Archives August 2022

DEFINITION IN TURNOVER WITH DIFFERENT LAWS

The Central Sales Tax Act, 1956 defines “Turnover” as follows: Under this Act, “turnover” used in relation to any dealer liable to tax means the aggregate of the sales price received and receivable by him in respect of sales of any goods in the course of inter-State trade or commerce made during any prescribed period […]

CHARGE ON ASSETS

Companies Act, 2013 defines “charge” as an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage. There are various forms of creation of charge. Some of the terms used of creation of charge are: Mortgage, Hypothecation, Pledge, etc. Although […]

NEW RULE 25B – PHYSICAL VERIFICATION OF REGISTERED OFFICE BY MCA

COMPANIES (INCORPORATION) THIRD AMENDMENT RULES, 2022 Companies (Incorporation) Third Amendment Rules, 2022 has been notified on 18th August 2022 by Ministry of Corporate Affairs (MCA) to further amend the Companies (Incorporation) Rules, 2014. In this amendment, MCA has introduced a new Rule 25B, which is about Physical verification of the registered Office of the Company. […]

DUTY CREDIT SCRIPS (DCS) AGAINST EXPORTS

Duty Credit Scrips is an initiative scheme introduced by the Government of India under the Foreign Trade Policy in 2015. Duty Credit Scrips were introduced to provide incentive to the Exporters to boost the inflow of forex in India. What these scrips are to exporters is same as for what vouchers are to shopaholics. These […]

GST ON RENT (COMMERCIAL AND RESIDENTIAL PROPERTY)

GST ON RENTING OF IMMOVABLE PROPERTY FOR COMMERCIAL PURPOSE Renting of any immovable property for a business or commercial purpose would attract GST @ 18% on the taxable value. In case of Commercial purpose, GST would be collected by the Owner/ Landlord and would be payable to the GST Department under forward charge mechanism.  OWNER/LESSOR […]