The National Bureau for Revenue (NBR) in Bahrain has issues technical guide in relation to Input VAT Recovery on costs relating to motor vehicles and mobile phones where there is both business and personal use.
NBR comes up with two method for calculating the Input VAT Recoverable on Motor Vehicles and Mobile Phones used for
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Guide on One Time Payment of Tax Scheme, 2019
By Jay Parekh
The Maharashtra State Government has notified a scheme named One Time Payment of Tax Scheme,2019. (hereinafter referred to as the ‘OTPT Scheme’) vide notification No. PFT.1218/C.R.52/Taxation-3 dated 22nd February,2019 under The Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 (hereinafter referred to as the ‘Profession Tax Act’).
The OTPT scheme provides for…
Provisions relating to Transfer of Share by Private Companies
1.Instrument for Transfer of Share is compulsory: Section 56 provides that a company shall not register a transfer of shares of, the company, unless a proper transfer deed in Form SH.4 as given in Rule 11 of Companies (Share Capital & Debentures) Rules 2014 duly stamped and executed by or on behalf of the transferor…
Impact of Anti-Profiteering Provisions on the Real Estate Sector
i) The Real Estate Sector is one of the most important sectors in the Indian economy. Due to rapid urbanization, economic growth and rising income levels in the country, the real estate sector has attracted significant investment over the past few years. The contribution of the real estate sector to India’s gross domestic product (GDP)…
Applicability of GST on Sale of Used/Old Motor Vehicle
In this article, we shall cover the below mentioned points:
- Notification 37/2017 – Central Tax (Rate) which is related to Applicability of GST Rate on Leasing of Old / Used Vehicles
- Notification 08/2018 – Central Tax (Rate) Which is related to Sales of Used / Old Motor Vehicles
- Rule 32(5) of CGST Rules, 2017 which
…
Transmission of Shares
A transmission of interest in shares of a company, of a deceased member of the company, made by the legal representative of a deceased member shall be considered as transmission of shares by operation of law. This transmission will be registered by a company in the Register of Members’
1. Person eligible to apply for
1. Person eligible to apply for
…
Reversal of Input Tax Credit under Rule 42 & 43 of CGST Rules, 2017
Section 17 of CGST Act, 2017 read with Rule 42 & 43 of CGST Rules, 2017 are applicable when Input Tax Credit is claimed for the supplies which are being used for the purpose of business, for the supply of Exempt Goods or services and for the supply other than business purpose. In such case,…
Understanding Detention of Vehicle Due to Defective Eway Bill or Without Eway Bill
As we are aware eway bill has been made mandatory to be accompanied with the conveyance for movement w.e.f. 01-04-2018, for any goods from one location to another in normal circumstances, except a small list and situations which are exempted from such compliance.
Rule 138 speaks about the procedural aspects of the e-way bill.
There
Rule 138 speaks about the procedural aspects of the e-way bill.
There
…
Treatment of Sales Promotion Schemes under GST
In the backdrop of several promotional schemes being offered by companies to increase sales volume and to attract new customers for their products, a lot of ambiguities are arising with respect to the chargeability of GST and claiming of Input Tax Credit in relation to such business practices.
To ensure uniformity in the implementation of…
Registering a Private Limited Company in India
A Private Limited Company registration in India is customary for starting a new business. This structure is developed under the organized business sector governed by specific Act and provisions.
A company in India is incorporated and registered under the Companies Act, 2013 which has appointed the Ministry of Corporate Affairs as a governing body.
Among…