We at our firm have had as apart of our mission, one to develop committed professional leaders. We have done that for decades now – more than 100 + have gone out as leaders in their own right. In this process of improving others, we ourselves came to know where we were lacking and are improving to the extent, we were comfortable. We worked on our “weaknesses” (areas of possible improvement) and especially built on our strengths.
We are proud and grateful to the boys/ girls going...Read more
The retrospective amendments and their impact on the certainty of tax laws is one major factor for attracting investments to India. This was highlighted in the Vodafone Issue where Rs.22 thousand crores demand by the Income tax department was held to be inequitable unfair as per the DTAT as held by the International court. This has again happened now in the recent Cairn’s issue where the international courts have not favoured retrospective practice and awarded Rs.740 crores.
Input Tax Credit (ITC) matching – GSTN- not ready- A thorny issue for the department and the assessees. It has been 3 years and 3 months since the inception of GST, one would expect the early teething problems were overcome, and the new radical indirect tax regime would be up and running! Although, due to various factors, including the recent pandemic, we are seeing continuous amendments, delays in implementation and lack of a dependable infrastructure. Rule 36(4), i.e. the ITC matching...
What should be the ultimate goal of articleship? However, does every article set his own goals for articleship and take best out of it? Majority of articles go with the flow and learn whatever is served to them or in fact overlook the learning opportunity completely. It is not their mistake because they have also this mammoth task of clearing the CA final exams. The most challenging task in the articleship is to manage between the two i.e. Learn best out of the practical training and keep an...Read more
In the pandemic and earlier due to confusion in GST, the revenue officers have been instructed not to harass the tax payers. However, the need to follow up for non or short payment of tax is an ongoing activity which is necessary. Therefore, it is expected that come 2021, the revenue officers activity would be at full speed. Tax payers would need to reply to the emails / letter promptly explaining the factual position if incorrect in the communication. The fact that in case of dispute one...Read more
What is e-invoicing?
e-invoicing refers as per Rule 48(4) of CGST Rules, notified class of registered persons have to prepare invoice by uploading specified particulars of invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN)
Notified persons: A registered person, other than an SEZ unit*, Insurance Company, banking company, financial institution including non-banking financial institution, GTA, supplier of passenger...Read more
There is a saying in Hindi from the famous Kabir ke dohae “Kal kare so aaj kar, aaj kare so ab, Pal mey pralay hoyegi Bahuri karego kab.” and to that effect, in English, “tomorrow never comes”. The word “procrastinate” comes from the Latin word meaning “belonging to tomorrow.” Procrastination is an exercising of choice i.e. not to do something now and pushing it to the backburner. Studies have found that even the procrastinators who feel bad about their habit, procrastinate...Read more
We are at the flag end of filing the annual return and audit certification (GSTR 9 & 9C) For FY 2018-19 (courtesy of multiple extensions) i.e. on 31st December 2020.
Taxpayers have an option to pay additional liability not declared in GSTR-1 or GSTR-3B, in GSTR-9 through Form DRC-03 based on Para 4 of GSTR-9 instructions for FY 2017-20.
This article enumerates utilization of ITC against GST liability for payment through DRC-03 during GSTR-9 filing which would be beneficial to many...Read more