Exports under GST are considered as zero rated i.e. no tax is payable on export of goods or services. A person making zero rated supply is eligible under GST to claim for refund of unutilized input tax credit. The refund can be claimed by an exporter in two ways as stated in section 16 of […]
CMA Navneet Kumar Jain Disclosures of COVID-19 related impact on business through various statutory documents during finalization of accounts The world is in the grip of CORONA commonly known as COVID-19. It has impacted the way of life drastically and adversely. Incomes of the common masses, business houses and of the governments have taken a […]
Every registered person shall be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business provided following conditions are satisfied -he is in possession of a tax invoice -he has […]
To claim ITC section 16(1) of CGST Act, 2017 need to apply. if it is eligible under this section than we will see what is prohibited any where else . Section -16 1) every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, […]
Valuation Standards Board, ICAI ICAI- Release of Answers to the Questions (ATQ’s) raised during the Live Webcast on “Valuation and Valuation Standards Compliance and other aspects under various Laws” on 19th April, 2020 We are happy to inform you that Valuation Standards Board of ICAI (VSB) had organised a live webcast on Valuation and Valuation […]
Background: Remembering the good old days when we often received pocket money from our parents for funding our expenses, similarly under Goods and Service Tax (‘GST’) law Center apportions a share of its revenue to states for their expenses too. One such source of revenue under GST is the compensation cess levied on specified luxury […]
Reduced Corporate Tax Rate- Introduction of New Section 115BAA & 115BAB inserted by Taxation Laws (Amendment) Act, 2019 In order to attract fresh investment in manufacturing sector and thereby provide boost to ‘Make-in-India’ initiative, government of India on 20th September 2019, introduce Taxation Laws (Amendment) Ordinance 2019 wherein government reduced the corporate tax rates to […]
Finance Act, 2020 has amended section 6 to insert new sub-clause (1A) with an intention to bring into tax net the persons who are not liable to pay tax in any country due to their domicile or residency or any other criteria of similar nature. The newly inserted clause reads as under: “(1A) Notwithstanding anything […]
Buyback of Securities of Unlisted Company includes the Provision of Chapter IV-Share Capital and Debentures and The Companies (Share Capital and Debentures) Rules, 2014 under the Companies Act, 2013. PROVISIONS UNDER THE COMPANIES ACT, 2013 (‘THE ACT’) FOR BUY-BACK OF SHARES: Under Section 68, 69 and 70 of the Companies Act, 2013 a company may […]
There are various forms of company registration like Private limited company, Public Limited Company, Limited Liability Partnership, One Person Company etc. Each of these forms of company has its own merits and demerits. Like in Public Limited Company you need at least 3 Directors and 7 members. The compliances of Public Limited Company are more […]
