Global economic perspective Coronavirus, a highly contagious respiratory virus; same family as the cold & SARS/MERS. Over 27 Lakh cases worldwide; over 7 Lakh recovered & over 1.9 Lakh deaths; (as on 24th April 2020) Majority of the world is under lockdown orders, shuttering the economy. IMF estimates global GDP to fall by 3%, over …
Epidemics of COVID-19 is not only alarming for the persons who have been infected, but equally or more damaging to the world economy even worst than second world war. Almost all the countries are badly affected and economy of each country in the world is not only showing the negative growth but is eroding liquidity, …
Now a days most searched words on google is Force Majeure which was less attended clause of any Contract. Basically Force Majeure is one of the clause of the contract / an agreement, normally this clause is overlooked because of its name and exceptional things mentioned in the contract. But now suddenly during lockdown due …
Article on “Force Majeure – When & Where applicable” by Adv. Kiran Sawale (May 2020) Read More »
A pandemic is a rare event as it ought to be. However, we are sometimes not fully aware of certain nuances in law that affect our decisions during such times simply because they do not occur when we do our business in the normal course. Given below are two such situations post Covid-19. Hope clarifications …
COVID-19 almost occupied each country of the World. It was first detected in the month of Jan 2020. Perhaps, it has not been considered that seriously by such countries. The statistics are as shown in the below table at the start of epidemics is really alarming In view of the growing demand for hand sanitizers, …
Implications of the Covid-19 virus on the global & Indian economy. “The single biggest threat to man’s continued dominance on the planet is the virus” Joshua Lederberg (Nobel Laureate) In an already bleak landscape where negative growth, falling GDP figures, shrinking employment & trade wars were bludgeoning the global economy, the news of a super-virus …
Article on “Be Ready for New Challenges in GST Regime” by CMA Ashok Nawal, Founder, Bizsolindia Services Pvt. Ltd.
Click here to read Article on “Refund of GST paid by Exporters on Inward Supplies or Outward Supplies” by CMA Ashok Nawal Founder, Bizsolindia Services Pvt. Ltd.
In India there are multiple accounting and billing software/ERPs, which stores the information of invoice in different formats and there is no standard format to store the information of invoice which help to read information generated by one software to another. With this prime objective in mind, GST council in its’ 35th meeting dated 21st …
Procedure for intimation of voluntary payment of GST in FORM GST DRC 03 FORM GST DRC 03: HOW TO APPLY After login, go to and select Services->User Services->My Applications In “Application Type*”, select “Intimation of Voluntary Payment- DRC 03” from drop-down and click on “NEW APPLICATION” The following page will appear. Here select “Cause of …
Procedure for intimation of voluntary payment of GST in FORM GST DRC 03 (November 2019) Read More »
“Online GST Refund Mechanism”
New Returns in GST – An overview of proposed returns and expected challenges by CA Manoj Malpani, Senior Advisor, Bizsolindia Services Pvt. Ltd At the time of implementation of the GST in July 2017, the GST laws & rules notified, GSTR-1 (return for outward supplies), GSTR-2 (return for inward supplies) and GSTR-3 (final returns). The …
Hon Finance Minister Smt. Nirmala Sitharaman had announced SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019 for unblocking Rs. 3.85 Lacs Cr in pending litigation relating to Excise & Service Tax etc. at various levels from SCN stage to adjudication pending upto Supreme Court. Date has been notified for start of the scheme and rules are …
KERALA FLOOD CESS (KFC) Severe flood affected the state of Kerala in month of August 2018 due to unusually high rains. The states suffered heavily due to floods. Around 500 persons lost their lives and property damages were estimated to the tune of Rs 400 Billion. The help came from all around the world but …
This is an update on a recent amendment of the CGST Rules, vide N/N. 16/2019 – Central Tax, dated 29 March 2019. One of the important amendments pertains to insertion of Rule 88A: Order of utilization of input tax credit (ITC). The present amendment is integrally linked to the amendment in the CGST Act, 2017, …
Rule 88A – Order of utilization of input tax credit (April 2019) Read More »
Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019 It is a welcome step of State of Maharashtra to make Maharashtra litigation free from VAT era and also collect disputed amount immediately. The tax payers are requested to avail the maximum benefit in the phase one is only where the waiver …
Settlement Scheme under Maharashtra Ordinance No.V of 2019 (April 2019) Read More »
