Standing Committee on Finance (2016-17) in Sixteenth Lok Sabha present most awaited 37th Report on The Companies (Amendment) Bill, 2016. The Standing Committee considered and adopted this report at their sitting held on 30th November, 2016. The Companies (Amendment) Bill, 2016 was referred to the..

Posted in Corporate Law  0 comments |   62 Views




One of the many disputes that have continued to exist in the present regime of taxation of sale of goods to determination of the nature of transaction as inter-State sale subject to Central Sales Tax or local sale subject to VAT. Now, with the advent of GST which aims to simplify indirect taxation i..

Posted in GST  0 comments |   135 Views




Early morning, I boarded my flight to Ahmedabad. I was invited there by one of the Industry Associations for delivering a lecture on GST. The moment seat-belt sign went-off, I opened my laptop and started re-visiting the power point presentation updated by my team last night with the latest developm..

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Section 10 and its related draft composition rules of CGST bill talks about the composition levy. The basic principle underlying the composition scheme is, to minimize the burden of compliance for small taxpayers. There are around 8 million taxpayers that are expected to be migrated from the current..

Posted in GST  7 comments |   2028 Views




As per revised Draft registration rules 2017 following forms are required - S.No. Form Detail Remarks 1 FORM GST REG-01 PART A - Detail of Permanent Account Number, Mobile Number, E-mail address, State or Union territory   &nb..

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The month of annual bonuses seems like paradise when we start planning in advance on how to spend it. This excitement will get us into impulses of spending on things that give momentary pleasure only. This leaves us regretting for our decisions later. Wise money management and productively using ann..

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There was a view that circulars are not binding on the assessee, however it is bound on revenue. The principle follows from the legal maxim of "executive estoppel". In this regard, we may refer to the decision of the House of Lords in the matter of R.V. National Asylum Support Service [(2002) 1 W.L...

Posted in GST  0 comments |   445 Views




The concept of "relevant time" is of great importance in tax law parlance. It is the time at which tax is assessed. Rate of duty, exemption notification, valuation provision, abatement etc. are to be examined for the purposes of assessment of tax at the relevant time. Section 12(1) of the CGST Ac..

Posted in GST  1 comments |   1108 Views




Voila! An Indian Company can legally abode an outbound flight. # The Point of Authority The Ministry of Corporate Affairs in consonance with the Reserve Bank of India has inserted certain section and rules in the nascent Companies Act,2013. On 13th April,2017, in lieu to the powers conferred b..

Posted in Corporate Law  1 comments |   725 Views



GST Issues on MSME Sector

  Ravi Kumar Somani    25 April 2017 at 11:04

Medium Small and Minor enterprises contributes approximately 37% of our Nations GDP. Any negative implication of GST on this segment can directly knock off the player from the competitive business market. This article tries to put forth various issues that this industry could face due upon passage G..

Posted in GST  3 comments |   1151 Views




Arjuna (Fictional Character): Krishna, The Government is trying its best to bring into effect the GST Law on 1st July 2017. Seeing at the close encounters during the current IPL, tell me what will happen if a match is to be played between GST and Service tax? Krishna (Fictional Character): Arjuna..

Posted in GST  10 comments |   6739 Views



Accounts and records under GST

  Ruchit Agarwal    25 April 2017 at 11:03

Accounts & Records to be maintained by Registered Persons (1) Every Registered Person will keep and maintain a true and correct account either manually or electronic form as per Section-35 of CGST Act 2017 & Accounts and records draft rules 2017, at his principal place of business or any ..

Posted in GST  7 comments |   4400 Views




In continuation of previous articles on "Double-double test, Caps & Floor, Call/Put/ Prepayments, Foreign Currency Bonds ,Credit derivatives & leases related options- Embedded Derivatives as per Ind-AS/ IFRS", Normal sale and purchase transactions (i.e. non financial instruments) w..

Posted in Audit  0 comments |   964 Views



Advance Ruling: GST Provisions

  Rajesh Kumar    24 April 2017 at 11:10

The advance ruling is a mechanism in which an assessee can raise issue before the authority in advance. It is a method of settling anticipated disputes in advance. It can be an effective bid to reduce confusion and promote transparency in tax administration. It also reduces risk of litigation. Many ..

Posted in GST  0 comments |   828 Views




As we all know The Goods and Service Tax (GST) bill was passed in the Upper House of the Indian Parliament - The Rajya Sabha. To be implemented from 01st July 2017, A "one nation one tax" slogan which will replace the plethora of taxes levied under different names like service tax, value a..

Posted in GST  4 comments |   5176 Views




GST has been levied on goods or services or both. Thus the distinction is not very relevant for leviability of the tax. The supply may be either of goods or of services or of both, GST is payable. Still, there are numerous provisions in the GST law which distinguish between goods and services. Ra..

Posted in GST  6 comments |   2138 Views




Background on sustainability reporting In 1987, the World Commission on Environment and Development set out an aspirational goal of sustainable development - describing it as "development which meets the needs of the present without compromising the ability of future generations to meet thei..

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NEW SECTIONS INSERTED IN INCOME TAX ACT 1961 Section W.E.F Definition Explanation 50 CA 01/04/2018 Where The Consideration Received Or Accruing As A Result Of The ..

Posted in Income Tax  0 comments |   4382 Views




Concept of Time of Supply Tax is leviable under GST upon occurrence of the Taxable event, Supply. But the tax so levied shall be liable to pay at the time as determined by the Time of Supply provisions. The Tax rates, Exchange rates, exemptions and abatements keep changing from time to time. So i..

Posted in GST  3 comments |   6740 Views




Registrar of Companies has officially revealed that there are 2,50,000 companies which are on the verge of getting snapped for undermining the beneficial provisions of the Companies Act,2013. # The Old Procedure: Get Over It! According to the provisions of Companies Act,1956, Registrar was ves..

Posted in Corporate Law  1 comments |   3043 Views




Updated on : 28/04/2017 13:40:38


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