General Terms 

Agreement v Settlement:

• Agreement - An understanding between parties to follow a specific course of
• Settlement - A state of being settled – a resolution of

Industrial Disputes Act has not used the term agreement and it has used the term settlement. 

Show Cause Notice v Charge Sheet: 

• Show Cause Notice - Show Cause Notice is a statement which informs the delinquent employee of the acts alleged to have been committed by him and seeks his 
• Charge Sheet - Charge Sheet is a statement of allegations and contains clearly spelt out charges quoting penal provisions of Standing

  Read more: DYNAMICS OF EMPLOYEE RELATIONS

  Tags: news

Late Submission Fee (LSF)

EXTERNAL COMMERCIAL BORROWINGS (ECB)

Read more: ECB REGULATIONS

Introduction:

Under the Pre-GST regime, E-way bill enforcement was considered as one of the biggest impediments for smooth movement of goods as multiple check posts created lot of logistic inefficiency and harassment from tax officers. Trade expected that there will not be any e-way bill system under GST as the rates are uniform across all States without any scope for tax arbitrage. However, Governments continued the urge to hold firm control over movement of goods even after GST, thereby, e-way bill system has been enforced even under GST. The present system is more reformed, and efforts were made to overcome various impediments of pre-GST system. Let us have an overview of e-way bill system under GST. 

Read more: OVERVIEW OF E-WAY BILL

The ideology of anti-profiteering is pretty simple that any benefit arising because of change in the indirect tax law should not be enjoyed by the business but has to be passed on to the consumers. Since indirect taxation is a burden on consumer, any profit arising because of change in tax law should be passed on to the consumers and not to be retained by the business. 

With this basic understanding of the concept of anti-profiteering, we would now proceed to understand the provisions of anti-profiteering under the goods and service tax laws (for brevity ‘GST laws’/’GST’). Section 171 of Central Goods & Services Tax Act, 17 (for brevity ‘CGST Act’) deals with anti-profiteering provisions which states that ‘Any reduction in rate of tax on supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices’. 

Read more: ANTI - PROFITEERING