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Sabka Vishwas (Legacy Dispute Resolution) Scheme
Blog
CA. Kapil Mittal

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019| Chapter V of Finance Act, 2019

Government introduces the “Amnesty Scheme” to resolve long pending litigation by granting a waiver in tax, interest and penalty amount to some extent. Dictionary meaning of Amnesty is “an official pardon for people who have been convicted of political offenses”. Major objective behind such a scheme is to resolve litigation without wasting the time of departmental authorities and attractive tax reliefs are provided so that the maximum taxpayers can pay their defaulted amounts. On the same lines, Amnesty scheme in name of “Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (“SVLDRS” or “Scheme”)” has been introduced wide Chapter V of Finance

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measures to boost exports
Blog
CA. Kapil Mittal

Measures to Boost Exports | Part 2 | Announcements by Finance Ministry

Announcements made by the Hon’ble Finance Minister during the Press Conference held on 14 September 2019 In order to address the concerns raised by global as well as domestic investors and provide assurance to the Industry at large on the Government’s commitment to steering the economy to growth, the Hon’ble Finance Minister Smt. Nirmala Sitharaman (‘FM’) has been holding Press conferences announcing various interim measures and relief in the nature of clarifications on existing concerns, prospective policy changes, proposed amendments in law and commitments for additional fiscal support by the Government. The Hon’ble FM has made detailed ‘corporate style presentations’

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Measures to Boost Economy
Blog
CA. Kavit Vijay

Measures to Boost Economy – Part 1 | Announcements by Finance Ministry

Announcements made by the Hon’ble Finance Minister during the Press Conference held on 23 August 2019 The Indian Parliament had passed the Finance Act (No. 2), 2019 during July 2019. Being the first Budget presented by the Government after a sweeping majority in the recent elections to the Lower House of the Parliament, the focus was on stabilising the economy and undertaking structural macro-economic reforms to inter alia derive benefits from the demonetisation exercise conducted in November 2016 and the introduction of Goods and Services Tax in July 2017.  The budget was also focussed on tax optimisation, increasing the tax

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Insolvency and Bankruptcy Code, 2016 is the bankruptcy law
Blog
CA. Kavit Vijay

Insolvency and Bankruptcy Code, 2016 is the bankruptcy law

Insolvency and Bankruptcy Code, 2016 (“The Code”) is the bankruptcy law which contains provisions related to insolvency of companies, partnership firms and individuals. Ministry of Corporate affairs issued a press release dated 17th July, 2019 specifying that Union cabinet approved the proposal to introduce Insolvency and Bankruptcy Code (Amendment) Bill, 2019 (“The Bill”) in parliament on 17th July, 2019 itself. The bill will propose 8 amendments in the code. Major objective of the bill is to fill the critical gaps in the corporate insolvency resolution framework with simultaneously maximizing value from Corporate Insolvency Resolution Process (“CIRP”). CIRP section of the

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Government of India reduces the social security contribution under ESIC Act from 6.5% to 4%
Blog
CA. Kavit Vijay

Government of India reduces ESIC contribution from 6.5% to 4%

The Government of India has reduced the rate of contribution under the Employees’ State Insurance Act (‘ESI Act’) from 6.5 percent of the total wages to 4% of the total wages. The reduced rates are effective 1 July 2019. The Ministry of Labour and Employment of the Government of India has issued a gazette notification int his regard. The ESI Act is one of the social security laws in India which provides for medical, cash, maternity, disability and dependent benefits to the eligible employees covered under the ESI Act. All employees with a gross pay of less than INR 21,000

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Verification of Transitioned Credit
Blog
CA. Sachin Jindal

Verification of Transitioned Credit – Snapshots

CBEC has issued a detailed circular no. D.O.F. No. 267/8/2018-CX.8 on Verification of Transitioned Credit to GST through Form TRAN-1. Key aspects are stated below:  Credit verification to be remain the primary focus area during Fy 18-19. Credit verification to take place by CGST authorities even if the jurisdiction is with state Credit of KKC/SBC/E cess is not eligible Each line wise data in Tran-1 to be verified in detail Supporting documents and other info to be sought from assessee Credit taken in excess of INR 25 Lakhs is being verified  List of 50000 assessee is being targeted for initial verification

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Taxability Of Tenancy Rights Under GST
Blog
CA. Kapil Mittal

Issue Related To Taxability Of Tenancy Rights Under GST

Doubts have been raised as to,— (i)  Whether transfer of tenancy rights to an incoming tenant, consideration for which is in form of tenancy premium, shall attract GST when stamp duty and registration charges are levied on the said premium, if yes what would be the applicable rate? (ii) Further, in case of transfer of tenancy rights, a part of the consideration for such transfer accrues to the outgoing tenant, whether such supplies will also attract GST? 2. The issue has been examined. The transfer of tenancy rights against tenancy premium which is also known as “pagadi system” is prevalent in some States.

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Filing of agreement and resolutions with RoC
Company Law
CA. Kavit Vijay

Form MGT-14 E form | Filing of agreement and resolutions with RoC

Registrar of Company (“RoC”) is a body governing companies and is liable to keep all data and information related to the companies. Accordingly, every company is required to inform Registrar of Company (“RoC”) about major actions taken by the company either through passing of any resolutions (at Board meeting or Member’s meeting) or by entering into any agreement. To comply with same, Section 117 of the Companies Act, 2013 (“The Act”) contains provisions which requires companies to file various agreement or resolutions (passed at Board Meeting/Shareholder’s Meeting) with RoC. 1. Filing requirement of Section 117 Section 117(1) of the act

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All about National Financial Reporting Authority(“NFRA”)
Company Law
CA. Kavit Vijay

National Financial Reporting Authority(“NFRA”) | NFRA-1 Filing

With the object of proper compliance with accounting and auditing standards under companies Act, 2013(“The Act”), section 132 of the Act authorizes Central Government (“CG”) to set-up National Financial Reporting Authority (“NFRA”). NFRA would provide for matters related to accounting and auditing standards under the act. This article contains a detailed discussion about constitution of NFRA, applicability of NFRA Rules, Composition of NFRA, powers and responsibility of NFRA and some other relevant information related NFRA. 1. Objective to constitute NFRA National Financial Reporting Authority will be constituted by Central government to provide matter related to accounting and auditing standards. NFRA

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The Income Tax Department Will Share ITR Data With GST For Tax Evasion
Blog
CA. Kavit Vijay

The Income Tax Will Share ITR Data With GST For Tax Evasion

1. Handshake Between The Income Tax Department And GST Will Benefit The Economy India is a growing economy and one of the fastest developing nations in the world; nevertheless, tax evasion in the country is cutting the economy like a hot knife through the butter. Although India is deemed to be the fastest growing economy with an enhanced military might, there is a stark difference in the standard of living among its citizens. This disparity is partly due to a vast number of tax-payers not contributing or evading tax. This idea of one nation- one tax is strengthened with the

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