CA Jayprakash Pandey

The author, CA Jayprakash Pandey is a practicing Chartered Accountant (Founder of Jayprakash P & Company) having Office at Mumbai, with more than 5 years of professional cum practical experience, Direct Tax, International Taxation, Indirect Tax & FEMA related advisory, litigation & compliance matters.

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To know how? Diesel not under GST but GST @ 18% as part of composite service

Cost of diesel incurred as part of a composite service will attract GST even though the fuel itself has not been included under the new indirect tax system, it has been held. In a significant order, the Karnataka bench of Authority for Advance Ruling (AAR) has ruled that the cost of the diesel incurred for …

To know how? Diesel not under GST but GST @ 18% as part of composite service Read More »

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Must read – To know how much Contribution of MSMEs to GDP

Press release issued regarding contribution made by MSME towards GDP. Read below Ministry of Micro,Small & Medium Enterprises Contribution of MSMEs to GDP Posted On: 09 AUG 2021 2:54PM by PIB Delh As per the information received from Central Statistics Office, Ministry of Statistics & PI, Share of MSME Gross Value Added (GVA) in All …

Must read – To know how much Contribution of MSMEs to GDP Read More »

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IPO open10th August and Closes on 12th August 2021 – Aptus Value Housing

About Company Incorporated in 2009, Aptus Value Housing is a retail-focused housing finance company that primarily serves low and middle-income self-employed customers in the rural and semi-urban markets of India. As per the CRISIL report, it is one of the largest housing finance companies in South India in terms of AUM of 37,909.31 million as …

IPO open10th August and Closes on 12th August 2021 – Aptus Value Housing Read More »

Form MGT-7/MGT-7A is likely to be revised on MCA21 Company Forms Download page w.e.f 14th October, 2021. Stakeholders are advised to check the latest version before filing.

MCA news : 4,540 companies admitted into CIRP; 394 companies stand resolved with 36% realisation of claims by financial creditors under IBC

                           Ministry of Corporate Affairs 4,540 companies admitted into CIRP; 394 companies stand resolved with 36% realisation of claims by financial creditors under IBC Posted On: 10 AUG 2021 7:05PM by PIB Delhi As on 30th June 2021, 4,540 companies were admitted into Corporate …

MCA news : 4,540 companies admitted into CIRP; 394 companies stand resolved with 36% realisation of claims by financial creditors under IBC Read More »

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Today 10th August IPO open -Chemplast Sanmar Ltd – To more about Price band ,Financial performance and Issue detail

About Company :- Incorporated in 1985, Chemplast Sanmar Ltd is a leading specialty chemical manufacturer in India. The company is engaged in the manufacturingof specialty paste PVC resin, starting materials, and intermediates for agro-chemical, pharmaceuticals, agro-chemical, and fine chemical sectors. It also produces other types of chemicals such as CausticSoda, Chlorochemicals, Hydrogen Peroxide, Refrigerant gas, …

Today 10th August IPO open -Chemplast Sanmar Ltd – To more about Price band ,Financial performance and Issue detail Read More »

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VSV news ⚠️-Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme

Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme The scheme ‘Vivad Se Vishwas’ is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers and no targets were fixed by the Government under the Scheme. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary …

VSV news ⚠️-Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme Read More »

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Today 🚨 The Taxation Laws (Amendment) Bill, 2021 was passed by the Rajya Sabha.

The Taxation Laws (Amendment) Bill, 2021 was passed by the Rajya Sabha today It had been passed by the Lok Sabha on 6th August, 2021. Salient features of the Bill proposes to amend Finance Act, 2012 so as to provide that the validation of demand under section 119 of Finance Act, 2012 shall cease to …

Today 🚨 The Taxation Laws (Amendment) Bill, 2021 was passed by the Rajya Sabha. Read More »

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Today 9th August – Nuvoco Vistas Corporation – IPO Details

About Company: Incorporated in 1999, Nuvoco Vista Corporation Ltd, a part of Nirma Group Company is among one of the largest cement companies and concrete manufacturers in India. It offers a diversified range of products such as cement, Ready-mix Concrete (RMX), and modern building materials i.e. adhesives, wall putty, dry plaster, cover blocks, and more. …

Today 9th August – Nuvoco Vistas Corporation – IPO Details Read More »

