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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)
CA Vinamar GuptaDec 25, 2020Remedies Against Abuse of Power By Income Tax Authorities
Remedies Against Abuse of Power By Income Tax Authorities Discretion Meaning • All statutory authorities have been vested with discretion in order to carry out the functions assigned to them under the Act. This discretion has to be exercised reasonably and for the purpose for
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!
Pritam MahureDec 25, 2020E-invoicing
What is E-invoicing? Electronic invoicing / e-invoicing is a form of electronic billing! Why E-invoicing? E-invoicing is increasingly mandated by Governments across the world, particularly due to GST/VAT evasion Real-time invoice reporting discourages subsequent fraudulent changes/ adjustment Real-time reading of invoice/ data by Government Machines
Pritam MahureDec 25, 2020Important changes as per Notification No. 94/2020-CT dated 22-12-2020 Applicable from 1 January 2021
Important changes as per Notification No. 94/2020-CT dated 22-12-2020 Applicable from 1 January 2021 The registration Time limit for approval of GST Registration increased ⎯ The time for system-based registration has been modified from 3 days to 7 days. Now the grant registration would be
B. VenakteswaranDec 25, 2020MCA Notifies Commencement Date of Various Sections of CAA, 2020
Notification S.O…(E).- In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government hereby appoints the 21st day of December 2020 as the date on which the following provisions of the said
Handbook on Liability to Pay in Certain Cases under GST: ICAI
Handbook on Liability to Pay in Certain Cases under GST 1. Introduction India has adopted a dual GST model which means that both Central and State Governments will levy tax under GST. Where any default is made in the payment of any of these taxes,
Analysis of amendments notified vide notification no. 94/2020
Amendments notified vide notification no. 94/2020 1. Payment of tax, 2. Credit Availment, 3. Restriction on Filing of GSTR 1 4. Way Bill And 5. Suspension of Registration New Rule 86B for Payment of Output Tax Through Cash Ledger Rule 86B has been inserted vide
CA Rachit AgarwalDec 24, 2020
GST ComplianceUnbridled powers for physical verification for gst registration
1. Before 23-03-2020, physical verification of place of business could be done only post-registration. It means physical verification of the place of business was not a pre-condition for registration. 2. W.e.f. 23-03-2020, failure of aadhar authentication before the grant of registration was declared ground for
CA Vinamar GuptaDec 24, 2020Handbook on Finalisation of Accounts with GST Perspective: ICAI
Handbook on Finalisation of Accounts with GST Perspective: ICAI Chapter 1 Introduction 1.0 Finalisation of Accounts The term ‘Finalisation of Accounts’ refers to the process of planning and control of activities relating to the preparation of the Financial Statements of a business entity. There must
COVID-19 Vaccine Roll Out
COVID-19 Vaccine Roll Out Global Landscape: COVID-19 Vaccine Candidates in Clinical Trials NEGVAC (National Expert Group on Vaccine Administration for COVID-19) • Constituted on 7th August 2020, Member (Health) NITI Aayog is chair and Secretary, H&FW is Co-chair • Representation of: -Relevant ministries of Government
Madras HC in the case of M/s. Jayachandran Alloys (P) Ltd.
Case Covered: M/s. Jayachandran Alloys (P) Ltd. Versus The Superintendent of GST and Central Excise Facts of the Case: The petitioner is an Assessee before the respondent authorities, in terms of the provisions of the Central Goods and Services Tax Act, 2017, (in short ‘CGST