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29th GST Council Meeting (2)
Blog
Kapil Mittal

Key Highlight Of 29th GST Council Meeting

Key Highlight Of 29th GST Council Meeting 20% of GST as Cash Back on Digital Transactions To promote digital transaction, increase compliance and collection in taxes, GST Council on its 29th GST Council Meeting has recommended cash back of 20% of GST paid via Bhima App, RuPay Debit and UPI-based transaction, capped at Rs 100. The GST Council has recommended to develop the software and any State willing to do so can implement the same on a pilot basis. Sub-committee to address MSME Issues To address the issues of MSMEs and Small Taxpayers, the GST Council has decided to constitute

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Refund of Input Tax credit on account of Inverted Duty Structure to Textile sector
Blog
Sachin Jindal

Refund of Input Tax credit on account of Inverted Duty Structure to Textile sector

Clarification has been brought with respect to provision ITC refund to textile sector and for lapsing of input tax credit accumulated on account of inverted duty structure on fabric for period upto 31st July 2018 as per notification no- 20/2018 dt. 26th July 2018. Following clarification has been provided in circular 56/2018 dated 24th August 2018 In terms of amendment notification, the input tax credit only on account of inverted duty structure lying in the balance after payment of GST for the month of July (on purchase made on or before the 31st July 2018) shall lapse. Determination of ITC amount to be lapse

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E-Form PAS-3 | Return of allotment of shares/securities
Company Law
Kavit Vijay

E-Form PAS-3 | Return of allotment of shares/securities

Share capital is that part of share which comes from allotment of shares, i.e., investment made by any person in the company through subscribing shares of such company. Companies Act, 2013 (“The Act”) requires company to inform by filling PAS 2 E Form about allotment of share to the Registrar of Company (“RoC”). Provisions related to allotment of securities to public and private group and provisions of reporting related to allotment of shares is given u/s 39 and 42 of the Act read with Rule 12 and 14 of Companies (Prospectus and Allotment of Securities) Rules, 2014 (“The Rules”). Table

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Filing of agreement and resolutions with RoC
Company Law
Kavit Vijay

Form MGT-14 E form | Filing of agreement and resolutions with RoC

Registrar of Company (“RoC”) is a body governing companies and is liable to keep all data and information related to the companies. Accordingly, every company is required to inform Registrar of Company (“RoC”) about major actions taken by the company either through passing of any resolutions (at Board meeting or Member’s meeting) or by entering into any agreement. To comply with same, Section 117 of the Companies Act, 2013 (“The Act”) contains provisions which requires companies to file various agreement or resolutions (passed at Board Meeting/Shareholder’s Meeting) with RoC. Table of Content1 Filing requirement of Section 1171.1 *Meaning of Explanatory

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All about National Financial Reporting Authority(“NFRA”)
Company Law
Kavit Vijay

National Financial Reporting Authority(“NFRA”) | NFRA-1 Filing

With the object of proper compliance with accounting and auditing standards under companies Act, 2013(“The Act”), section 132 of the Act authorizes Central Government (“CG”) to set-up National Financial Reporting Authority (“NFRA”). NFRA would provide for matters related to accounting and auditing standards under the act. This article contains a detailed discussion about constitution of NFRA, applicability of NFRA Rules, Composition of NFRA, powers and responsibility of NFRA and some other relevant information related NFRA. Table of Content1 Objective to constitute NFRA2 Set-up of NFRA (Sub section 132(1) )3 Constitution of NFRA (Section 132(3) of the Act read with NFRA

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Importance of filling Part B of Eway Bill
Blog
Sachin Jindal

Importance of filling Part B of Eway Bill

In the recent order passed by High court of Madhya Pradesh in there order dated 05-07-2018, demand and penalties imposed Rs. 1,32,13,683 on M/s Gati Kintetsu Express Pvt Ltd by GST Appellate Authority & Joint commissioner of State Tax, Indore and Assistant Commissioner of State Tax, Indore has been confirmed. Facts of cases: The vehicle of M/s Gati Kintetsu Express Pvt Ltd was carrying goods from Pune(Wadki), Maharashtra to Noida via Indore and other different places. Inspection was carried out of their vehicle on 27.04.2018. On enquiry, the driver (person incharge of a conveyance) of the vehicle produced the bill

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The Income Tax Department Will Share ITR Data With GST For Tax Evasion
Blog
Kavit Vijay

The Income Tax Will Share ITR Data With GST For Tax Evasion

Table of Content1 Handshake Between The Income Tax Department And GST Will Benefit The Economy 2 What will be the Compulsion of Business Individuals to Comply with The Necessary Changes?3 What Was the State Before this Unprecedented Idea of Merging Direct Taxes with Indirect Taxes?4 What Are the Elements Shared As per the Proposal of the New Amendment by the Income Tax Department?5 How the Economy Will Benefit When GST System and Income Tax Department Will Work Together? Handshake Between The Income Tax Department And GST Will Benefit The Economy India is a growing economy and one of the fastest

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Matching of ITC
Blog
Kapil Mittal

INPUT TAX CREDIT UNDER GST|MATCHING|REVERSAL|RECLAIM

Goods and Service Tax (“GST”) is a value addition based tax, i.e., tax should be paid on value added only and therefore, is it framed on two fundamental pillars, i.e., output tax liability and Input Tax Credit (“ITC”). With introduction of GST, government wanted to overcome all possible issues confronted by department and taxpayer in pre-GST regime. One of crucial issue was to check matching of Input Tax credit claimed by taxpayer, such as, under Service Tax, Central Excise or Value Added Tax (“VAT”) department was not able to verify correctness of ITC claimed by taxpayers without manual intervention. Considering

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Failure to File GST Return in Time Can Mean Interest On Entire Gross Tax Liability
Blog
Sachin Jindal

Failure to File GST Return in Time Can Mean Interest On Entire Gross Tax Liability

Recently a major judgment was passed in the High Court regarding the payment of interest under section 50 of CGST Act, 2017. The highlights of the judgement were: Interest on Gross liability in case of late return filling: In case of late GST returns filling, liability to pay interest accrues on Gross tax liability Interest u/s 50(1) – The liability to pay interest under Section 50 (1) is self-imposed and also automatic, without any determination by any one Interest u/s 50(3) –  Whenever an undue or excess claim of ITC is made or whenever an undue or excess reduction in

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Manner of Utilisation of ITC
Blog
Sachin Jindal

Order of Utilisation of Input tax credit

Input Tax Credit (“ITC”) is a fundamental concept of Goods and Service Tax (“GST”). GST is levied in 3 forms viz. Integrated Goods and Service Tax (“IGST”), Central Goods and Service Tax (“CGST”) and State/Union Territories Goods and Service Tax (“SGST/UTGST”). GST portal maintains separate ITC accounts for all such forms of GST, i.e., GST input on account of IGST gets credited into ITC ledger of IGST. Similar process is applicable for CGST & SGST/UTGST also. As separate accounts are maintained for all type of GST, it is pertinent to get clarity about order and manner of utilisation of ITC.

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