All companies (private limited company, one person company, limited company, section 8 company, etc) are required to file an annual return with the MCA every year. In addition to filing MCA annual return, companies would also be required to file income tax return. The concept of Annual returns has been effectuated under GST. Although the concept of Annual return was in vogue by virtue of VAT Statutes in certain states, the same wasn’t there in the Service Tax Statute as well as the Excise Law. In this article let us discuss about Annual Return GSTR 9 to be filed by 31st December by every normal registered person.
Time is now ripe for conducting GST Audit along with Reconciliation with books of accounts and filing of GST Annual Return. While reconciling the Accounts, it is very important to look into Transactions that attracts Reverse Charge, where the Recipient is Liable for Discharge Taxes and not the Supplier.
The concept of TDS is a simple concept incorporated under GST with the intent to tap the possible chances of revenue leakage and Prevent Tax Evasion. Under the Scheme the recipient deducts tax at the notified rate from the payment due to the supplier and deposits the tax into the government treasury on behalf of the supplier. When the supplier files return, he can claim credit of the tax paid by the recipient on his behalf. Section 51 of the CGST Act deals with the issue of TDS. Let us discuss in this article detailed analysis of TDS provisions.
AEO is a Trade Facilitation Scheme for ease of doing business in light of international development. Holder of this Certificate is Entitled for Privilege, Benefits, Exemption and Relaxation on account of import and export.This certificate is issued for Particular Period after that to be renewed.
Every Organization aspiring to improve its performance in many spears of functionalities. Procurement being a major area of spend, its performance is significantly attribute to the overall performance of the organization. Procurement needs to demonstrate value delivery to the organization. Procurement Performance Management, or PPM, refers to the holistic process of Measuring, Standardizing or Indexing, Managing and Initiating steps to increasing the added value of the procurement department.
Joint Development Agreements or JDAs are a common feature in the real estate sector wherein the land owner transfers the land to the real estate developer and gets flats, a certain amount of revenue or a combination of both in return. In JDA, the Developer enters into a Development Agreement with Landowner, whereby
The recent Notification by allowing Refund of Accumulated Credit to Fabric Manufacturer brought some relief, but Textile Industry is not happy as still some other issues are not very clear and are in their favour.
In some occasions goods exported out of India are returned back for various reasons like Cancellation of Export Order For any Trade Disputes like Quality Reasons, Default of Payments, Non-Conformance to any Contractual Terms After Exhibition / Display in overseas Country Return after Project / Contract Closure or Completion Re-import of Exported Goods for Repairs, […]
Know All About GST Export Refund & Special Refund Fortnight from 31.05.2018 to 14.06.2018 Refunds of GST have been a concern for both the Government and Trade for the past several months. Till now, the Government has sanctioned more than Rs 30,000 crore as GST Refund. This includes an amount of Rs 16,000 crore of […]
In this article, let us discuss and clarify on basic concept of Export of Service and distinctly distinguish Services that Seems to be Export, but are Not Treated as Export of Service under GST. Before proceeding let us first understand the concepts.
