Earlier all companies were required to prepare its annual return in Form No. MGT-7 but not MCA specified that from Financial Year 2020-21 Every company shall file its annual return in Form No.MGT-7 except One Person Company (OPC) and Small Company. One Person Company and Small Company shall file annual return from the financial year 2020-2021 […]
There is no denying that GST was meant to be an easy law, easy to comprehend and easy to understand. With four years and plus of the GST law, we still have issues where the portal and the law don’t seem to go hand in hand. One such issue is in respect of credit notes. […]
Bacardi India (P) Ltd. vs. Commissioner State Tax (Joint Commissioner (Appeal), State Tax, Haldani); Appeal Number: 24/2020; Date of Decision: 21/11/2020 Uttarakhand GST Appellate authority sets aside penalty order under section 129 for minor error in e waybill. In the E way bill Invoice Number was mentioned instead of Bill of Entry number. Joint Commissioner […]
BRIEF BACKGROUND The decisions taken in a Company effect considerable number of peoples, their livelihood, their employment, and their wealth. The ownership of the corporation is diluted across its numerous shareholders, many of whom have no involvement with the corporation, thus the decisions are taken through Resolution, by Majority of votes. The notes on clauses […]
IEC is a business identification number issued by the Director General of Foreign Trade (DGFT) to an importer or exporter. A person cannot import or export unless he is in the possession of an IEC number. Where a person import or export of any service or technology, the IEC number shall be required only when […]
*IBBI Notification No. IBBI/2021-22/GN/REG077 Dtd. 22nd July, 2021 The Insolvency and Bankruptcy Board of India (IBBI) has notified a new set of regulations to amend the existing IBBI (Insolvency Professionals) Regulations, 2016 which shall come into force as on the date of its publication in the Official Gazette. Sr. No. Amendment Effect 1 Substitution– Regulation 5(c)(iii) (Qualification […]
*MCA Notification No. G.S.R. 503(E). & S.O. 2904(E). Dtd. 22nd July, 2021 I. Companies (Incorporation) Fifth Amendment Rules, 2021: The MCA has notified a new set of rules to amend the existing Companies (Incorporation) Rules, 2014 which shall come into force w.e.f. 1st September, 2021. The Ministry has inserted: new rule i.e., Rule 33A Allotment of a new name […]
Dear Colleagues, Good day to you. I have received queries relating to ‘Real Estate Sector’. Particularly they are asking doubts on ‘Sale of Land and Sale of Development Plot’ under GST Law. Here I wrote an article to clarify our Colleagues doubts on the above subject at my best of knowledge. Real Estate Sector is […]
GST payable at the time of transfer of possession/ rights in the building to person supplying development rights In Re: M/s. Vajra Infracorp India Private Limited [TSAAR Order No.03/2021 decided on July 19, 2021] wherein the assesee is provider of taxable services of construction of residential complexes. The assessee entered into a supplementary agreement with […]
Introduction Article 366 of the Constitution defines Goods as “Goods includes all materials, commodities and articles” and Services as “Service means anything other than goods. Goods and Service Tax (hereinafter referred as ‘GST’) is a destination based Tax which is based on the destination or consumption of the goods or services. Hence, to levy GST […]
