Key Regulatory Updates in 2024
GST on the Residential Dwelling rented to Registered Tax Person Under GST
INDIRECT TAX
GST on the Residential Dwelling rented to Registered Tax Person Under GST
In pursuance of the 47th GST Council meeting held on the 28th and 29th of June 2022, the Central Government has issued a series of Notifications and circulars to give the effect of its recommendation. On 13th July 2022, the Government issued rate Notifications, and it is effective from 18th July 2022.
GST ON DIRECTOR’S REMUNERATION
An independent director should not be an employee of the company in any of three financial year preceding the year he is proposed to be a director. Since, there is no relationship of employer or employee it does not fall under schedule III of CGST Act 2017 and therefore RCM is applicable for the company.
APPLICABILITY OF NUMBER OF DIGITS OF HSN CODE BASED ON TURNOVER
Harmonized System of Nomenclature, or HSN, was conceived and developed by the World Customs Organization (WCO) with the vision of classifying goods from all over the World in a systematic and logical manner. It is a six digit uniform code that classifies more than 5,000 products and is accepted worldwide
Madras High Courts decision : GST impact for Resident Welfare Associations
Why Annveshan.? Armed with our expertise on the subject , its our culture & methodologies which is our differentiator
E-Invoicing for Business with Turn Over above 20Cr ( W.E.F 01-Apr-2022) Are You Ready for It?
E-invoicing or electronic invoicing refers to a method of processing invoices (and/or the data pertaining to the invoice) in an electronic format and on a unified platform between buyers and suppliers. What makes e-invoicing not only relevant, but significant right now is that it digitizes the entire invoicing cycle leveraging data exchange between the parties […]
JUDGEMENT REGARDING AVAILMENT OF AD HOC DEDUCTION ON SALE OF UNDER CONSTRUCTION FLATS/UNITS
A Path-breaking judgement in the case of Munjaal Manishbai Bhat vs UOI in R/Special Civil Application no 1350 of 2021 by the Gujarat High Court wherein it has clarified that a portion of GST Notification mandating the deduction of a one-third of the value of land towards construction services deeming it “arbitrary” and thereby struck […]
GST and Service Tax on Secondment of Employees Annveshan
The Apex Court in the matter of Northern Operating Systems Private Limited held that service tax was liable on secondments to Indian entities from overseas groups under the earlier regime of service tax. This will certainly have huge implications under the current regime as the law is the same as under service tax