As we discussed in our earlier blog about the appeal process, we got to know about the Hierarchy of 4 levels of Appeal under GST. Taxpayers can approach the First level i.e., Appellate authority against the adjudication order, and thereafter can approach the Second Level i.e., Appellate Tribunal against the order pass by Appellate authority….
Now that adjudication under the Goods and Services Tax (GST) law is in full swing, GST officers are issuing notices and conducting adjudicating processes against the Taxpayers on a scrutiny basis. Based on the Adjudication conducted by the GST officer, an adjudication order is passed by them thereby concluding the final decision on the subject…
The primary focus of every economy has been on increasing the ease of doing business for its people. To achieve this, various relaxations have been given to businesses so that they can put their efforts and resources on their core profit-generating activities rather than getting trapped in the burden of compliances despite having a low…
Almost 4 years have elapsed since the introduction of GST Law in India in mid-2017. As the GST Law is in its nascent stages, interpretation of the law and its implementation has become a challenging task for the taxpayers. Not only taxpayers, but GST departments of several states are also facing such challenges. Nowadays, as…
From the inception of the F.Y. 2020-21, the Indian economy has suffered a downfall owing to the damage caused by the Corona pandemic. The majority of the sectors were hit hard due to the suspension of business activities for a longer duration, but the SME & MSME sectors were the worst hit by the pandemic…
Section 177 of the Companies Act, 2013 and along with the various rules of Companies (Meetings of Board and its Power) Rules, 2014 lays down the constitution, composition, the roles, and responsibilities of the Audit Committees. REGULATORY FRAMEWORK OF AUDIT COMMITTEE The legal provisions regulating an Audit Committee are as follows: Section 177 of the…
The outbreak of the coronavirus (COVID-19) is an unprecedented event that has led to the lockdowns and unanticipated restrictions on the public as well as the corporate sector in the various country of the world. Similar India has also been affected by the second wave of coronavirus and to control the spread of Covid-19, the…
In the fast-changing business dynamics, business restructuring has become a norm whereby businesses undertake activities such as merger – wherein two or more entities come together to form a new entity, resulting in the old entities ceasing to exist; or amalgamation – wherein one or more entities are subsumed into an existing entity such…
Accounting in one form or another has existed for a very long time and appeared around the time people began to engage in trade. This kind of accounting makes sense because if we want to conduct business in an organized way, then we need an accounting system to streamline and track business transactions. If we…
In view of the ongoing pandemic crisis in India, the government is playing a crucial role in dealing with the worst situation ever faced by the country. The second wave of COVID-19 has hit the country badly as cases swept across all corners leading to increased demand for medical products. As cases rose rapidly, India…
