The document provides a taxation update with the following key information:
1. It summarizes recent notifications and circulars from the government regarding inverted duty refunds, transitional credit claims, and changes replacing the National Anti-Profiteering Authority with the Competition Commission of India.
2. It outlines recent case laws around who qualifies as an intermediary under GST, whether a lessee can transfer the right to use goods, and eligibility for IGST exemption on EPCG imports.
3. It summarizes advance rulings regarding availability of ITC for CSR expenses, applicability of GST on recovery of diesel costs for DG set rentals, and GST liability under reverse charge for suppliers of
Presentation on GST Transitional Credits - Disputes & Way ForwardTaxmann
Topics Covered in this Presentation:
1. Background of Transitional provisions
A. Different circumstances under Section 140
2. Practical Issues
A. Judgments on Transitional Credits
B. Deemed Credit
3. Impact of transitional provisions amendment
The twenty fourth issue of our monthly tax newsletter – Tax Inform, is out. Through these newsletters, we provide a compilation of key tax-related case laws, circulars, notifications, etc. issued by the authorities in the previous month, impacting entities and individuals operating in India.
We are pleased to share our June 2022 edition of the GST Bulletin covering recent amendments/ updates in the realm of GST.
This issue covers in detail the following:
1. Judicial Updates
• No GST on services by security manager located outside India for subscription to secured notes placed in USA.
• Concessional GST rate of 0.75% on construction applies to promoter and not to sub-contractor.
• Ocean freight levy violates 'Composite supply' principle under GST.
• Secondment of employees by Overseas Group Company is covered under Manpower Supply & liable to service tax.
• Charitable clubs imparting sports training exempt, however entrance/membership fees taxable.
2. Notifications/ Circulars
• Due date for filing GSTR-3B for April 2022 extended.
• Due date for payment of tax in GST PMT-06 for April 2022 extended.
• Late fee for delay in filing of Form GSTR-4 waived off.
3. GST Compliance Calendar for June 2022
ABSTRACT
Chemical is right at the core of advance industrial systems, which is why it has attained a serious concern for disaster management. Chemical disasters are often traumatic in impact on humans usually resulting in casualties along with damage to nature and property. Unlike natural disasters, preventive and regulatory measures assume greater significance when we talk about chemical disasters. India too, has witnessed several chemical disasters in the past 50 years, highlighting the need for safeguards against such events. This paper’s focus lies on two of the most dangerous gas leaks India has witnessed until this date, i.e. the Bhopal Gas Leak and the Vizag Gas Leak. The author discusses in detail what went wrong prior to and during the Bhopal Gas leak, which is followed by an explanation on how the safety initiatives have evolved after the 1984 incident. In the next section, the author tries to decode the Vizag leak of 2020 with emphasis on how the company could bypass the safety norms in place. The author then discusses the gap in the present framework governing Chemical Disasters (including gas leaks) and proposes certain measures that could be implemented for effective management of such disasters.
Recently Hon’ble Delhi High Court has given a landmark judgment in the matter of “Brand Equity Treaties Limited & Others Vs The Union of India & Others” holding that all the taxpayers are allowed to the transitional claim of tax credit as available as on 30th June, 2017 under Pre-GST regime by filing form TRAN-1 till 30th June 2020. Hon’ble High Court has held that the statutory time limit given is only directory and therefore, the period of limitation of 3 years under the Limitation Act would apply. More details about this ruling is given in this update #gst #gstupdate #snr #krestonsnr
“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
Presentation on GST Transitional Credits - Disputes & Way ForwardTaxmann
Topics Covered in this Presentation:
1. Background of Transitional provisions
A. Different circumstances under Section 140
2. Practical Issues
A. Judgments on Transitional Credits
B. Deemed Credit
3. Impact of transitional provisions amendment
The twenty fourth issue of our monthly tax newsletter – Tax Inform, is out. Through these newsletters, we provide a compilation of key tax-related case laws, circulars, notifications, etc. issued by the authorities in the previous month, impacting entities and individuals operating in India.
We are pleased to share our June 2022 edition of the GST Bulletin covering recent amendments/ updates in the realm of GST.
This issue covers in detail the following:
1. Judicial Updates
• No GST on services by security manager located outside India for subscription to secured notes placed in USA.
• Concessional GST rate of 0.75% on construction applies to promoter and not to sub-contractor.
• Ocean freight levy violates 'Composite supply' principle under GST.
• Secondment of employees by Overseas Group Company is covered under Manpower Supply & liable to service tax.
• Charitable clubs imparting sports training exempt, however entrance/membership fees taxable.
2. Notifications/ Circulars
• Due date for filing GSTR-3B for April 2022 extended.
• Due date for payment of tax in GST PMT-06 for April 2022 extended.
