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Sabka Vishwas Legacy Dispute Resolution) Scheme
Information
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”. The major objective behind such Sabka Vishwas (Legacy Dispute Resolution) 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, an Amnesty scheme in name of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (“SVLDRS” or “Scheme”)” has been

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10/10/2019
measures to boost exports
Information
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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23/09/2019
Measures to Boost Economy
Information
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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14/09/2019
Insolvency and Bankruptcy Code, 2016 is the bankruptcy law
Information
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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22/07/2019
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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21/05/2019
The Income Tax Department Will Share ITR Data With GST For Tax Evasion
Others
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 (ITD will share Data With GST For Tax Evasion) 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

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10/05/2019
10 new Features on GST Portal you must know
Goods and Service Tax
CA. Sachin Jindal

10 new Features on GST Portal you must know

Goods and Service Tax Network (“GSTN”) keeps listing new features on GST portal (www.gst.gov.in) to streamline task for taxpayer and also to improvise compliance. GSTN has listed various new updates on GST portal in last 6 months such as: To complete compliance smoothly, it is important for the user to get informed about such updates so that he can use such online facility and don’t involve himself into cumbersome manual process. Foremost new features listed on GST portal are as follows: 1. Comparison of Liability Declared and ITC claimed Most of the taxpayers are facing challenge in preparation of reconciliation

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17/04/2019
Grievance Redressal Mechanism
Information
CA. Kapil Mittal

Setting up of an IT Grievance Redressal Mechanism – Snapshots

CBIC on 3rd April 2018 via Circular no. 39/12/2018-GST decided to put in place an IT-Grievance Redressal Mechanism to address the difficulties faced by a section of taxpayers owing to technical glitches on the GST portal and the relief that needs to be given to them. IT Grievance Redressal Mechanism Where it has been identified that there is a failure in filing returns or forms within the time specified due to IT-related glitch and evidence available to establish bonafide attempt has been made to comply with the process of filing of form or return, GST Council has delegated powers to

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05/04/2018
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