Tax Updates

MCA has vide its notification dated 21 st February, 2019 notified an ordinance for banning the Unregulated Deposit Scheme with immediate effect. Ordinance is named ‘ The Banning of Unregulated Deposit Schemes Ordinance, 2019 ‘. Deposit –  Deposit means  an amount of money received by way of an  advance  or  loan  or  in any other form , by any deposit taker with a promise to return whether after a specified period or otherwise, either in cash or in kind or in the form of a specified service,  with or without any benefit in the form of interest , bonus, profit or in any other form,  but does not include –   Amounts received from Bank Amounts received from Public Financial Institution or NBFC Amount received from Government, from any other source whose repayment is guaranteed by Govt, from any statutory authority constituted under Parliament  or a state legislature Amounts received foreign Govt, foreign banks, foreign instit...

Article explains Cross charge related concept and its applicability including valuation related aspects along with the industry wide practice,  Need for ISD registration,  A comparison between Cross charge and ISD and  GST implications relating to the fund transfer outside India. (1)  Cross charge related concept and its applicability including valuation related aspects along with the industry wide practice Page Contents (1) Cross charge related concept and its applicability including valuation related aspects along with the industry wide practice (2) Need for ISD registration (3) A comparison between Cross charge and ISD (4) GST implications relating to the fund transfer outside India Whether the activities performed by the employees at the Corporate Office in the course of or in relation to employment, such as accounting, other administrative and IT System Maintenance for the units located in the other locations/ states is liable to GST? Under the...

Under self-assessment system of tax determination and payment of tax in the GST regime, there is every chance of inadvertently short payment of tax and sometimes deliberately taxes are also not paid by the certain category of assessees. GST law makers have incorporated the elaborate provisions for the recovery of tax under various situations such as tax short paid or erroneously refunded or Input tax credit wrongly availed and non-payment of self-assessed tax or amount collected but not deposited taxes to the Government. Chapter XV and Section 73 to Section 84 of the  CGST Act, 2017  contains the provisions of demand and recovery of tax under GST. The recovery processes of tax start with the issuance of show cause notice and end with Adjudication proceedings. The major grounds of Demand of Tax under GST: Contents The major grounds of Demand of Tax under GST: Demand of Tax under GST When there is no reason of fraud: Demand of Tax under GST When there is Fraud: Int...