On December 16, the GST Council conducted its 24th meeting in an unscheduled manner through video conferencing.
The trigger for this emergency meeting was the fall in both the number of returns being filed as well as a massive INR 12,000 crores drop in revenue for the month of October. After the recent rate reductions, it is also expected that there could be a further revenue slippage of INR 20,000 crores.
The entire impact of this shortfall would be borne by the Centre as the states are protected through the compensation cess. It was also believed that the various relaxations given over the past few months to lessen the compliance burden, like summary returns (GSTR3B) and no invoice-matching (GSTR2), have encouraged some to avoid paying taxes and filing returns.
The Council had earlier in October 2017 deferred the implementation of the national e-Way Bill process till April 1, 2018 due to a lack of IT preparation and the compliance burden it would entail, and planned to introduce it in a staggered manner from January 1, 2018 and make it fully applicable from April 1.
هذه القصة مأخوذة من طبعة January 2018 من Legal Era.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة January 2018 من Legal Era.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
If You Think Positive Covid Is A Big Opportunity
Senior Vice President and Head of Legal, ESSAR CAPITAL, Badrinath Durvasula, holds forth on his professional journey, the essence of leadership, working from home, books and more…
PROJECT DEVELOPMENT
JOINT VENTURE TRANSACTIONS
NEW ARBITRATION RULES
PUBLISHED BY THE LONDON COURT OF INTERNATIONAL ARBITRATION (LCIA) AND INTERNATIONAL CHAMBER OF COMMERCE (ICC)
M&A in the time of COVID and beyond
What is clear for those engaging in cross-border M&A is that countries around the world are becoming increasingly protective of their economies and industries, with new rules being introduced and existing rules being more widely applied
SWITZERLAND A DIFFERENTIATED APPROACH TO FRAUD
Swiss law interprets the offense of fraud in a special way where in addition to the characteristics of deception and damage as known in many jurisdictions, a qualified lie, i.e. a malicious approach, is required
JOINT VENTURE DISPUTES MEDIATING
Mediation has shown itself to be a powerful tool for bringing a speedy and effective end to crossborder disputes while preserving the commercial relationship between them.
Recognition of HONG KONG INSOLVENCY PROCEEDINGS IN MAINLAND CHINA
A TEST CASE IN THE MAKING?
CONFIDENTIALITY IN ARBITRATION: RECENT DEVELOPMENTS IN SINGAPORE
Two recent developments in Singapore case law and legislation reflect a willingness to preserve confidentiality related obligations in all arbitrations
ESSENTIAL GOODS SERVICES UNDER IBC
WHAT DOES IT ESSENTIALLY MEAN?
A BIDEN ADMINISTRATION'S NEW VISION FOR THE AMERICAN WORKPLACE
A LOOK AT THE KEY CHANGES PRESIDENT-ELECT BIDEN IS LIKELY TO MAKE ONCE HE TAKES OFFICE
