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ITC on inward supplies received from non-existent and bogus firm is fraud ITC against the department and the public exchequer
Goods and Service Tax
CA. Sachin Jindal

ITC On Inward Supplies Received From Non-existent And Bogus Firm is Fraud ITC Against the Department and the Public Excheque

Summary: The Petitioner was engaged in manufacturing and sale of Aluminum Casting and Machinery Parts. The petitioner claimed ITC on inward supplies received from the supplier. During the conduct of the survey at the location of the supplier, it was found that the suppliers were non-existent and bogus firms. Therefore, corresponding ITC was disallowed to the petitioner and corresponding demand was raised alongwith interest and Penalty. The petitioner produced all the documents pertaining to inward supplies such as Invoice, GRs, e-waybill, Ledger, Bank statement etc. The petitioner contended that he had actually received the inward supplies. The supplier firms were

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Changes In GST Rates And Issues Of Clarification
Goods and Service Tax
CA. Sachin Jindal

53rd GST Council Meeting | Changes In GST Rates And Issues Of Clarification

The GST Council has met for the first time post election and the entire industry was keeping an eye on this meeting with high expectations. The council meeting discussed various crucial issues and made certain recommendations to resolve legal and technical issues being faced by the industry. The GST Council recommended about: This article discusses recommendations related to the changes in tax and the issues where necessary clarification is to be issued by CBIC to resolve the pending litigations. 1. Changes in GST Rates a. Changes in GST Rates of goods b. Exemptions from GST c. Change in GST rates

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10 Tips to Vital Register Your Australia Business in India With Ease
Business setup in India
CA. Sachin Jindal

10 Tips to Vital Register Your Australia Business in India With Ease

For every company looking to grow and diversify, entering new foreign markets can be a calculated choice. Given its huge consumer base and developing economy, India offers Australian businesses a very tempting prospect. Negotiating the regulatory environment can be difficult. These are ten crucial pointers to make easy to register your Australia business in India with ease 1. Conduct Thorough Market Research Knowing the Indian market is essential before you begin the registration procedure. Conduct thorough market research to get understanding of competitors, industry trends, and consumer behavior. This can enable you to customize your business plan and make sure

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Setting up an Australian Business in India
Business setup in India
CA. Sachin Jindal

A Beginner’s Guide to Setting up an Australian Business in India

Entering new markets has grown to be a crucial growth tactic as the global company environment keeps changing. Given its huge consumer base, fast-expanding economy, and favorable business climate, India offers international companies a profitable prospect. For setting up a Australia business in India, you need to establish a plethora of prospects. The necessary actions and factors to be taken while starting your Australian company in India will be covered in this article. Why India? Being one of the fastest developing economies in the world, India is a desirable location for foreign companies. India’s allure stems from several things: Steps

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Accounting Outsourcing Services for USA Businesses
Accounting Outsourcing
CA. Sachin Jindal

Accounting Outsourcing Services for USA Businesses: What You Need to Know

In the ever-changing business world, businesses of all sizes are always looking for methods to streamline their processes, cut expenses, and increase productivity. Outsourcing accounting services is one very successful tactic that has become quite popular. Accounting outsourcing services present a strong alternative for American companies looking to better and more affordably manage their financial operations. This page explores the benefits, factors to take into account, and selection process for accounting outsourcing services that USA organizations should know. Understanding Accounting Outsourcing Services Accounting outsourcing services for USA businesses involve delegating financial and accounting tasks to external service providers. Basic payroll

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Establishing Branch Office in India: How Can a CA Firm Help
Business setup in India
CA. Sachin Jindal

Establishing Branch Office in India: How Can a CA Firm Help

Establishing branch office in India is among the best business strategies that many companies from other parts of the globe seek to invest in the rapidly growing economy in India. However, the process requires going through numerous legal, financial and other regulatory requirements that may turn out to be cumbersome. These guidelines are critically important for the development of integrated business reporting and CA firms are significant in offering their advice and professional services to help with the process. This blog will explore how a CA firm can help in establishing branch office in India and how VJM Global, your

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Exploring the Benefits of FEMA Complaints Services in the USA
FEMA
CA. Sachin Jindal

Exploring the Benefits of FEMA Complaints Services in the USA

The operations of the Reserve Bank of India and FEMA are quite intricate, making it very challenging for firms and individuals to conduct business legally. Adherence to these regulations is equally important, but monitoring the constant changes in the rules and regulations can be a daunting task. That is exactly where our RBI/FEMA Expert Advisory & Compliance Services come into play! With us, you will get only professional assistance from the experienced team that knows about the Indian legislation and market in detail; thus, we will offer you not only the accurate interpretation of RBI and FEMA rules for each

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How Non-Compliance with RBI and FEMA Can Impact Your Business
FEMA
CA. Sachin Jindal

The Ripple Effect: How Non-Compliance with RBI and FEMA Can Impact Your Business

In the dynamic world of international trade, navigating the ever-evolving landscape of financial regulations can feel like walking a tightrope. In India, the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA) play a critical role in regulating foreign exchange transactions and fostering financial stability. Understanding and complying with these regulations is not merely an obligation; it’s a strategic imperative to avoid unwanted consequences that can cripple your business operations. Beyond the Fines: A Cascade of Consequences While financial penalties are a well-known deterrent for non-compliance with RBI and FEMA, the repercussions extend far beyond a simple

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CBIC issued Guidelines on initiation of recovery proceedings before expiry of 3 months from the date of service of order
Goods and Service Tax
CA. Sachin Jindal

CBIC issued Guidelines on initiation of recovery proceedings before expiry of 3 months from the date of service of order

Due date of issuance of Assessment order under Section 73 has lapsed for FY 2017-18 and FY 2018-19 on 31st December, 2023 and 30th April, 2024 respectively. In the cases where demand is raised through DRC-07, the taxpayer may either prefer an appeal with Commissioner (Appeals) or opt to pay tax determined through demand order. As per Section 78 of CGST Act, the taxpayer is given a time period of 3 months to make payment of an amount determined to be payable by any order under GST.

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Set up Project office of foreign company in India
Business setup in India
CA. Sachin Jindal

How can a CA firm help set up project office of foreign company in India?

The changing demographics and market trends make the Indian market more attractive to investors, and several foreign companies are investing in different industries in India. In the last couple of years, many measures have been taken to make the process of setting up a new business in India more accessible and, hence, encourage foreign players to invest in India.

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