In 2017, in order to eliminate the shell companies from the system, the Ministry of Corporate Affairs initiated a ‘striking-off’ drive whereby the Registrar of Companies had exercised its powers under Section 248 to strike off the name of the Companies “defunct” and thereby marking their Directors disqualified also cancelled their DINs. Since this move […]
CBIC Increased the time period to approve the grant of registration to the applicant from ‘three’ working days to ‘seven’ from the date of submission of the application for the registration.
CBIC has issued Notification No 94/2020-Central Tax Dated 22nd December, 2020 for amendment in CGST rules vide Central Goods and Services Tax (Fourteenth Amendment) Rules, 2020. These rules amend the provisions relating to – 1. Grant of GST Registration 2. Power to suspend or cancel GST Registration 3. Manner and extent of utilization of Input […]
The Central Board of Indirect Tax and Custom (CBIC) has released Notification 94/2020-Central Tax dated: 22.12.2020 where the CGST Rules were further amended as Fourteenth Amendment. Of many amendments made under Notification 94/2020 we are now looking about the changes affecting Input Tax Credit (ITC) for the assessees. These amendments are made to the Rules […]
In a company, the Board of Directors are the person who is responsible for the proper management and functioning of day to day affairs in an efficient manner. The power of appointment of directors rests with the members and in few cases directors can also appoint directors in the company. However, removal of any director […]
Notification – Govt has inserted many critical amendments in the latest notification No 94/2020- CGST Dated on 22nd Dec 2020 Rule 21– Earlier commissioner did not have prescribed rule for cancelling the registration but after insertion of clause (e) and (f) commissioner has also prescribed power to cancel the GST Registration in case there is […]
To increase the revenue collection of the government ,to grant a bull like power to the department and to further make difficult for the taxpayers and the professionals the Government has issued 3 Notifications out of which 2 are very critical as the same will have an extra effect on the working capital of the […]
On 1st February 2020, the Hon’ble Finance Minister, Mrs. Nirmala Sitharaman announced the Direct Tax Vivad se Vishwas Scheme during her speech for the Budget 2020. Th Scheme was introduced to reduce to the pending income tax litigations present at multiple appellate forums and for more efficient collection of revenue.
The Hon’ble AAR, Karnataka, in the matter of Sri. B.R. Sridhar [Order No. KAR ADRG 55/2020 (dated, November 7, 2020)] held that the amounts received by Sri. B.R. Sridhar (Owner/ Applicant), either by himself or through his agents, towards sale of their share of flats consequent to a Joint Development Agreement (JDA) are not exigible […]
GST rule 86B, 99% ITC restricted, 1% of Output liability to be paid in cash As per GST Notification number 94/2020-Central Tax dated 22nd Dec 2020, GST rule 86B has been introduced which has imposed 99% restricted on ITC (Input Tax Credit) available in electronic credit ledger of Registered Person. This means 1% of Output […]
