The Indirect tax judgments that need amends

  • Category: assessment and litigation
  • Date: 26-08-2020
  • Writer: Manish Sachdeva

Some judgments are timeless. For their infinite intellect, the decisions serves as bible for the Courts to come and legislator to penetrate. Some others however need to go with the lapse of time, for that they are not needed anymore or for their inherent flaws.

The present piece examines some of the rulings by the Hon’ble Supreme Court rendered in the context of earlier indirect tax laws, which are in dire need of correction in as much as their extrapolation on the GST code is imminent...

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Permissible Ambit of a Delegated Legislation

  • Category: sector specific
  • Date: 25-08-2020
  • Writer: Adv Surabhi Parihar

I. Concept of delegated legislation

P. Ramanatha Aiyar’s, The Law Lexicon, defines delegation as an act of making or commissioning a delegate. Subordinate/delegated legislation is a process by which the executive is given powers by primary legislation to make laws in order to implement and administer the requirements of that primary legislation. Thus, the phrase “to implement and administer the requirements of that primary legislation” defines the boundaries or the scope for...

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FY 2019-20: GST Compliance - Action Points

  • Category: Procedure and Compliance
  • Date: 20-08-2020
  • Writer: CA Dhruv Dedhia

We are all aware that COVID 19 pandemic has a great impact on the economy and non-compliance under any tax law due to cash flow has led to the payment of interest, late fee, and penalty. Generally, September is the compliance month for tax laws such as Income tax or GST law (previous financial year compliance).

Study of GST trend from inception, relaxation for rectification of errors, or omission only for FY 2017-18 transaction up to due date of furnishing GSTR 1 of March 2019. However,...

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GST impact - CSR activities

  • Category: GST
  • Date: 17-06-2020
  • Writers: Ashwini Seeram, CA Subba Reddy

As the world is reeling under the impact of Covid-19, most donations made in India, would qualify as a Corporate Social Responsibility (CSR) activity. These donations may be in the form of cash or in kind such as PPE kits, sanitisers etc. This article aims at analysing the impact of GST on CSR activities/expenditure.

What is CSR?

CSR is a corporate entity’s way of giving back to the society from which it draws all its resources, personnel and business for the betterment of its...

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GST on Director’s Remuneration: An agglomeration among allied laws

  • Category: Procedure and Compliance
  • Date: 17-06-2020
  • Writers: Bhavesh Mittal, CA Ashish Chaudhary

The Reverse Charge Mechanism (RCM) derives it base from the era of Service Tax where it was introduced firstly in case of GTA’s and Clearing and forwarding agents in 1997. Since the provisions for levy of service tax were inconsistent for recovery of tax under RCM, its levy was questioned by The Apex Court in case of “Laghu Udyog Bharti V/s UOI (112) E.L.T. 365(SC)”.  To overrule the said judgment Section 68(2) was incorporated in The Finance Act, 1994. The government with the motive...

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Indirect Tax Update - June 2020

  • Category: Latest updates
  • Date: 16-06-2020
  • Writer: Hiregange Team

GST - Immediate compliances to be taken in Unlock 1

  • Category: Latest updates
  • Date: 16-06-2020
  • Writers: CA Payal Bhutada, CA Ravi Kumar Somani

GST - Immediate compliances to be taken in Unlock 1

The pandemic did hit the Pause button for all the commercial activities. Slowdown of entire economy is having its impact leading to occurrence of various events which lack any precedence in the recent past. However, with Unlock 1, there has been a resumption of commercial activities in a phased manner, it is important for the businesses to understand the various compliances more specifically the ones that become due in the month of June...

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Impact of COVID-19 and reliefs granted under GST

  • Category: sector specific
  • Date: 01-06-2020
  • Writer: Sunil V

GST was implemented in India w.e.f 1st July 2017 and it has been almost 3 years. Though GST has been implemented with an aim to reduce the compliance burden under different laws, the businesses are still struggling with various compliances under GST. With the sudden outbreak of Covid-19 the entire world is on a stand still including India which is impacting the businesses and professions. In this article an attempt has been made to discuss the impact of the pandemic on businesses and the...

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Impact of ITC & refund due to merger, Demerger, Spin-off and Split within India as well as Outside India

  • Category: Input Tax Credit
  • Date: 29-05-2020
  • Writers: Adv.Venkatanaryana GM, CA Spudarjunan S

Introduction

Nowadays corporate restructuring has become a need for change in the organizational structure, or business model of a company. It is done majorly to expand the business, revive a declining business, increase a company’s value or to gain a competitive advantage, attain the benefit of synergy etc. Post this Covid-19 pandemic as well, we may notice major corporate restructuring because of the covid-19 effect. One of the forms of corporate restructuring is the transfer of...

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GST – Retrospective amendment - Transitional credit claims of past- Disentitled now?

  • Category: sector specific
  • Date: 21-05-2020
  • Writers: CA Madhukar N Hiregange, CA Venkata Prasad

Introduction:

GST laws contain Transitional provisions inter alia Section 140 of CGST Act, 2017 (similar provision in State GST laws) enables the taxpayer to carry forward the unutilized input credit under the pre-GST regime and allow the credit of taxes paid on the stock as on 30.06.2017 as GST credit. For this, Rule 117 of CGST rules, 2017 as amended inter alia requires the taxpayers to file Form GST TRAN-1 electronically.

This was to ensure a smooth transition from old laws...

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