Inverted Duty Structure is applicable under the GST Understanding of Inverted Duty Structure Inverted duty structures arise when the tax rate on input credits used surpasses the tax rate on output supplies. Simple terms, the GST paid on inputs purchased exceeds the GST due on sales. As a result, the registered person’s electronic credit ledger …
Form No.67 is not compulsory but a directory requirement, Disallowance of Foreign Tax Credit due to delay in filing the same not valid: ITAT Income tax Form No.67 is not Compulsory However a directory requirement, the Income Tax Appellate Tribunal Bangalore Bench has held that Income tax disallowance of Foreign Tax Credit due to delay …
Central Board of Direct Taxes releases frequently asked question’s related to filing of Income tax Form 3CEB: Q-1 : What are the essential’s for filing of Income tax Form 3CEB? Ans : Income tax Taxpayer and Chartered Accountants are registered on the e-Filing portal with valid user ID & password Status of Permanent account number of …
We cannot claim input tax credit even if it is within GST portal Now Due to the severity of Input tax credit fraud involving fake entities and invoices, Revised Section 38 was suggested in an attempt to further impose restrictions on Input tax credit claims. Input tax credit cannot be claimed if it is restricted …
New Norms for QR Code on Electronic Products via Legal Metrology law applicable in India Meaning of Legal Metrology Legal Metrology treats a unit of weighment & measurement, methods of weighment & weighing with measurement and measuring instruments, in relation to the compulsory technical & legal needs which have the object of ensuring public guarantee …
Composition rules under GST Chapter II Rule 3 – Intimation for composition levy Any person who has been granted registration on a provisional basis under Rule 24(1)(b) and who opts to pay tax under section 10, shall electronically file an intimation in FORM GST CMP- 01, duly signed or verified Via EVC, on the common …
BASIC STATUTORY AUDIT PROGRAMME SAMPLE Introduction- Name of the Client Reporting Period Business of entity Objective- The purpose of this programme is to develop a Risk-Based Audit Programme that provides a basis for the orderly, efficient, and cost effective conduct of the audit as well as a criteria base for assessment. The main objective of …
Taxation & Statutory Compliance for October 2022 Company Law Compliance – DIR-3 Financial Year 2021-22 15-October -22 “Every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is ‘Approved’, would be mandatorily required to file form DIR-3 KYC before 30th September of the immediately next …
Input Tax Credit (ITC) Rules Change under GST Law from 1 Oct 2022 Strict Conditions to use the GST Input Tax Credit as of October 1, 2022. Central Board of Excise and Customs Allowed GST refund claim of any balance in the e-cash ledger w.e.f. Octob 1, 2022 Time Limit to avail GST ITC extended …
Form 15CA & 15CB- Revised rules related to Filling Form While making payments outside India it is needs few compliances. These compliance to be done form 15CB & 15CA, when it is need. The several transaction where you required to field this form as per explained in this article. ` Before sending the payment to …