Impact on Recipient for non-payment of tax by the Supplier Rule 37A. Reversal of input tax credit in the case of non-payment of tax by the supplier and re-availment thereof : Background of Introducing Rule 37A of CGST Rules, 2017: Prior to the implementation of this Rule, suppliers would report their transactions in Form GSTR-1, …
Corporate social responsibility (CSR) is a vital element of business in India. With effect from April 1, 2014, CSR has become an obligatory requirement for certain companies under section 135 of the Companies Act, 2013, compelling them to engage in activities that contribute to the social, economic & environmental development of the country. In this …
In GST regime, more than 1.47 Crore businesses in India have been registered and issued GST registration. All entities having GST registration are required to file GST annual return having aggregate total turnover more than 2 Crores, except for few exceptions, irrespective of business activity or sales or profitability during the return filing period. GSTR …
Wish You All A Happy Diwali Prosperous New Year. The statue of Lady Justice, often found outside courthouses and law libraries in India represents the core principles of justice – fairness, impartiality and moral integrity. Lady Justice is typically depicted as a blindfolded woman holding scales in one hand and a sword in the other, …
What is Passive Aggression? It is no secret that one of the most challenging tasks for an organisation is in managing its employees. It is not because the employees are by nature recalcitrant or non-cooperative. It is because of those who are tasked with the job of training and motivating the employees are always found …
Shah Bano was a Muslim woman who was married to Mohamad Ahmed Khan, an affluent and well-known advocate from Indore. As luck would have it, she turned out to be a symbol in the constitutional struggle in a disorderly intersection of religious principles and individual rights as enshrined in a liberal democracy and the gendered …
In the recent times, it has been seen that the GST officers often asking the assessee to make the payment of tax during search/ inspection proceedings under sec 67 of the CGST Act by using threat and coercion. However, it is to be noted that there are no provisions under GST Law for advance payment …
There was this item of news in the newspapers that came to dominate the headlines recently, perhaps for all the wrong reasons. A young Chartered Accountant pursuing her career by name Anna Sebastian Perayil died in Pune allegedly because of overwork. Her mother wrote a heart wrenching note to her daughter’s employers (Earnst & Young …
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Corporate culture is the invisible but ever-present personality of a corporate entity during its lifetime through its shared values, beliefs, and behaviours that characterise an organisation. It is the unique personality of a company that shapes its interactions, decision-making processes, and overall atmosphere within and outside the organisation itself. Think of the company’s culture as …
Sec 129 of the CGST Act provides for the provisions relating to detention or seizure of goods or conveyances” or both in case of certain defaults under the GST law. In common parlance, meanings of the terms – detention and seizure are understood as under: Detention means keeping or holding back either by force or …
Reverse Charge Mechanism (RCM) is a provision under the Goods and Services Tax law where the liability to pay tax is shifted from the supplier to the recipient of goods or services. This mechanism is particularly applicable in cases where the supplier is unregistered or in specific notified supplies. Legal Provision – Section 9(3) of …
Recently the GSTN portal has issued a new advisory Invoice Management System (IMS). IMS will provide the preview of GSTR-2B based on the invoices (including credit/debit notes) saved by supplier in GSTR 1, IFF, or 1A and enable taxpayers to review and take action before they are reflected in GSTR 2B. This IMS system is …
Last month, I was away on sabbatical missing in the process my editorial piece for Bizsol Update. That said, it is necessary for me to mention where I had been to, for a particular reason. I was on a backpack tour of the Eastern belt spanning South Korea, Taiwan and Indonesia. We had to cancel …
On July 23rd, the Modi 3.0 Government presented their first Union Budget of their third consecutive term. The Union Budget was delivered by Mrs. Nirmala Sitharaman, the Finance Minister of India. This marked her seventh consecutive budget presentation, setting a record as the first Finance Minister to achieve this milestone. While her tenure as Finance …
Hon. Finance Minister announced the budget on 23rd July 2024 and considering the changes made in the budget w.r.t. GST as well as income tax, the intension of the govt has been well-noted and exhibited. However, whether the real benefit of those intensions to reduce the litigation or provide amnesty scheme will be really benefitted …
Tax Deduction at Source (TDS) is a system, initially introduced by the Income Tax Department. It is one of the models/methods to collect tax, under which a certain percentage of amount is deducted by a recipient at the time of making payment or crediting the payment to the supplier. In indirect tax, the concept of …
As per Section 18(6) of the Central Goods and Service Tax Act, 2017 In case of supply of capital goods or plant and machinery, on which input tax credit has been taken, the registered person shall pay an amount equal to the input tax credit taken on the said capital goods or plant and machinery …
CBIC on recommendation of 53rd GST Council meeting has issued Circular No. 212/6/2024 dated 26th June 2024. The first reaction of Accounts Executive in the Company is “Ohh Teri” “My responsibilities have grown, but my pay hasn’t.” 😊. On the other hand, CA / CMA professionals must be happy for new avenues of business. Besides …
On 5th February 24 when Narendra Modi sought formal permission from the Chairman of the Rajya Sabha for speaking a little longer, the gesture on his part seemed a mere formality. The speech that he made that day was something significant and indeed longer than usual. That day he launched a blistering attack on the …
