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Place of Effective Management Rules

July 17, 2017by Sanjeev Archak Sanjeev Archak No Comments

The idea of Place of Effective Management or POEM was first introduced in the Finance Act 2015 for the purpose of determining the residential status of foreign businesses. As per the act, any business having its place of effective management in India will be considered as an Indian resident and accordingly, it’s global income will be taxable in India.17

But the Finance Act was missing the entire criteria and process for determining the place of effective management. For this purpose, the Central Board of Direct Taxes (CBDT) introduced the Guiding Principles for determination of Place of Effective Management (POEM) of a Company.

Significance Of Having a Financial Plan For Your Business

July 14, 2017by Sanjeev Archak Sanjeev Archak No Comments

You have always dreamt of starting a business of your own and finally, you got the right business idea which you are very enthusiastic and pumped up about. What’s the next step after this? What do all successful entrepreneurs have in common that makes them turn their small startup businesses into multi-million dollar companies? Well, one common advice that all these entrepreneurs would suggest is to have a sound financial plan for your business.

Planning is bringing the future into the present so that you can do something about it now.

Valuation in GST – Rules for Supply of Goods or Services

July 3, 2017by Sanjeev Archak Sanjeev Archak No Comments

Section 15 of the CGST Act and Determination of Value of Supply, CGST Rules, 2017 contains the provisions related to the valuation in GST for the supply of goods or services made in different circumstances and to different persons.

Valuation in GST

Every fiscal statue makes provision for the determination of value as the tax which is normally payable on ad-valorem basis. In GST also, the tax is payable on ad-valorem basis i.e percentage of value of the supply of goods or services.

Accounts and Records under GST

July 2, 2017by Sanjeev Archak Sanjeev Archak No Comments

Section 35 of the CGST Act and “Accounts and Records” Rules (hereinafter referred to as rules) provide that every registered person shall keep and maintain all records at his principal place of business. It has cast the responsibility on the owner or operator of warehouse or godown or any other place used for storage of goods and on every transporter to maintain specified records.

It also provides that every registered person whose turnover during a financial year exceeds Rs 1 crore shall get his accounts audited by a chartered accountant or a cost accountant.

CGST Rate Schedule Notified By The Government

July 1, 2017by Sanjeev Archak Sanjeev Archak No Comments

On 28th June 2017, under sub-section (1) of section 9 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government notified the CGST rate schedule applicable to goods. This notification shall come into force with effect from the 1st day of July 2017.

As per the Goods and Services Tax Regime, both Central GST (CGST) and State GST (SGST) will be levied on all supplies that are intra-State in nature. For supplies that are inter-State, Integrated GST (IGST) will be levied on it. The revenue generated on the same will be shared by both the Central and State Government.

Ways to File an Appeal under GST

June 28, 2017by Sanjeev Archak Sanjeev Archak 1 Comment

Previously, we spoke about the various Anti-Profiteering rules under GST Law. Today we will be talking about the ways of filing an appeal under GST regime.

Laws, in general, impose two kinds of obligations. The first obligation is related to tax and the second obligation is related to the procedure. Any registered taxpayer’s compliance with these two types of obligation is put to check by the various officers of the law.

Sometimes this entire process might lead to certain situations of non-compliance which further leads to a dispute between the taxpayer and the concerned tax officer. To put these disputes in check, there are appeal mechanisms set in place.

Types of Electronic Ledgers under GST

June 28, 2017by Sanjeev Archak Sanjeev Archak 2 Comments

After the Goods and Services Tax is implemented, every individual taxpayer registering under GST will be able to access the GST common portal by using their individual login credentials. After a successful login, the taxpayers will be able to access the dashboard and all the various features being presented. Under the GST common portal, every taxpayer will also be able to access the three kinds of electronic ledgers under GST.

Anti-Profiteering Rules under GST Law

June 21, 2017by Sanjeev Archak Sanjeev Archak No Comments

The Anti-Profiteering rules under GST law have been released by the Government of India. For the purpose of the same, a notification has been issued for setting up of a National Anti-profiteering Authority. This Authority shall be empowered to levy a penalty if businesses do not pass on the benefit of price reduction to consumers under the goods and services tax regime.

The Authority shall consist of a Chairman and four technical members. A state level Screening Committee shall be constituted in each State by the State Government.

Scrutiny of Returns Filed under GST Law

June 21, 2017by Sanjeev Archak Sanjeev Archak No Comments

In our previous posts, we have examined the returns that have to be filed & the timeline for filing the returns. We shall now understand how the returns filed under GST are examined by the GST Authorities.

Operational and Compliance Relaxations for Startups, Section 8 Companies & Government Companies

June 20, 2017by Sanjeev Archak Sanjeev Archak 1 Comment

The Ministry of Corporate Affairs in its continuous effort to boost the startup ecosystem has made some operational and compliance relaxations for Startups, Section 8 Companies and Government Companies.

In its notification dated 13th June 2017, the MCA has made some amends to its initial notification under G.S.R. 464(E) dated the 5th June 2015 published in the Gazette of India, Extraordinary, Part-ll, Section 3, Subsection (i).