had registered itself as […]

Due Date of Filing Form DPT-3 for Financial Year 2019-20

July 1, 2020 106197 Views 3 comments Print

DPT–3 form is the statement return which is required to be filed by every company other than a Government Company and a class of company specify, which has accepted deposits under section 73 of the Companies Act, 2013 (‘Act’) and rules made thereunder. Generally, every amount accepted from public (including members) is treated as public […]

Valuation of Unquoted Equity Shares Under Income Tax

June 30, 2020 193281 Views 3 comments Print

[IN CASE OF ISSUE AND TRANSFER OF SHARES] When an owner of Unquoted equity shares(“Shares”) in a Company transfers the shares to any person, he is required to pay Capital Gain tax on the difference between the sale consideration received by him and the cost of acquisition of such shares (or the inflation indexed cost, […]

Scheme of Time Relaxation in Case of Filing of Charge Forms Under Companies Act, 2013

June 29, 2020 3126 Views 0 comment Print

[MCA General Circular No. 23/2020 dated 17 June, 2020] You are well aware that Ministry of Corporate Affairs (MCA), vide General Circular No. 12/2020, dated 30/03/2020, has come out with a Companies Fresh Start Scheme, 2020 forproviding relaxation in time for several forms. However, the benefit of waiver of additional fees, under the Companies Fresh […]

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