CA SRIYANS

RoDTEP Applicable With Effect From 01 January 2021

Remission of Duties and Taxes on Exported Products (RoDTEP) is a new scheme to replace the existing scheme called MEIS scheme for exports of goods from India, which targets to reimburse the taxes & duties incurred by exporters used for transportation, which are not getting exempted/refunded under any other existing scheme. The rebate would be claimed as a percentage of the FOB (Freight On Board) value of exports. As we… Read More »RoDTEP Applicable With Effect From 01 January 2021

Tax Evasion Through Fake Invoices & Actions by Government

The fake invoices are those invoices where the GST invoices are raised by an entity without payment of GST or actual supply of goods/services. Fake invoices are raised for these purposes: Claiming undue excess ITC For showing excess turnover Without any actual supply, transfer of credit from one registration to another Other reasons. These are some ways in which such fake invoices could be misused in the GST Regime: I.… Read More »Tax Evasion Through Fake Invoices & Actions by Government

Whether GST Liability Can Be Paid In Monthly Installments?

Every registered person is needed to compute his/her tax liability on a monthly basis by setting off the ITC (Input Tax Credit) against the Outward Tax Liability. If there is any tax liability then the same is required to be paid to the government. These are 3 ledgers that is required to be maintained by every tax payer as prescribed by the government – Electronic Tax Liability Ledger Electronic Cash… Read More »Whether GST Liability Can Be Paid In Monthly Installments?

15 Important Points Of GST In Income Tax Audit To Be Taken Care Off

After Corona pandemic relief, income-tax audit season is approaching now. Now, let’s understand what are the important points of GST which are to be remembered while doing Tax Audit under Income Tax Act, 1961? These are few important points of GST which shall be checked while doing Income Tax Audit and filing 3CD FORM: Clause 4: The GST no. of the assessee should be reported in clause 4 of the… Read More »15 Important Points Of GST In Income Tax Audit To Be Taken Care Off

How to Opt Quarterly Return & Monthly Payments (QRMP)

QRMP scheme is also known as Quarterly Returns with Monthly Payment Scheme is for eligible taxpayers to file their Form GSTR-1 and Form GSTR-3B returns on quarterly basis, while paying their due tax on monthly basis by challan. Who are eligible for the QRMP scheme? All taxpayers whose aggregate annual turnover (PAN based) is up to INR 5 Crore in the current FY (financial year) and the preceding financial year… Read More »How to Opt Quarterly Return & Monthly Payments (QRMP)

Summons, Inspections, Search, Seizure & Arrest Provisions Under GST

CGST ACT, 2017- Section 67 to 71 explains the circumstances where in search, seizure and arrest under GST can be done. Power to Summons and Produce Evidence and Produce Documents Under Section 70 The proper officer under this Act shall have power to summon any person whose attendance he/she considers essential either to give evidence or to produce a document or any other thing in any inquiry in the same… Read More »Summons, Inspections, Search, Seizure & Arrest Provisions Under GST

All About Power of Attorney

A “POA” is abbreviated form of power of attorney which is a legal document that allows you to appoint another person to take control of your affairs. ‘Power Of Attorney’ is an authority given by donor or principal to donee or agent to act on his/her behalf. Legal authority is given by the principal to the agent which may be broad or limited and an agent can take all essential… Read More »All About Power of Attorney

9 Deductions That People Miss Out While Filing Their ITR

Income Tax Act, 1961- Chapter VI A provides for various deductions that are available from the total income of an assessee while computing the taxable income. People are normally aware of few common tax deductions such as deduction under section 80C in respect to contribution made towards LIC, PF (provident fund), deduction under section 80D for mediclaim premium paid etc. There are few deductions that are not commonly known to… Read More »9 Deductions That People Miss Out While Filing Their ITR

Tax Planning, Tax Evasion, Tax Avoidance and Tax Management

Tax planning, Tax evasion, Tax avoidance and Tax management are common concept when it comes to taxpayers’ manners for tax reduction. All terms comes under Income Tax Act, 1961– Tax Planning, Tax Evasion, Tax Avoidance and Tax Management. The main goal of every taxpayer is to minimize his/her Tax Liability. To achieve this objective taxpayer can go for these Three Methods: Tax Planning Tax Avoidance Tax Evasion Tax Planning Tax… Read More »Tax Planning, Tax Evasion, Tax Avoidance and Tax Management

Equalisation Levy On Non-Resident E-Commerce Operators | Mandatory to Have PAN

The e-commerce businesses are growing broadly, vastly and exponentially; impact digital economy and all of us. The digital economy would cover within their ambit, numerous things like online subscription-based services, online sale of goods/ services/ software, online gaming, hotel/flight booking etc. Taxation of cross border ecommerce transactions has been a challenge for the entire world, including India, as there are various issues with taxing like transactions due to location of… Read More »Equalisation Levy On Non-Resident E-Commerce Operators | Mandatory to Have PAN