• Late fee for delay in filing of Form GSTR-4 waived off.
3. GST Compliance Calendar for June 2022
ABSTRACT
Chemical is right at the core of advance industrial systems, which is why it has attained a serious concern for disaster management. Chemical disasters are often traumatic in impact on humans usually resulting in casualties along with damage to nature and property. Unlike natural disasters, preventive and regulatory measures assume greater significance when we talk about chemical disasters. India too, has witnessed several chemical disasters in the past 50 years, highlighting the need for safeguards against such events. This paper’s focus lies on two of the most dangerous gas leaks India has witnessed until this date, i.e. the Bhopal Gas Leak and the Vizag Gas Leak. The author discusses in detail what went wrong prior to and during the Bhopal Gas leak, which is followed by an explanation on how the safety initiatives have evolved after the 1984 incident. In the next section, the author tries to decode the Vizag leak of 2020 with emphasis on how the company could bypass the safety norms in place. The author then discusses the gap in the present framework governing Chemical Disasters (including gas leaks) and proposes certain measures that could be implemented for effective management of such disasters.
Recently Hon’ble Delhi High Court has given a landmark judgment in the matter of “Brand Equity Treaties Limited & Others Vs The Union of India & Others” holding that all the taxpayers are allowed to the transitional claim of tax credit as available as on 30th June, 2017 under Pre-GST regime by filing form TRAN-1 till 30th June 2020. Hon’ble High Court has held that the statutory time limit given is only directory and therefore, the period of limitation of 3 years under the Limitation Act would apply. More details about this ruling is given in this update #gst #gstupdate #snr #krestonsnr
“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
Changes In Budget 2020 vs 2021 (In Indirect Taxation)Javeria Ansari
Image result for indirect tax
Image result for indirect tax
Image result for indirect tax
Image result for indirect tax
Image result for indirect tax
Image result for indirect tax
View all
An indirect tax (such as sales tax, per unit tax, value added tax (VAT), or goods and services tax (GST ), excise, consumption tax, tariff) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).
“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.
The Constitution of the GST Appellate Tribunal has
been the talk of town since the inception of GST.
Without the Appellate Tribunal in place for over half
a decade the workload of High Courts increased
manifold as the aggrieved taxpayers have been
compelled to prefer writ petitions. In its recent
meeting, the GST Council adopted the report of
the Group of Ministers (GoM) of States on GSTAT.
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.
ELP- Interplay of Customs Law & FTP with GSTelroybo
The intricacies of doing business in the export market, in light of the provisions of GST laws, the amendments to the Customs Act and the mid-term review of Foreign Trade Policy 2015-2020.
INCOME TAX – INTERNATIONAL TAXATION
Tax Residency Certificate – DTAA Benefits
The Punjab and Haryana High Court, has held that Tax Residency Certificate issued by a foreign country can be considered valid for the purpose of claiming benefit under the Indo – Mauritius DTAA. The Court reversed the AAR Ruling and relied upon CBDT Circular No. 789 to the effect that certificate of residence issued by the Mauritius Authorities constitute sufficient evidence for residential status.
Presentation on Industry 2020: Emerging GST Issues due to COVID-19Taxmann
Topics Covered in this Webinar:
1. ITC on invoices not uploaded by vendors – Amendment in Rule 36(4)
2. Refund/Adjustment of GST already paid on bad debts, and discounts
3. ITC implications if goods are destroyed/disposed off.
4. Eligibility of ITC on masks and sanitizers
Important Topics Covered in the Webinar:
1. How to claim ITC on Invoices of February to
August 2020?
2.Whether full ITC can be availed on invoices
pertaining to period 09.10.2019 to 03.04.2020 on
which no ITC was previously availed?
3. Whether remaining ITC can be claimed in any of
the subsequent months GSTR 3B’s where partial
ITC (10/20%) was availed previously as per Rule
36(4)?
Newsletter on daily professional updates- 25/06/2020CA PRADEEP GOYAL
“Knowledge is knowing that a tomato is a fruit.
Wisdom is not putting it in a fruit salad.”
Here is your Daily dose of professional updates 25th June 2020
Taxmann's Daily Tax Digest | 24th July 2020Taxmann
Taxmann's Daily Tax Digest:
A Daily Section-wise digest of Judgments & Statutes on Income-Tax, GST, Company Laws, FEMA, Banking & Insurance Laws, Accounts & Audit, International Taxation, and Transfer Pricing.
Newsletter on daily professional updates- 01/04/2020CA PRADEEP GOYAL
“True strength lies in submission which permits one to dedicate his life, through devotion, to something beyond himself."
