Latest Blogs from SBS and Company LLP

    RCM Exemption on Supplies from URPs


    Under the GST[1] laws, the charging section is provided under section 9. Sub-section (4) of this section as was originally constituted to provide for levy of GST under reverse charge wherein the registered recipients are required to pay GST on all the supply of taxable goods or services when they are procured from unregistered persons. Further, NN[2] 8/2017-CT(R) dated 28.06.2017 has been issued to provide exemption from this levy. However, proviso was inserted in the said notification stating that exemption was not applicable in all the cases where the aggregate value of such supplies of goods or services or both received from any or all the unregistered suppliers does exceed five thousand rupees in a day. Subsequently, the said notification was amended by NN 38/2017-CT(R) dated 13.10.2017 to omit the proviso thereby making the exemption applicable to all cases including the cases where value of such supplies exceeding five thousand rupees in a day.

    SBS Wiki E Journal Nov 2020

    In this edition, we bring you an article on retrospectivity of Section 9(4) of Central Goods and Services Tax Act. The said section was omitted with effective from Oct 17 after CBIC receiving huge representations stating that the compliance burden it caused and forced many small time assesses to register. However, while the said section is omitted from Oct 17, the applicability from June 17 to Oct 17 is unknown. The tax authorities believe that the said omission is from Oct 17, the taxability would exists for the period prior to it. However, the tax payers state that considering the jurisprudence and intention to relive tax payers, the omission should be held retrospective. The article deals precisely on the said issue.

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    SBS Wiki E Journal Oct 2020


    Hope all of you have adopted to the new normal. The beauty of our race is ‘adaptability’ and this is the only reason that our species still survive. I pray that every one of you out there are safe and healthy.

    In this edition, we bring you the guidelines and various reports/returns to be made by an international group having presence in India. The article on CbCR and MF provides the reader the gist of various compliances under the said guidelines and layouts broad details such forms contains. The article on in-sights into in-bound warehousing and manufacturing facility deals with the welcome and positive regime for the importers who can defer the payment of import taxes till they are cleared for home consumption. The article also deals with various procedures to be adopted, if one wishes to opt for such warehousing. The next article is on one of most asked area qua individual taxation, the frequently asked questions on deductions under Section 80D of Income Tax Act.

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    Master File and Country by Country Report

    Introduction to Master File and Country by Country Report:

    The lack of quality data on corporate taxation has been a major limitation to measuring the fiscal and economic effects of tax avoidance, making it difficult for authorities to carry out transfer pricing assessments on transactions between related companies and even more difficult to carry out audits.

    To tackle the above issue and to provide tax authorities with sufficient information about economic activities of multinational group, OECD[1] has prepared Action Plan 13 under the BEPS[2] Package. Action Plan 13 requires every multinational group to file a detailed report namely ‘Country by Country Report’ (‘CbCr’) on its economic activities to tax authorities.

    FAQs for Section 80D

    1. What is the deduction specified under Section 80D?

    Section 80D falls under Chapter VI-A of Income Tax Act, 1961 (for brevity ‘ITA’), which deals with ‘deductions to be made in computing total income’. Section 80D deals with deduction in respect of amounts paid towards health insurance, medical expenditure and preventive health check-up.  

    1. Who are eligible for claiming deduction under Section 80D?

    The deduction is available for individual and Hindu Undivided Family (HUF). The section allows cover for:

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