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By ARTS Team

E-Invoice: Meaning, Document Type, Workflow, Features, Creation

The GST Council has approved the introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System, starting from 1st January 2020 on a voluntary basis. Since there was no standard for e-invoice existing in the country, the standard for the same has been finalized […]

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Key Audit Matters- SA 701

SA-701 -“Communicating Key Audit Matters in the Independent Auditor’s Report”- A way forward to auditor’s reporting Why SA 701? With the purpose of enhancing the communicative value of auditors report by offering better transparency about audit and to provide additional information to the users of financial statements in assisting them to understand those matters which are […]

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TDS u/s 194LC

This section deals with the deduction of TDS on interest paid by Indian companies or a Business Trust to a non-corporate non-resident or a foreign company @5%. Applicability Section 194LC of the Act, provided for a concessional rate of Tax Deductible at Source (TDS) at five percent by a specified company or a business trust, on interest […]

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Facebook buys stake in JIO worth 43,574 Cr

Facebook, for $5.7 billion (Rs 43,574 crore), has bought a 9.99 percent stake in Reliance Jio - the telecom unit of Reliance Industries (RIL) in a multibillion-dollar deal that gives the social media giant a firm foothold in a fast-growing massive market. The world’s largest social media company announced the purchase of 9.99 percent of […]

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Germany sends China £130 billion bill for "coronavirus damages"

Germany has sparked outrage in China after a major newspaper put together a £130 billion invoice that Beijing "owes" Berlin following the impact of the coronavirus pandemic. Germany has followed France, the UK and the US in directing its coronavirus anger at China, where the virus originated. Recent attacks come amid findings that Beijing appeared […]

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FDI Policy

The Department of Industrial Policy & Promotion is the nodal Department for formulation of the policy of the Government on Foreign Direct Investment (FDI). It is also responsible for maintenance and management of data on inward FDI into India, based upon the remittances reported by the Reserve Bank of India. The FDI policy is reviewed […]

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Foreign Direct Investment

Foreign direct investments (FDI) are investments made by one company into another located in another country. Foreign direct investment (FDI) is when a company takes controlling ownership in a business entity in another country. With FDI, foreign companies are directly involved with day-to-day operations in the other country. This means they aren’t just bringing money […]

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India revises FDI policy to prevent opportunistic take of Indian companies amidst COVID-19

With Eye On China, India Revises FDI Policy To Shield Firms Amid Pandemic The Government of India has revised the Foreign Direct Investment policy for curbing opportunistic takeovers/acquisitions of Indian companies due to coronavirus. A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. Companies in […]

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How to Register with GST Portal?

GST Portal or government GST portal is hosted at https://www.gst.gov.in/. GST login portal is a website where all the compliance activities of GST can be done. Activities such as the GST registration, return filing, payment of taxes, application for refund, etc. can be done on the GST login Portal. Registration can be done on GST Portal by following Steps: […]

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How to Login into GST Portal?

GST Portal or government GST portal is hosted at https://www.gst.gov.in/. GST login portal is a website where all the compliance activities of GST can be done. Activities such as the GST registration, return filing, payment of taxes, application for a refund, etc. can be done on the GST login Portal. For login into GST Portal, registration is a prerequisite. […]

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E-Invoicing: Meaning, Applicability, Need, Benefits, and Functioning

E-Invoice- Meaning ‘E-invoicing’ or ‘electronic invoicing’ is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. The concept of e-invoicing in GST means standardizing the format in which electronic data of an invoice will be shared with the other stakeholders in the GST system. Such a standardized […]

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Use of CSR money to combat Coronavirus

CSR funds may be spent on various activities related to COVID-19 relating to the promotion of healthcare, including preventive health care and sanitation and disaster management. In view of the spread of novel coronavirus in India, the central government has decided to allow India Inc to use their mandatory corporate social responsibility (CSR) spending on measures to […]

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RBI to inject 30,000 Cr into market

The Reserve Bank of India (RBI) will inject liquidity of Rs 30,000 crore through open market operations next week to maintain financial stability in the system in the wake of the coronavirus outbreak. The RBI has decided to conduct the purchase of government securities under open market operations (OMOs) for an aggregate amount of Rs […]

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Corporate Social Responsibility

Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society, including economic, social, and environmental. To engage in CSR […]

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Challenges posed by work from Home in INDIA

Work from home is bringing with itself unique challenges, as corporate executives designated to file returns, generate e-way bills and conduct other confidential business are unable to access their office ERP systems. The lack of access is leading to a situation where compliance delays and allied penalties could crop up. While corporates are encouraging work […]

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CARO 2020

The Ministry of Corporate Affairs (MCA) has announced a new format of statutory audits of companies. The MCA has notified Companies (Auditor’s Report) Order, 2020 on 25 February 2020 (CARO 2020). The order (CARO 2020) replaces the earlier order under Companies (Auditor's Report) Order, 2016. What is CARO 2020? CARO 2020 is a new format […]

