Based on the International Financial Reporting Standards and the Ministry of Corporate Affairs (MCA) has notified Indian Accounting Standards (Ind -AS) which are applicable on certain entities on mandatory basis. As a part of review process and in public interest, the International Accounting Standard Board (IASB) keeps on issuing certain amendments to these standards on timely basis in order to improve its effective implementation. The Ind- ASs are basically harmonized with the principles stated in IFRSs and to keep them
Month: March 2021
Department digging more information from large taxpayers
Upcoming Changes in GSTR 1 Recent Judgments Honorable High Court of Gujarat Appellate Authority for Advance Ruling – Karnataka Activities of liaison office of foreign company establishing its place of business in India are not liable for GST The foreign company is a ‘person’ by the virtue of clause (h) of section 2(84) of the CGST Act. However, the liaison office is not recognized as a separate legal entity in India and is registered with the registrar of company in the
Recent Amendment by MCA and RBI
In this edition we have tried to bring to your notice the latest amendments that followed in the month of February 2021 issued by MCA and RBI. Amendments issued by MCA Companies (Specification of definitions details) Second Amendment Rules, 2021 In exercise of the powers conferred by the proviso to clause (52) of section 2 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the rules further
Extension! Extension! Extension!
Important Judicial Precedents
Tata Group to buy majority stake in BigBasket for $1.3 bn: February 2021 Finance News
India’s Tata Group will buy a 68% stake in online grocery startup BigBasket for about Rs 9,500 crore ($1.31 billion). The salt-to-software conglomerate has been planning to launch a “super app” that will tie in all its consumer businesses. Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon’s “Fresh” service as more consumers stay indoors and choose to shop online during the COVID-19 pandemic. Tata’s stake will translate into an enterprise value of Rs 13,500 crore for BigBasket, which is