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Today 9th August – CarTrade Tech Limited – IPO Opens – It’s risky offer but risk taker may apply for listing gain only

About Company :- Incorporated in 2000, CarTrade Tech Ltd is a multi-channel auto platform provider company. The company operates various brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz. The platform connects new and used automobile customers, vehicle dealers,vehicle OEMs, and other businesses to buy and sell different types of vehicles. …

Today 9th August – CarTrade Tech Limited – IPO Opens – It’s risky offer but risk taker may apply for listing gain only Read More »

ALERT for Tax payer’s- CBDT issues refunds of over Rs 45,896 crore between April 1 and August 2; also check extended DUE DATES for e-filing of various forms

ALERT for Tax payer’s- CBDT issues refunds of over Rs 45,896 crore between April 1 and August 2; also check extended DUE DATES for e-filing of various forms

The Central Board of Direct Taxes (CBDT) has issued income tax refund of over Rs 45,896 crore between April 1, 2021 to August 2, 2021, said Income Tax India on Saturday. The refunds were made to more than 21.32 lakh taxpayers during the same period, it said.   The Central Board of Direct Taxes issued …

ALERT for Tax payer’s- CBDT issues refunds of over Rs 45,896 crore between April 1 and August 2; also check extended DUE DATES for e-filing of various forms Read More »

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Must read – Official Twitter handle of I-T department issues 3 email IDs for registering grievances under faceless assessment scheme

I-T department issues 3 email IDs for registering grievances under faceless assessment scheme The department issues a message on its official Twitter handle The Income Tax (I-T) department notified three official email IDs for taxpayers to register grievances under the faceless or e-assessment scheme. The department issued a message on its official Twitter handle saying: …

Must read – Official Twitter handle of I-T department issues 3 email IDs for registering grievances under faceless assessment scheme Read More »

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Impact of COVID-19 Pandemic on MSMEs and initiatives taken by the Government to reduce the same

As per Udyog Aadhaar Portal (since inception October 2015 to June 2020), the number of Micro, Small and Medium Enterprises (MSMEs) registered in All India was 102,32,468.            On 1st July, 2020, after adoption of new definition of MSMEs, a new registration portal ‘Udyam Registration’ has been launched by M/o MSME and so far 41,37,443 …

Impact of COVID-19 Pandemic on MSMEs and initiatives taken by the Government to reduce the same Read More »

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Must read – New Advisory by GSTN -Blocking of E-Way Bill (EWB) generation facility

New Advisory by GSTN Blocking of E-Way Bill (EWB) generation facility resume after 15th August, 2021 1. As you might be aware that the facility of blocking E way bill generation had been temporarily suspended due to pandemic, in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, the E Way …

Must read – New Advisory by GSTN -Blocking of E-Way Bill (EWB) generation facility Read More »

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DGFT Updates : TWO Trade Notice issued today – Read Complete article

  DGFT has issued 2 Trade Notice today    1. eBRC update for exporters who have claimed RoSCTL for shippinb bills with LEO 31.03.2020 must make sure that their AD Banks upload eBRC latest by 15.09.2021 failing which actions as per para 4.96 of HBP will initiated.   Exporters can refer to the Trade Notice …

DGFT Updates : TWO Trade Notice issued today – Read Complete article Read More »

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GST Portal News :- GSTR9 for FY 2020-21 has been enabled on GST Portal

GSTR9 for FY 2020-21 has been enabled on GST Portal What is GSTR 9?  GSTR 9 is a yearly return that is to be furnished annually through the assessee below GST. some facts must have to be kept in mind such as: It includes information about the outward and inward supplies furnished or concluded during …

GST Portal News :- GSTR9 for FY 2020-21 has been enabled on GST Portal Read More »

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Breaking :-Extension of time lines for electronic filing of Forms

Extension of time lines for electronic filing of various Forms (i)The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021, required to be furnished on or before 15th July, 2021 under Rule 37BB of the Rules, as extended to …

Breaking :-Extension of time lines for electronic filing of Forms Read More »

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Removed mandatory requirement of furnishing GSTR 9C from CA

