“Be a lifelong student. The more you learn, the more you earn and more self-confidence you will have.” Good morning, attached today's newsletter 20.10.2020. Good day ahead.
This article comprises of basic compliances which every assessee shall be liable to comply with and in case, it defaults in complying with the same, he shall be subject to penalty and interest.
CA Ashish Garg
This article comprises of basic compliances which every assessee shall be liable to comply with and in case, it defaults in complying with the same, he shall be subject to penalty and interest.
CA Ashish Garg
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
What are the advantages of GST registration? Who are liable to register under GST? What are the documents required for GST registration? How to obtain GST Registration?
Input tax credit & matching with return under gstNikhil Malaiyya
Input tax credit under GST, Matching with return under GST, Annual Return, Final Return, Monthly return, late filing fees under GST, Transitional Provision
GST Enrolment/Migration of Existing Assessees: Are You Ready?Rajender Kapoor
GST Enrolment of existing assessees has started in many States and is scheduled in other States in the coming days and weeks. Though Enrolment is a onetime activity but enrolling multiple clients within the specified time period would take a lot of time, effort and patience.
Newsletter on daily professional updates- 13th September 2019CA PRADEEP GOYAL
Be a lifelong student. The more you learn, the more you earn and more self-confidence you will have. Here is your Daily dose of professional updates in newsletter form- 13th September, 2019
How to deal with summon? What is the penalty of not attending summon? Why summon is issued? What are the consequences of failure to reply a summon.What is GST summon?
Fraudsters & Defaulters Beware!,
Tax Authorities & Intelligent System Watching You,
Essenpee Business Solutions,
E-Invoice,
E-Waybill Blocking,
20% / 10% ITC Restriction,
New Alert For Tax Payers – CGST Rule 86A,
Powers of Officials to block credit under Rule 86A,
SOP for Tax Officers on Dealing with Non-Return Filers,
Non-filing of GST Returns - Attachment of Bank Accounts,
No anticipatory bail, GST violators can be arrested without FIR,
Generation and Quoting of Document Identification Number (DIN)
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020.This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
"Develop a passion for learning. If you do, you will never cease to grow.”- attached today's newsletter dated 06.08.2020. Have a great day ahead- regards Pradeep
Link to join wtsapp group to get this daily newsletter
https://chat.whatsapp.com/G38rzhWW30s2mpThzMZQKb
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
What are the advantages of GST registration? Who are liable to register under GST? What are the documents required for GST registration? How to obtain GST Registration?
Input tax credit & matching with return under gstNikhil Malaiyya
Input tax credit under GST, Matching with return under GST, Annual Return, Final Return, Monthly return, late filing fees under GST, Transitional Provision
GST Enrolment/Migration of Existing Assessees: Are You Ready?Rajender Kapoor
GST Enrolment of existing assessees has started in many States and is scheduled in other States in the coming days and weeks. Though Enrolment is a onetime activity but enrolling multiple clients within the specified time period would take a lot of time, effort and patience.
Newsletter on daily professional updates- 13th September 2019CA PRADEEP GOYAL
Be a lifelong student. The more you learn, the more you earn and more self-confidence you will have. Here is your Daily dose of professional updates in newsletter form- 13th September, 2019
How to deal with summon? What is the penalty of not attending summon? Why summon is issued? What are the consequences of failure to reply a summon.What is GST summon?
Fraudsters & Defaulters Beware!,
Tax Authorities & Intelligent System Watching You,
Essenpee Business Solutions,
E-Invoice,
E-Waybill Blocking,
20% / 10% ITC Restriction,
New Alert For Tax Payers – CGST Rule 86A,
Powers of Officials to block credit under Rule 86A,
SOP for Tax Officers on Dealing with Non-Return Filers,
Non-filing of GST Returns - Attachment of Bank Accounts,
No anticipatory bail, GST violators can be arrested without FIR,
Generation and Quoting of Document Identification Number (DIN)
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020.This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
"Develop a passion for learning. If you do, you will never cease to grow.”- attached today's newsletter dated 06.08.2020. Have a great day ahead- regards Pradeep
Link to join wtsapp group to get this daily newsletter
https://chat.whatsapp.com/G38rzhWW30s2mpThzMZQKb
Knowledge is always changing. For the moment, the best approach to managing it is one that keeps things moving along while keeping options open. Good morning attached today's Newsletter 19.09.2020.
“Be a lifelong student. The more you learn, the more you earn and more self-confidence you will have.” Good morning, attached today's newsletter 26.09.2002
Newsletter on daily professional updates- 23/03/2020CA PRADEEP GOYAL
Stay Healthy, Stay Strong.
Stay at your home, we will come out of it soon.
Keep studying, keep learning, I will update you regularly.
