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All about National Financial Reporting Authority(“NFRA”)
Company Law
CA. 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. 1. Objective to constitute NFRA National Financial Reporting Authority will be constituted by Central government to provide matter related to accounting and auditing standards. NFRA

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21/05/2019
The Income Tax Department Will Share ITR Data With GST For Tax Evasion
Others
CA. Kavit Vijay

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

1. Handshake Between The Income Tax Department And GST Will Benefit The Economy (ITD will share Data With GST For Tax Evasion) India is a growing economy and one of the fastest developing nations in the world; nevertheless, tax evasion in the country is cutting the economy like a hot knife through the butter. Although India is deemed to be the fastest growing economy with an enhanced military might, there is a stark difference in the standard of living among its citizens. This disparity is partly due to a vast number of tax-payers not contributing or evading tax. This idea

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10/05/2019
10 new Features on GST Portal you must know
Goods and Service Tax
CA. Sachin Jindal

10 new Features on GST Portal you must know

Goods and Service Tax Network (“GSTN”) keeps listing new features on GST portal (www.gst.gov.in) to streamline task for taxpayer and also to improvise compliance. GSTN has listed various new updates on GST portal in last 6 months such as: To complete compliance smoothly, it is important for the user to get informed about such updates so that he can use such online facility and don’t involve himself into cumbersome manual process. Foremost new features listed on GST portal are as follows: 1. Comparison of Liability Declared and ITC claimed Most of the taxpayers are facing challenge in preparation of reconciliation

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17/04/2019
All about IEC Code
Export Incentives
CA. Sachin Jindal

All about Import Export Code | IEC CODE

Importer Exporter Code (‘IEC code’) is a unique 10 digit code issued by the Director-General of Foreign Trade (‘DGFT’) of the Ministry of Commerce under the Government of India. Import Export Code (IEC) is a unique identifier for all international trade transactions undertaken by India. Import Export Code (IEC code) is a registration required for persons importing or exporting goods and services from India. Import Export Code (IEC code) is issued only to Indian entities and individuals in order to enable them to undertake International Trade.  As per the Foreign Trade Policy, Import Export Code (IEC code) Registration is mandatory

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08/03/2019
export Incentives
Export Incentives
CA. Kapil Mittal

Export Incentives in India | Incentives for Exporters

As a developing economy, India relies significantly on foreign exchange inflows to simulate growth, sustain imbalances and meet its economic and social objectives. Export promotion has always been one of the top priorities for the Government of India. Several export promotion programs have been introduced from time to time with a special focus on the Indian MSME sector. The export promotion programs are in the form of granting incentives to exporters, concessional tax rates, exemption from input taxes etc. Some of the export incentives in India currently in force are: Concessional Tax Rates for Merchant Exporters Exemption for Ocean Freight

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06/03/2019
Duty Credit Scrips (DCS)
Export Incentives
CA. Kapil Mittal

All about Duty Credit Scrips (DCS)

Duty Credit Scrips (DCS) is one of the export promotional benefit provided by the Government of India to the Indian exporters. The DCS benefit to exporters facilitates exports and fosters foreign exchange inflows into India. The Foreign Trade Policy 2015-2020 prescribes the features and detailed provisions governing Duty Credit Scrips (DCS). The Ministry of Commerce and Industry of the Government of India along with the Director-General of Foreign Trade (‘DGFT’) implement and administer the scheme. The objective of duty credit scrips (DCS) is to promote exports by way of providing a tax incentive on exports to be set off against

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06/03/2019
Procedure For claiming SEIS export incentives
Export Incentives
CA. Sachin Jindal

Application Procedure For claiming SEIS export incentives

1. Introduction With effect from 1st April 2015, ‘Service Export from India Scheme’ (SEIS) replaced the erstwhile ‘Served from India Scheme’ (SFIS). One can easily follow the procedure for claiming SEIS export incentives. SEIS applies to ‘Service providers located in India’ instead of erstwhile ‘Indian Service Providers’. The main objective of SEIS is to provide benefits to all the service providers located in India, instead of only Indian Service Providers. In the earlier articles, we have already seen the eligibility and ineligibility criteria and the available benefits under SEIS. Under the present article, we would analyze the procedure for claiming

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24/01/2019
SEIS Incentives
Export Incentives
CA. Kapil Mittal

SEIS Export Incentive | SEIS Incentives

1. What is SEIS Incentives (Service Exports from India Scheme) Under the Foreign Trade Policy, the ‘Exports from India Scheme’ was introduced with the objective to provide rewards to the exporters to offset the infrastructural inefficiencies and associated costs. Following are the three schemes for export of Merchandise and Services – Merchandise Exports from India Scheme (MEIS) for merchandise exporters Service Exports from India Scheme (SEIS) for Service exporters Export promotion capital goods scheme (EPCG Scheme) Chapter 3 of the Foreign Trade Policy 2015-2020 contains provisions relating to the ‘Exports from India Scheme’. The Service Exports from India Scheme (SEIS)

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24/01/2019
Grievance Redressal Mechanism
Information
CA. Kapil Mittal

Setting up of an IT Grievance Redressal Mechanism – Snapshots

CBIC on 3rd April 2018 via Circular no. 39/12/2018-GST decided to put in place an IT-Grievance Redressal Mechanism to address the difficulties faced by a section of taxpayers owing to technical glitches on the GST portal and the relief that needs to be given to them. IT Grievance Redressal Mechanism Where it has been identified that there is a failure in filing returns or forms within the time specified due to IT-related glitch and evidence available to establish bonafide attempt has been made to comply with the process of filing of form or return, GST Council has delegated powers to

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05/04/2018
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