With effect from 01.01.2021 vide Notification No. 94 /2020 – Central Tax, dated 22nd December 2020 a new rule i.e., 86B is inserted to curb the ongoing fake invoices transactions. 1. Legal Provision: Notwithstanding anything contained in these rules, the registered person shall not use the amount available in the electronic credit ledger to discharge […]
The CBIC has introduced new Rule 36(4) vide Notification No: 49/2019-CT dt: 09.10.2019 which restricts Recipients from availing Input Tax Credit (ITC) over and above the ITC available in GSTR2A (Supplier Filed Data). This Rule is somehow contradictory to the Section 16 and let us see briefly how: Rule 36 (4) “(4) Input tax credit […]
We live in a ‘global village’. This is true for Indians today, more than ever before. The tribe of Indians with financial linkages to the world is growing exponentially. We travel overseas frequently, for work and vacations too. Indian students are found all over the globe. Many of us have close relatives working and residing […]
Applicability of Cash Flow Statement: – According to Section 2(40) of Companies Act, 2013, The Financial statements of a company include Cash Flow Statement. Cash Flow Statement is governed by The Companies (Accounting Standards) Rules, 2006 (AS 3) and The Companies (Indian Accounting Standards) Rules, 2015 (Ind AS 7), as applicable. The following companies are […]
Pre Budget Memorandum: Suggestions for amendments for better compliance 1) Under section 11 exemption is available to registered trusts if they spend at least 85% of the income property held under trust. However, when any trust spends more than its income (say by borrowings) then the resultant deficit is not calculated by the ITR Form […]
The Month of January, 2021 is very significant with regards to the statutory due dates for ROC filing, GST return filings and Income tax filing falling in this month. Tax Compliance and Statutory Compliance calendar for the month of January 2021 helps every registered business and professional to be ready for compliance well in advance. […]
The GST Council has been empowered to make a mechanism dealing with the first kind of disputes (i.e. centre-state, state-state etc) under the constitution of India itself.
1. Retaining by-products/scrap by job-worker – GST applicable? The High Court of Andhra Pradesh in the case of Shirdiri Sainath Industries Vs DCST 2020-TIOL-2052-HC-AP-GST has held including the value of by-products to the milling charges and assessing tax is legally unsustainable. Fact: Rice milling done on job work bases. milling charges was per quintal basis […]
In GST regime as well as in the previous regime, ITC on exempted supply of goods or services shall be reversed and not eligible for availment. One such exempted supply is sale of shares/mutual funds. ITC reversal on such supply is discussed as below:
President of India, Shri Ram Nath Kovind promulgated the Arbitration and Conciliation (Amendment) Ordinance, 2020 on 04th November, 2020 (Amendment Ordinance, 2020) thereby amending the Arbitration and Conciliation Act, 1996 (Arbitration Act) third time.
