OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall look at various important definitions and terminologies under the GST Law.
This document provides an overview of the Goods and Services Tax (GST) that was implemented in India in July 2017. It defines GST as a comprehensive indirect tax on the supply of goods and services throughout India. The key highlights include:
- GST is a dual GST model with taxation powers shared between the central and state governments.
- It subsumes multiple taxes into a single tax to reduce the cascading effect of taxes and simplify compliance.
- Tax rates under GST range from 0-28% depending on the type of goods or services.
- Registration and returns involve a unified process with the central and state tax authorities for simplification.
- Implementation challenges include transitioning
The Kelkar-Shah Committee made recommendations for implementing GST in India in four stages:
1) Establishing IT systems to handle GST processes
2) Building the Central GST system
3) Obtaining agreement from states through political negotiations on a "Grand Bargain"
4) Interacting with states to bring them on board with the GST system
The Committee also recommended reducing customs duties gradually and replacing other indirect taxes such as excise duty and service tax with the GST over time.
LEVY AND COLLECTION OF GST – Scope of Supply - Schedule I, II & IIISundar B N
Under the old tax regime in India, different taxes like excise, VAT/CST, and service tax had different taxable events. GST unified these various taxes and introduced a single taxable event of "supply". Supply includes all forms of supply of goods or services for a consideration in the course of business. Certain activities specified in Schedules I, II and III of the GST acts are treated as supply. For a transaction to qualify as supply under GST, it must be a supply of goods or services, for a consideration, in the course of business, by a taxable person, and be a taxable supply.
GST is a single tax on the supply of goods and services that will replace multiple taxes. It is composed of Central GST (CGST) and State GST (SGST) which will simultaneously be levied on all transactions. Input tax credit can be claimed at each stage to avoid double taxation. Key aspects include exemptions, tax rates of 5%, 12%, 18% and 28%, registration requirements, return filing process and special provisions for e-commerce.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
The document discusses the residential status and tax liability of individuals and entities in India. It defines the basic conditions to determine if a person is a resident, ordinary resident, or non-resident based on the number of days spent in India. An ordinary resident's total income and tax liability is the highest, including both Indian and foreign income. A non-resident's total income and tax liability is based only on Indian income. The residential status of entities like HUF, companies, firms, and AOP is also determined based on the control and management of their affairs being within or outside of India.
Find out the detailed explanation of the provisions related to Offences and Penalties under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
OBJECTIVE
Import of all kinds of goods and on the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall understand the provisions for levy of customs duty and exemptions from customs duty.
This document provides an overview of the Goods and Services Tax (GST) that was implemented in India in July 2017. It defines GST as a comprehensive indirect tax on the supply of goods and services throughout India. The key highlights include:
- GST is a dual GST model with taxation powers shared between the central and state governments.
- It subsumes multiple taxes into a single tax to reduce the cascading effect of taxes and simplify compliance.
- Tax rates under GST range from 0-28% depending on the type of goods or services.
- Registration and returns involve a unified process with the central and state tax authorities for simplification.
- Implementation challenges include transitioning
The Kelkar-Shah Committee made recommendations for implementing GST in India in four stages:
1) Establishing IT systems to handle GST processes
2) Building the Central GST system
3) Obtaining agreement from states through political negotiations on a "Grand Bargain"
4) Interacting with states to bring them on board with the GST system
The Committee also recommended reducing customs duties gradually and replacing other indirect taxes such as excise duty and service tax with the GST over time.
LEVY AND COLLECTION OF GST – Scope of Supply - Schedule I, II & IIISundar B N
Under the old tax regime in India, different taxes like excise, VAT/CST, and service tax had different taxable events. GST unified these various taxes and introduced a single taxable event of "supply". Supply includes all forms of supply of goods or services for a consideration in the course of business. Certain activities specified in Schedules I, II and III of the GST acts are treated as supply. For a transaction to qualify as supply under GST, it must be a supply of goods or services, for a consideration, in the course of business, by a taxable person, and be a taxable supply.