Here is your Daily dose of professional updates 23.03.2020
Newsletter on daily professional updates- 08/04/2020CA PRADEEP GOYAL
“Ideas are knowledge.
When we share knowledge in the written or verbal form, amazing things can happen.”
Here is your Daily dose of professional updates 08.04.2020
"Sharing knowledge occurs when people are genuinely interested in helping one another develop new capacities for action; it is about creating learning processes", attached is today's Newsletter dated 03.08.2020. Have a great day ahead & Happy rakshabandhan to all of you- Pradeep Goyal
"Without knowledge action is useless and knowledge without action is futile"- Good morning, attached today's newsletter 17.10.2020. Have a great weekend.
“That knowledge which purifies the mind and heart alone is true knowledge, all else is only a negation of knowledge.” Hi Good morning, attached today's Newsletter 30.09.2020. Good Day ahead.
Newsletter on daily professional updates- 23/01/2020CA PRADEEP GOYAL
I believe that the greatest crime is to learn something that can significantly benefit other people, yet share it with no one
Here is your Daily dose of professional updates 23.01.2020
"Knowledge is like money: to be of value it must circulate, and in circulating it can increase in quantity and, hopefully, in value"- Hi attached today's Newsletter 13.10.2020. Good Day ahead.
“Education is the ability to listen to almost anything without losing your temper or self-confidence.” Hi good morning, attached today's newsletter 29.09.2020
In today’s environment, hoarding knowledge ultimately erodes your power. If you know something very important, the way to get power is by actually sharing it.- Good morning attached today's newsletter 25.09.2020.
“Knowledge is like a garden; if it is not cultivated, it cannot be harvested.” Hi Good morning, attached today's newsletter dated 17.09.2020. have a great day ahead
The more extensive a man’s knowledge of what has been done, the greater will be his power
of knowing what to do"- Good Morning, attached today's newsletter 11.09.2020. Have a great weekend.
"Humility will teach you knowledge, arrogance will teach you ignorance. If you think you know it all, you have learned nothing" Hi good morning, attached today's newsletter 01.09.2020. great day ahead
“In today's environment, hoarding knowledge ultimately erodes your power. If you know something very important, the way to get power is by actually sharing it.” Here is today's newsletter 11/08/2020. Stay safe, Stay Healthy- Pradeep
“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”- attached today's newsletter 07.08.2020. Have a great day ahead.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. Initiative by
PRADEEP GOYAL
Chartered Accountant
B.Com | FCA | CPA-Australia | Certified Fraud Examiner |Certified Data Analyst & Scientist| Data Privacy Practitioner |
Insolvency Professional | Registered Valuer | ICAI Certified GST Practitioner | Life-Time Member of Independent Directors’
Data Bank with IICA
pradeepgoyal@kcsassociates.in | +91-9811777103 | Connect me at LinkedIn
DA
Direct & Indirect Taxes | ICAI & ICSI Updates | Corporate laws |
Insolvency | SEBI | RBI | Economy & Finance
Just in™
[Daily Newsletter related to Profession]
No 292 | 20 October 2020
2. For Education & Information Purpose only. Page I
Daily Newsletter 292 | 20 October 2020
▪ Legal Updates- Advance Ruling Authorities / Tribunals / High Courts / Supreme Court
Sr.No.
Key to find the
document
Authority
who
passed
the order
Details of decision
1 [2020] 120
taxmann.com 173
Suresh Kumar P.P.
v. Deputy Director,
Directorate General
of GST Intelligence
(DGGI)*
W.A. NO. 943 OF
2020
AUGUST 14, 2020
Kerala
High
Court
Audit is independent of investigation,
audit & investigation proceedings to be
continued Simultaneously in GST.
An operation carried out by a statutory
authority invested with powers of search,
inspection and seizure, by reason only of
such activities having been carried out in
residences and offices of any person under
investigation for a long time, cannot be
labelled as harassment or high-handed
Audit under section 65 is independent of
an investigation under section 67 and,
thus, audit and investigation proceedings
may be continued simultaneously
An officer above rank of a Joint
Commissioner carrying out investigation
or enforcement activity can deposit any
amounts collected, by way of cash, cheque
or demand draft, during investigation or
enforcement activity and same does not
require generation of Forms prescribed
Indirect Taxes
3. For Education & Information Purpose only. Page II
Daily Newsletter 292 | 20 October 2020
▪ News / Latest Developments / Other updates.
❖ Gujarat High Court to relook at GST on intermediaries.
The controversy around levying Goods and Services Tax on intermediaries has come
back to the fore and the Gujarat High Court is planning to relook at the controversy.
The issue is whether certain Indian units of multinationals or BPOs are actually
supplying services or exporting. As per the GST framework 18% tax has to be levied
if it is not an export.
ET News
▪ Notifications / Circulars / Press releases / FAQs / Portal Updates / Write-ups by Board
“CBDT” and Government.
