The recent ruling by GST AAR Rajasthan in the case of M/s Clay Crafts India Pvt Ltd., it was held that the Directors of the company cannot be considered as the employee of the company and thus they are outside the purview of Clause (1) of Schedule III of CGST Act, 2017 and the consideration paid by the company to the directors in any manner, whether as salary or commission, shall be taxable under GST in the hands of …
The Government of India has reviewed the extant FDI policy for curbing opportunistic takeovers/acquisitions of Indian companies due to the current COVID-19 pandemic and amended para 3.1.1 of extant FDI policy as contained in Consolidated FDI Policy, 2017 as under:
(a) A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, an entity of a country, which shares land border with India or where the beneficial owner of an investment …
In view of the difficulties faced by the stakeholders on account of threat posed by Covid-19, MCA on 05.05.2020 has come up with Circular No. 20/2020, allowing companies to conduct AGM through VC or OAVM, beneath are some FAQs on the same:
Companies providing facility of E-voting under Section 108 are:
Companies which has listed its Equity shares on recognized Stock Exchange and …
Recently, changes have been made vide CGST Notifications dated 23-3-2020 and 3-4-2020, in respect of filing GSTR-3B and GSTR-1 returns for the period February 2020 to May 2020. The extension is due to COVID-19 pandemic (Corona Virus). There is impression in some quarters that due dates of filing of GSTR-1 and GSTR-3B return has been extended. In fact, it is not so. There are only relaxations in respect of filing these returns to be filed for tax period February 2020 …
PM in his speech quoted ‘Jaanbhi, Jahan bhi’ amidst nation-wide lockdown due to COVID-19 pandemic. To make it possible the Hon’ble PM in his speech on 12.05.2020 proposed robust economic reforms for 20 trillion rupees which is roughly 10% of India’s GDP.
Therefore, the FM announced the first part of continuous series of reforms on 13.05.2020. Total 15 kinds of reforms were proposed by FM in different sector with more to come. In this article, an effort is being made …
The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It is not only a form of business but more a mode of earning of livelihood for tens of millions of people in the Country. India’s e-commerce market has witnessed a phenomenal growth in the past recent years and is still flourishing. Foreign Direct Investment in E-Commerce in India can lead to an influx of capital, further …
‘Tour Operator’ shall mean any person engaged in the business of planning, scheduling, organizing, arranging tours (which may include arrangements for accommodation, sightseeing or other similar services) by any mode of transport, and includes any person engaged in the business of operating tours. The definition is provided by the Explanation in Heading 9985 of GST Tariff Act, 2017.
For example, Make my Trip, Expedia etc. These companies provide a complete package of tour which includes Boarding & Lodging, Transportation, Local …
Besides the impact on human lives and global supply chain, the pandemic is a severe demand shock which has offset the green shoots of recovery of the Indian economy that were visible towards the end of 2019 and early 2020.The International Monetary Fund (IMF) has projected the Indian economy to grow at 1.9% in 2020-21. Nearly 162 countries are steadily going into lockdown, and businesses across the globe are operating in fear of an impending collapse of global financial markets. …
When a non-resident sportsman comes to India for participating in any game or sport then a question arises which country has right to charge tax on such income earned by sportsmen by participating in game or sport and what are the tax implications on such income earned.
Non-Resident Sportsmen means he is not the Citizen of India.
Nowadays, it becomes very important to know about the tax Implications in case of non-resident Sportsmen due to increase in number of sports …
Many Indian companies have opened subsidiaries abroad when all that they required was a collection bank account. This is often felt necessary for the purpose of collecting payments from customers either through bank transfers or through online transactions.
Reserve Bank of India, strangely, is positively inclined towards Indians opening companies abroad but does not seem inclined to encourage Indians to open collection accounts in foreign banks.
RBI regulates opening of bank accounts outside India,in terms of section 9 of the …