GST is a single tax on the supply of goods and services that will replace multiple taxes. It is composed of Central GST (CGST) and State GST (SGST) which will simultaneously be levied on all transactions. Input tax credit can be claimed at each stage to avoid double taxation. Key aspects include exemptions, tax rates of 5%, 12%, 18% and 28%, registration requirements, return filing process and special provisions for e-commerce.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
The document discusses the residential status and tax liability of individuals and entities in India. It defines the basic conditions to determine if a person is a resident, ordinary resident, or non-resident based on the number of days spent in India. An ordinary resident's total income and tax liability is the highest, including both Indian and foreign income. A non-resident's total income and tax liability is based only on Indian income. The residential status of entities like HUF, companies, firms, and AOP is also determined based on the control and management of their affairs being within or outside of India.
Find out the detailed explanation of the provisions related to Offences and Penalties under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
OBJECTIVE
Import of all kinds of goods and on the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall understand the provisions for levy of customs duty and exemptions from customs duty.
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
Objectives & Agenda :
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. Before levying any tax, taxable events needs to be ascertained. Under GST, taxable event arises on "supply of goods or services or both". In this webinar, we shall analyse and understand the provisions related to definition of supply.
The document discusses input tax credit (ITC) under the Goods and Services Tax (GST) regime in India. Some key points:
1. ITC aims to ensure tax is levied only on value addition at each stage of supply chain to eliminate cascading of taxes. Only registered taxpayers can claim ITC subject to certain conditions.
2. Eligible inputs/services include those used in business. Capital goods are eligible for ITC over multiple years. ITC must be claimed within prescribed time limits and supported by valid documents.
3. ITC is allowed for taxable and zero-rated supplies but not for exempt, non-taxable or personal consumption. Credit must be apportioned
Composition levy GST ( Composition Scheme GST )CA-Amit
Only taxable persons whose ‘aggregate turnover’ does not exceed Rs. 50 lacs in a financial year will be eligible to opt for payment of tax under the composition scheme.As per Section 16, Goods and/or services on which composition tax has been paid under Section 8 is not eligible for input tax credit.
The document provides an overview of goods and services tax (GST) in India. It describes the existing indirect tax structure, including various central and state taxes like VAT, CST, excise duty, and service tax. It explains the problems with the current system, such as cascading effects and compliance burden. GST aims to simplify and harmonize indirect taxation by introducing a single tax on the supply of goods and services throughout India, subsuming multiple taxes. It will follow a dual GST model with taxation powers shared between the central and state governments. The key benefits of GST include removing cascading taxes, improving compliance, and creating a unified national market.
This document provides an overview of various deductions that can be claimed under sections 80C to 80U of the Indian Income Tax Act of 1961. It explains key deductions such as those for approved savings and investments of up to Rs. 1.5 lakhs under section 80C, contributions to pension schemes under 80CCD, medical and education expenses under 80D, 80DD, 80E, and donations to certain funds under 80G. It also outlines eligibility criteria and limits for claiming these common tax deductions in India.
Key Takeaways
Analysis of definitions in Income tax act and treaties
Taxability under the act and treaties
IRoyalty vs. Business income
Illustrative Cases
Judicial Precedents
This is a short presentation for beginners wanting to learn a bit about the Indian Income-tax Act. It gives a snapshot of some of the basic terms in the Indian income-tax law. Hard core tax practitioners may kindly stay away! It's only the common man.
The document discusses various types of perquisites that are taxable in the hands of an employee. It defines perquisites as casual emoluments or benefits provided to an employee in addition to their salary. Some key points include:
- Rent-free accommodation provided by the employer is taxable as a perquisite. The taxable amount depends on factors like location and whether the property is owned or rented by the employer.
- Other common taxable perquisites include utilities like gas, electricity and water paid by the employer, as well as facilities like transport and education for employees' families.
- There are certain exemptions, like a fixed allowance of up to Rs. 100 per child for education or Rs. 300
1) The document discusses the residential status of individuals in India for tax purposes, including the definitions and tests for being a resident, ordinarily resident, not ordinarily resident, and non-resident.
2) It provides examples of how to determine an individual's residential status based on the number of days spent in India in the relevant year and over the last few years, as well as examples of applying the tests.
3) Residential status is important for determining the scope of an individual's global income that is taxable in India.
The document summarizes the various types of returns required to be filed under the Goods and Services Tax (GST) regime in India. It discusses 18 different return forms including monthly, quarterly, annual returns to be filed by regular taxpayers, compounding taxpayers, Input Service Distributors, e-commerce operators, non-resident taxpayers, and others. The returns require reporting of outward and inward supplies, input tax credit claimed, tax payable, payments made, and other details. The returns are largely auto-populated based on information filed in other returns, and allow for modifications and corrections.
