Blogs

Introduction

Recently, there have been multiple amendments and notifications under GST. This leads to difficulty in confirming whether an entity is in compliance with the GST law or not. Some of the recent changes are:

• E-invoicing being introduced in a phased manner from October 2020.
• Finance Act 2021, having major modifications but not yet notified
• Pandemic lockdown related notifications
• Rule 36(4) – 5?-hoc credit reduction and validity

Considering industry hardship...

The Hon’ble Prime Minister said that “the government, the states, the industry and the transporters, and all the hospitals need to come together and work in unison. The better the synergy and coordination, the easier it will be able to deal with this challenge”.  The “challenge” he was referring to, was the challenge of meeting the massive demand of life saving oxygen gas, pursuant to surge in Covid cases. Further, he promised “full support” to the above warriors in combating...

Introduction

Most of times we as Tax payer concentrates only on tax payments, discharging our liabilities and regular tax compliances considering the way the bureaucrats are implementing the Tax laws with the threating measures. It is equally or more important for us to enjoy or the avail or utilize the benefits provided in the Tax Law. One of such massive benefit in the Customs law is Authorized Economic Operator Status. AEO Status holders enjoy with lot of fiscal, operational defined...

Introduction:

Motor vehicles are an inextricable part of modern life commutation. The industry has grown clouds & skies over last century and is today one of the largest sectors in the economic scheme of things. While it’s no less than a magic to experience a motor vehicle as a single unit, but in reality this manufacturing marvel is nothing but an amalgam of lakhs of parts, spares, components & accessories that are aesthetically engineered & interconnected in a manner to function in...

Everything we do in our life can be categorized/ ranked/ prioritised as per its importance and urgency. “ Putting 1^st things 1^st ”. As we grow to be team leader/ managers or partners, we find that most of our time gets focused on the unimportant activities or on urgent activities. It is like a chakravuha - a downward spiral with no hope of coming out. Knowing what is important we are stuck in inaction. We nod our head and agree that we need to dedicate more and more time to long term...

Introduction

Recently while looking at how knowledgeable professionals can improve their presentation and consequently their communication, I started to notice the use of fillers while speaking even by me. These are used when we collect our thoughts while conversing / presenting on what to say next. It can also come about due to use of very long sentences. These fillers at times get out of control and the object of transmission of information/ knowledge can be defeated. It is observed...

One of the Mantra’s to avoid litigation in GST is charging GST on the higher side (higher rate or valuation or not taking disputed exemptions etc.,) and pass it to the recipient. It becomes easier when the recipient can take the ITC. While the aforesaid Mantra works wonderfully when sufficient care was taken at the time of issuing the original invoice. However, there is an extended facility by way of ‘Debit notes’.

What is “Debit note” under GST:

Section 34(3) & (4) of the...

There are 3 categories of Inward supply of which an Assessee can claim ITC (Input Tax Credit) namely – Inputs, Input services and Capital Goods.

Here, we shall be discussing about various aspects of Capital Goods under GST Law and the eligibility of an Assessee to claim ITC on Capital Goods and the scenarios where reversal of such TC is required or its subsequent Refund from Electronic Credit Ledger.

• First of all, we need to understand that - what does the term ‘Capital...

Principle of natural justice is a ground of agrument taken in a law, to ensure fairness, reasonableness, equality and equity. Audi Alteram Partem (or audiatur et altera pars) is a Latin phrase meaning "listen to the other side", or "let the other side be heard as well". It is the principle that no person should be judged without a fair hearing in which each party is given the opportunity to respond to the evidence against them.

Under this doctrine, both the parties have the right to...

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...