Author: Mohit Jain

Strengthening Compliance: Mandatory Filing of Overdue Financials Before Company Closure

Strengthening Compliance: Mandatory Filing of Overdue Financials Before Company Closure

The Ministry of Corporate Affairs (MCA) in India has recently implemented an important amendment to the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. This amendment reinforces the necessity for companies to file their overdue financials before initiating the process of strike-off and closure. In this blog post, we will explore the details of this amendment and its implications for maintaining accountability and transparency in the corporate sector.

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RBI Withdraws Rs 2,000 Notes from Circulation: What You Need to Know

RBI Withdraws Rs 2,000 Notes from Circulation: An Analysis

In a surprising move, the Reserve Bank of India (RBI) has recently announced the withdrawal of Rs 2,000 denomination notes from circulation. This decision has raised eyebrows and sparked discussions among the general public and financial experts alike. In this blog post, we will delve into the reasons behind this unexpected step, its potential impact on the economy, and what it means for the common man.

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GST Dept Accesses Banking Transactions.

GST Department Set to Access Banking Transactions of Taxpayers: A Move Towards Curbing Tax Evasion and Improving Compliance

The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. It was implemented on July 1, 2017, and has since been a critical source of revenue for the government. The GST department has been making efforts to streamline the tax collection process and plug revenue leakages. In a significant move towards this goal, the GST department is set to get access to banking transactions of taxpayers.

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Works Contract under GST

Works Contract under GST

The term “works contract” has a limited scope under the GST regime and is applicable only to contracts related to the construction, fabrication, or similar activities for immovable properties. Any composite supply involving goods, such as a paint job or fabrication work carried out in an automotive body shop, does not fall under the purview of a works contract for GST purposes.

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