Blogs

1. Procurement / Renewal of LUT for FY 2020-2021
2. Following reconciliations to be maintained –
   • Outward supplies as per books and GST returns (Books vs GSTR-1 vs GSTR-3B)
   • ITC claimed in GSTR-3B vs ITC appearing in GSTR-2A
   • Reconciliation of balance of credit and cash as per GST portal with balance appearing in books.
3. Check requirement for any ITC reversal or ITC to be reclaimed
   • Rule 37 – Any ITC reversal required on account of non-payment within 180 days or...

Section 16 of IGST Act, 2017 entitles exporters to claim refund under either of the two options:

1. Export without payment of IGST under bond or Letter of Undertaking (LUT) and claim refund of unutilized Input Tax Credit (ITC) or

2. Export with payment of IGST and claim refund of such IGST paid.

The 2nd option is more viable & beneficial since the former option comes with certain restrictions & limitations viz.,

ITC on Capital goods is not refundable.

Transitional ITC is not...

These are activities which fill the tax payers – even the compliant with dread due to past practice- unfortunately continued. This article provides some tips/ insights the knowledge of which maybe useful in dealing with such officers in a more confident manner. Adv. MS Nagaraja shared his views. Listed hereunder as per understanding:

1. To start investigation JCC or above needs to have reason to believe a) supressed / undervalued supplies, b) Excess claim of ITC, c) Contravenes Act/...

We had the learning presentation by CA Rajesh Kumar TR last week. Readers are advised to keep the bare act with them while reading the series of finer issues which would be discussed. It  is very important that when professionals advice on compliances or do audit then they need to be conservative. In case of dispute then the observations in this article would be useful.

The insights as understood were as under:

1. Need to understand the 3 baskets of levy Vs assessment Vs collection as...

The advice to clients in GST needs study and analysis of the judicial decisions in the earlier laws like Central Excise, Service Tax and Local VAT. The decision in Customs [ old and current] would also be relevant to understand some of the concepts. Some insights were provided by CA Rajesh Kumar TR which are shared hereunder:

1. Judicial precedents lay down the principle or rule to be followed by lower forums. Judicial discipline requires the hierarchy of courts to be followed.

2. In...

Understanding the background of revenue officers could provide some insights in dealing adequately with the tax officers. We have Adv. BSV Murthy [ Retd. CESTAT Member] who shared as understood by me as under:

1.      The mindset of officers to be understood. We got a colonial legacy from the British. Officers considered themselves rulers. Some still have this way of being.

2.      Revenue Bias: Job is to safeguard tax; they fear the CVC, CAG, CBI (allegation of graft- for...

Now that we are stuck at home in addition to bonding with family, exercising, we can empower ourselves a bit. We have started an internal learning by partners, experts and qualified in our office.

In this series will share what was the insight on each topic in brief gained by me in the form of bullet points. Am sure it would be useful. First Session was on Drafting of Opinions, replies and appeals- presented by Advocate. Naveen Kumar KS.

1.      Importance: Someones liberty maybe...

Entire world is impacted by the coronavirus issue in one way or other. India is not an exception. From mid of March, many of the entities are closed partly or completely. The financial year 2019-20 has to end on 31st March 2020. However, due to present situation, there are talks to extend the end of financial year to 30th April 2020 as against 31st March 2020. This change could be given effect for the purpose of GST compliance as well. There could be few other relaxations in GST as well...