CA. Kapil Mittal

NRI as per FEMA
FEMA
CA. Kapil Mittal

Residential status as per FEMA | NRI as per FEMA

Applicability of provisions of FEMA are based on the residential status of a person, i.e., a person resident of India has more liberty under FEMA as compared to a NRI as per FEMA or person resident outside India. Therefore, to check the extent of applicability of FEMA provisions, it is important to first check the residential status as per FEMA for a person.

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Process of closure of Project office, Liaison Office, Branch Office
FEMA
CA. Kapil Mittal

Process of closure of Project office/ Liaison Office/Branch Office

Provisions related closure of Project Office/Liaison Office/Branch Office are regulated by Foreign Exchange management Act read with FEM (Establishment in India of Branch or Office or Liaison office or a project office or any other place of business) Regulations, 2016 and Master Directions No. 10/2015-16 dated 1st Jan, 2016.

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Invoices under GST
Tax Invoice
CA. Kapil Mittal

Invoices under GST

Tax invoice is issued by the registered person while making a taxable supply and it contains all details related to supply such as Details of supplier, buyer, details of products, GST Charged, transporters details. Hence, unregistered persons cannot issue a tax invoice under GST.

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person of indian origin card
FEMA
CA. Kapil Mittal

PIO Card | Person of Indian Origin

Government provides various benefits and relaxations to people staying out of India. These people are issued a card known as “Person of Indian Origin card i.e. PIO Card, to avail such benefits.

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No recovery of interest on Gross GST Liability
GST Liabilities
CA. Kapil Mittal

Recovery of Interest u/s 50 on net cash liability under GST

CBIC assured that no recoveries shall be made for the past periods as well, i.e., delayed GST payment made upto 31.08.2020, by any of the Central and State tax administration. Therefore, interest computation for earlier period shall be carried out in accordance with the decision taken in the 39th meeting of GST Council only.

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Faceless Assessment & Appeal Scheme
Blog
CA. Kapil Mittal

Faceless Assessment & Appeal Scheme|Transparency in Taxation System

Faceless assessment is a “big step in reducing Department’s interference from people’s lives” and ensures speedy assessment of cases. Further, another major cause is that the I-T department has been progressively reducing the percentage of cases picked up for scrutiny assessment so as to establish the fact that the department places trust on the taxpayer.

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Cenvat Credit via TRAN 1 can be claimed till 30 June 2020
Input Tax Credit
CA. Kapil Mittal

Cenvat Credit via TRAN 1 filing can be claimed till 30 June 2020

The Hon’ble Delhi High Court under the division bench of Honourable Justice Vipin Sanghi and Honourable Justice Sanjeev Narula has passed a landmark judgement allowing to file transition credit via TRAN-1 till 30th June 2020. It further directed the tax department to widely convey this judgement to file TRAN-1 across the public domain via publishing on their website so that whosoever could not claim the benefits can claim now.

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Benefits of Registering a Business in India
Blog
CA. Kapil Mittal

Benefits of Registering a Business in India

In the last decades, India has been contemplated as a remunerative market for doing business. The magnitude of a foreign investment indicates a promising future of an Indian economy. This assures there are more than one benefits of registering a Business in India. India is one of the most powerful countries in boosting up the global trade that leads to an increasing number of international business interests determined to invest in the market of India.  Here in this guide, we have mentioned some of the benefits foreign entities can have by starting their business in India.  Scroll through to get

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IGST Refund from Custom - Invoice mismatch Cases
GST Refund
CA. Kapil Mittal

IGST Refund from Custom | Invoice mismatch Cases

Ministry of Finance via circular no. 05/2018-Customs, has clarified certain error done by exporters while filling there returns under GST consequently non – release of there IGST refund from custom where exports has been made on payment of IGST. Such cases are marked as SB005 error code by custom. As per said circular, 40000 crores refunds of refunds has been sanction by CBEC.  Information is being made available to exporters on a real-time basis with regard to the errors status on ICEGATE website for registered users. Details of refund sanctioned is being sent through SMS on registered mobile phones. 1.

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