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Electronic processing of GST Refund
Blog
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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gstr 1 return filing
Blog
CA. Vipin Tyagi

Quick Guide on GSTR-1 Return Filing: Essential Facts You Need to Know

GSTR-1 is a monthly/quarterly return that is required to be filed by every registered dealer in India. The GSTR-01 return contains details about outward supplies.  Based on your turnover, the due dates of filing GSTR-1 vary. Industries with aggregate turnover more than Rs. 1.5 crore, will have to file the GSTR-01 return on a monthly basis. However, businesses with aggregate turnover up to 1.5 crores have an option to file the return on quarterly basis..  1. Features of GSTR-1 Form All the registered taxpayers need to file the Form GSTR-1 to fill the sale details of their business irrespective of

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gst refund claim
Blog
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
Blog
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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union budget 2020
Blog
CA. Shilpi Goyal

UNION BUDGET 2020: KEY CHANGES | INCOME TAX ACT

Hon’ble Finance Minister Nirmala Sitharaman presented union budget 2020 – 21 in parliament on 1st February 2020 around 3 prominent themes – Aspirational India, Economic Development and Caring society. Apart from allocation of funds for different sectors such as education, railway, etc. she proposed various major amendments in Income Tax Act, 1961 and few amendments in Goods and Service tax law. In this article, we will go through around all major amendments in Income Tax Act, 1961. AMENDMENTS IN INCOME TAX ACT, 1961 proposes in Budget 2020 Amendments in Income Tax Act, 1961 proposed with objective of stimulate growth, simplified

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tds certificate
Blog
CA. Kavit Vijay

APPLICATION FOR NIL/LOWER RATE OF TDS DEDUCTION CERTIFICATE FOR FY 2020-21 CAN BE MADE FROM 28th FEBRUARY 2020

According to the Income Tax Act provisions, Tax deducted at Sources (TDS) deduction is mandatory while making payments. The taxpayer who is making the payment, has to deduct the TDS and deposit it to the Income Tax Department before the assigned due date of depositing TDS. At times TDS is deducted from the total revenue/ income of the taxpayer i.e receiver whereas the taypayer’s total tax liability is computed on the profit of that financial year. It is in accordance with the prevailing Income Tax Rates/Rules, which may be less than the total amount of deducted TDS. In such cases,

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Blog
CA. Kapil Mittal

Could not file TRAN- 1 and TRAN- 2 due to technical glitches, last chance to file till March 2020

For the purpose of proper transition to GST, transfer of ITC lying under pre-GST regime to GST regime was a prerequisite. Taxpayers need to file TRAN-1 and TRAN-2 for this purpose. Initially, government offered a sunset date beyond which taxpayers were not allowed to transfer unutilised ITC. However, due to technical glitches at the  GST portal, many taxpayers failed to file such forms by due date. Hence, the due date got further extension for filing GST TRAN-1 and GST TRAN-2. The new dates to file TRAN-1 and TRAN-2 are 31.03.2020 and 30.04.2020 respectively.  Rule 117(1A) of CGST Act 2017-  “[(1A)

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tcs on foreign remittances
Blog
CA. Kapil Mittal

TCS on Foreign remittances through Liberalised Remittance Scheme (LRS) and on Selling of Overseas Tour Packages @ 5%

Your foreign trips are going to be costlier very soon. As the finance minister Nirmala Sitharaman announced Budget 2020, TCS on Foreign Remittances through Liberalised Remittance Scheme (LRS) and on Selling of Overseas Tour Packages @ 5% has been imposed under Budget 2020 from 1st April 2020. 1. Let’s understand what foreign remittances are covered under LRS of RBI Under LRS, RBI allows individual to remit a certain amount in a financial year to outside India under automatic route for which no permission is require up to define limits. The current prescribe limit is USD 2,50,000 per financial year. Permissible

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Blog
CA. Kavit Vijay

Vivad Se Viswas: Tax Dispute Settlement Scheme | No Penalty or Interest if You Settle Tax Dispute within 31st March 2020

The Government has approved the Direct Tax Vivad Se Viswas bill for providing resolutions to multiple pending tax litigations and collecting cash before the year-end.  1. What is Vivad Se Viswas Scheme? Budget 2020 introduced a bill in the Parliament containing details of the Direct Tax Dispute Settlement Scheme- Vivad Se Viswas.  This bill proposes discounted or less payment for the dispute settlement. The condition is- only if the taxpayer makes the payment before or on 31st March 2020.  If any taxpayer wants to avail the benefit of this bill after or on April 1st, 2020, he/she has to pay

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PF & ESI Payment
Blog
CA. Kavit Vijay

PF and ESI Payment, Due Date | Late Fees & Interests

There is a legal framework for all organizations to function accordingly when it comes to the welfare of their employees. The treatment is termed as Statutory Compliance in Human Resource (HR), PF and ESI are an integral part of this framework. In India, the Statutory Compliance comprises- wages contributed to  Provident Fund (PF),  Maternity benefits,  Employees’ State Insurance (ESI), etc. 1. An insight into PF & ESI Provident Fund is a self-financed, compulsory contributory fund, which is reusable in the future by the employees.  PF works as a corpus fund that is generated through monthly or regular contributions from the

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