MSME is abbreviated form for Micro, Small and Medium Enterprises.The Government of India devised the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 on 02nd October, 2006. As per the Act, categorization of enterprises was done into micro, small and…
Eludication In GST Refund
Refund has always been considered as the most peculiarized feature of GST regime. The mechanism of sanctioning refund is an essential process as it facilitates trade through release of blocked funds. Refund of ITC is an integral part of GST. …
Fraud And Its Impact On Retail Industry
Fraudulent activities have been increasing year over year ever since retail stores started retailing, and this growing industry have seen multiple frauds over years which have affected the profits and their bottom line. Whether frauds have happened through cash payments…
Loan to Directors u/s 185:- Old vs Substituted Section
Section 185 of the Companies Act, 2013 had been completely substituted by Companies (Amendment) Act, 2017 dated 07th May, 2018. Substituted Section 185: A company cannot advance any loan, including any loan represented by book debt, or give any guarantee or…
Changes in MAP to implement guidelines under BEPS
Indian Tax litigation has always been in the limelight while talking about cross-border taxation due of numerous reasons. Sometimes it is because of the retrospective amendments and at other times because of special tax provisions like equalization levy. Despite of…
SPICe+: New Mode of Company Incorporation in India
The Ministry of Corporate Affairs (MCA) works actively towards ease of doing business in India. To support this objective, MCA vide its Notification dated 18th February, 2020, amended Companies (Incorporation) Rules, 2014 and steered in the process of Incorporation of Companies through SPICe+ (Simplified…
Applicability of GST on Sale of Land
In an application filed before AAR under GST, Gujarat by Shree Dipesh Anilkumar Naik [2020 (6) TMI 448] Applicant is the owner of the land, who develops the land with an infrastructure such as drainage line, water line, electricity line,…
Manufacturing Sector and Fraud Risks Post COVID-19
Recent Pandemic has rocked the global economy badly specially the manufacturing sector. As COVID-19 was detected in India in early March 2020 lockdown was initiated in the fourth week of March for 3 weeks and most of the non-essential manufacturing…
COVID-19 Impact on Financial Statements
The impacts of the outbreak on financial statements will depend on facts and circumstances, including the degree to which a business operation is exposed, and the sensitivity of amounts recorded in the financial statements to the volatility of economic conditions. This…
Frauds and Covid-19
Frauds globally can easily be executed by taking advantage of the individual’s lack of awareness, many financial institutions, law enforcement officers and state departments have cautioned individuals related to frauds. The threat of getting infected by this virus called covid-19…