Non-revival of Struck off Company

  CS Divesh Goyal    25 September 2017 at 17:13

Arving Jain Vs. Akarshan Hotel (P.) Ltd. Short Summary: In this Flash editorial, the author begins by referring the provisions of section provisions of section 252(1) and Section 252(3) of Companies Act, 2013 along with provisions of Section 560 of Companies Act, 1956 relating to REVIVAL..

Posted in Corporate Law  0 comments |   300 Views




The Income Tax Department has asked taxpayers to update their profiles on its e-filing portal i.e. https://incometaxindiaefiling.gov.in/. The official notification date is 22nd September 2017. These are the following details which is required to be updated: (adsbygoogle = window.adsb..

Posted in Income Tax  7 comments |   8630 Views




Section 269ST of the Income Tax Act, 1961 was introduced in the Finance Act 2017. The section seeks to minimise or reduce cash receipts. To quote from the press note issued by the Finance Ministry, Various legislative steps have been taken by the Finance Act, 2017 to curb black money by discourag..

Posted in Income Tax  0 comments |   1620 Views



Rationalisation of ITO powers

  Ramadurai Chandrasekaran    25 September 2017 at 11:06

Finance Act 2017 introduced amendments to various sections under the Income Tax Act 1961 that relate to administrative powers of the officers under the Act in the discharge of duties as collection of revenue and bringing to book possible tax evasion The table below briefly summarizes the amendmen..

Posted in Income Tax  0 comments |   267 Views




Introduction: This article discusses in detail about interest payable on late payment of tax liability under GST. Every person who is liable to pay tax under GST fails to pay the tax or any part thereof to the Government within the due date then he shall pay on his own, interest at..

Posted in GST  5 comments |   1123 Views



Time of Supply Under GST

  Pankaj    25 September 2017 at 11:05

Time of Supply The timing of 'supply' can be classified under the two broad heads, namely:- Time of supply of goods Time of supply of services Time of supply of goods The liability to pay CGST/SGST on the goods shall arise at the time of supply as determined in terms of p..

Posted in GST  0 comments |   444 Views




ICICI BANK LTD VS. INNOVENTIVE INDUSTRIES LTD IBC is not a Recovery Law, it is Revival Law SHORT SUMMARY In this Flash editorial column, the author begins by referring the provisions of Insolvency and Bankruptcy Code, 2016 in relation to section 238 of IBC Code, 2016. As IBC code has pr..

Posted in Corporate Law  1 comments |   421 Views




Introduction: This article discusses in detail  "whether GSTR-3B is to be filed mandatorily or not when it entails huge tax liability due to submission of some wrong information & non revision of the same or filing of the same can be avoided filing of GSTR-1, 2 & 3?" ..

Posted in GST  5 comments |   11995 Views




SHORT SUMMARY In this Flash editorial column, the author begins by referring the provisions of Operational & Financial Creditor of Insolvency and Bankruptcy Code, 2016 in relation to Treatment of Advance for Real Estate Project. As IBC code has prescribed two types of Creditors: (i) Oper..

Posted in Corporate Law  0 comments |   929 Views




(1) Where the goods or services or both are used by the registered person partly for purpose of any business and partly for other purposes, the amount of credit shall be restricted to so much of the input tax as is attributable to the purposes of his business. Business purpose + other purpose..

Posted in GST  2 comments |   1135 Views




CAPITAL GOODS Definition of the term 'Capital Goods' under the Central Goods and Services Tax (CGST) Act, 2017: As per Section 2(19) of the Central Goods and Services Tax (CGST) Act, 2017, unless the context otherwise requires, the term 'capital goods' means goods, the value of wh..

Posted in GST  3 comments |   1474 Views



Construction Service and ITC

  RAMESH KUMAR SINGLA    23 September 2017 at 13:34

The law pertaining to availment of credit of tax suffered by the builders supplying works contract Construction services seems to have undergone sea change under GST regime as seen from the relevant law. Section 17(5) provides for specific situations where ITC cannot be availed despite the fact t..

Posted in GST  6 comments |   1174 Views




IBC is not a Recovery Law, it is Revival Law SHORT SUMMARY In this Flash editorial, the author begins by referring the provisions of rules 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 in relation to Deliver of Notice at registered office of Corporate Debto..

Posted in Corporate Law  0 comments |   128 Views




UAE is going to implement VAT w.e.f. 1st January 2018. The country has never witnessed any tax regulations in the past and therefore introduction of VAT is going to significantly change the way business is done. So, it becomes important for each business to understand the impact of VAT on their busi..

Posted in VAT  1 comments |   191 Views




Joint Empowerment Initiative in UAE VAT The Excise Tax & Value Added Tax are going to be implemented in the UAE for the first time in the next 3 months. This provides a unique service possibility to enable smooth implementation of the new laws in a Country where taxes were not there. The ..

Posted in Professional Resource  2 comments |   1315 Views



GST Pinpricks

  Vijay Kalia    22 September 2017 at 10:58

GST may unleash flood of litigation on the tax brackets, classification and issues arising out of GSTIN network glitches a concern many entities face under the regime affecting the revenue these entities generate. The GST rates has four bracket 5, 12, 18, besides 0.25% on rough diamonds, 3% on gold ..

Posted in GST  0 comments |   2212 Views




1) Who shall furnish details: Every registered person who causes movement of goods shall furnish information relating to the said goods in Part A of FORM GST EWB-01, electronically, on the common portal, before the commencement of such movement. 2) When to submit: If the consignment value of such..

Posted in GST  11 comments |   8343 Views




Form GST TRAN-1 has been the subject matter of all the controversies from the beginning of transition into GST. A contrast between recent notifications and the GST council decision have made it more controversial and created a panic in the minds of taxpayers and consultants. Lets understand this bel..

Posted in GST  16 comments |   11460 Views




CBDT has proposed to introduce a mechanism of self-reporting of income estimates, advance tax liability and payment thereof. CBDT has published draft notification on proposed insertion of rule 39A and Form 28AA for such self-reporting. As per draft notification, a company and a other person (who are..

Posted in Income Tax  5 comments |   3834 Views



Job work under GST - Demystified

  Priyanka Doddavari    20 September 2017 at 10:54

1. Section 2(68) of CGST Act, 2017, defines the term 'job work' to mean undertaking any treatment or process on the goods belonging to another registered taxable person. Any person who does such job work will be considered as 'Job worker'. 2. In terms of section 143(1) of CGST Act, a registered t..

Posted in GST  6 comments |   2666 Views




Updated on : 26/09/2017 05:17:00


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