This PPT explains all about the latest amendments in the GST regime. Under, valuation of supply, this topic covers the time of supply which is considered as as second aspect after place of supply.
This document provides an overview of the Goods and Services Tax (GST) system that is being implemented in India. Some key points:
- GST is a comprehensive indirect tax that will combine multiple state and central taxes into one. It is levied at each stage of production and distribution.
- The proposed GST structure has two components - Central GST to be levied by the Centre and State GST to be levied by the states. Standard rates are proposed at 20% for goods and 16% for services.
- GST aims to reduce tax cascading and make India's tax system simpler, more transparent and boost the economy by making exports more competitive.
- There were challenges
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
The document provides information on supply under GST including:
- Supply is defined broadly under GST and includes all forms of supply of goods/services for consideration including sale, transfer, barter etc.
- Certain activities such as permanent transfer of business assets are treated as supply even without consideration.
- Schedule II lists various transactions that are treated as supply of goods or services like renting of property, transfer of business assets etc.
- Time of supply determines when the tax liability arises and this is the earliest date among invoice issue, removal of goods or receipt of payment.
The document provides an overview of the Goods and Services Tax (GST) that is being implemented in India. It discusses the key aspects of GST including:
- What GST is and the taxes it will replace
- Why GST is being implemented, primarily to create a common national market and reduce the complexity of indirect taxes
- How GST will be implemented through constitutional amendments and new central/state laws
- Details of the GST design including the key definitions, taxable events, rates, and compliance procedures.
- GST will be levied as Central GST (CGST) and State GST (SGST) on intra-state supplies, and Integrated G
UAE VAT Law Executive Regulations (Draft) have been issued
UAE's Federal Tax Authority has issued the (Draft) VAT Executive Regulations today. You can download it here
What to do next?
Companies should now act fast to get themselves VAT compliant and apply for VAT registration.
How BMS AUDITING CAN HELP ?
At BMS AUDITING we are helping many companies to get VAT implemented successfully through our UK Experienced VAT experts. . We provide end to end VAT implementation services across UAE, in all Emirates
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
Objectives & Agenda :
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. Before levying any tax, taxable events needs to be ascertained. Under GST, taxable event arises on "supply of goods or services or both". In this webinar, we shall analyse and understand the provisions related to definition of supply.
The document discusses input tax credit (ITC) under the Goods and Services Tax (GST) regime in India. Some key points:
1. ITC aims to ensure tax is levied only on value addition at each stage of supply chain to eliminate cascading of taxes. Only registered taxpayers can claim ITC subject to certain conditions.
2. Eligible inputs/services include those used in business. Capital goods are eligible for ITC over multiple years. ITC must be claimed within prescribed time limits and supported by valid documents.
3. ITC is allowed for taxable and zero-rated supplies but not for exempt, non-taxable or personal consumption. Credit must be apportioned
Composition levy GST ( Composition Scheme GST )CA-Amit
Only taxable persons whose ‘aggregate turnover’ does not exceed Rs. 50 lacs in a financial year will be eligible to opt for payment of tax under the composition scheme.As per Section 16, Goods and/or services on which composition tax has been paid under Section 8 is not eligible for input tax credit.
The document provides an overview of goods and services tax (GST) in India. It describes the existing indirect tax structure, including various central and state taxes like VAT, CST, excise duty, and service tax. It explains the problems with the current system, such as cascading effects and compliance burden. GST aims to simplify and harmonize indirect taxation by introducing a single tax on the supply of goods and services throughout India, subsuming multiple taxes. It will follow a dual GST model with taxation powers shared between the central and state governments. The key benefits of GST include removing cascading taxes, improving compliance, and creating a unified national market.
This document provides an overview of various deductions that can be claimed under sections 80C to 80U of the Indian Income Tax Act of 1961. It explains key deductions such as those for approved savings and investments of up to Rs. 1.5 lakhs under section 80C, contributions to pension schemes under 80CCD, medical and education expenses under 80D, 80DD, 80E, and donations to certain funds under 80G. It also outlines eligibility criteria and limits for claiming these common tax deductions in India.
Key Takeaways
Analysis of definitions in Income tax act and treaties
Taxability under the act and treaties
IRoyalty vs. Business income
Illustrative Cases
Judicial Precedents
This is a short presentation for beginners wanting to learn a bit about the Indian Income-tax Act. It gives a snapshot of some of the basic terms in the Indian income-tax law. Hard core tax practitioners may kindly stay away! It's only the common man.