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Vivaad Se Vishwas Scheme

What is Vivaad see Vishwaas Scheme? The ‘Vivad se Vishwas’ Scheme was announced during the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation. Pursuant to the Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 (hereinafter called Vivad se Vishwas) was introduced in the Lok Sabha on 5th […]

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SPICe+ Form by MCA

Introduction of SPICe+ Form by MCA w.e.f 15 February 2020 As part of Government of India’s Ease of Doing Business (EODB) initiatives, the MCA has has deployed a new Web Form called ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. Break up your post into sections so it's easy for your visitors to read […]

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Condonation of delay to LLPs

As per latest notification issued by MCA, the provisions of Section 460 of Companies Act, 2013 shall be applicable to LLPs. What is Section 460 of Companies Act, 2013? As per Section 460 of Companies Act, 2013, notwithstanding anything contained in this Act: 1. Where an application is required to be made to CG under […]

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Impact of Coronavirus on Global Economy

Coronavirus Coronavirus, which began from Wuhan city of China has already taken a toll on the lives of more than 1000 people with more than 44,000 people infected. But, apart from the human cost, there is the economic toll, and the fallout will be felt far beyond China’s borders.“As a result of the outbreak, China’s […]

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GeM Portal

A GeM is a short form of one-stop Government e-Market Place. The GeM is a dynamic, self-sustaining and user-friendly portal for making procurement by Government officers. It was launched by the Commerce Ministry in August 2016 with the objective of creating an open and transparent procurement platform for government departments. Public procurement forms a very […]

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Machine Based Automated Clearance

Keeping with the Government’s objective of furthering ease of doing business, particularly in trading across borders, the Central Board of Indirect Taxes and Customs has introduced Machine based automated clearance of imported goods. Under the new dispensation, the Customs officer will be able to do all compliance verification such as examination of goods even before […]

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Change in Name of LLP

Limited liability partnership is a combination of both partnerships and corporations. It has the feature of both these forms. As the name suggests partners have limited liability in the company which means that personal assets of the partners are not used for paying off the debts of the company. There can be a requirement of […]

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E-way Bill Integration with VAHAN System

E-Way Bill system is now integrated with the Vahan system of the Transport Department. Vehicle Number (RC) entered in the e-Way Bill will be verified with Vahan Data for its existence/ correctness. If the vehicle number does not exist, then the system will alert the user to check and correct the same.If vehicle number (RC) […]

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Fiscal Deficit 2021

A fiscal deficit is a shortfall in a government's income compared with its spending. The government that has a fiscal deficit is spending beyond its means.A fiscal deficit is calculated as a percentage of gross domestic product (GDP), or simply as total dollars spent in excess of income. In either case, the income figure includes […]

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Budget Highlights 2020

The Finance Minister introduced several proposals in relation to the personal tax regime in the Union Budget 2020 presented in the parliament on February 1, 2020, which are as follows: 1. Determination of residential status for certain categories of individuals The budget 2020 proposes to introduce the following amendments in determining residential status for certain […]

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Gift Deed

All human beings like to gift something to their relatives and loved ones. Although gifting is common, only a few of us understand the legal implications of the gifting process. What is Gift Deed? A gift deed is a document that records the act of giving a gift and is executed between the donor (the […]

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Equity Linked Savings Scheme

Tax saving is one important part of our financial career, managing tax efficiently is an art, if you can expertise that most of your financial issues could be resolved. When it comes to saving taxes most of us wait till the month of March because we continue our habits to push everything to the last […]

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NITI Aayog

The National Institution for Transforming India, also called NITI Aayog, was formed via a resolution of the Union Cabinet on 1 January 2015. NITI Aayog is the premier policy ‘Think Tank’ of the Government of India, providing both directional and policy inputs. While designing strategic and long term policies and programs for the Government of […]

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Ease of Doing Business and INDIA

Ease of doing business is an index published by the World Bank. It is an aggregate figure that includes different parameters that define the ease of doing business in a country. How it is measured? It is computed by aggregating the distance to frontier scores of different economies. The distance to frontier score uses the […]

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e-Way Bill

What is e-Way Bill? 1. e-Way Bill is mandatory for Inter-State movement of goods of consignment value exceeding Rs.50,000/- in motorized conveyance. 2. Registered GST Taxpayers can register in the e-Way Bill Portal using GSTIN. 3. Unregistered Persons/ Transporters can enroll in the e-Way Bill System by providing their PAN and Aadhaar. 4. Supplier/ Recipient/ […]

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Initiatives by MCA for Ease of Doing Business

Initiatives taken by the Ministry towards Ease of Doing Business (Prior to the Year 2020) 1. Ministry of Corporate Affairs has provided an exemption to private companies through the Companies (Amendment) Act, 2015, wherein the requirement for minimum paid-up capital was removed. 2. Central Registration Centre(CRC) was established by MCA under Section 396 of the […]

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Make in INDIA

The Make in India initiative was launched by Prime Minister in September 2014 as part of a wider set of nation-building initiatives. Devised to transform India into a global design and manufacturing hub, Make in India was a timely response to a critical situation. By 2013, the much-hyped emerging markets bubble had burst, and India’s […]

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