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101st Constitution Amendment Act, 2016
101st Constitution Amendment Act, 2016 ARTICLE AMENDMENT 246– The article empowers- Parliament to make laws w.r.t matters listed under Union List Parliament & state to make laws for matters covered under Concurrent List State to make laws for matters under State List. Parliament to make laws
Various Compliance Calendar in India
Various Compliance Calendar in India S. No. Compliance Area Frequency No. of Compliances Corporate Secretarial and FEMA Compliances 1. Annual General Meeting (AGM) Yearly 1 2. Board Meetings Quarterly 4 3. ROC Filing-Financial Statements Yearly 1 4. Company Annual Return with ROC Yearly 1 5.
India’s Response To S 301 Report of U.S. On Equalisation Levy
India’s Response To S 301 Report of U.S. On Equalisation Levy The U.S. administration had announced the initiation of an investigation under section 301 of the U.S. Trade Act, 1974 against the taxation on digital services adopted or under consideration by countries, including the Equalisation
SOP For the conduct of Search & Seizure under Section 67(2) of APGST Act, 2017
Standard Operating Procedure (SOP) [ For the conduct of Search & Seizure under Section 67(2) of APGST Act, 2017 ] 1) Introduction:- The search of a place and seizure of goods/documents/books/things is conducted in terms of Section 67(2) of the APGST Act, 2017. The search
GST High Court Jurisprudence in 2020 & Outlook for 2021 (HC Cases)
GST High Court Jurisprudence in 2020 & Outlook for 2021 (HC Cases) Rule 96(10) Relevant Provisions NN 39/2018 Dated 04-09-2018 • Rule 96(10) substituted wherein Exporter denied a refund of IGST paid on exports if availed benefit under specified notifications. • Retrospective effect from 23-10-2017
Notification No. 01/2021 – Central Tax
Notification No. 01/2021 – Central Tax [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 01/2021 – Central Tax New Delhi,
GST – Changes from 1.1.2021
GST – Changes from 1.1.2021 S. No. Proposed change Impact Suggestion 1. Reduction of provisional credit limit under Rule 36(4) from 10% to 5% Negative The limit should not be reduced till the system settles the matching mechanism – Rules should be clear in terms
Measures recommended by GST Council to curb fake dealers/invoice rackets notified
Press Release Measures recommended by GST Council to curb fake dealers/invoice rackets notified In-Person Verification Must For GST Registration, Identification of bogus dealers through data analytics and suspension Mandatory 1% GST payment for those risky dealers and fly-by-night operators who show unusual large turnovers and
Critical Changes in GST Compliances from 1st January 2021
Critical Changes in GST Compliances from 1st January 2021 94/2020 –14th Amendment Rules 2020 Rule 21: Additional Grounds for Cancellation of Registration – (a) does not conduct any business from the declared place of business; (b) issues invoice or bill without supply of goods or
GST Insights – New Year Amendments
GST Insights – New Year Amendments The Central Government has made critical amendments to CGST Rules, 2017 vide Notification No. 94/2020–Central Tax dated 22.12.2020 to make provisions more stringent and harsh for the businesses especially to curb tax evasion and ITC frauds. I. Amendments effective
Finance Act 2020 provisions effective from 01-01-2021
Finance Act 2020 provisions effective from 01-01-2021 1. Composition Taxable person barred from following transactions in services in wake of composition scheme applicable to services also to a limited extent i.e. he is barred from a) Making supply of services not leviable to tax b)
Major Changes in GST Rules!
Major Changes in GST Rules! How many times the Rules amended? 2017 → 14 times 2018 → 14 times 2019 → 9 times 2020 → 14 times Total → 51 times! What’s new – Changes made through Not. No. 94/2020-CT! Input Tax Credit Returns Re-conciliation Registration Legal provisions Changes!