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… Read More »RoDTEP Applicable With Effect From 01 January 2021

Any case under diverse tax laws, including GST, might take an adequate amount of time. The pendency of any proceedings could likely delay the earning of revenue by the government. Further, the taxpayer may transfer his/her property to another person before the end of the proceedings. What is the meaning of attachment of property? If… Read More »Who Can Exercise Power Under Section 83 Of CGST Act, 2017

In the 35th meeting of the GST Council, the council has decided to implementation a system of e-Invoicing, which will be applicable to specified categories of persons. The CBIC (Central Board of Indirect Taxes and Customs) formally notified the system of e-Invoicing under GST vide Notification No. 68/2019 – Central Tax, which inserted sub-rules (4),… Read More »E-Invoicing Under GST: A Critical Analysis

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… Read More »Tax Evasion Through Fake Invoices & Actions by Government

Most Common Deductions are categorized in the following Categories for better and easy understanding- Income Based Deductions Standard Amount of Deductions Investment Based Deductions Expenses Based Deductions Let us see the Basic Rules for claiming Deductions under ITR:- Section 80A– Basic Rules of Deductions Deductions has to be claimed from Gross Total Income after giving… Read More »Allowable Deductions from Income while Filing Return of Income

The CBIC (Central Board of Indirect Tax and Customs) had released a notification on March’23,2020, about Aadhaar authentication for GST registration from April’01, 2020. The same has been amended vide notification 62/2020 on August’20, 2020 to be made optional. The aadhaar authentication for GST registration is not required for those who are non-residents, persons other… Read More »All About Aadhaar Authentication For Existing GST Taxpayers

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… Read More »Whether GST Liability Can Be Paid In Monthly Installments?

Dropshipping is a business in which the seller sells the goods which he/she does not own at time of selling goods but then passes the order to a third party after receiving order then third party delivers the order to the purchaser. The dropshipping business is increasing at a rapid rate. Since the person does… Read More »GST and Statutory Compliance Under Dropshipping Business

In this digital era, day by day e-commerce transaction is increasing rapidly in the view of this even government introduced some new provisions through GST which was not there before the execution of GST laws, E-commerce transactions look a bit complicated because many transactions are happening simultaneously. In e-commerce transactions, the supplier of goods and… Read More »All About GST On E-Commerce Transaction

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… Read More »15 Important Points Of GST In Income Tax Audit To Be Taken Care Off