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Itc under gst
Blog
CA. Sachin Jindal

CBIC restricts availment of ITC in case of mismatch with GSTR – 2A

1. ITC mechanism under GST Input Tax Credit (‘ITC’) Mechanism under the Goods and Services Tax (‘GST‘) law is a critical success factor for the compliance and administration of GST law in India. Currently, taxpayers do not have a facility/ opportunity to review the invoices uploaded by their suppliers, corresponding to their ITC claims. Taxpayers are reliant on their financial records to collate the data and report the same in the Monthly Return GSTR – 3B. The mechanism of having an invoice matching with automatic comparison and reconciliation for ITC as initially envisaged under the GST law, could have been

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Processing of GST refund, where refund application allocated to wrong tax authority
Blog
CA. Sachin Jindal

Processing of GST refund, where refund application wrongly allocated

CBIC clarifications that processing of GST refund should not be held up and processed by authority where the application has been wrongly allocated by the system. The Central Board of Indirect Taxes and Customs (‘CBIC’) vide Circular No. 104/23/2019-GST dated 28 June 2019 has clarified the authority who is required to process the GST refund applications of taxpayers in cases of incorrect mapping. The division of taxpayer base between the Centre and States to ensure a Single Interface under GST is critical to ensure the smooth and seamless flow of business operations.  1. Issues The GST refund applications filed by

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Sabka Vishwas (Legacy Dispute Resolution) Scheme
Blog
CA. Kapil Mittal

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019| Chapter V of Finance Act, 2019

Government introduces the “Amnesty Scheme” to resolve long pending litigation by granting a waiver in tax, interest and penalty amount to some extent. Dictionary meaning of Amnesty is “an official pardon for people who have been convicted of political offenses”. Major objective behind such a scheme is to resolve litigation without wasting the time of departmental authorities and attractive tax reliefs are provided so that the maximum taxpayers can pay their defaulted amounts. On the same lines, Amnesty scheme in name of “Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (“SVLDRS” or “Scheme”)” has been introduced wide Chapter V of Finance

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gst cicular no 111
Blog
CA. Kapil Mittal

GST Refund subsequent to favorable order in Appeal or any other Forum

Goods and Service Tax (“GST”) provides an option to file appeal against order of lower authorities. Therefore, if refund application of any taxpayer gets rejected then he may file appeal with next appellate authority. Rejection order is passed in form GST RFD-06. CBIC received various representations asking to clarify procedure of claiming refund finalised through Appeals or any other Forum. Accordingly, CBIC has clarified such issue vide Circular No. 111/30/2019-GST about manner of handling such issue in following manner: 1. Pre-requiste of filing appeal against GST RFD-06 As of now, appeals against rejection of refund claims are handled in offline

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gst nil refund
Blog
CA. Sachin Jindal

Have you mistakenly filled NIL GST refund|Option to Re-file is available now

Being Goods and Service Tax (“GST”) is new so, possibility of errors in filing of refund application is high. Have you erroneously filed NIL GST refund application under GST though you had a genuine refund claim of such period? Till now, option to re-file refund application is not available. Understanding genuine hardship to taxpayers, CBIC has issued a Circular No. 110/29/2019 – GST dated 3rd October, 2019, wherein it provided an option to re-file refund application if taxpayer has inadvertently filed NIL GST refund application. 1. Erroneous NIL GST refund application Whenever a registered person proceeds to file GST RFD-01/01A

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reduced income tax rates
Blog
CA. Kapil Mittal

Reduced Income tax rate of 15% to new Domestic Companies Registered on or after 1 October 2019

A new section 115BAB has been inserted, giving an option of a reduced Income tax rate of 15% to new domestic companies setup and registered on or after 1 October 2019 and engaged solely in the business of manufacturing or production of any article or thing and research in relation to, ordistribution of such article or thing manufactured or produced by it. Upon considering the applicable surcharge of 10% and health and education cess of 4%, the effective tax rate works out to be 17.16%. This provision has been targeted at attracting fresh investments in manufacturing and thereby provide boost

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income tax amendment
Blog
CA. Kavit Vijay

Welcome changes in Income tax rates

Amidst various economic measures announced by the Hon’ble Finance Minister (‘Hon’ble FM’) from time to time during August and September 2019, several income tax-related amendments were announced by the Hon’ble FM on 20 September 2019. The measures announced pertain to change in Income Tax rates, Minimum Alternate Tax (‘MAT’) and Buy-back tax and are aimed promoting growth and investment. It is noteworthy that the Taxation Laws (Amendment) Ordinance 2019 (‘Ordinance’) has been passed barely within two months from the notification of Finance (No. 2) Act, 2019. The amendments in the ordinance pertain to the Income-tax Act, 1961 as well as

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Gst Council meeting
Blog
CA. Sachin Jindal

Key Highlight on 37th GST Council meeting

The Goods and Services Tax (‘GST’) Council in its 37th GST Council Meeting held on 20 September 2019 has taken several taxpayer friendly decisions. Amidst various economic measures announced by the Hon’ble Finance Minister from time to time during August and September 2019, the decisions taken during the meeting of the GST. Council were keenly awaited by various stakeholders. The decisions of the GST Council are aimed at tax rationalisation, providing additional exemptions, lowering the applicable GST rates, plugging loopholes and addressing administrative issues being faced by taxpayers. The decisions of the GST Council are summarised below: 1. Law and

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measures to boost exports
Blog
CA. Kapil Mittal

Measures to Boost Exports | Part 2 | Announcements by Finance Ministry

Announcements made by the Hon’ble Finance Minister during the Press Conference held on 14 September 2019 In order to address the concerns raised by global as well as domestic investors and provide assurance to the Industry at large on the Government’s commitment to steering the economy to growth, the Hon’ble Finance Minister Smt. Nirmala Sitharaman (‘FM’) has been holding Press conferences announcing various interim measures and relief in the nature of clarifications on existing concerns, prospective policy changes, proposed amendments in law and commitments for additional fiscal support by the Government. The Hon’ble FM has made detailed ‘corporate style presentations’

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UNION BUDGET 2019
Blog
CA. Kavit Vijay

Union Budget 2019 – Income Tax amendments applicable from 1 September 2019

The Indian Parliament has passed the Finance Act (No. 2), 2019 (‘2019 Finance Act’) during July 2019 and has received the assent of the President of India on 1 August 2019. Various provisions part of the 2019 Finance Act are applicable retrospectively from 1 April 2019. However, certain provisions pertaining to procedural aspects and compliances like Tax Deducted at Source (‘TDS’) were proposed to be made effective from 1 September 2019. Let us now look at some of the amendments effective from 1 September 2019. 1. Section 194IA – TDS on incidental payments towards property purchases Erstwhile provisions: Any payments

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