CA. Kapil Mittal

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Out-reach Program by CBIC under Sabka Vishwas Legacy Dispute Resolution Scheme, 2019
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CA. Kapil Mittal

Out-reach Program by CBIC under Sabka Vishwas Legacy Dispute Resolution Scheme, 2019

Mid of the year 2019, Central Board of Indirect Taxes & Customs (“CBIC”) introduced “Amnesty Scheme” by the name of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (“SVLDRS” or “Scheme”)” vide Chapter V of Finance Act, 2019 wherein Government has provided option to resolve litigation pending under Central Excise Act, Finance Act, 1994 and other notified acts by way of granting partial waiver from liability of tax, interest, and penalty. Accordingly, Scheme provides an option to taxpayer to resolve pending dispute by way of paying partial liability of applicable taxes. Taxpayer was eligible to opt benefit of scheme only where

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Clarification on Restriction in availing of input tax credit
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CA. Kapil Mittal

Clarification on Restriction in availing of input tax credit

Sub-rule (4) to rule 36 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the CGST Rules) has been inserted vide notification No. 49/2019-Central Tax, dated 09.10.2019. The said sub-rule provides restriction in availment of input tax credit (ITC) in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the CGST Act). To ensure uniformity in the implementation of the provisions of the law across the field formations, the

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Tran 1
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CA. Kapil Mittal

Punjab and Haryana High Court permitted filing of TRAN-1 or revision of already filed TRAN- 1 by 30 th November, 2019

Hon’ble HC permitted filing or rectification of TRAN-01 by 30 th November, 2019. Respondents may verify genuineness of claim of Petitioners but nobody shall be denied to carry forward legitimate claim of CENVAT/ITC on the ground of non-filing of TRAN-1 Petitioner was registered under Central Excise Act or Finance Act, 1994 or State VAT Laws and on the appointed date, i.e., 1 st July, 2017, Petitioner was having accumulated ITC under pre-GST regime. As per section 140 of CGST Act, 2017 read with Rule 117 and Rule 120 of CGST Rules, 2017, petitioner was permitted to carry forward ITC accumulated

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Sabka Vishwas (Legacy Dispute Resolution) Scheme
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CA. Kapil Mittal

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019| Chapter V of Finance Act, 2019

Government introduces the “Amnesty Scheme” to resolve long pending litigation by granting a waiver in tax, interest and penalty amount to some extent. Dictionary meaning of Amnesty is “an official pardon for people who have been convicted of political offenses”. Major objective behind such a scheme is to resolve litigation without wasting the time of departmental authorities and attractive tax reliefs are provided so that the maximum taxpayers can pay their defaulted amounts. On the same lines, Amnesty scheme in name of “Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (“SVLDRS” or “Scheme”)” has been introduced wide Chapter V of Finance

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gst cicular no 111
Blog
CA. Kapil Mittal

GST Refund subsequent to favorable order in Appeal or any other Forum

Goods and Service Tax (“GST”) provides an option to file appeal against order of lower authorities. Therefore, if refund application of any taxpayer gets rejected then he may file appeal with next appellate authority. Rejection order is passed in form GST RFD-06. CBIC received various representations asking to clarify procedure of claiming refund finalised through Appeals or any other Forum. Accordingly, CBIC has clarified such issue vide Circular No. 111/30/2019-GST about manner of handling such issue in following manner: 1. Pre-requiste of filing appeal against GST RFD-06 As of now, appeals against rejection of refund claims are handled in offline

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reduced income tax rates
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CA. Kapil Mittal

Reduced Income tax rate of 15% to new Domestic Companies Registered on or after 1 October 2019

A new section 115BAB has been inserted, giving an option of a reduced Income tax rate of 15% to new domestic companies setup and registered on or after 1 October 2019 and engaged solely in the business of manufacturing or production of any article or thing and research in relation to, ordistribution of such article or thing manufactured or produced by it. Upon considering the applicable surcharge of 10% and health and education cess of 4%, the effective tax rate works out to be 17.16%. This provision has been targeted at attracting fresh investments in manufacturing and thereby provide boost

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measures to boost exports
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CA. Kapil Mittal

Measures to Boost Exports | Part 2 | Announcements by Finance Ministry

Announcements made by the Hon’ble Finance Minister during the Press Conference held on 14 September 2019 In order to address the concerns raised by global as well as domestic investors and provide assurance to the Industry at large on the Government’s commitment to steering the economy to growth, the Hon’ble Finance Minister Smt. Nirmala Sitharaman (‘FM’) has been holding Press conferences announcing various interim measures and relief in the nature of clarifications on existing concerns, prospective policy changes, proposed amendments in law and commitments for additional fiscal support by the Government. The Hon’ble FM has made detailed ‘corporate style presentations’

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Impact of GST on Post sales Discount
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CA. Kapil Mittal

IGST Refund to exported| Mismatch between GSTR-1 & GSTR-3B

“Export” is considered as a major contributor to any economy and therefore, government makes all possible efforts to increase it. For this purpose, exports are kept free from any kind of taxes including Goods and Service Tax. To substantiate such principle, export of goods or services or both has been classified as “Zero Rated Supply” under Integrated Goods and Service Tax, 2017 (“IGST Act”) and accordingly, such supply is not liable to Goods and Service Tax (“GST”). To claim benefit of such “zero rated supply”, GST law provides for either of the following options: Exporter may export goods without payment

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GST on monthly subscription received by RWA
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CA. Kapil Mittal

GST on monthly subscription received by RWA

CBIC clarified that monthly contribution received by RWA upto INR 7,500/- exempted  from GST, RWA is entitled to take ITC on Capital Goods, Input and input services Central Board of Indirect Taxes & Customs (“CBIC” or “Department”) received various representations regarding ambiguity in complying with provisions of Goods and Service Tax (“GST”) on monthly subscription received by Resident Welfare Association (“RWA”) from its members. Accordingly, CBIC issued circular No. 109/28/2019-GST dated 22nd July, 2019 to provide clarification on following issues related to monthly subscription being collected by RWA. 1. Are the maintenance charges paid by residents to the RWA in a

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ITeS and backend support service, Intermediary or not
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CA. Kapil Mittal

ITeS and backend support service, Intermediary or not

Supplier of ITes services will not be covered under the provision of Intermediary and quality for export of services however provide of certain backend support services to foreign customer will fall under the definition of intermediary and not qualified for export benefits under GST The Indian ITeS industry generates significant foreign exchange for India and is one of the emerging hubs of the world.  Nevertheless, the Indian ITeS industry has been facing significant competition from its Asian counterparts like Philippines, Vietnam etc.  In this context, the Government of India has provided various export incentives to make Indian ITeS services exports

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