GST: UPDATES ON SUPPLY TO GOVERNMENT VIA SUB CONTRACT IS EXEMPT? M/s. Nurserymen Cooperative Society Ltd (GST AAR Karnataka) Case: 1. Appellant has received contract from Government departments for undertaking gardening and landscaping activities. 2. In order to execute the work, the Appellant has engaged sub-contractors. 3. The sub-contractors bill the Appellant for the gardening […]
As the impact of Covid 19 deepens and the cost of the outbreak rises, the outbreak has been termed as pandemic by the World Health Organisation and various Governments including Government of India. Social distancing has been unequivocally accepted to be the best way to contain its spread, leading to announcement of complete lockdown in […]
For financial year 2020-21 (PY 2020-21 / AY 2021-22), the Finance Act, 2020 seems to have created few issues by unsettling some sections which were very well otherwise settled. In an attempt to cover revenue leakage, abolishing tax-evasion methods and to make law simpler – seeds of confusion and lack of clarity have been roped […]
Deeming provisions are important part of statutes in general and Income Tax Act (‘Act’) in particular. Without deeming provisions modern tax legislation cannot think of implementing effective tax administration. Considering the recent trend, one gets amused how much legislature has got creative in imagining tax fictions to collect revenue and plug loopholes;
Several non resident e-Commerce operator has started, providing the service through digital media, without having physical presence in India. Because of which, India Tax department were not able to tax such transaction due to non-availability of PE in India. Government of India by Finance Act 2020, has introduced new provision 01.04.2020 What provision says, in […]
There are a lot of Companies who has surplus profits and intends to capitalize such profits by issue of bonus shares. Bonus shares are basically gift to the shareholders in the ratio of shares already owned by them. These are a free share of stock given to the existing shareholders in a Company, based upon […]
ANNUAL GENERAL MEETING (AGM) THROUGH VIDEO CONFERENCING (VC) OR OTHER AUDIO VISUAL MEANS (OAVM) INTRODUCTION: COVID-19 pandemic has certainly shaken up entire World, health, lifestyle and economy of the countries. As India is trying its best to cope up with these crisis, Ministry of Corporate Affairs (MCA) and SEBI have taken quick and effective measures, […]
Section 53 of the Companies Act, 2013 prescribes that Company shall not issue shares on discount. Any shares issued by the Company at a discount shall be void. However, there are certain circumstances where Company can issue shares at a discount: ♦ Issue of Sweat Equity Shares ♦ Issue of shares to the Creditors when […]
A Indian Subsidiary Company is also known as a subsidiary or a sister company of parent company; andthe company which practices control over it, is called as the parent company of subsidiary company, or holding company. A subsidiary company always controlled by the parent company (holding company)partially or fully.A Indian subsidiary company is termed as […]
This article is a humble attempt from a layman’s perspective, that has been penned during the lock down times to discuss on the economic conditions and circumstances that may prevail post lockdown in India and its possible consequences on employment & business in general. In the recent past, few months there has been a sharp […]