The document discusses various types of perquisites that are taxable in the hands of an employee. It defines perquisites as casual emoluments or benefits provided to an employee in addition to their salary. Some key points include:
- Rent-free accommodation provided by the employer is taxable as a perquisite. The taxable amount depends on factors like location and whether the property is owned or rented by the employer.
- Other common taxable perquisites include utilities like gas, electricity and water paid by the employer, as well as facilities like transport and education for employees' families.
- There are certain exemptions, like a fixed allowance of up to Rs. 100 per child for education or Rs. 300
1) The document discusses the residential status of individuals in India for tax purposes, including the definitions and tests for being a resident, ordinarily resident, not ordinarily resident, and non-resident.
2) It provides examples of how to determine an individual's residential status based on the number of days spent in India in the relevant year and over the last few years, as well as examples of applying the tests.
3) Residential status is important for determining the scope of an individual's global income that is taxable in India.
The document summarizes the various types of returns required to be filed under the Goods and Services Tax (GST) regime in India. It discusses 18 different return forms including monthly, quarterly, annual returns to be filed by regular taxpayers, compounding taxpayers, Input Service Distributors, e-commerce operators, non-resident taxpayers, and others. The returns require reporting of outward and inward supplies, input tax credit claimed, tax payable, payments made, and other details. The returns are largely auto-populated based on information filed in other returns, and allow for modifications and corrections.
This PPT explains all about the latest amendments in the GST regime. Under, valuation of supply, this topic covers the time of supply which is considered as as second aspect after place of supply.
This document provides an overview of the Goods and Services Tax (GST) system that is being implemented in India. Some key points:
- GST is a comprehensive indirect tax that will combine multiple state and central taxes into one. It is levied at each stage of production and distribution.
- The proposed GST structure has two components - Central GST to be levied by the Centre and State GST to be levied by the states. Standard rates are proposed at 20% for goods and 16% for services.
- GST aims to reduce tax cascading and make India's tax system simpler, more transparent and boost the economy by making exports more competitive.
- There were challenges
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
The document provides information on supply under GST including:
- Supply is defined broadly under GST and includes all forms of supply of goods/services for consideration including sale, transfer, barter etc.
- Certain activities such as permanent transfer of business assets are treated as supply even without consideration.
- Schedule II lists various transactions that are treated as supply of goods or services like renting of property, transfer of business assets etc.
- Time of supply determines when the tax liability arises and this is the earliest date among invoice issue, removal of goods or receipt of payment.
The document provides an overview of the Goods and Services Tax (GST) that is being implemented in India. It discusses the key aspects of GST including:
- What GST is and the taxes it will replace
- Why GST is being implemented, primarily to create a common national market and reduce the complexity of indirect taxes
- How GST will be implemented through constitutional amendments and new central/state laws
- Details of the GST design including the key definitions, taxable events, rates, and compliance procedures.
- GST will be levied as Central GST (CGST) and State GST (SGST) on intra-state supplies, and Integrated G
UAE VAT Law Executive Regulations (Draft) have been issued
UAE's Federal Tax Authority has issued the (Draft) VAT Executive Regulations today. You can download it here
What to do next?
Companies should now act fast to get themselves VAT compliant and apply for VAT registration.
How BMS AUDITING CAN HELP ?
At BMS AUDITING we are helping many companies to get VAT implemented successfully through our UK Experienced VAT experts. . We provide end to end VAT implementation services across UAE, in all Emirates
UAE VAT Law - Draft Executive RegulationManoj Agarwal
Much Awaited Regulations released by the UAE Government. Cabinet has approved draft of the Executive Regulations of the UAE VAT Law which will make UAE VAT Law implementation simplified.
This document provides definitions for key terms used in the executive regulation of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (VAT) in the United Arab Emirates. It defines terms like "taxable person", "taxable supply", "input tax", "output tax", and establishes thresholds for mandatory and voluntary VAT registration. It also provides rules for determining if parties are considered "related" for purposes of VAT registration and payment.
Approved Executive Regulations now available for the UAE VAT Law. All businesses with taxable supplies of more than AED 375,000 needs to register before 4th December 2017 and be fully compliant with the UAE VAT Law
- GST is levied on the supply of goods or services. A supply can be composite (bundled supplies taxed at the rate of the principal supply) or mixed (separate items taxed at the highest rate).
