TaxLiner | Summarizing Laws

2021-05-30 05:30:04 One-Liner IBC Updates/News:

• A multi - jurisdictional analysis of the Indian pre - packaged Insolvency regime

• Acknowledgement in Balance Sheet — A Fresh Limitation: The Final Word of Law

• NCLT directs RBI appointed Administrator to place promoter’s Settlement Proposal before COC for its consideration

• Guarantee given against loan availed by sister concern is a liability falling within definition of financial debt: NCLT

• Personal Guarantors under IBC : A Critique and Unresolved Issues

• NCLAT stays NCLT’s order asking lenders of DHFL to consider resolution plan of co's former promoter

• Finalized claim of Municipal Corporation regarding tax dues of corporate debtor’s property is ‘operational debt’

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2021-05-29 06:30:06 One Liner Top-Stories Update:

Interest on Net Cash: GST Council recommends to Amend CGST Rules w.e.f 1st July 2017

GST Council Meet: Current Ad-hoc Exemptions to Covid Relief Items to be Continued till August, No IGST on Black Fungus Drug

GST Council Meet: Amnesty Scheme to Reduce GST Late Fee for Small Taxpayers

GST Council recommends Self-Certification of GSTR-9C instead of Certification by CA

43rd GST Council Meeting: Key Decisions

Provisions of Customs Act not applicable for a Suit for Malicious Prosecution: Delhi High Court

Settlement Commission ought to reject application on failure of Assessee to make full and true disclosure of Undisclosed Income: Madras HC

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2021-05-29 05:30:05 Exclusive #GST News By @HubofCA

• The provisions of Sec. 129 of the CGST Act are independent of Sec. 130; before any decision is taken under Sec. 130, the goods can be released provisionally in terms of Rule 140(1) provided the owner submits the requisite as required.

• Applicant connects businesses in India with business partners in Dubai; There is supply of services by the applicant to various businesses in India and Dubai, such supply of liaison services qualifies the applicant as an intermediary.

• Although the entries under Entry No.52 & Entry No. 54 of the State List have been omitted, it cannot be held that the State is denuded of imposing of any cess or levy on use of its infrastructure, facilities etc.

• Pre-deposit of 10% for preferring appeal against recovery of 100% tax; petitioner has paid 110% of the amount recovered; authorities are directed to refund the additional 10% that was deposited by the assessee by way of pre-deposit. ओपन / कमेंट

2021-05-28 22:13:07 Major Decisions of 43rd GST Council Meeting GST Annual Return Filing Annual Return Filing will continue to be optional for 2020-21, for small Tax payers with turnover less than Rs. 2 Crore Reconciliation statements for 2020-21 to be furnished by taxpayers… ओपन / कमेंट

2021-05-28 19:53:19 Major Decisions of 43rd GST Council Meeting GST Annual Return Filing Annual Return Filing will continue to be optional for 2020-21, for small Tax payers with turnover less than Rs. 2 Crore Reconciliation statements for 2020-21 to be furnished by taxpayers… ओपन / कमेंट

2021-05-28 19:50:29 Major Decisions of 43rd GST Council Meeting

GST Annual Return Filing
Annual Return Filing will continue to be optional for 2020-21, for small Tax payers with turnover less than Rs. 2 Crore Reconciliation statements for 2020-21 to be furnished by taxpayers with turnover of Rs. 5 Crore or more

GST Late fees
Late fees have also been rationalized Maximum amount of late fee has been reduced; will come into effect from future tax periods This will provide long-term relief for small GST Taxpayers

GST amnesty scheme
To provide relief to small taxpayers, amnesty scheme has been recommended for reducing late fee To benefit around 89% of GST taxpayers, they can file pending returns, avail benefits of scheme, with reduced late fees

Quarterly Return Filing and Quarterly Payment
Law Committee will look into issues involving Quarterly Return Filing and Quarterly Payment, the modalities need to be worked out

GST compensation cess
On GST compensation cess, same formula as last year to be adopted this year too Rough estimate is that Centre will have to borrow Rs. 1.58 Lakh Crore and pass it on to State

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2021-05-28 14:51:52 Moneycontrol Market Reports
Taking Stock | Indices starts June series on a strong note, Nifty hits fresh record high

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2021-05-28 14:30:04 Flash of #Startup News By @HubofCA:

• Tata says acquired majority stake in online grocery BigBasket

• BigBasket gets first tranche of Tata cash at $2 billion valuation

• FanCode gets $50 million funding from parent Dream Sports

• Zetwerk to foray into aerospace, defence sector

• Bellatrix Aerospace successfully tests India’s first privately developed hall-effect thruster

• Paytm plans to launch India’s biggest IPO later this year

• TikTok owner ByteDance launches share buyback after shelving IPO plans

• ETtech Exclusive: Tata eyes Curefit buy to build digital muscle

• Billionaire Mark Cuban invests in Indian crypto firm Polygon ओपन / कमेंट

2021-05-28 06:30:07 One Liner Top-Stories Update:

CA Exams 2021: ICAI announces Two New Centres

CS Exam 2021: ICSI issues Clarification on eligibility of CS Students whose registration lapsed for June Session

Income Tax: All you Need to Know about Form 16 – Certificate of TDS on Salary

Statutory Auditors of PSBs to be appointed by RBI and not by Bank Managements: ICAI

Authorized Courier Prohibited from Opening and Verifying Contents of Imported Consignments: CESTAT quashes Revocation of Registration, Forfeiture of Security Deposit

Onus to prove Non-Smuggled nature of Seized Gold lies on the Possessor: CESTAT

GST Dilemma: Contradictory AAR Rulings on Applicability of GST on Activities of Liaison Office of Foreign Entity

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2021-05-27 18:45:22 Moneycontrol Market Reports
Taking Stock | Nifty ends at record closing high on May FO expiry day

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