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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
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
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
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
Being a goods or service provider, it’s mandatory for you to register for GST in cases annual turnover exceeded the threshold limit specified for GST registration. Businesses failing to register under the GST regime will have to incur heavy fines and penalties. Here we are
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
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
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,
The Companies Act, 2013 requires all the companies to file Annual Return and financial statement on annually basis with MCA. Apart, various other set of documents, returns, statements etc. are also required to be filed. Companies Act, 2013 prescribes time limit for filing of each
In India, when it comes to startup, most of the business entities opt for Private Limited Company formation. The Ministry of Corporate Affairs (MCA) governs the Private Limited Companies in India as per the Companies Act 2013. As MCA suggests, you need to fulfill certain
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
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
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
Insolvency and Bankruptcy Code, 2016 (“The Code”) is the bankruptcy law which contains provisions related to insolvency of companies, partnership firms and individuals. Ministry of Corporate affairs issued a press release dated 17th July, 2019 specifying that Union cabinet approved the proposal to introduce Insolvency
Shareholders are considered as owner of the company as they invest money into the business and as per Companies Act, 2013 (“The Act”), shareholders are entitled to various rights such as voting right, right to dividend etc. However, in certain cases, person holding shares in
We usually came across many such companies which are not having any operations since incorporation or which ceased to have operation from certain period of time. Companies Act, 2013 (“The Act”) provides provision of Dormant company to deal with such kind of companies. Companies Act,
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