- Under reverse charge, the recipient of the supply is liable to pay GST instead of the supplier in certain cases like import of services. Key reverse charge supplies include services by unregistered persons, GTA, legal/arbitration services to businesses.
- The document discusses concepts like composite vs mixed supply, reverse charge mechanism, and examples of supplies taxed under reverse charge.
VAT in UAE: Comparison of Draft and Final Executive Regulations of the UAE VA...Manoj Agarwal
VAT in UAE
A Comparison of Draft and Final Executive Regulations issued by the Federal Tax Authority of the UAE. Changes and Additions are marked in red and blue colour in a easy to understand way.
Basic Overview of Goods & Service Tax. this report covers various taxable events, exemption, Input Tax Credit, Place of supply, tax invoice, other voucher and penalty and offence. This is for common user for their first hand use.
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
This document is an unofficial translation of the Federal Decree-Law No. (8) of 2017 on Value Added Tax in the United Arab Emirates. It establishes the scope and rate of VAT to be imposed on taxable supplies and imports at 5%. It defines key terms related to VAT and outlines rules for mandatory tax registration, including thresholds. It also covers deemed supplies, tax groups, and exemptions. The decree aims to impose VAT on the import and supply of goods and services in the UAE.
The document provides an overview of the definition and scope of "supply" under the GST regime in India. Some key points:
1) Supply is defined broadly under GST and includes all forms of supply of goods/services for consideration in the course of business. Certain activities like permanent transfers of business assets are deemed supplies even without consideration.
2) Schedules I, II, and III outline activities that are treated as supply, classify activities as supply of goods or services, and exclude certain activities from supply respectively.
3) Key elements of a supply are consideration, in the course/furtherance of business, and import of services. Related/distinct persons and agents are also addressed.
4
Supply under GST (goods and services tax)Aashi90100
This document provides definitions and explanations of key terms under the Goods and Services Tax (GST) in India such as goods, services, taxable person, supplier, recipient, location of supply, and place of business. It explains concepts like input service distributor, usual place of residence, principal place of business, and fixed establishment. The document aims to outline the scope and coverage of entities, transactions, and locations that would be subject to GST in India.
The document discusses whether GST should be charged by charitable organizations for goods and services supplied. It provides an overview of key GST concepts like goods, services, supply and the registration and return filing process. Certain activities of charitable organizations are exempt from GST like religious ceremonies, renting religious premises, training/coaching in sports/arts, and services to members against membership fees. For exemption, an entity must be registered under the Income Tax Act and supply charitable activities related to public health, religion, education etc. Donations received by charitable organizations are not considered 'supply' and hence not taxable under GST. However, training programs conducted for a fee would be a commercial activity liable to GST.
The document discusses place of supply under the Goods and Services Tax (GST) in India. It states that place of supply is an important factor under GST as it determines whether a supply is intra-state or inter-state, and consequently whether CGST + SGST or IGST is applicable. It then provides details on how to determine the place of supply for inter-state and intra-state supplies of goods and services based on the location of the supplier and recipient. Specific rules are outlined for determining place of supply for various scenarios involving movement of goods, immovable property, transportation, events and other services.
Similar to Important definitions and terminologies under gst law (20)
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIADVSResearchFoundatio
The document summarizes the scrapping of retroactive tax provisions in India. It provides background on retroactive taxation laws introduced in 2012 in response to court rulings. It analyzes prominent cases like Vodafone and Cairn Energy that challenged the retroactive taxes under bilateral investment treaties. The Taxation Laws Amendment Act of 2021 was passed to scrap these retroactive provisions and provide tax refunds to affected companies like Cairn Energy. The act aims to improve India's reputation as an investment destination and revive interest from foreign investors.
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...DVSResearchFoundatio
Key Takeaways:
- Analysis of section 45(4), section 9B of the Income Tax Act and Rule 8AA and Rule 8AB of Income Tax Rules
- Illustrations to understand the relevant impact
- Critical Issues concerned with the provisions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
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Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...DVSResearchFoundatio
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ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...DVSResearchFoundatio
The Supreme Court ruled that the conversion of outstanding interest into debentures by the assessee company qualified for deduction under Section 43B of the Income Tax Act. The conversion was done under a rehabilitation plan agreed with institutional creditors to extinguish the interest liability. The Court observed that Section 43B was not meant to affect bona fide transactions, and debentures were different than loans/borrowings under Explanation 3C. It set aside the High Court's decision and allowed the assessee's claim for deduction, noting the conversion was an actual payment of interest rather than postponing the liability.
