Chapter Wise Analysis of All Statutory Amendments From 1st November 2019 To 30th April 2020 GOODS & SERVICES TAX Charge of GST 1. Clarification in respect of reverse charge mechanism on Renting of Motor vehicle: – [Notification 28/2019-Integrated Tax Rate dated 31st December, 2019, Notification No. 29/2019- Central Tax (Rate) r/w Circular 130/2019-Circular dated 31st […]
Section 23 of the CGST Act 2017 explains about the person not liable to be registered under GST. The article covers the statutory provisions under sec 23 and its simplified analysis along with relevant notifications.
The Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] is the first appellate authority which can be approached whenever an assessee is not in agreement with the order passed by the Assessing Officer during the course of an assessment. Section 246 and Section 246A list out the orders that are appealable before […]
Introduction In this article date extensions under GST as notified till 30-06-2020 due to outbreak of COVID have been dealt with. The article deals with 1. Date Extension for GSTR 3B from February to September 2020 2. Date Extension for GSTR-1 from February to September 2020 3. Extension of Certain Actions 4. No extension of […]
After discontinuing its 7.75% fixed interest rate bonds on 28th May 2020, the RBI has come out with new ‘Floating rate savings bonds‘ on 26th June 2020 which will be available from 1st July 2020. Article explains Who can buy RBI ‘Floating Rate Savings Bonds’ and nomination facility, Face Value, tenure and interest rate of […]
GST Registration Persons Liable for Registration {Sec.22 of CGST Act, 2017}:- 1. Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year […]
Tax Incentives to Startups under Income Tax Act, 1961 and Startups India Benefits summary ♦ What is a startup? An entity shall be considered as a Startup: If it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (under section 59 of the Partnership […]
Schedule II of the CGST Act talks about activities or transactions to be treated either as a supply of good or supply of service. There are some certain activities or transaction which led to confusion whether they are supply of goods or supply of service. The matters listed out in Schedule II are primarily those […]
It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source (i.e. TDS) and deposit the same with the Government. Since the buyer is required to deduct the TDS, he would obviously be required to fulfil all the relevant compliance like TDS payment; […]
In this Article we are going to discuss about Higher Depreciation Rate on some vehicle and care to be taken while finalizing books of accounts in this regards for Financial Year 2019-2020.
