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Treatment of Reverse charge under GST

Hello Everyone coming with another article in this new year on Reverse Charge under GST, Reverse charge is a mechanism where recipient of goods and/ or services is liable to pay GST instead of supplier.Now What is Reverse Charge ?Under Normal Scenario, tax is paid by a supplier who makes supply of goods or services or both. However, under Reverse Charge Mechanism, liability to pay tax would not be on the supplier of goods or services or both but on the [...]

Base Erosion & Profit Shifting – A Global Challenge

Base Erosion & Profit Shifting – A Global ChallengeMeaning:“Recently more and more enterprises organised abroad by American firms have arranged their corporate structures aided by artificial arrangements between parent and subsidiary regarding intercompany pricing, the transfer of patent licensing rights, the shifting of management fees, and similar practices in order to reduce sharply or eliminate completely their tax liabilities both at home and abroad.”So, Base erosion and profit shifting (BEPS) refers to tax avoidance strategies that exploit gaps and [...]

Role of a Chartered Accountant in Nation Building

It was well said by Dr. APJ Abdul Kalam that Chartered Accountants are partners in the nation building.Chartered Accountancy is not only about Debit and credit of accounts. Scope of Chartered Accountancy has grown at gigantic level.Chartered Accountants are the backbone of  the nation’s economy and due to their financial expertise, they can guide the nation by suggesting various economic and financial measures to uplift the deteriorating Indian economy and boost up the economic as well as industrial growth [...]

The Painful Desires

“Muze Karna Hai” When we dream for something and about to achieve it, life will never be happy to see your dream to become true, It will come to you (Life) and slap you in a manner that you will cry.....But if you will stand up after that slap and say that "I WILL DO” then believe me no one even God cannot stop you to achieve your dream....That "slap" of life to make you fail is the exam taken [...]

HOW TO FILE GST TRANS-1

 BACKGROUNDI would like to Owe to all the readers for providing good response& Appreciation to my article “GEAR UP FOR THE FIRST GST RETURN(GSTR-3B)”.Various registered persons under GST Act have input credit balance of OLD LAWS (Excise, Servicetax, Value Added tax, Entry Tax (In some cases)) which they want to be carried forward in GST. Hence government has come up with transitional provisions to entertain such credit to be carried forward.However, over the period of two months we have [...]

Part – 13 : GST 3B – Filing Procedure

GSTR 3B is a return form need to be file for month of july and august. In GSTR 3-B,we do not have to provide invoice level information. Only total value for each field need to be file.GSTIN holder need to file GSTR 3B upto 20th august for month of july.Please note that now this date is extended to 25th august.GSTIN holder need to file GSTR 3B upto 20th September for month of august. Those who want  to claim benefit [...]

POWERS OF SEBI & PROSPECTUS

Section 24, Power of Securities and Exchange Board to regulate issue and transfer of securities, etcThe provisions of this section specifically bring the Securities & Exchange Board of India (SEBI) into the big picture.As per this section:In case of listed companies and the companies which intend to get their securities listed on any recognized stock exchange in India, The matters related toIssue and transfer of securities and Non-payment of dividend,Shall be administered by the Securities and Exchange Board [...]

IDENTICAL NAME, COPIES TO MEMBERS, SHARES IN HOLDING CO.

Section 16, Rectification of name of company In case of identical name:If in the opinion of central government, the name of the company is identical with or too nearly resembles the name by which a company in existence had been previously registered, whether under this Act or any previous company law, it may direct the company to change its name and the company shall change its name or new name, as the case may be, within a period of three [...]

REGISTERED OFFICE

Section 12, Registered Office of the Company The company after the receiving the Certificate of Incorporation shall within the period of 15 days, have a registered office capable of receiving and acknowledging all communications and notices as may be addressed to it.The company within 30 days of its incorporation shall furnish to the Registrar verification of its Registered Office in the prescribed manner.What & Where to mention?The company shall paint or affix its name, and the address of its [...]

CHARITABLE/SECTION 8 COMPANIES

Section 8, Formation of companies with charitable objects, etc. As per this section, a license is required to be obtained from the Central Government if  a person or an association of persons proposed to be registered under this Act as a limited company:Has in its objects the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object; Intends to apply its profits, if any, or other income in promoting [...]