Key Takeaways:
- Facts of the case
- Issues and Orders
- Contention of the parties
- Observations of Honourable Supreme Court
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This document outlines the process and documentation required for an SME to obtain an in-principle approval for an initial public offering (IPO) listing on the National Stock Exchange of India (NSE). It details the documents required to be submitted on T+2, T+3, T+4, and T+5 days from the date of in-principle approval to finalize the listing. These include annual reports, board resolutions, shareholding details, basis of allotment, post-issue shareholding pattern, and confirmation from issuers, merchant bankers, and statutory auditors. It also provides information on NEAPS platform registration and payment of processing and annual listing fees.
What are the post listing compliance norms for SME entities?DVSResearchFoundatio
The document summarizes post-listing compliance norms for small and medium enterprises (SMEs) listed on SME exchanges in India. It discusses requirements for further capital issues, green shoe options, migration to the main board, further public offerings, and mandatory and voluntary disclosures. Key requirements include making full disclosures for further issues, obtaining shareholder approval for green shoe options, complying with eligibility criteria for migration, and submitting regular financial disclosures and statements on the use of IPO proceeds.
1) Prior to listing on an SME exchange, a company must file an offer document with SEBI and the relevant stock exchange and appoint qualified intermediaries like lead managers, registrars, and syndicate members.
2) The company must make required disclosures in the offer document and the lead manager must conduct due diligence on these disclosures.
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This document outlines the criteria for Small and Medium Enterprises (SMEs) to list on the SME platforms of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The key eligibility criteria are a positive net worth, a track record of at least 3 years of operations, and operating profits over the last 2-3 years. Additional disclosure requirements include details on directors, regulatory actions, litigation status, and defaults. SMEs listed can later migrate to the main board of the exchanges if they meet certain criteria like company size and track record. As of now, over 220 companies are listed on NSE's SME platform and over 100 have migrated from BSE's SME platform
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
An Indian individual seeks to incorporate a company in Singapore. The process involves obtaining name approval, determining the company structure as a private or public company, appointing directors and other key personnel, selecting a registered office address, and drafting a company constitution. Once incorporated, the new company can open a Singapore bank account and obtain a tax residency certificate. Indian regulations allow for foreign direct investment through the automatic route or approval route depending on the amount and financial commitment. The entire incorporation process can be completed quickly online but setting up documents may take a few days.
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...DVSResearchFoundatio
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- Supreme Court’s Verdict
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HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf46adnanshahzad
How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
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Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
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https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
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This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
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2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
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3. Legends used in the Presentation
3
AOP Association of Persons
BOI Body of Individuals
CG Central Government
CGST Central Goods and Services Tax
HUF Hindu Undivided Family
IGST Integrated Goods and Services Tax
ITC Input Tax Credit
LLP Limited Liability Partnership
PAN Permanent Account Number
SG State Government
SGST State Goods and Services Tax
4. 4
Introduction
In this webinar, definition and meanings of certain important terms are discussed
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July
2017 which was one of the most important reforms in the Indian Economy
GST subsumed various indirect laws in the country and the led to the formation
of a common national market
GST is one of the essential laws to be understood for all stakeholders of the
business environment
Understanding the definitions and meaning of terms used in the Legislation is crucial
6. 6
India
-The territory of India,
-its territorial waters,
-seabed and sub-soil underlying such waters,
-continental shelf,
-exclusive economic zone or any other maritime zone and
-the air space above its territory and territorial waters
Territorial Waters The territorial waters is the line every point of which is at a distance of 12
nautical miles from the nearest point of the appropriate baseline*
Continental Shelf
Comprises the seabed and subsoil of the submarine areas that extend beyond the limit of its
territorial waters throughout the natural prolongation of its land territory to the outer edge of
the continental margin or to a distance of 200 nautical miles from the baseline
