Like the Income Tax Act, provisions for the Tax Deduction at Source (hereinafter referred to as TDS) have also been incorporated in GST Acts. Section 51 of the CGST Act, 2017 empowers the government to provide for deduction of certain amount as TDS in the hands of prescribed persons i.e Central Government, State Governments or […]
Application for Incorporation of Companies as per Chapter II The Companies (Incorporation) Rules, 2014 An application for registration of a company shall be filed, with the Registrar within whose jurisdiction the registered office of the company is proposed to be situated, in SPICe+ (Simplified Proforma for Incorporating company Electronically Plus: INC-32) along with the fee as provided […]
Blockchain is an evolving technology and it has emerged exponentially because companies are now understanding the benefits of the blockchain. However, many companies are not able to implement blockchain for array of reasons. Block Chain-as-a-Service (BaaS) providers have made it easier for the companies to implement blockchain whose core proficiency is in fields other than […]
NEW MCA FORM FOR COMPANY REGISTRATION IN INDIA. The Ministry of Corporate Affairs is expected to launch a web-based system for company registration in India with the launch of the Spice Plus (Spice+) form with effect from the 1st day of February, 2020. This move is aimed to further the Ease of Doing Business (EODB) […]
The Union Cabinet in March approved the Remission of Duties or Taxes on Export Products (RoDTEP), a scheme for exporters to reimburse taxes and duties paid by them such as value added tax, coal cess, mandi tax, electricity duties and fuel used for transportation, which are not getting exempted or refunded under any other existing […]
The GST law and GSTN portal has been changing a lot in recent times. Some of such important changes and upcoming due dates are highlighted below for your quick reference. Changes includes Implementation of E-Invoicing w.e.f 1st October 2020, Implementation of GSTR 2B – The new auto-populated statement of Invoices, END of COVID relief for […]
Lift is not a machine , it is part of Building, is it true . is the ITC claimable on purchase of Lift . Let us discuss whether lift is machine or Building only we would reach to conclusion of ITC is eligibility. Section 17(5) blocks credit of works contract and goods or services received […]
The e-invoicing system is also available for the E-Commerce Operators (ECO) to report the invoices to the Invoice Registration portal, generated by them on behalf of the suppliers. The e-invoicing system identifies the e-Commerce operators based on the taxpayer type in the GST registration details. The taxpayer having the type as ‘TCS’ will be enabled […]
Background The GST Council, in its 37th meeting on 20th September 2019, has recommended introduction of electronic invoice (‘e-invoice’) in GST in a phased manner. (While the initial date for roll out was 1st April, 2020, the Government had notified 1st October, 2020, as revised date for implementation of e-invoicing.) GST e-invoice System is a path-breaking […]
This article is penned down to discuss the impact of much awaited consolidated credit/debit note issued under GST. Section 34 of the Central Goods and Services Act, 2017, which deals with Credit/Debit note under GST law is reproduced below: 34. (1) Where a tax invoice has been issued for supply of any goods or services […]
