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Latest from APMH Moores Rowland Advisory Pvt Ltd

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 an option for payment of Profession Tax in advance for an enrolled person under the said Act. The persons enrolled…
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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 and by or on behalf of the transferee and specifying the name, address and occupation, if any, of the transferee,…
Posted in Tax
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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) has been substantial. While housing contributes approximately 5%–6% of the country’s GDP, the retail, hospitality and commercial subsectors have also…
Posted in Tax
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 is related to Applicability of GST on sale of Used Goods (Including Person dealing in Sale & Purchase of Old…
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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 transmission: The survivors in case of joint holding can get the shares transmitted in their names by production of the…
Posted in Tax
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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, Input Tax Credit can not be claimed fully as such corresponding expenses are incurred for supply of exempt goods or…
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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 are a lot of teething troubles for this procedure to settle down. Some minor mistakes listed below can turn out…
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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 the law across the field formations certain clarifications are issued by CBIC vide Circular No. 92/11/2019- GST Dated 7th March,…
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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 the numerous types of companies under the Companies Act, this article highlights the requirements of a Private Limited Company that…
Posted in Tax
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APPLICABILITY – TO WHOM IT IS APPLICABLE? Every company (other than Government Company) which has accepted loans / deposits / share application money or money through any other mode is required to do compliance by filling DPT-3 form with Ministry of Corporate Affairs. The said form DPT-3 is prescribed in law to file return of deposits. It is a one – time return of outstanding receipts of money or loans taken by a company which…
Posted in Tax