CA. Sachin Jindal

CA. Sachin Jindal

Reverse Charge under gst
Blog
CA. Sachin Jindal

A Close Insight into Reverse Charge Under GST (RCM)

Under Goods and Service Tax (“GST”), generally, a supplier of goods and services is liable to pay GST for the supplies, i.e., at the time of supply of goods or service supplier charges GST over sales consideration and collect the same from recipient and by due date deposit such GST amount to the account of government  On the contrary, in the case of Reverse Charge Mechanism (“RCM”) under GST, the recipient himself is liable to pay the tax for goods and services received by him instead of the supplier. Therefore, the recipient is liable for all compliance under GST. Here

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Why should you register a private limited company?
Blog
CA. Sachin Jindal

Why should you register a private limited company?

Businesses generally prefer private Limited Registrations due to two essential benefits, namely, perpetual succession and easily transferable ownership. Perpetual Succession ensures that the business will continue to operate even if its founder dies; Or chooses to sever all relationships with the company due to any unforeseen circumstances. But the changes in management will not affect the company’s image in any way.  The company will continue to possess the same rights, immunities, assets, and possessions. And will continue to operate in compliance with the rules of the relevant law until it permanently wound up. Another noteworthy advantage of this type of

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MSME Registration : Government Scheme, Eligibility, Documents Required
Blog
CA. Sachin Jindal

MSME Registration : Government Scheme, Eligibility, Documents Required

From creating large scale employment to gaining economic stability, MSME plays an important role to ensure the country’s economic growth. In India, more than 50 million people got employment through MSME, and it has almost 8% contribution to our nation’s GDP.  Though there are several issues related to infrastructure, lack of proper market linkages has disturbed the flourishing of MSME, both central and state governments across the country have taken some important measures to encourage. Registration of MSME does not have any legal obligation, but the registration always helps to reap various benefits from numerous government schemes.  Registering as MSME

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FEMA- Foreign Exchange Management Act
Blog
CA. Sachin Jindal

FEMA | Foreign Exchange Management Act

The Central Government of India has formulated the Foreign Exchange Management Act (FEMA) to uplift outward payments and the border trades. In the year 1999, this act, FEMA was introduced, and it replaced the previous one Foreign Exchange Regulation Act (FERA).  There were certain drawbacks and loopholes in FERA which got filled with the FEMA. Moreover, different economic reforms got introduced under this act. Basically, this act came with the purpose of deregulation and to have a wide-ranging economy in India.  1. What are the objectives of the Foreign Exchange Management Act (FEMA)? The basic objective to introduce the FEMA

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Why Start-up Fails & How Can You Avoid It?
Blog
CA. Sachin Jindal

Why Start-ups Fail & How Can You Avoid It?

Getting paranoid by watching your brand new venture jolting just in the nascent stage? Are the profits slackening and sales getting dwindled already? A study shows 30% of the start-ups fail at the very first year of operation, 50% start-ups collapse within the first five years, and almost 67% get out of the race within just ten years. Basically, 90% of the start-ups fail to thrive and make their business the next Big Thing.  So why do start-ups fail? And what are the odds to fit your business into that 10% category? What can you do to ensure your brand

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Clubbing of GST refund claims across two financial years is allowed
Blog
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
Blog
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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