Introduction

Each and every one of us wishes to live a happy, fruitful life of value and meaning. Then why are we not able to do just that given the fact that we are complete, unique and perfect. Maybe we have a mental block?

A mental block is an uncontrollable suppression or repression of painful or unwanted thoughts/memories. It can also be an inability to continue or complete a train of thought or inability to focus. This could also not be something we are aware of though many...

Banks are registered under service tax in the category of ‘Banking and Financial Services’. They collect and pay service tax on its various incomes such as commissions, bank charges, documentation charges, processing fees etc. levied on its customers. However, one of the major revenues earned by the banks is in the form of interest which is outside the purview of service tax as the same is covered in the negative list. Now as per Rule 6(3B) of the CENVAT Credit Rules, 2004, the banking...

Introduction

We would like to communicate that this article is not to criticize but to bring out lot of thorny issues in GST administration which requires immediate redressal. The Constitution Bench of the Supreme Court has held that access to Justice is a Fundamental Right guaranteed to citizens by Article 14 and Article 21 of the Constitution of India.

The 3 independent pillars of Indian Democracy along with the GST Council were to safeguard the tax payer as well as the revenue: 1^st...

With increased changes and amendments being made in the GST law, it becomes a bit difficult to keep track of each such change and implement the same in a right way within the statutory mandated timeframe. Although GST law provides for various compliances that needs to be carried out on a regular basis i.e. Monthly, Quarterly, Half-yearly etc. However, there are certain compliances that are mainly required to be carried out on a yearly basis. Since, the yearly compliances are not a matter of...

The Union expected better tax revenues with the introduction of GST. The States though were divided on this, with some of them expecting better revenues whereas the others expecting a fall due to the consumption-based accrual of revenue. However, with the introduction of GST, the revenues were not very encouraging and many reasons could be attributed to this, both controllable and inevitable reasons. The inevitable reasons could be the economic condition, pandemic situation, etc. The...

Classification of goods is key concept in indirect taxation. It impacts rate of tax/duty, exemptions, preferential duties, import restrictions, etc. Classification of goods.  needs to be done without prejudice, taking various factors into consideration, such as, description of the goods, raw materials used, end use, understanding of the product in the market, etc. One of the key classification issues faced by taxpayers is classification of parts used in the manufacturing industry. In the...

Introduction

Taking another step towards the goal of increasing “Ease of doing business” in India and providing relief to small taxpayers; the GST Council in their 42nd Meet on 5th October 2020 proposed a quarterly return filing system for small taxpayers to be implemented w.e.f. 1^st January, 2021. QRMP or Quarterly Return Monthly Payment Scheme is an optional scheme that CBIC has rolled out for small scale businesses having aggregate turnover up to 5 crore rupees to furnish return on...

The degree of Chartered Accountancy does not come easy, the course involves a unique blend of practical experience with in-depth & application based subject knowledge. In order to truly qualify as a “Chartered Accountant”, one needs to obtain a hands on practical experience backed with an in-depth subject knowledge. This brings us to a very important question on how to manage both articleship and exams? Although, there can be various tips and techniques that one can follow, however in...

1) Students hostel whether to be treated as a residential dwelling for the purpose of claiming exemption:

‘Residential dwelling’ when used as ‘residence’ is exempt from tax net, however what constitutes ‘residence’ is a subject matter of dispute in as much as whether the usage be looked at from the lessee’s point of view or based on its ‘end’ use. Now, lessee when lets it out to students for hostel purpose is a commercial usage but a student when ultimately uses it...