GST Law provides for some safeguards and provisions to levy taxes on a person who doesn't have any permanent base for supplying goods or services or a foreigner who entered in taxable territory without any intention to stay in India for a long time with a fixed base to supply goods or services i..
In this article, the author specifically discusses about the Section 4 to 32 of Chapter I of Part II of the Insolvency and Bankruptcy Code, 2016 dealing with INSOLVENCY AND RESOLUTION AND LIQUIDATION FOR CORPORATE PERSONS.
This part of the code deals with the insolvency resolution and liquidation..
I. Provisions under the GST Act
Sub-sections (2), (4) and (5) of Section 25 specifies the following person as the distinct person:
(2) A person seeking registration under this Act shall be granted a single registration in a State or Union territory: Provided that a person having multiple ..
With GST knocking at the door, people are anxious, worried, queried how will things would turn out? With no clear ideas, no clear views. But the important thing amidst all things is that you need to be prepared, all geared up for GST.
The First Round, all set for the T..
OBLIGATION TO FURNISH STATEMENT OF FINANCIAL TRANSACTION OR REPORTABLE ACCOUNT UNDER PROVISIONS OF SECTION 285BA OF THE INCOME TAX ACT, 1961;
SECTION 285BA provides that any person, being
(a) An assessee; or
(b) The prescribed person in case of office of Government; or
(c) The Registrar or S..
Along with the rest of the country, the salaried class waits for the annual budget to be announced each year. They look up to the government to provide them with higher take home pay by way of increase in tax free income and lowering of tax slabs. They also look for some relief through savings optio..
Introduction of GST to the Indian Tax System
GST is considered to be the biggest change in Indian economy ever since the 1991 economic reforms which ushered in the globalization, bringing in a whole lot of changes in all the business sectors of India. Although the GST is concerned with indirect t..
Linkedin Profile of Abhinay Chopra read:
CA Abhinay Chopra
Proprietor at Chopra & Associates since 2012
Mumbai Area, India | 359 connections
Endorsed by 21 connections
Featured Skills: Direct Tax, Indirect Tax, Statutory Audit, and MIS
About Chopra & Associates: Started five years ba..
Today everyone is talking about Goods and Services Tax (GST). It is the most compact, simple yet confusing system of taxation to be rolled out in India from 1st Day of July,2017 and will demolish number of wide indirect taxes such as Value Added Tax (VAT), Service Tax and Excise.
Most of us are t..
Time of Supply with Examples
Need and Meaning of Time of Supply:
For the purpose of paying tax liability, point of taxation is required. Time of supply is nothing but, it is point of taxation. When the supplies have been made at that time, point of taxation has arisen. To find out that supplie..
EXEMPTION NOTIFICATION FOR PRIVATE COMPANIES
Previously, Ministry of Corporate Affairs by notification number G.S.R. 464(E) dated 5th June, 2015 has given several exemptions to Private Companies. MCA via notification number G.S.R. 583(E) dated 13th June, 2017 has added few more..
With the onset of GST, I have been receiving a lot of emails from small business houses complaining that the compliance in GST is too much for them to manage on their own, resulting in additional cost; either increase the manpower or the professional fees paid to consultants. So, what should they do..
BENEFITS OF GST (GOODS & SERVICES TAX)
GST is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian Central and state governme..
Anti Profiteering Measures
Introduction: Goods and Service Act is in its way to be implemented
recently and law maker are sure that with the implementation
of GST, cost of production and prices will surely reduce. In order to
ensure that the reduction in co..
Types of Audit
Audit by Tax Authorities
Audit by Tax Authorities
Under What circumstances: Not Specific, means order can
be given under any circumstances.
Who can order: Commissioner or any officer authorised
What kind of order: General or Special i..
The Government of India, Ministry of Commerce & Industry, Department of Industrial Policy & Promotion, vide its Notification G.S.R. 501 (E) dated 17th February, 2016 has come out with a revised definition of 'STARTUP'. This initiative of the Government has been taken to encourage and..
As we will be part of the Historic change in the taxation structure of India which is moving from multiple taxes to one tax GST. Now as far as transition phase is concerned, there may be precautions to be observed by the registered persons as well as Professionals. On the basis of issues we have rec..
What Notification says?
The Principal Commissioner of Central Tax, Bengaluru West and all the officers subordinate to him are appointed as the officers empowered to grant registration in case of online information and database access or retrieval (OIDAR) services provided or agreed to be pro..
Notification 1/2017 - Integrated Tax: Notified 6 sections of IGST Act with effect from 22nd June 2017
Appointment date as 22nd June 2017 for Section 1, 2, 3, 14, 20, 22 of the IGST Act coming into force.
Reason for notification before 1st July 2017: To enable enactment of the Act ..
Reverse Charge has always been a mystery box and with the rise of GST, reverse charge will become a major discussion point and will need time for all the stakeholders to gain comfort on it.
For those who are new to the concept of Reverse Charge a small flashback for them, Reverse Charge is a impo..