Blogs

Introduction

In the light of introduction of Insolvency and Bankruptcy Code 2016 (Hereinafter, referred as IBC), there has been reduction in time for the process of carrying out insolvency/restructuring. IBC provides various options to draw resolution plans within a short period of time which renders the business to re-establish being a going concern during the process of resolution. Let us analyse a couple of decisions rendered with respect to the proceedings initiated and treatment of...

The Government’s slogan for the implementation of GST has always been ‘One Nation One Tax’, though none of the stakeholders have ever been able to relate GST to this slogan for the reason that GST has continued (as in the earlier regime of indirect taxes) to levy

1. A Centre’s Tax i.e. IGST
2. State Taxes i.e. each State having its own SGST like TNGST, MGST, etc.
3. Central Taxes i.e. each State having its own CGST (depicted by the fact that the CGST of one State is not available...

We have set out inspiring goals, got the basic knowledge and gotten into the habit of updating our knowledge, skilling ourselves in identified area for success. One needs to continue to work/ learn on all the area. When I started my office in 1987 ( pre qualification) there was hardly anybody visiting for days together. I wasted those precious years in reading novels!!. However, if I had joined an advocate in indirect taxes I would have moved up the knowledge and experience ladder faster. I...

We all have got an abundance of opportunities to enhance our skills in this pandemic. GSTN also has taken due benefit of the same by adding new functionalities on the portal, most prominent being enabling of form GSTR 2B. In the 39th Council meeting held on 14.03.2020, Shri Nandan Nilekani addressed the system related issues that are being faced by the taxpayers. Addressing the difficulty in compliance and tax evasion, it was suggested to link ITC in FORM GSTR 3B to the details of the...

Many of us old timers have over a period of time made a number of mistakes, got into areas counter productive to our profession and feel less satisfied at the end of the day. Most of us blundered through professional life learning from mistakes many several times and also repeated.

Though we are expected to be the financial trustees to the world/ country, belonging to a “noble profession” we feel inadequate, frustrated by the ground realities. Though we are professionals with...

This article (more a collation of thoughts) is a sequel to the first on goal setting. Many students and practitioners may wonder on whether their dreams and plans would actually be achieved. The structured approach [ using planners, reminder and to do list enabled in any normal software program could be a big support]  to achieve any action would no doubt be a bit challenging at take off stage. Once started inevitably one come across hurdles. The road bumps could detract one from...

“The essence of law lies in the spirit, not its letter, for the letter is significant only as being the external manifestation of the intention that underlies it” – Salmond

Introduction

Interest in taxation matters is an automatic levy and compensatory in nature, for withholding the money of the Government by delay in payment of tax within due date. It is a mechanism to compensate the revenue for the loss caused to it due to the late payment[1]. The overall context of levy...

Introduction

Completed 3 years in operation but still struggling to rise-up to the average expectations of the stakeholders; GST has proved to be a loop of extension of compliance deadlines. The main reason behind such extensions is incompetent and incapable GSTN network which crashes every now and then #gstnfailed. One such compliance is the filing of Annual Return (Form GSTR 9) and GST Audit (Form GSTR 9C). As of now, the due date of filing GSTR 9 and GSTR 9C is fast approaching and is...