GST Circular No. 122 dated 05.11.2019 ♠ Generation and quoting of Document Identification Number (DIN) on any communication issued by the officers of the CBIC to tax payers and other concerned persons ♠ To begin with, w.e.f 8th November, 2019, DIN would be used for any search authorisation, summons, arrest memo, inspection notices, and letters […]
OVERVIEW OF PROVISIONS RELATING TO TAX DEDUCTED AT SOURCE UNDER GST TDS UNDER GST COMES INTO FORCE FROM 1ST OCTOBER, 2018 ♦ Section 51 governing tax deduction at source has come into force w.e.f 1st October, 2018. ♦ All the DDOs who are required to make payment to suppliers against procurement of taxable goods /services or both above […]
Q.1 Who is an NRI? Ans. An Indian residing abroad is generally known as Non-Resident Indian (NRI). Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India or is a person of Indian origin. NRI also includes the Person of Indian Origin (PIO). PIO is a person, who at any […]
POEM is the place where the ‘key management and commercial decisions that are necessary for the conduct of business of an entity as a whole are, in substance made. NEED: This concept is the test of residence for foreign companies to provide that a company would be treated as resident in India if its POEM in the previous year is in India for tax purposes.
Analysis of CBIC Circular no 123/42/2019-GST issued to clarify the restriction in availment of input tax credit in terms of sub-rule (4) of rule 36 of CGST Rules, 2017 CBIC has issued Circular No. 123/42/2019-GST dated 11th November 2019 in order to clarify the restriction in availment of input tax credit in terms of sub-rule […]
Q.1 Who is a non-resident Indian (NRI)? Ans: An Indian residing abroad is generally known as Non-Resident Indian (NRI). NRI is defined under the Foreign Exchange Management Act, 1999 (FEMA) and the Income Tax Act, 1961 and for the purpose of the respective laws. NRI as per FEMA- Non-Resident Indian (NRI) means a person resident […]
India is one of the world’s most attractive destinations for international investors. India, being the world’s seventh- largest economy, has everything to attract the international investors. This articles is a brief introductory guide for the overseas enterprises considering the expansion of their activities in India and the structure by which they can enter India. Foreign […]
In recent times, we have seen a spate of notices on the above subject proposing the huge demands. On the ground realities of being able to survive for some involved in this sector is itself in question. In terms of Notification No. 30/2012-ST dated 20.06.2012 read with amended Notification No. 7/2015-ST dated 01.03.2015 Central Government […]
When India is going through a period of economic slowdown, it faces another setback as the World Trade Organisation (WTO) dispute settlement panel has held that the country’s domestic export subsidy programmes under Foreign trade policy are illegal and violates, WTO rules. The three member dispute settlement panel rejected India’s claims that it was exempted […]
In my personal opinion, for the purpose of levy of goods and services tax, supplies mentioned in sub-section (1) of section 16 of the Integrated Goods and Services Tax Act, 2017 (IGST Act), for the reasons given hereunder, are neither taxable supplies of goods or services or both nor exempt supplies of goods or services […]