Exclusive Economic Zone An area beyond and adjacent to the territorial waters, and the limit of such zone is
200 nautical miles from the baseline
*the line along the coast from which the seaward limits of a state's
territorial sea and certain other maritime zones of jurisdiction are measured
7. 7
Business
Any trade, commerce, manufacture, profession, vocation, adventure, wager or any other similar activity, whether or not it is for a
pecuniary benefit
Any activity or transaction in connection with or incidental or ancillary thereto
Any activity or transaction regarded as business, whether or not there is volume, frequency, continuity or regularity of such
transaction
Supply or acquisition of goods including capital goods and services in connection with commencement or closure of business
Provision of facilities or benefits to its members by a club, association, society, or any such body
Admission, for a consideration, of persons to any premises
Services supplied by a person as the holder of an office which has been accepted by him in the course or furtherance of his trade,
profession or vocation
Services provided by a race club by way of totalizator* or a licence to book maker in such club
Any activity or transaction undertaken by the CG, a SG or any local authority in which they are engaged as public authorities
includes
* registers bets and divides the total amount bet among those who won
8. 8
Manufacture
means processing of raw material or inputs in any manner that results in
emergence of a new product having a distinct name, character and use and
the term “manufacturer” shall be construed accordingly
Recipient
Where a consideration is payable for the supply of goods or services or
both, the person who is liable to pay that consideration
Where no consideration is payable for the supply of goods, the person to
whom the goods are delivered or made available, or to whom possession
or use of the goods is given or made available
Where no consideration is payable for the supply of a service, the person
to whom the service is rendered
Recipient of supply of goods or services or both, means—
9. 9
Person
includes
Individual HUF Company Firm LLP
AOP or BOI Government Company
Any body corporate
incorporated by or
under the laws of a
country outside India
Co-operative society Local authority
Central Government
or a State Government
Society Trust
Every artificial juridical
person, not falling
within any of the
above
Family
The spouse and children of the person
The parents, grand-parents, brothers and sisters of the person if they
are wholly or mainly dependent on the said person
10. 10
means a person who is registered under GST but does not
include a person having a Unique Identification Number*
Registered Person
* Unique Identification Number - a special class of GST registration for foreign diplomatic
missions and embassies which are not liable for taxes in the Indian territory`
Casual Taxable Person
-A person who occasionally undertakes transactions involving supply of
goods or services or both
-in the course or furtherance of business,
-whether as principal, agent or in any other capacity, in a State or a Union
territory where he has no fixed place of business
11. 11
Taxable supplies, Exempt supplies,
Exports of goods or
services or both and
inter-state supplies
of persons
Having the same
PAN, to be computed
on all India basis
Central tax, State tax, Union territory tax, Integrated tax and
Cess
Aggregate
Turnover
Excluding the value of inward supplies on which tax is payable by a person on reverse charge basis
The aggregate value of all
But excludes
12. 12
Place from where the business is ordinarily carried on, and includes a warehouse, a godown or any other place
where a taxable person stores his goods, supplies or receives goods or services or both; or
Place where a taxable person maintains his books of account; or
Place where a taxable person is engaged in business through an agent, by whatever name called
Place of Business
The place of business specified as the principal place of business in the GST Certificate
Principle Place of Business
Fixed Establishment
means a place (other than the registered place of business) which is characterised by a
sufficient degree of permanence and suitable structure in terms of human and technical
resources to supply services, or to receive and use services for its own needs
13. 13
Place of Supply The place of delivery of goods or consumption of service
Location of the
Supplier of Services
Where a supply is made from registered office, the location of such place of business;
Where a supply is made from a place other than from registered office (a fixed establishment elsewhere),
the location of such fixed establishment;
Where a supply is made from more than one establishment, whether the place of business or fixed
establishment, the location of the establishment most directly concerned with the provisions of the supply;
In absence of such places, the location of the usual place of residence of the supplier
Usual Place of
Residence
• In case of an individual, the place where he ordinarily resides
• In other cases, the place where the person is incorporated or otherwise legally
constituted
14. 14
Location of the
Recipient of
Services
Where a supply is received at a place of business for which the registration has been
obtained, the location of such place of business;
Where a supply is received at a place other than the place of business for which
registration has been obtained (a fixed establishment elsewhere), the location of such
fixed establishment;
Where a supply is received at more than one establishment, whether the place of