The mandatory requirement of furnishing a Reconciliation Statement in Form GSTR-9C certified by a Chartered Accountant has been removed. (Read below relevant section along with relevant notification) As per Notification No.29/2021 CGST dated 30-07-2021 following amendments has been done in the Finance Act 2021. It shall be applicable from 01-08-2021. Sub-section 5 of section 35 …

Removed mandatory requirement of furnishing GSTR 9C from CA Read More »

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Latest News -Devyani International Limited IPO having a price band fixed at Rs 86-90 per share, issue opens next week

Devyani International has fixed the price band for its forthcoming initial public offer (IPO) at Rs 86-90 range. The Rs 1,838 crore issue by the largest franchisee of KFC, Pizza Hut, and Costa Coffee, will open for subscription on August 4 and close on August 6. About Company :- Incorporated in 1991, Devyani International Ltd …

Latest News -Devyani International Limited IPO having a price band fixed at Rs 86-90 per share, issue opens next week Read More »

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One-to-one correlation between output service and input service not required for claiming refund

Case Law General Motors Technical Centre India Pvt. Ltd.  Vs Commissioner of Central Tax [Service Tax Appeal No. 20400 of 2020, dated April 1, 2021] Facts of the Case :- Appellant (General Motors Technical Centre India Pvt. Ltd ) is registered with the Service Tax Department and is engaged in providing Consulting Engineer Services to their …

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REFUND UNDER GST LAWS

REFUND UNDER GST LAWS Following are the common situations where refund can be claimed under GST laws: Refund of accumulated Input Tax Credit on account of inverted duty structure Export of Goods or Services Deemed Exports Refund on account of issuance of refund vouchers for taxes paid on advances against which, goods or services have …

REFUND UNDER GST LAWS Read More »

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Extension in ITR filing deadline does not mean relief from interest penalties

Extension in ITR filing deadline does not mean relief from interest penalties 1) The last date to file income tax return for the financial year 20-21 has been extended to September 30, 2021 to provide relief to the taxpayers amid the second wave of the COVID -19 pandemic. 2) But the extension is provided in …

Extension in ITR filing deadline does not mean relief from interest penalties Read More »

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Recent updates from GST portal- Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4

Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4  Instances have come to notice where taxpayers are reporting negative liability appearing in their GSTR-4 Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while GSTR-4 Return is required to be filed on annual basis …

Recent updates from GST portal- Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Read More »

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ICAI has brought 26 pages booklet – All about Fair Valuation

ICAI has brought 26 pages booklet on a very interesting topic: concept Paper on All about Fair Valuation.   Glancing on 26 pages gives you an overall understanding of Fair Value, Entry Price, Exit Price and its importance of implementation in business valuation. ICAI has brought 26 pages booklet.    Click on below link in …

ICAI has brought 26 pages booklet – All about Fair Valuation Read More »

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Mandatory e-filing of pleading before DRT/DRAT if debt to be recovered is Rs. 100 crores or more

The GOVT. has made amendment to The Debts Recovery Tribunals and Debts Recovery Appellate Tribunals Electronic Filing Rules, 2020. Amendment has been made to rule-3 whereby e-filing of pleadings before DRT/DRAT has been mandated where the debt to be recovered, as mentioned in the application, is Rs. 100 crore and more. Earlier, e filing of …

Mandatory e-filing of pleading before DRT/DRAT if debt to be recovered is Rs. 100 crores or more Read More »

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Important company updates -Allotment of new Name to be made effective automatically in case of ORDNC is not complied with within timeline

MCA has issued Cos (Incorporation) Fifth Amendment Rules, 2021 to be effective from 1st Sept, 2021. Allotment of new Name to be made effective automatically in case of ORDNC is not complied with within timeline. In the Companies (Incorporation) Rules, 2014, after rule 33, the following rule shall be inserted, namely: “33A. Allotment of a …

Important company updates -Allotment of new Name to be made effective automatically in case of ORDNC is not complied with within timeline Read More »

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Government approves Production Linked Incentive (PLI) scheme for Speciality Steel

Government approves Production Linked Incentive (PLI) scheme for Speciality Scheme.  The Union Cabinet on Thursday approved Rs 6,322-crore production linked incentive scheme for specialty steel, a move aimed at boosting domestic manufacturing and exports from the sector, Information and Broadcasting Minister Anurag Thakur said. Highlights of Scheme 1) Generate 5.25 lakh jobs 2) Attract investment …

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