Government asks exporters to file Table 6A of GSTR-1 correctly for quick refunds

Government issues clarification on delay in grant of refunds pertaining to IGST paid on exported goods and similarly ITC on exports. According to Govt., errors by exporters while filing their returns such as incorrect shipping bill number in GSTR-1, mismatch of invoice number and IGST amount paid, and wrong bank account are the main reasons for delay in grant of refunds, or rejection thereof. Continue reading

Posted in GST |

Functionality to claim Refund of Excess Amount in Electronic Cash Ledger Enabled on the GST Portal

If inadvertently, GST has been paid under the wrong head like IGST instead of CGST / SGST, the remedy available to the assessee is to seek refund of the amount wrongly paid. Recently, a functionality has been provided to the taxpayers on GST Portal to claim Refund of Excess amount in their Electronic Cash ledger. Continue reading

Posted in GST |

Government appoints Shri B.N. Sharma (IAS:1985) as Chairman of the National Anti-profiteering Authority under GST

In an immediate follow up action of last week’s Cabinet approval for creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority under GST, the Government today issued orders appointing senior IAS officer Shri B.N. Sharma, as the first Chairman of this apex Authority in the rank of Secretary to Government of India. Continue reading

Posted in GST |

CBDT has notified final rules on Master File and Country-by-Country (CbCR)

Country-by-Country reporting requirement – CBDT notifies Final Rules:

(For International groups/entities – Indian & Foreign)

Finance Act, 2016 had amended Section 92D of the Income-tax Act, 1961 (‘the Act’) and introduced Section 286 to provide certain requirements regarding keeping, maintaining and furnishing information & documents in relation to International groups and its constituent entities. Such information reporting is termed as “Master File” and ‘Country-by-Country report (CbCR)” Continue reading

Posted in Direct Tax |

Suggestions for Improvement under GST

With the implementation of GST, India took a step towards unified common national market. It aims to bring in increased efficiency and compliance and also boost government’s ‘ease of doing business’ initiative. However, being a new, evolving law, there are certain improvements required. Few areas that need consideration are as given below: Continue reading

Posted in GST |