GST being a new and evolutionary concept comprises of many grey areas which require discussion for its effective implementation. This article has been drafted with intent to provide the readers an insight of Schedule-I of GST Act read with section 7 and judicial precedents. Schedule I deals with certain activities which are treated as supply […]
PAYMENT OF TAX IN INSTALLMENT UNDER SECTION 80 OF GST ACT 2017 Introduction. Taxable person is required to make payment of tax and other amount within three month from the date of receipt of order under GST act. Where such person fail to pay amount Proper officer initiate recovery proceeding u/s 79 of GST act […]
HOW TO CLAIM REFUND UNDER GST: Section 54 of Central Goods and Services Tax Act, 2017 Under Article 265 of the Constitution of India which states, “No tax shall be levied or collected except by the authority of law”, so there must be a charging section in the accompanied law for the levy and collection […]
E-invoicing, stands for electronic invoicing system. The GST Council, in its 37th meeting held on 20th September 2019, approved the introduction of e-invoicing. E-invoicing is the exchange of the invoice documents between a supplier and a buyer in an integrated electronic format. Now why E-Invoicing? The main motive of the Government behind decision for implementing E-invoicing is increase the business efficiency by lowering the processing cost. Benefits of E-invoicing Misconception about E-Invoicing under GST The biggest misconception going on among the registered person is that e-invoicing will be generated from Government Tax Portals. However, this is incorrect. Invoices will continue to be generated from Accounting or Billing Software. Under E-invoicing, invoices are prepared on ERP Software and then JSON file from software will be created and that is required to be uploaded on portal. Here is is the list of […]
Under Income tax law revised return is dealt in section 139(5). Now first question which must come to your mind that why there is concept of revised return. Revised return in simple words can be termed as return which is filed to correct error or mistake i.e. correct return. While filing ITR whether original return […]
Pre-packaged insolvency resolution process: Survival & Revival of Stressed MSMEs. Are you not able to pay your instalments on account of COVID pandemic ? Are you MSME ? Is you default Amount is more than 10 Lakhs ? Quicker, cost-effective and value maximising outcomes for all the stakeholders stressed MSMEs. MSME sector has been significantly […]
Who needs to apply? ♦ As per Section 153 of the Companies Act read with Rule 9(1) of Companies (Appointment and Qualification of Directors) Rules 2014: Every individual who intends to be appointed as director of an existing company shall make an application for allotment of DIN(Director Identity Number) in Form DIR-3. ♦ As per […]
Objective Author in this article discusses as t 1. how Karnataka High Court should not have remanded the matter back for the second time; and 2. should have admitted the substantial question of law and / or of facts regarding taxation of transaction between Google India and Google Ireland. The procedural lapses, as relied upon […]
Since the time immemorial, the independent directors have been acting as a catalyst in ensuring highest level of corporate governance in the corporate sector. The enormous responsibility bestowed upon the independent directors is to maintain an ethical code of conduct and uphold the integrity in the organization in these exigent times. However, no one can dissent to the fact that these directors have to perform actions with reasonable care and due diligence and have to undertake huge liability in case of any contraventions and negligence.
Is SEBI Trying To Achieve Level Playing Field By Making The Key Management Personnel To Share Risk And Reward At Par With Unit Holders? RISK AND REWARD GO HAND IN HAND. In one of the recent Circular, SEBI has made this statement true by laying down the framework for paying part of the compensation of […]
