Knowledge Pool
ITC on detachable Wooden Flooring and Stackable Glass partition
To claim ITC section 16(1) of CGS Act ,2017 need to apply . If it is eligible under this section than we will see what is prohibited any where else . Section -16 1) every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to
Corona Exposes India’s fragile System
Centre-State coordination, health infrastructure, transport system, emergency support system and ability to deal with crisis stands totally exposed today. Total failure of cooperative federalism, with States blaming Centre for not helping them with finances or even release of their share of GST. Centre and States competing with each other in increasing VAT/Central Excise on Petroleum Products, even when the international prices
Glut Supply Situation of Crude Oil – An over view
What is the Negative Pricing of Crude Oil? Oil Vendors willing to pay to have oil taken off their hands instead of asking for any price otherwise left with no space for keeping the crude oil being produced, its disposal becomes very punitive/ dearer with the strict environment stature globally. In short, it is the situation of – Oversupply. Right
Export Incentives available for Business Entities
As a part of economic reforms, Indian government has formulated many economic policies which have led to the country’s gradual economic development. Certain initiatives have been enacted to improve the condition of exports to other countries and to benefit export business entities. These benefits simplify the export process and make it more flexible and have been a blend of both social,
Company Fresh Start Scheme and LLP Settlement Scheme
Ministry of Corporate Affairs, Government of India, vide general circular No. 12/2020 and 13/2020, dated March 30, 2020 notified “Companies Fresh Start Scheme, 2020” and LLP Settlement Scheme ( the “Scheme”) where all Companies and LLP’s have been given opportunity to file overdue forms with Registrar of Companies without late fee and immunity from prosecution. For more details refer attached: GMA
CEO FUNCTIONS IN A CORONA BATTERED ECONOMY
By CA M J MIRZA Chief Executive Officers, whether of a large listed company or MSME, had a coveted role for themselves, to deal with challenges routinely, whether to launch New Products, or to increase Market Share or to increase ROE, or meet expectations of all stakeholders all these years. But all this got so drastically altered since the
INDIA’S CORONANOMICS
As we watch Global ques on Covid-19 affected countries, India stands apart in many ways. God has been kind so far as there have not been many casualties, considering the size and density of population of India. Lockdown was a necessary step taken by Indian Govt. but it has its long-term economic consequences, which cannot be avoided. The Corona scare
Claim of ITC under GST in case of Business Reorganization
Under this topic one need to understand how we will claim the unclaimed ITC as on the date of business reorganization means thereby that when there is change in the constitution of business under the following circumstances ; “sale, merger, demerger, amalgamation, lease or transfer of the business “ So, if there is business reorganization as mentioned above ,
Clarification on Tax related issues for ye 31.03.2020
1) FY 2019-20 is not at all extended till 30th June, only the date is extended for some compliance’s. 2) Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June. 3) In the FY 2019-20, income is taxable till 31st March only and not upto 30th June, i.e. for taxability of income financial year is
FM Nirmala Sitharaman Announcements on 24th March – COVID-19
FM Nirmala Sitharaman today announced the following relaxations on compliance requirements due to COVID-19: 1. INCOME TAX – Last date of filing Income Tax Return FY 2018-19 increased to 30.06.2020 – Interest Rate delayed payment reduced from 12% to 9% – Delayed deposit of TDS interest rate 9% till 30.06.2020 2. Due date extended to 30.06.2020 – Aadhar- Pan Linking
