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After roll out of GST w.e.f. 01.07.2017, on account of the unavailability of electronic refund module on the common portal, a temporary mechanism had to be devised and implemented wherein applicants were required to file the refund application in FORM GST RFD-01A on the common portal, take a print out of the same and submit it physically to the jurisdictional tax office along with all supporting documents.
Vide notification No. 47/2019-Central Tax it is provided that the annual return shall be deemed to be furnished on the due date if it has not been furnished before the due date for the financial year 2017-18 and 2018-19, in respect of those registered persons.
The CBDT has notified that any sum deducted under section 194M shall be paid to the credit of the Central Government within a period of thirty days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QD. Every person responsible for deduction […]
The Ministry of Corporate Affairs (MCA) recently introduced an artificial intelligence mechanism called the Ministry of Corporate Affairs – Compliance Monitoring System (MCA-CMS) on the MCA 21 portal with an intent is to make compliance procedure simpler. WHAT IS MCA-CMS? Ministry of Corporate Affairs – Compliance Monitoring System (MCA-CMS) is the newly introduced online Compliance […]
Show Cause Notice under MCA-CMS: All of us are aware about the MCA-Compliance Monitoring system (AI based system) which is tracking certain non-compliance of the company automatically and sending show cause notice for violation of Section 96 (Annual general Meeting) & other related sections based on te filings of the companies. So lets understand what […]
Updates on Changes in form GSTR-9 and GSTR-9C 1. Notification No. 56/2019-CGST was issued on 14th November 2019 notifying various changes in form GSTR-9 and 9C to give effect to its applicability for F.Y 2017-18 and 2018-19. This notification provide substantial relief by making various mandatory fields ‘optional’ for the F.Y 2017-18 and 2018-19. 2. […]
THE INSTITUTE OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament (Under the jurisdiction of Ministry of Corporate Affairs) EXPOSURE DRAFTS OF GUIDANCE NOTE ON ICSI AUDITING STANDARDS FOR PUBLIC COMMENTS (Last date for submission of comments: 5th December, 2019) The Institute of Company Secretaries of India […]
In the instant case, as already noted, the availment of credit by the petitioner, and its entitlement to distribute the credit to its various branches is not disputed. I am therefore of the view that the 5th respondent should either permit the petitioner to file a rectified TRAN-1 Form electronically in favour of each of its branches in the country, or accept manually filed TRAN -1 Form with the appropriate corrections, on or before 30.12.2019.
Observing that the definition of DTA under SEZ Act includes everything located outside SEZs, CESTAT Hyderabad has held that 100% EOU located outside SEZ, constitutes DTA as far as SEZ Act is concerned. It also observed that Section 51 of the SEZ Act makes it clear that this Act prevails over any other law. The Tribunal held that the appellant (EOU) is entitled to refund of Cenvat Credit under Cenvat Rule 5 in respect of the goods which they had sold to SEZ units. CESTAT Chennai Order in case of Orbis India (P) Ltd. was relied on.
GSTN might have done a commendable job to help Ministry of Finance or CBIC and the States to administer the intricate provisions of GST Law as an interface between the assessee tax payer and the Government, but at some places GSTN have made some significant mistakes in analysing and converting the provision of GST Law into Web Portal driven by the software.
