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Is GST liable to be paid on leasing of tank containers taken form a supplier i e., lessor who is located outside India and the tank containers do not reach India? As it is finance lease, it is supply of goods and tank containers do not reach the Indian Territory. Background With the introduction of GST on July’17 there has been a lot related to import of services and for this the GST council expressly provided in the Schedule II to Section 7 of CGST Act 2017 that activities or transactions to be treated as Supply of Goods or Supply of Services. Facts of the Case M/s Deccan Transcon Leasing Pvt. Ltd. is a Non-vessel owner container carriers/operators fromIndia leases containers from outside India from M/s Tank span Leasing limited in bulk and recognizes...

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The Finance Act 2021 introduced a new section 148A in furtherance to section 148 for starting step of escaped assessment/reassessment u/s 147. As per earlier section 148, before commencing any reassessment, Jurisdictional Assessing officer (JAO) needs to draft his “reasons to believe” to open the assessment/reassessment u/s 147 as a statutory obligation on the it....

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Businesses and enterprises around the world are witnessing major expansion and diversification including India, thanks to Liberalisation, Privatisation and Globalisation Policy. Since then, there have been huge technology advancements and world is becoming global village. Having said that, there is distinguishable amount of capital expenditure and multiple compliance requirements are being met. Huge capex requires...

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SNAPSHOT In common parlance, ‘KYC’ stands for ‘Know your customer’. It is a process undertaken by Banks and other Financial Institutions, wherein correct identity of the client is established by verifying his personal documents (PAN, Passport, utility bills, etc.), before entering into any kind of transaction. Why it is being talked about under Company Law...

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Objective This standard deals with: Recognition of the assets. The determination of the carrying amounts. The Depreciation charges. Recognition of impairment losses. Non-Applicability of Ind AS-16 This standard does not apply to: PPE as held for sale. Biological assets related to agricultural activity other than bearer plants. Recognition and measurement of exploration and evaluation assets....

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Background: Intermediary under GST GST being a destination-based consumption tax is charged in accordance with the place of supply of goods/services. In this regard, the term ‘Intermediary’ occupies a significant analysis for identifying the GST implications with respect to transactions where the place of supply is outside India. Intermediary is defined under sub-section (2) of...

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