Non-Performing Assets (NPAs) of Banks The Gross Non-performing assets (GNPAs) of banks are expected to Cross ₹10 lakh Crore by March 2022, an ASSOCHAM-CRISIL Joint Study. “NPAs are expected to rise to 8.5-9 percent by March 2022, driven by slippages in Retail, Micro, Small and Medium Enterprise (MSME) Accounts, besides some Restructured Assets,” Bank Loans are to be …
Law of UNCITRAL Cross Boarder Insolvency Cross Border Insolvency Meaning Insolvency of borrowers who have assets or creditors in different jurisdictions, or are subject to insolvency proceedings in multiple jurisdictions. Existing Provisions / Development Currently, only section 234 and 235 of the Code deal with cross border having limited scope. Separate Framework dealing with Cross …
What is meaning of Liquidation Estate under the IBC ? Liquidation Estate (Sec 36) The liquidator shall form an estate of the assets mentioned in section 36(3), which shall be called the liquidation estate in relation to the corporate debtor. Liquidator shall hold the liquidation estate as a fiduciary for the benefit of all the …
Initiation of Liquidation under the IBC Who can order for Liquidation? “Adjudicating Authority”, for the purposes of Insolvency and Bankruptcy Code, means National Company Law Tribunal constituted under section 408 of the Companies Act, 2013. When can be liquidation order can be pass by NCLT ? Initiation of Liquidation ( Section 33 on IBC) The …
FAQ’s online ITR Filing of bloggers income. Q1. How do bloggers file taxes? Tax Filing is liable to be paid on income accrue & arise from doing blogging services in India. Most significant benefit of Tax payment on time & filing Income tax return is that only earning you filed on your income tax tax …
GST Council Meet Updates- Tax Rates revision approved What are changers made in 47th 47th GST Council Meeting? Tax Rates On Certain Goods And Services To Be Simplified By GST Council: FM. Following two 47th GST Council Meeting, the Finance Ministry said that the government would increase taxes on some goods and services from the …
The CBEC issue Amendment in GST Rate on Goods wef 18th July, 2022 The CBIC amended the Goods Rate Notification No. 06/2022, dated July 13, 2022 in the following ways in Schedule I – 2.5% S. No. Chapter/ Heading Description of Goods GST rate applicable w.e.f 18.07.2022 65 3006 Pharmaceutical goods specified in Note 4 …
FAQ’s – Parameters for GST Department Notice Q.: The GST department issues notices for return scrutiny depending on a variety of characteristics. Why is the department sending out these notices? Ans: GST Consultants give advice that Officer may analyse the return supplied by the registered person to check the correctness of the return and inform …
GSTR-9 & GSTR-9C for FY 2024-25 Made Simple The GSTN has released updated FAQs and enhanced system features for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for Fiancial Year 2024-25. This year introduces major improvements in auto-population, ITC reporting logic, import treatment, and reconciliation formats, making compliance more data-driven and tightly linked to GSTR-2B. …
Brief about GST E-Invoicing & it’s applicability. It is mentioned under Rule 48(4) of CGST Act, in which the registered taxpayer companies is mandatory to make invoices, by providing or uploading json file of invoices on IRP (Invoices registration portal) and get an IRN (Invoice Reference Number) which contains a QR code. After going to …