Duty Drawback scheme was introduced by the Ministry of Finance as a rebate for duty chargeable on any imported materials or excisable materials used in manufacture or processing of goods, manufactured in India and exported. The exported products are revenue natural. The Central Government is empowered to grant Duty Drawback under section 74 and 75 […]
Disclosure of material impact of Covid 19 on Listed entities under SEBI (LODR) 2015 Reason: 1. Lockdown and disruption is unforeseen and beyond the control of the 2. Such even can lead to distortions in the market due to gaps in information available about the operations of a listed entity. Purpose: 1. It is important […]
On 17th May, 2020, Finance Minister Nirmala Sitharaman announced that the govt. will bring in an ordinance introducing section 10A to suspend applicability of section 7, 9 and 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) for one year to stop companies from being forced into insolvency as a result of defaults owing to the COVID-19 global pandemic.
According to The World Bank’s Ease of Doing Business 2020 survey, “India stand at 63, among 190 countries, making it one of the world’s top 10 most improved countries for the third consecutive time.” Among other improvements, the Ministry of Corporate Affairs (MCA) has fueled the Government of India’s (GoI) ease of doing business initiative. […]
Today, I will discuss the section 7 (Meaning and Scope of Supply) under CGST Act, 2017 with relevant extract of other relevant sections. Section-7 Meaning and Scope of Supply under GST This section is very important because, if any transaction/activity is supply then only GST tax is applicable. So for determination of taxable Amount and […]
RESIDENTIAL STATUS OF AN INDIVIDUAL Resident Indian Citizen or person of Indian Origin – Stay in India for 182 days or more during the relevant year OR – Stay in India for 120 days or more during the relevant year and 365 days or more during the preceding four years – Total Income other than […]
Analysis of Incorporation of Company under Section 7 of Companies Act 2013 read with Companies (Incorporation) Rules, 2014 An application for registration of a company shall be filed, with the Registrar in SPICe+ (Simplified Proforma for Incorporating company Electronically Plus: INC-32)] Provided that in case the objects of a company requires approval from regulators such as the […]
Introduction In a diverse, developing country such as India, which faces several challenges, MSMEs (Micro, Small & Medium Enterprises) has emerged as a highly vibrant and dynamic sector of the Indian economy and form the backbone of the country. MSMEs not only play crucial role in providing large employment opportunities at comparatively lower capital cost […]
In the light of covid-19 pandemic, the whole country is in lockdown from 24 March 2020. Due to Corona virus pandemic, economy is in very danger zone, all factories, malls & shops are closed and over the coming month jobs are at high risk because firms are looking for some reduction in manpower.
1. The operation of the taxing statute needs flexibility along with certain power for the smooth implementation of the provisions. Sec 11 of CGST Act 2017 provides the power and flexibility to the Government to grant exemptions on the recommendation of GST Council. 2. Sec 11(1) of CGST Act – Statutory Provision : Where the […]