Presenting Daily dose of professional updates dated 01.04. 2020. This is 200th edition and 1st Newsletter of Financial Year 2020-2021
Optitax's presentation on 'has gst stabilised, yes and no' 3 feb 18Nilesh Mahajan
This presentation includes following topics:
1. Major changes in GST from it’s implementation
2. Budgetary changes under Indirect Taxes
3. Grey areas under GST - Clarity required
4. E-way bill implementation
5. GST compliance - Our request
Export Control Law Firm_ Customs Law Firm_ SCOMET assistance_ BIS assistance.pdfEconomic Laws Practice
Trust Economic Laws Practice (ELP) to ensure supply chain compliance and mitigate export control risks in India. Our dedicated team of export control lawyers offers proactive legal support and tailored strategies to address regulatory requirements and enhance your supply chain efficiency. Partner with ELP for reliable guidance and seamless compliance assurance. For More Details: https://elplaw.in/practicearea/supply-chain-customs/
Maximizing Legal Compliance in Hospitality: ELP Law's Tailored SolutionsEconomic Laws Practice
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Changes In Budget 2020 vs 2021 (In Indirect Taxation)Javeria Ansari
Image result for indirect tax
Image result for indirect tax
Image result for indirect tax
Image result for indirect tax
Image result for indirect tax
Image result for indirect tax
View all
An indirect tax (such as sales tax, per unit tax, value added tax (VAT), or goods and services tax (GST ), excise, consumption tax, tariff) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).
“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.
The Constitution of the GST Appellate Tribunal has
been the talk of town since the inception of GST.
Without the Appellate Tribunal in place for over half
a decade the workload of High Courts increased
manifold as the aggrieved taxpayers have been
compelled to prefer writ petitions. In its recent
meeting, the GST Council adopted the report of
the Group of Ministers (GoM) of States on GSTAT.
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.
ELP- Interplay of Customs Law & FTP with GSTelroybo
The intricacies of doing business in the export market, in light of the provisions of GST laws, the amendments to the Customs Act and the mid-term review of Foreign Trade Policy 2015-2020.
INCOME TAX – INTERNATIONAL TAXATION
Tax Residency Certificate – DTAA Benefits
The Punjab and Haryana High Court, has held that Tax Residency Certificate issued by a foreign country can be considered valid for the purpose of claiming benefit under the Indo – Mauritius DTAA. The Court reversed the AAR Ruling and relied upon CBDT Circular No. 789 to the effect that certificate of residence issued by the Mauritius Authorities constitute sufficient evidence for residential status.
Presentation on Industry 2020: Emerging GST Issues due to COVID-19Taxmann
Topics Covered in this Webinar:
1. ITC on invoices not uploaded by vendors – Amendment in Rule 36(4)
2. Refund/Adjustment of GST already paid on bad debts, and discounts
3. ITC implications if goods are destroyed/disposed off.
4. Eligibility of ITC on masks and sanitizers
Important Topics Covered in the Webinar:
1. How to claim ITC on Invoices of February to
August 2020?
2.Whether full ITC can be availed on invoices
pertaining to period 09.10.2019 to 03.04.2020 on
which no ITC was previously availed?
3. Whether remaining ITC can be claimed in any of
the subsequent months GSTR 3B’s where partial
ITC (10/20%) was availed previously as per Rule
36(4)?
Newsletter on daily professional updates- 25/06/2020CA PRADEEP GOYAL
“Knowledge is knowing that a tomato is a fruit.
Wisdom is not putting it in a fruit salad.”
Here is your Daily dose of professional updates 25th June 2020
Taxmann's Daily Tax Digest | 24th July 2020Taxmann
Taxmann's Daily Tax Digest:
A Daily Section-wise digest of Judgments & Statutes on Income-Tax, GST, Company Laws, FEMA, Banking & Insurance Laws, Accounts & Audit, International Taxation, and Transfer Pricing.
Newsletter on daily professional updates- 01/04/2020CA PRADEEP GOYAL
“True strength lies in submission which permits one to dedicate his life, through devotion, to something beyond himself."
Presenting Daily dose of professional updates dated 01.04. 2020. This is 200th edition and 1st Newsletter of Financial Year 2020-2021
Optitax's presentation on 'has gst stabilised, yes and no' 3 feb 18Nilesh Mahajan
This presentation includes following topics:
1. Major changes in GST from it’s implementation
2. Budgetary changes under Indirect Taxes
3. Grey areas under GST - Clarity required
4. E-way bill implementation
5. GST compliance - Our request
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The article attempts to analyse the similarities and divergences in the provisions of the Income Tax and GST laws pertaining to business expenditure. On first flush, it may appear that both the taxing provisions are similar in nature. However, a deeper analysis would reflect that there are certain nuanced differences. The disallowances under both statutes are distinct and unrelated. The authors also highlight certain industry specific issues and point out that it has been recently observed that investigation by one wing of the Tax Department has also eventually invited scrutiny from the other Department.
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In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
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WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.