Blog - D. Batra & Co.

PROCEDURE FOR RELEASE OF DETAINED GOODS UNDER GST – CA DINESH BATRA

by Dinesh Batra | Apr 24, 2019 | Goods And Services Tax

Procedure for Release of Goods Detained by the GST Officer while in transit. Please see the video till the end to understand the mechanism which is prescribed under the law to detain the goods and also the ways to get it released by representing before the Department...

Taxpayers can now compare tax liability declared in final, summary GST returns forms

by Dinesh Batra | Mar 16, 2019 | Goods And Services Tax

The GST Network informed businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms. The GSTN, which handles the technology backbone for the new indirect tax, has...

GSTN develops system to fetch e-way bill data into monthly sales returns

by Dinesh Batra | Mar 16, 2019 | Goods And Services Tax

Now, businesses supplying goods worth more than ₹50,000 will have option to include details of e-way bills generated while filing the final monthly sales return under GSTR-1, a move aimed at curbing tax evasion by reporting different sets of supplies data. “Matching...

Supreme Court Rules Verdict In Regard To Employees’ Provident Fund

by Dinesh Batra | Mar 16, 2019 | Payroll Services

In what can be said to be a great development for Employees’ Provident Fund, the Supreme Court recently ruled a verdict which will now disallow companies from exempting special allowance from the basic salary. Therefore, they will have to include the special allowance...

COMPANY GEO-TAGGING IDENTITIES AND VERIFICATION IN eFORM ACTIVE INC 22A

by Dinesh Batra | Mar 16, 2019 | Company Registration

Form_INC-22A(Click here to Preview Blank Form) After KYC of the Directors of the Company, MCA has issue notification on 21.02.2019, and amend the Companies (Incorporation) Amendment Rules, 2019, wherein These rules shall come into force from 25.02.2019. Insertion of...

GSTAT (Goods and Services Tax Appellate Tribunal)

by Dinesh Batra | Mar 16, 2019 | Goods And Services Tax

The Ministry of Finance has notified the Creation of the National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) at New Delhi with effect from 14th March 2019. It will be presided over by the President and shall consist of one technical member (Centre)...

Key Highlights of the Interim Budget 2019-20

by Dinesh Batra | Mar 16, 2019 | Legal and Tax Compliance

The Interim Budget presented by Piyush Goyal is the last Budget of the NDA government led by Prime Minister Narendra Modi before the Lok Sabha elections due by May 2019. The key highlights of Interim Budget 2019 are as follows:- The Simplification of Direct Tax system...

Legal Entity Identifier (LEI) codes

by Dinesh Batra | Mar 16, 2019 | Legal and Tax Compliance

The LEI code has been conceived of as a key measure to improve the quality and accuracy of financial data systems for better risk management post the global financial crisis. “The Reserve Bank of India (RBI) has decided to make Legal Entity Identifier (LEI) code...

RBI hikes interest subsidy for MSMEs exporters to 5%

by Dinesh Batra | Mar 16, 2019 | Legal and Tax Compliance

To boost MSME sector exports the interest subsidy on post and pre-shipment export credit has been increased to 5% from 3%. Exporters get the subsidy under the ‘Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit’. “It has been decided by the...

RBI eases Overseas Borrowing Limits

by Dinesh Batra | Mar 16, 2019 | Foreign Direct Investment

The Reserve Bank has eased norms for companies in the manufacturing sector in raising overseas funds and allowed Indian banks to market masala bonds in line with the government’s measures to prop up the rupee. Liberalisation of the external commercial borrowing (ECB)...

India-China amends double taxation avoidance treaty

by Dinesh Batra | Mar 16, 2019 | Foreign Direct Investment

India and China have amended the bilateral tax treaty which will help prevent tax evasion by allowing the exchange of information, the Finance Ministry said Monday. The Government of India and the People's Republic of China have signed a protocol to amend the Double...

NO PAPERWORK REQUIRED FOR IGST REFUND… FULLY AUTOMATED PROCESS

by Dinesh Batra | Jul 11, 2018 | Goods And Services Tax

Rule 96 of the CGST Rules provides that the Refund of IGST paid on export of goods shall be disbursed by the Custom Authorities instead of the GST Department. A facility has been made available on the GST dashboard of the taxpayers to track status of transmission of...