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…
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…
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…
As we discussed in the last blog about certain GST provisions to be fulfilled under demerger of a company, here in continuation of the last blog we discuss some more GST provisions which need to be catered to comply with GST LAW: – Annual Return and Final Return As per Section 44 of the CGST…
What is an advance ruling? An Advance Ruling is a mechanism for the person registered or the personal desire to obtain registration under this act to seek clarity on tax aspects concerning the supply of goods or services being undertaken or proposed to be undertaken by them, thus reducing unwanted differences and litigations that may…
In the Pre-GST era, many debatable issues had been settled by various high court judgments. Among the various issues, one of the burning issues, which was highly debatable even before GST came into the picture was whether ITC would be allowed to the recipient on default of the supplier for non-payment of tax to the…
The Government of a nation is responsible for the welfare and well-being of the people. To achieve this aim, the government has to spend its resources on various sectors such as infrastructure, health, agriculture, defence, etc. But money can be spent only when it is earned. The government meets its expenditure with various sources of…
