Archives May 2021

Input Service Distributor (ISD) under GST Law

What is Input Service Distributor under GST Law? A supplier of goods /services may have various offices such as head office (registered office), regional office, branch office, sales depot etc., Such units having large share of common expenditure (input services) but get invoiced on centralized location may obtain registration as an Input Service Distributor for availment […]

No Depreciation on Goodwill from 1st April-2021

The Hon’ble Finance Minister presented the Union Budget 2021 on 01 February 2021 wherein announced “No depreciation to be allowable on Goodwill from 01 April 2021” (assessment year 2021-22 onwards). The tax authorities always argued that the depreciation on goodwill in business restructuring like Merger and Acquisition should be disallowed. The rationale beside that no […]

Hon’ble Supreme Court Order on Extension of Limitation period applies on Indirect Tax Laws?

Hon’ble Supreme Court Order on Extension of Limitation period: In view of the Covid-19 pandemic the Hon’ble Supreme Court took suo motu cognizance of the situation arising from difficulties that might be faced by the litigants across the country in filing petitions/applications/suits/appeals/all other proceedings within the period of limitation and in furtherance of its Order […]

Corporate Social Responsibility (CSR)

What is Corporate Social Responsibility? CSR is a responsibility of a Company’s towards the community and environment in which it operates. CSR is a way of conducting business, by which corporates contribute to the social good. Companies contribute for the betterment of our society out of the profit as a mandatory provision under section 135 […]

Amendments in GST on E- Invoicing & HSN Code

E- Invoicing: ‘E-Invoicing’ is a system in which B2B (Business to Business) invoices are authenticated electronically on the GST portal. Under the electronic invoicing system, a unique identification number will be issued against each and every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network (GSTN).  Invoice Registration Portal (IRP) is launched […]