What is related party as per various laws? – Companies Act, Ind AS, GST, Income Tax
As per 2(76) of Companies Act: a. a director or his relative; b. a key managerial personnel or his relative; c. a firm, in which a director, manager or his relative is a partner; d. a private company in which a director or manager or his relative is a member or director; e. a public...
GST law wrt M&A, Demergers, effect of ITC on such case.
Section 18 (3) of the CGST Act as well as rule 41 of the CGST Rules stipulates that in case of change of constitution of a registered taxable person on account of sale, merger, demerger, amalgamation, lease or transfer of business, the registered person would be allowed to transfer the unutilized input tax credit to...
How would you advise the client on whether to go in for Litigation or settle the matter?
I would advice the client for settlement or litigation based on what the matter is about. Does it really amount to non-compliance? Are there interpretation issues involved? I would refer other case laws with similar matter. I will see the materiality of the amount and case. I will look at the cost of litigation. There...
What are some recent GST council decisions?
Application for Refund by Unregistered Persons CBIC has prescribed the manner of filing of application for refund by unregistered persons, i.e., manner in which an unregistered person, who has suffered the burden of GST, but the contract has been cancelled later (e.g. Construction contract or long-term Insurance policy, where the supplier is bound by the...
Scope of Litigation Vs Advisory in GST in future
Being a new law, the scope for professional advice as well as litigation is vast. There are lot of avenues for tax planning under GST – which will involve the advisory function. There are several unresolved interpretation issues – this will involve the litigation function Bookmark...
Why e-way bill was introduced? How will you check authenticity of a particular e-way bill? What is the validity of a e-way bill? Once a way bill generated can it be revised?
If there is no barrier on transportation of goods from one place to another tax will be easily evaded, so for blocking this E-way bill was introduced. Whenever goods moved from one place to another E– Way bill will be generated, it is a proof that tax will be paid on such goods. No one...