Latest Tax News & Updates

Posted in Articles News Judiciary Notification

Incorporation of One Person Company (OPC)

Company Law - 03-Apr-2019

The One Person Company (OPC) is a newly incorporated type of company that was introduced in the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. There can be only one, natural person resident of India who can be the member of OPC. As the name itself suggests it is a company which is owned by one single person.  PRELIMINARY CONDITIONS (As per Rule 3 of Companies...

Continue Reading...

Maharashtra Profession Tax One Time Payment Of Tax Scheme

Goods And Services Tax - 03-Apr-2019

Maharashtra Profession tax OTPT Scheme-Summary and Practical Guide The Government Of Maharashtra vide Notification No. PFT.1218/C.R.52/Taxation-3 makes available an optional scheme for the payment of profession tax, in advance, for an enrolled person, under the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975. Summary of the Scheme and Practical Aspects as under – 1. Date of Effect Deemed to be into Force w.e.f 01.04.2018 i.e PTEC...

Continue Reading...

CBIS amends new GST composition schemes rules related to ITC

Goods And Services Tax - 03-Apr-2019

New Delhi, the 29th March, 2019 G.S.R. 268(E).– In exercise of the powers conferred by sub-section (1) of section 9, sub- section (1) of section 11, sub-section (1) of section 16 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (herein after referred to as the “said Act”), the Central Government, on the recommendations of the Council, and on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments...

Continue Reading...

Taxability of Fabric & Furnishing Cloth under MVAT Act

Goods And Services Tax - 03-Apr-2019

The Trade Circular was issued to clarify the taxability of the goods covered under Entry 101(a) and 101(b) of the Schedule-C appended to the MVAT Act. It was clarified that the sales of the notified furnishing fabric are exempted from tax in respect of all sales made other than the last point. The Notification cited at Ref. (1) above specifies the last point of sales as sale made for consumption. In other words, the sales of furnishing fabric as covered under entry 101 made by the registered...

Continue Reading...

ITC available for tax paid on insurance policies taken under statutory mandate

Goods And Services Tax - 03-Apr-2019

Tessy Engineers & Enterprises Vs Commissioner of GST & Central Excise (CESTAT Chennai)  The issue is as to whether the appellants are eligible for the credit availed on insurance services. The definition of input service with effect from 01.04.2011 excludes life and health insurance services availed for personal use or for personal consumption of employees. The appellants have explained that these insurance policies were availed for covering the risk of employees, who undertake...

Continue Reading...