A. CHANGES IN THE GST REGIME Clarification on post-sales discount under GST The CBIC has vide circular no. 105/24/2019-GST dated 28th June 2019 provided clarification on various doubts related to the treatment of secondary or post-sales discounts under GST. The clarification relates inter alia to the following: – If the post-sale discount given by the supplier […]
India has a large number of ‘not for profit’ institutions in the form of public charitable trusts, societies and Section 8 companies. These institutions are not only engaged in socio-economic development activities for poor and economically backward classes but are also involved in education and health care sectors and have set up successful educational institutions […]
A. CHANGES IN THE GST REGIME Recommendations by the 35th GST Council meeting The 35th GST Council meeting held on 21st June 2019 inter alia provided the following recommendations: – Extension of tenure for national anti-profiteering authority by two years i.e. till November 2021 The imposition of an additional penalty of up to 10% of the […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Sudhir Mishra of Trust Legal. Sudhir has joined IR as our exclusive Commercial Arbitration Member in India. Trust Legal specializes in providing qualitative legal advisory, support and representation to its clients across multiple geographic jurisdictions as well as forums, such as the […]
‘Cyberturfing’ is the online equivalent of the off-line ‘astroturfing’, a term said to be coined by a US Senator back in 1985 and is understood to be a type of deceptive marketing or practice designed by marketers to create a false impression that a campaign has developed authentically and organically but in reality is powered […]
A. CHANGES IN THE GST REGIME Modification of the mechanism to verify IGST payments The CBIC has vided Circular No. 16/2019-Customs dated 17th June 2019 modified the automated procedure for claiming IGST refund. This has been done due to the rising number of fraudulent ITC claims filed by exporters. The procedure involves (1) identification of suspicious […]
A. CHANGES IN THE GST REGIME Transition plan for new GST filing system The GST Council had in its 31st council meeting decided to implement a new GST return filing system for ease of taxpayers. The CBIC has vide press release dated 11th June 2019 provided details regarding the transition plan to implement the new GST […]
It is our pleasure to inform you that our partner, Mr. Alishan Naqvee would be speaking at the Global Arbitration Review conference on Saturday, 15 June 2019 at Trident Nariman Point, Mumbai. The program and registration details are at http://gar.live/mumbai2019. We request your participation.
A. CHANGES IN THE GST REGIME Clarification on the filing of GSTR 9 The trade and industry had raised certain queries with respect to the filing of the GSTR 9. The GST department has vided press release dated 4th June 2019 issued a clarification on the filing of annual return under GSTR 9. This clarification includes […]
The Negotiable Instruments Act, 1881 (“NI Act”) was amended last year and two new provisions, section 143A and section 148, were inserted in the NI Act, which was necessitated to deal with the delay tactics of drawers of dishonoured cheques due to easy filing of appeals and obtaining stay on proceedings, leading to frustration in […]
PROPOSED CHANGES AND INDUSTRY ISSUES GST on post-supply discounts The GST authorities have taken a view that the post-supply discounts are in the nature of price for services rendered by distributors/ retailers as against the view that the discounted payment is the full payment between the parties and credit to the extent of tax actually […]
PROPOSED CHANGES AND INDUSTRY ISSUES National bench of Appellate Authority for Advance Ruling It has been observed that the AAR of various states has passed a few contrary rulings on similar issues. In order to bring clarity on these decisions, the GST Council is planning to set up a national bench of AAAR to resolve […]