31 Mar 2021

GST UPDATE

By Admin
Category Goods and Service Tax
Views 75

The Central Board of Indirect Taxes & Customs (CBIC) has issued a Circular No. CBEC-20/16/05/2021-GST/359 dated February 23, 2021, prescribing guidelines u/s 83 of Central Goods and Services Tax Act, 2017 (CGST Act) on provisional attachment of property

30 Mar 2021

Latest features of filing GST returns you must know

By Admin
Category Goods and Service Tax
Views 303

New feature introduced in the filing of GST

Introduction
The GSTN has enabled a new feature that requires the taxpayer to select one core business activity on the GST Portal. By saying "core business activity", it is meant the kind of business you primarily deal with. For example, if you are a watch manufacturer, you may select the “manufacturer” category in the Core Business Selection.

24 Mar 2021

Delhi CESTAT sets aside the S.T. on liquidated damages for the breach of contract

By Admin
Category Miscellaneous
Views 358

{Citation : South Eastern Coalfields Limited vs Commissioner of Central Excise and Service Tax}
The Appellant had entered into various commercial agreements, whereby specific clauses were provided for the penalty for non-observance / breach of terms of the contract, to safeguard the Appellant's interests

23 Mar 2021

All about ESOP Option

By Admin
Category Income Tax
Views 678

Employee Stocks Option Plan (ESOP) is an option to purchase the employer company’s stock/equity at a predetermined price (mostly below its overall market value at the time of grant) given to the employee by the employer company. The employee who agrees for ESOP scheme can exercise the actual purchase of Employer Company’s stock/equity on fulfilment of certain conditions like completion of tenure of service defined in several years or a company’s revenue target, etc. On realization of the conditions proposed (vesting) placed by the employer company, the ESOP is vested with the employees.

22 Mar 2021

GST UPDATE Persons to whom Aadhaar Authentication Would not be Applicable

By Admin
Category Goods and Service Tax
Views 404

Introduction
Aadhaar-based authentication was introduced in the 37th GST Council meeting on September 20, 2019. It was notified vide Notification No. 62/ 2020-Central Tax in order to facilitate ease of registration process for bonafide trade and to keep a check on fake registrations and those who are taking advantage of the registration process under GST to pass on or avail bogus input tax credit ("ITC").