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Mediation Ordered in Tesla Inc. vs. Tesla Power India Pvt Ltd. Dispute
BY: Cheenu Bhatia Mediation Ordered in Tesla Inc. vs. Tesla Power India Pvt Ltd. Dispute The Delhi High court vide his order dated 4th July 2024 has directed mediation between Tesla Inc. and Tesla Power India Pvt Ltd. to resolve their ongoing dispute to which both parties has agreed and will now appear before a
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Action to be taken on or before filing returns for Sept 2021
Transactions relating to the tax period April 2020 to March 2021 may be rectified while filing returns for September 2021 (Due date for filing GSTR 3B for September 2021 is 20th / 22nd / 24th October 2021). No additional claim of missing ITC may be made available post filing of September 21 returns. Taxpayer may lose the right to claim
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Implementation of Rule-59(6) on GST Portal
Restriction in filing of GST-1 when 3B has not furnished for proceeding two month and Automatic restore facility (GSTR-1 filing) upon compliance (GST3B) has been done . Applicable w.e.f 01-09-2021. Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases :
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Analysis of RoDTEP Scheme (Remission of Duties and Taxes on Exported Products Scheme)
Remission of Duties and Taxes on Exported Products Scheme (RoDTEP) S. No. Heading Relevant Provision 1 Notification Number and issuance Date Notification No. 19/2015-20 dated 17th August, 2021 2 Objective To replace the existing MEIS (Merchandise Exports from India Scheme) 3 Effective Date of commencement of Scheme 1st January, 2021 4 What is RoDTEP Scheme?
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GST on Liquidated Damages:
BY: CA MANU KATARE Meaning of Liquidated Damages: Liquidated Damages a nomenclature used very commonly in construction industry, engineering, procurement and commissioning (EPC) contracts to recovery losses or levy penalty for non- performance or deviation from the terms agreed in the supply agreement by vendor/supplier. The vendor may also recover Interest for delay in payment
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RTI (Right to Information) Revelation on New Income Tax Portal 2.0
BY: CA MANU KATARE New Income Tax Portal 2.0 has been a hot topic of discussion since it went live on 7th June, 2021. Taxpayers and tax professionals have been struggling with the new website to view their filed returns, importers are unable to file form 15CA & 15CB online for making foreign remittances and
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FACELESS ASSESSMENT (INCOME TAX ACT,1961 SECTION 144B)
FACELESS ASSESSMENT (INCOME TAX ACT,1961 SECTION 144B)
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NEUTRALIZING BASE EROSION AND PROFIT SHIFTING BY MULTINATIONAL AND TECH COMPANIES
Overview Due to advent of e-commerce and IoT, the businesses have less of physical trace and therefore its easy for organisation of developed world which largely follows residency-based taxation to shift their headquarters to locations where the tax rates are favourable.Major economies are aiming to discourage multinationals companies (MNC’s) from shifting profits and tax revenues
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