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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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Provisional GST Refund
Blog
CA. Kapil Mittal

Provisional GST Refund | GST RFD-04

In case of GST Refund, whenever a situation arises where refund amount can’t be ascertained precisely, then, the proper officer shall sanction refund amount on provisional basis.  1. Provisional GST Refund Where the proper officer has reasons to believe that due to irregularities in refund application, whole or part of the refund claim may face rejection. Then in such a case, the proper officer shall disburse refund on the provisional basis to the extent of 90% of the refundable amount*. However, the final refund shall be granted in accordance with provisions of Rule 92 of CGST Rules. Order of provisional

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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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Foreign Liabilities and Assets Annual Return
Blog
CA. Kapil Mittal

FLA Return- Foreign Liabilities and Assets Annual Return

Any company that has received FDI or made some overseas investment during the previous years including current year by July 15, need to submit an annual return on Foreign Liabilities and Assets. In recent times, more companies are involving themselves in foreign investments. As a matter of fact, it brings in more importance to the FEMA (Foreign Exchange Management Act) regulations. The compliance of this act is also becoming an integral part of these companies. Foreign Liabilities and Assets (FLA) annual return is one of these compliances which organizations need to submit mandatorily. Companies involved in Foreign Direct Investments (FDI)

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TDS by E-Commerce
Blog
CA. Kapil Mittal

Union Budget 2020| TDS by E-commerce Operator

In Union Budget 2020 speech, Hon’ble Finance Minister Nirmala Sitharaman has proposed a new Tax deducted at source (“TDS”) provisions for e-commerce transactions. The newly proposed TDS provisions have been introduced with the goal of ‘widening and deepening’ the tax base across the country. With the introduction of this provision the e-commerce companies like Flipkart, Amazon will have to deduct an extra 1% of tax as TDS while paying the seller registered under them. While under the Goods and Services Act, the e-commerce companies were already deducting 1% TDS from the seller registered with them. 1. What is TDS? TDS

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Changes in Tax Audit Provisions
Blog
CA. Kavit Vijay

Union Budget 2020 | Increase in Threshold Limit of Tax Audit From INR 1 Crores to INR 5 Crores

Hon’ble Union Finance Minister Nirmala Sitaraman has proposed various changes in her Budget Speech 2020. Amendments in section 44AD is another significant part of the budget 2020 that requires a discussion. As the Budget 2020 releases, there is an increase in threshold limit of Tax Audit. Here in this article, we are going to talk about all the significant changes the finance minister has proposed in provisions of the tax audit. 1. Increase in threshold limit of tax audit from INR 1 crores to INR 5 crores Through Finance Act, 2020 Government has increased the threshold limit of tax audit

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Relief to Business under Corona Stress
Blog
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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39th GST Council Meeting
Blog
CA. Kapil Mittal

GST Updated | 39th GST Council Meeting | held on 14th March, 2020

Amendment under Goods and Service Tax (“GST”) law has been a constant process and considering issues and representation of industry, new changes are proposed in every GST Council meeting. 39th GST Council meeting held on 14th March, 2020, under chairmanship of hon’ble Finance Minister wherein following key changes were suggested: 1. Interest on net cash Liability In case of delayed payment of GST, whether interest is payable on net Cash liability or gross tax liability (i.e., including ITC) has been matter of dispute since long time and various legal precedents and departmental communications has clarified that taxpayer is liable to

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SPICe+ Form
Blog
CA. Kavit Vijay

MCA Spice+ form: Register new company | No need to apply separate application for each registration

The Simplified Proforma for Incorporating Company electronically Plus(SPICe+) is a new online form that the MCA(Ministry of Corporate Affairs) has introduced for the incorporation of companies. The new SPICe+ is available from 15th February, replacing the already existing SPICe form as a part of the Ease of Doing Business (EoDB).  The new form SPICe Plus devotes 10 services via 3 central government departments & ministries (Ministry Of Corporate Affairs, Ministry Of Finance, Ministry Of Labour & Department for revenue) and one state government (Maharashtra).  Now you can apply following registration done with the SPICe+ form, no need to file separate

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LLP Settlement Scheme
Blog
CA. Kavit Vijay

LLP Settlement Scheme, 2020 | Waiver of Additional Fee for defaulting LLPs

Limited Liability Partnerships (“LLP”) has become a preferred choice over a period of time; Due to benefit of limited liability given alongwith flexibility of organising internal structure as a partnership firm based on mutual arrived agreement.  However, alike companies, LLPs are also required by Limited Liability partnership Act, 2008 (“LLP Act”) to file various information and documents with the Registrar of Companies on a timely basis and non-compliance of same may attract heavy penalty and prosecution against defaulting persons. 1. Existing Non-compliances by LLPs Government found large default in compliance by LLPs such as default in filing of: Form-3- Filing

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