CA. Sachin Jindal

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Clubbing of GST refund claims across two financial years is allowed
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CA. Sachin Jindal

Clubbing of GST refund claims across two financial years is allowed

The refund of ITC is a key constituent of Goods and Service Tax (“GST”), and it is a pre-requisite for the department to ensure the smooth operation of the same to avoid any unnecessary increase in the cost of goods/services. However, various issues keep on evolving with the use of the system. The government has issued several GST Circulars to curb these issues. Department has received various representations seeking clarification on some issues related to refund under GST.  We are really pleased to share this with you as our efforts have finally brought the sigh of relief for the taxpayers

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letter of undertaking
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CA. Sachin Jindal

All about Letter of undertaking(LUT) under GST

1. What is Letter of undertaking (LUT) Letter of Undertaking or LUT is an undertaking filed by an exporter of goods or service which permits him to export goods or services without payment of IGST subject to the condition that he will complete the process of export of goods or services within the prescribed time limit..  According to the Notification No. 37/2017 – Central Tax, it’s mandatory to file LUT for exporting goods or services or both without paying the IGST.  In case, an exporter fails to submit LUT the person needs to pay IGST or has to provide an

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Relief to Business under Corona Stress
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CA. Sachin Jindal

COVID-19 Outbreak| 21 Days Lockdown| Statutory & Regulatory Relief till 30th June 2020

Entire world is fighting against epidemic COVID-19 outbreak and Hon’ble Prime Minister of India Mr. Narendra Damodardas Modi has taken much need precautionary step of complete lockdown from midnight 12’o clock of 24th March, 2020 onwards for next 21 days. In between various regular and financial year ended statutory and regulatory compliances are approaching and considering the situation, Hon’ble Finance Minister Mrs Nirmala Sitharaman held a press conference through video conferencing and announced various important reliefs measures taken by Government of India in the area of Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code, Fisheries,

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Electronic processing of GST Refund
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CA. Sachin Jindal

Complete Electronic processing of GST Refund under GST

Digitalization has become a key agenda in the GST department; And the government is taking every step to increase the digitalization of every process and reducing human intervention including the GST refund procedure. To accomplish this objective, Refund under Good and Service Tax (“GST”) has been made completely electronic with effect from 26th September 2019 with no requirement of manual submission of any document with GST refund application.  Central Board of Indirect Taxes and Customs (“CBIC” or “Department”) described complete procedure of electronic filing of GST refund application vide circular No. 125/44/2019-GST dated 18th November 2019 and also covered many

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gst refund claim
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CA. Sachin Jindal

GST Refund Claim for Any Period and for the one which spread through two financial years can be filled

Hon’ble Delhi High Court permitted GST refund claim to spread across two Financial years in case of exports In the matter of M/s Pitambra Books Private Limited vs Union of India Wide W.P. (C) No. 627/2020  On the 21st of January 2020, the Hon’ble Justice of Delhi High Court gave a remarkable verdict in the case of M/s Pitambra Books Private Limited where petitioner was in the manufacturing and export of books where the procurement of raw material and export was spread across the financial year.  Filing of GST refund claim across the financial year is restricted by Para 8

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Interest on GST Delayed Payments
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CA. Sachin Jindal

Interest Payable on Gross GST Liability, as Declared in GSTR-3B: CBIC

Taxpayers are liable to pay interest on delay in the deposition of GST liability, as declared in GSTR-3B. Section 50 of the Central Goods and Service Tax Act, 2017 contains interest related provisions. However, whether interest is payable on the gross amount of GST liability or net amount of GST liability (i.e., after setting off ITC Balance) is still under dispute. On 10th February 2020, the CBIC (Central Board of Indirect Taxes and Custom) issued a notice (F. No. CBEC-20/16/07/2020- GST) regarding the amount of payable interest on Delayed Tax.  The CBIC has declared that the taxpayers, who have filed

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Blog
CA. Sachin Jindal

GSTR-8 Return Filing: Due Date | Eligibility & Rules

The GSTR-8 is a TCS (Tax collected at source) deduction form. The e-commerce companies, registered under the GST regime, file GSTR-8 return for every month. This form contains all the details of supplies made through e-commerce platforms (to both registered and unregistered customers) and TCS amount collected with respect to such supplies.  Along with that, the form also contains details of the consumers, payable tax, and paid tax amount. Under section 52 of Central Goods and Service Tax Act, 2017 (“CGST Act”), GSTR-8 filing is mandatory for registered e-commerce operators because, under the same law, the e-commerce platform is defined

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Blog
CA. Sachin Jindal

Form GSTR-7: Return Filing | Due Date | Formats

TDS refers to tax deducted at source. The concept under Goods and Service Tax is similar as given under the Income Tax Act. Individuals or industries who make payments for services and goods are liable to deduct tax at source when the payment meets a certain threshold limit. The Form GSTR-7 is all about Tax deducted at source (TDS) under GST.  Every eligible taxable person who deducts TDS needs to file GSTR-7. Every person who deducts TDS shall file the return by 10th of the following month from a certain tax period. GSTR-1 must get filed irrespective of the filing

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GSTR-6 return filing
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CA. Sachin Jindal

Know All About Filing GSTR 6| Return for ISD| Input service Distributor | Due dates and Penalty

If you are registered under GST, as an Input Service Distributor (“ISD”), you will have to file GSTR-6 return within its given deadline. The GSTR 6 form contains all the details regarding your purchase invoices and most of the information in this return is auto-populated. In this article, we will talk about every detail you need to know about the GSTR-6 return. It is important to note that ISD registration is separate from normal registration under GST. Therefore, if you have registered as a regular supplier under GST and you are liable to register as ISD also. Then you need

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File GSTR-3B Returns in staggered manner
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CA. Sachin Jindal

Must Know Facts About GSTR-3B: Return Filing, Format, Due Date

Got your business registered under the GST regime? Then, you must be already aware of the GSTR-1, GSTR-2, and GSTR-3 forms. Similar to other GST return forms, GSTR-3B is another essential form you need to file monthly. More precisely speaking, the GSTR-3B is nothing but a self-declaration form that acts as a consolidated summary of all the inward and outward supplies your business has gone through in a month. 1. What is GSTR 3B? As said earlier, GSTR 3B is the form that summaries all your monthly returns. Through GSTR 3B, you need to accumulate the total values of purchases

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