GENERAL PROVISIONS ON BOARD MEETING: (i) Ensure that company must hold at least 4 meetings of its board of directors every year; (ii) Ensure that not more than 120 days lapsed between two consecutive meetings of the board; (iii) Ensure that a notice in writing must be given to every director at least seven days before the date of meeting; (iv) Ensure that if a meeting was called at a shorter notice then at least one independent director must present at that meeting; (v) Ensure that company must comply with applicable procedure, for convening and conducting meeting through video conferencing or other audio-visual means;
GST ON ROYALTY PAID FOR MINING OPERATIONS: 1. What is Royalty? Royalty in law means payment made to the owner of certain types of rights by those who are permitted by the owners to exercise such rights. The rights concerned, for example, are – literary, copyright, patent etc. and include rights in mineral deposits. Although […]
Distillers Wet Grain Solubles (DWGS), which is sold as Cattle Feed, is a kind of brewing or distilling dregs & waste. It is classified under Tariff Entry 2303 of GST Tariff & taxable @5% (2.5%+2.5%)
As we see now a days, so many companies are getting incorporated successfully with different objectives in the form of Public, Private or any other identity as per the provisions of Companies Act, 2013 & via Several other applicable laws. Eventually even after incorporation, a number of compliances has to be done by the Company […]
You will be very surprised to know that India is the 14th largest exporter of goods and services in the world. According to a recent report by the HSBC. India will be among the top 5 exporters by 2030. In last few years the Government of India is aggressively promoting the initiative of “Make in […]
A subsidiary should be excluded from consolidation when: 1. control is intended to be temporary because the subsidiary is acquired and held exclusively with a view to its subsequent disposal in the near future; or 2. it operates under severe long-term restrictions which significantly impair its ability to transfer funds to the parent.
All About Small Company The concept of small companies in India is relatively new. It was introduced by the Companies Act 2013 to support better facilitation of small businesses. Small Company – A private company is classified into a small company based on its size, i.e., paid-up share capital and turnover. In other words,such companies may be called […]
It is often seen that ITR is a confusing concept. To begin with, ITR is an abbreviation for Income Tax Return. It is a form that an employee files for information about his/her income and tax. Every citizen in India is liable to pay a specific amount of tax. State and federal governments have amended […]
Takeaway from 45th GST Council meeting (Ice-cream parlours supplying manufactured ice creams) Recently in the 45th GST council meeting, it has been recommended that “Ice-cream parlours supplying manufactured ice-creams will be taxed @ 18% GST”. Further, the Circular issued pursuant to the above meeting clarified that where ice cream parlours sell already manufactured ice cream and […]
Maharashtra Authority for Advance Ruling (MAAR) held that in a case where imported goods are sold and delivered directly from Container Freight Station (CFS) / Direct Port Delivery (DPD) to a state different from the state where assessee is registered, the assessee need not take a separate registration in that state.
