Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th April, 2018 PRESS RELEASE Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax … Read more
What is Multi-Level Marketing Company (MLM Company)? MLM (Multi-level marketing company) is a marketing promotional strategy in which a sales person sells the products or services for particular MLM business and recruits new sales promoters under his/ her downline to further sales of products and services. this is a system of marketing in which a … Read more
OVERVIEW: Over 1.62 lakh companies have not been carrying out business activities for long have been deregistered and a series of action against such shell companies have been taken, said the Minister of Finance, Mr. Arun Jaitely. Registrar of Companies (ROC), by the virtue of power conferred under Section 248, can strike off defunct and shell companies. … Read more
The time limit of filing the refund claim is to be checked from the “relevant date”. This term is defined in explanation 2 to section 54. This update is about the interpretation of term “relevant date” & its significance in determining the time limit for filing the refund claim. Section 54(1) of CGST Act, 2017 … Read more
Section 17(5) of the CGST Act, 2017 prescribes the list of blocked credits and this lists allows the ITC on few goods and services on conditional basis. The relevant part of section 17(5) reads as follows:- “(5) Notwithstanding anything contained in sub-section (1) of section 16 and subsection (1) of section 18, input tax credit … Read more
In normal parlance, there are cases where the service recipient retains a certain portion of payments to be made to the service provider. The amount so retained is paid to the service provider only after the provision of service is complete. This update seeks to take an insight into various provisions for ascertaining whether the … Read more
In the previous update we canvassed the taxability of joint development agreements under GST Regime. Through this update we would like to enumerate the provisions concerning the time of supply and the valuation of service in respect to the joint development agreements. It is pertinent to mention that there is no express provision as regards … Read more
Joint Development Agreements are also called tri-partite agreements as three parties are involved in such contracts, namely a builder, land owning party and the contractor who undertakes construction services. The developer enters into a development agreement with landowner, whereby the developer acquires the development rights with respect to the land. The development right entitles the … Read more
Recently 23rd GST council meeting has been held in which various decisions were declared. All the notifications were issued recently in this respect. Lets summarise this with the help of this update- Notification 66/2017 CT dated 15.11.2017 has been notified stating that all registered person other than person registered under composition scheme is not required … Read more
Many steps have been taken by the Government for the smooth implementation of GST. But there are some problems being faced by the assesses especially the exporters relating to the Refund of IGST paid and unutilized credit. A set of Representations have already been sent by us requesting for solving the issue and providing relief. … Read more