business or fixed establishment, the location of the establishment most directly
concerned with the receipt of the supply;
In absence of such places, the location of the usual place of residence of the recipient;
Agent
A person, including
-a factor,
-broker,
-commission agent,
-arhatia (who is doing business
on behalf of others),
-del credere agent,
-an auctioneer,
Who carries on the business of supply or receipt of
goods or services or both on behalf of another
Factoring is a financial transaction and a type of debtor finance
in which a business sells its accounts receivable (i.e., invoices)
to a third party (called a factor)
A del credere agency is a type of principal-agent relationship wherein
the agent acts not only as a salesperson, or broker, for the principal,
but also as a guarantor of credit extended to the buyer
15. 15
Common portal which would facilitate registration, tax
payment, filing of returns, computation and settlement
of integrated tax, electronic way bill and any other
purpose as prescribed by Government
Common Portal
Consideration
• Any payment made or to be made, whether in money or
otherwise,
• in respect of, in response to, or for the inducement* of,
• the supply of goods or services or both,
• whether by the recipient or by any other person but
• shall not include any subsidy given by the CG or SG
• The monetary value of any act or forbearance**,
• in respect of, in response to, or for the inducement of,
• the supply of goods or services or both,
• whether by the recipient or by any other person but
• shall not include any subsidy given by the CG or a SG
includes
Deposit given in respect of the supply of goods or services or both shall not be considered as payment
made for such supply unless the supplier applies such deposit as consideration for the said supply
https://www.gst.gov.in is
the official common portal
notified by the
government
*Inducement - a thing that persuades or leads someone to do something
**forbearance – restraint and tolerance
16. 16
Turnover in State/UT
Aggregate value of:
All taxable supplies (excluding the value of inward
supplies on which tax is payable by a person on reverse
charge basis) and exempt supplies made within a
State/UT by a taxable person,
Exports of goods or
services or both and
Inter-State supplies of goods
or services or both made
from the State/UT by the said
taxable person
but excludes central tax,
State tax, Union territory
Job Work
means any treatment or process undertaken by a person on goods
belonging to another registered person and the expression “job
worker” shall be construed accordingly
17. 17
Works contract
wherein transfer of property in goods (whether as goods or in some other
form) is involved in the execution of such contract
of any immovable property
building, construction, fabrication, completion, erection, installation, fitting
out, improvement, modification, repair, maintenance, renovation, alteration or
commissioning
means a contract for:
18. 18
Capital goods
means goods,
• the value of which is capitalised in the books of account of the person claiming ITC
• and which are used or intended to be used in the course or furtherance of business
Input
means any goods other than capital goods used or intended to be used by
a supplier in the course or furtherance of business
Input service
means any service used or intended to be used by a supplier in the course
or furtherance of business
19. 19
Input Tax
But does not include Tax paid under the composition levy*
and includes IGST paid on Imports and Tax paid on Reverse Charge Basis
on any supply of goods or services or both made to him
means the CGST, SGST, IGST or UTGST charged
In relation to a registered person,
Input tax credit means the credit of input tax
Input Service
Distributor (ISD)
• means an office of the supplier of goods or services or both
• which receives tax invoices towards the receipt of input services
• and issues a ‘ISD Invoice’ for the purposes of distributing the ITC on services
• to a supplier of taxable goods or services or both having the same PAN as that of the
said office (branch)
*The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover
is below Rs. 1crore. However, in case of North-Eastern states and Himachal Pradesh, the limit is Rs 75 lakh
20. 20
Exempt Supply
means supply of any goods or services or both
Which attracts nil rate of tax or
which may be wholly exempt from tax on recommendation of GST Council (through notification)
and includes non-taxable supply
Non-taxable Supply means a supply of goods or services or both which is not leviable to tax
Means a supply of goods or services or both which is leviable to tax under the ActTaxable Supply
Means a person who is registered or liable to be registered under the ActTaxable Person
means the liability to pay tax by the recipient of supply of goods or services or both
instead of the supplier of such goods or services or both
Reverse Charge
21. 21
Composite Supply
which are naturally bundled and supplied in conjunction with each other in the ordinary course of
business, one of which is a principal supply
consisting of two or more taxable supplies of goods or services or both, or any combination thereof,
means a supply made by a taxable person to a recipient
22. Authorised
Representative A person who is authorised by a person to appear in his behalf
Adjudicating
Authority
means any authority, appointed or authorised to pass any order or decision under this Act, but
does not include the Central Board of Excise and Customs, the Revisional Authority, the
Authority for Advance Ruling, the Appellate Authority for Advance Ruling, the Appellate
Authority and the Appellate Tribunal