❖ Government allowed variation between arm’s length price determined u/s 92C
and actual price up-to 1% in the case of wholesale trading and 3% in other case.
Central Government hereby notifies that where the variation between the arm‟s
length price determined under section 92C of the said Act and the price at which
the international transaction or specified domestic transaction has actually been
undertaken does not exceed one per cent. of the latter in respect of wholesale
trading and three per cent. of the latter in all other cases, the price at which the
international transaction or specified domestic transactions.
Gazetted notification here
▪ Legal Updates- Advance Ruling Authorities / Tribunals / High Courts / Supreme Court
Sr.No.
Key to find the
document
Authority
who
passed
the order
Details of decision
1 W.P.(C) 8044/2020
LAKSHYA
BUDHIRAJA.
Petitioner
Delhi High
Court
Discretionary hearing opportunity under
‘Faceless Appeal Scheme’ challenged
before Delhi HC.
Direct Taxes
4. For Education & Information Purpose only. Page III
Daily Newsletter 292 | 20 October 2020
Sr.No.
Key to find the
document
Authority
who
passed
the order
Details of decision
2 [2020] 120
taxmann.com 238
Valencia Nutrition
Ltd. v.
Deputy
Commissioner of
Income Tax
IT APPEAL NOS.473
& 474 (BANG.) OF
2020
[ASSESSMENT
YEARS 2015-16 &
2016-17]
OCTOBER 9, 2020
Bangalore
Tribunal
AO cannot adopt NAV method to
determine value of shares of a company if
assessee used DCF method for the same.
Assessing Officer should scrutinize
valuation report prepared under DCF
method and if necessary, he can carry out
fresh valuation either by himself or by
calling a final determination from an
independent valuer to confront assessee;
he cannot change method of valuation and
he has to follow DCF method only
Where assessee-company, engaged in
business of manufacturing of energy
drinks, had issued shares at a share
premium, but Assessing Officer took view
that share valuation under DCF method
had been carried out on basis of
projections and estimations given by
management and that value of share
should be based on 'net Asset Method'
mentioned in rule 11UA and accordingly,
Assessing Officer worked out value of
shares under Net Asset Method and
assessed excess share premium as income
of assessee under head 'income from
other sources' under section 56(2)(viib),
since Assessing Officer had proceeded to
determine value of shares by adopting
different method without scrutinizing
valuation report furnished by assessee
under DCF method, matter be remanded
to file of Assessing Officer with direction
to examine said issue afresh.
5. For Education & Information Purpose only. Page IV
Daily Newsletter 292 | 20 October 2020
❖ ICAI informs that registration open for Post Qualification Diploma in International
Taxation-ONLINE MODE-Batch-2.
Announcement here
▪ Legal Updates- NCLTs / NCL-ATs / Supreme Court
Sr.No.
Key to find the
document
Authority
who
passed
the order
Details of decision
1 [2020] 119
taxmann.com 250 (
Invent Assets
Securitization and
Reconstruction (P.) Ltd.
v. Xylon Electrotechnic
(P.) Ltd.
COMPANY APPEAL (AT)
(INSOLVENCY) NO. 677
OF 2020
AUGUST 11, 2020
NCLT
Delhi
CIRP plea filed against corporate
debtor for default in year 2010 was
barred by limitation.
Determination of claim of proceedings
before DRT could not extend time or
exclude period of limitation neither it
could be a continuance of cause of
action as proceedings taken before
DRT was not pursued before a wrong
forum, and CIRP application filed
against corporate debtor for default in
2010 was barred by limitation
ICAI Announcements
Insolvency & Bankruptcy
6. For Education & Information Purpose only. Page V
Daily Newsletter 292 | 20 October 2020
❖ Finance minister hints at another round of stimulus package in FY21.
Finance minister Nirmala Sitharaman on Monday said the government has not
closed the option of a third stimulus package in the current financial year ending 31
March 2021, a week after announcing demand measures to boost consumer
spending and capital expenditure in the economy. “I have not closed the option for
another stimulus package if it comes out to be, because every time we announced
one, it has been after a lot of consideration of inputs which have come from various
different sections of the society. Then we sit and work it out within the ministry and
prime minister’s office and then take a final call. So I have not closed the option to
come up with one more stimulus," Sitharaman said participating in a panel
discussion at the virtual launch of the autobiography of 15th Finance Commission
chairman N.K. Singh, titled “Portraits of Power: Half a Century of Being at Ringside".
Mint Report
❖ New privatization policy ready; Cabinet to discuss note on 'strategic sectors' soon
Banking and insurance will be designated as 'strategic sectors', sources told Money-
control. Over the long run, the Centre will have only four PSUs in strategic sectors
and exit the 'non-strategic sectors' completely.
Money-control report
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