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Hon'ble AAR, Gujarat in Re: Karma Buildcon [Case No- GUJ/GAAR/R/33/2020 dated July 2, 2020] has fixed this supplied value for a transaction of supply of services to residential/commercial properties with undivided land rights is to be achieved in terms of the provisions of paragraph 2 of Notification No. 11/2017 –…

Under the GST Regime, assessees are required to obtain registration under the GST Act based on their aggregate turnover. All taxpayers (suppliers of goods and services) are granted a threshold exemption. If the total turnover exceeds this threshold limit, registration under GST is mandatory.  So, let us discuss the GST…

Taxation is seen as one of the necessities that influence the formation of every constitutional democracy. Tax policy decisions in India have an impact on the relationship between the government and the people. No political authority can be exerted unless certain requirements and constraints are met. The principle of taxation…

The MCA (Ministry of Corporate Affairs) has with a recent circular inserted provisions to strengthen the law that makes the process of 'Physical address verification of registered offices of companies' more transparent by adding several formalities by the officials in charge of the process. If you are a business operator…

When the Companies Act, of 1956 was in effect, public companies may offer loans, guarantees, and securities if they acquired prior authorization from the Central Government. The companies used to borrow cash and pass them on to subsidiaries and other related companies via inter-corporate loans. When it came to complying…

A new structure for statutory audits of companies has been announced by the Ministry of Corporate Affairs (MCA). Companies (Auditor's Report) Order, 2020 was announced by the MCA on February 25, 2020. (CARO 2020). The Companies (Auditor's Report) Order, 2016, earlier order is replaced by the order (CARO 2020). Table…

Any person who is a chartered accountant can be appointed as an auditor of the company. In the case of a firm where most of the partners are Chartered Accountants practicing in India, they may be appointed as auditors of the company, here the firm also includes LLP. This article…

The introduction of GST has brought a positive impact on the automobile sector. Previously, traders could not claim credit for excise duty and VAT paid, which would further increase the cost of purchases. However, GST has eliminated the cascading effect of taxes, reducing the price of cars. So, this article…

The Government of India levies duty on all imports within the country and some exports from the country. The amount to be paid as duty may be determined by several factors such as the value, weight, dimensions, etc. of the item concerned. So, this article will discuss the applicability of…

The Ministry of Corporate Affairs (MCA) in a notification dated June 1, 2022, issued the Companies Amendment (Appointment and Qualification of Directors) Rules, 2022 to further amend the Companies (Appointment and Qualification of Directors) Rules, 2014. Under this rule, citizens from a country that shares a land border with India…