Refunds under GST & Impact of GST Audit on Statutory/ Tax AuditsGST Law India
The following presentation enumerates how to claim refund under GST and also auditing mechanism such as auditing by a chartered accountant, taxing authorities and special audit under GST. The presentation also details out the treatment of zero rated supplies and deemed export.
Article is about when to apply GST Refund when goods or services are exported out of India. Legal provisions for process of GST refund scheme. GST is a destination based consumption tax where in the levy of tax moves along with goods and /or services.where a goods exporter is not in position to utilize the GST paid in inputs such as raw material , inputs etc. which are used for export of goods shall apply for refund of GST paid by goods exporter. By taking GST Refund Exporter of Goods can increase its business working capital.
Topics to be covered:
Introduction of ICDS
Applicability of ICDS
Scope
Identification of tangible assets
Components of Actual cost
Special cases
Inclusions and Exclusions
Self-constructed tangible fixed asset
Non-monetary consideration
Improvements and Repairs
Joint ownership and Joint cost
Transitional provisions
Differences between ICDS V, AS-10 and Ind-AS-16
Taxmann’s Ultimate Best-Seller for Indirect Taxes – ‘GST Ready Reckoner', is a ready referencer for all provisions of the GST Law. It covers all important topics of GST along with relevant Case Laws, Notifications, Circulars, etc.
The Present Publication is the 15th Edition, authored by Mr. V.S. Datey & Updated till 1st February 2021. This book follows the Six-Sigma approach to achieve the benchmark of ‘zero-error’.
The book has been divided into 55 chapters in respect of all-important-provisions of GST, including the following:
•GST – An Overview
•IGST, CGST, SGST and UTGST
•Taxable Event in GST
•Supply of Goods or Services or both
•Classification of Goods and Services
•Value of Taxable Supply of Goods or Services or both
•Valuation Rules if value for GST not ascertainable
•VAT concept and its application in GST
•Input Tax Credit
•Input Tax Credit – Other Issues
•Input Tax Credit when exempted as well as taxable supplies made
•Input Service Distributor
•Persons liable to tax
•Place of supply of goods or services or both other than exports or impacts
•Place of supply in case of export or import of goods or services or both
•Exports and Imports
•Special Economic Zones and EOU
•Time of Supply of Goods and Services
•Reverse Charge
•Exemption from GST by issue of Notification
•Concession to small enterprises in GST
•Construction and Works Contract Services
•Real Estate Services relating to residential and commercial apartments
•TDR/FSI/Upfront amount in long term lease in real estate transactions
•Distributive Trade Services
•Passenger Transport Services
•Financial and related services
•Leasing or rental services and licensing services
•Software and IPR Services
•Business and production services
•Job Work
•Telecommunication, broadcasting and information supply
Community social, personal and other services
Government related activities
•Basic procedures in GST
•Registration under GST
•Tax Invoice, Credit and Debit Notes
•E-way Bill for transport of goods
•Payment of taxes by cash and through input tax credit
Returns under GST
•Assessment and Audit
•Demands and recovery
•Refund in GST
•Powers of GST Officers
•Offences and penalties
•First Appeal and revision in GST
•Appeal before Appellate Tribunal
•Appeals before High Court and Supreme Court
•Prosecution and compounding
•Provisions relating to evidence
•Electronic Commerce
•Miscellaneous issues in GST
•GST Compensation Cess
•Transitory Provisions
•Constitutional Background of GST
Also Available
[15th Edition] of Taxmann’s GST Manual with GST Law Guide & Digest of Landmark Rulings
[14th Edition] of Taxmann’s GST Tariff with GST Rate Reckoner
[10th Edition] of Taxmann’s GST How to Meet Your Obligations
[2nd Edition] of Taxmann’s GST Case Laws Digest (A Section-wise Case Book of 1,900+ Judgements)
Taxmann's GST Tariff with GST Rate Reckoner (Set of 2 Volumes)Taxmann
Taxmann’s GST Tariff contains GST Tariff for Goods and Services. It provides HSN-wise and SAC-wise Tariff of all the Goods and Services.
The Present Publication is the 14th Edition, authored by Taxmann’s Editorial Board, is amended up to 1st February 2021, with the following noteworthy features:
Taxmann's series of Bestseller Books on GST Tariff
Follows the six-sigma approach, to achieve the benchmark of 'zero error'
The Present Publication is published in two volumes & divided into 6 divisions, which are listed as follows:
•GST Tariff for Goods with HSN Code
Rates Specified in other Acts
•GST Rate Reckoner for Goods/Commodity Index
•GST Tariff for Services
Services Index
•GST Tariff Notifications (Rate of Tax and Exemptions)
The details coverage of the book is as follows:
•GST Tariff for Goods with HSN Code
•Arrangement of Chapters
•GST Tariff for Goods with HSN Code
•General Rules for the Interpretation of this schedule
•Rates Specified in other Acts
•Rates specified in Central Excise Act
•National Calamity Contingent Duty
•Additional Duty on Tobacco
•Additional Duty on Motor Spirit (Petrol)
•Additional Duty on High Speed Diesel Oil
•Special Additional Excise Duty on Motor Spirit and High Speed Diesel Oil
•Road & Infrastructure Cess
•Agriculture Infrastructure and Development Cess
•GST Rate Reckoner for Goods/Commodity Index
•GST Tariff for Services
•Arrangement of Services
•Central Goods & Services Tax/State Goods & Service Tax Tariff for Services
•Integrated Goods & Services Tax Tariff for Services
•Compensation Cess
•Rate of Tax and Exemption Notifications for Services
•Reverse Charge in case of intra-State supplies of services
•Reverse Charge in case of inter-State supplies of services
•Notified categories of services the tax on intra-State/inter-State supplies of which shall be paid by electronic commerce operator
•No refund of unutilised Input Tax Credit
•Notified registered persons who shall pay tax on reverse charge basis on certain specified supplies of goods or services or both received from an unregistered supplier
•Notified rate of tax to be levied on specified first intra-State supplies of goods or services
•Latest Clarifications
•Latest Case Laws
•Explanatory Notes
•Services Index
•GST Tariff Notifications (Rate of Tax and Exemptions)
What do you think are the challenging issues, immediately affecting a person covered under earlier laws?
The objective of this presentation is to impart understanding on various issues which a business unit/service provider shall face in this change over from earlier law to GST.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. GST is payable on the supply of goods or services. In this webinar, we will be able to understand and analyse the provisions related to time and value of supply under GST.
Refunds under GST & Impact of GST Audit on Statutory/ Tax AuditsGST Law India
The following presentation enumerates how to claim refund under GST and also auditing mechanism such as auditing by a chartered accountant, taxing authorities and special audit under GST. The presentation also details out the treatment of zero rated supplies and deemed export.
Article is about when to apply GST Refund when goods or services are exported out of India. Legal provisions for process of GST refund scheme. GST is a destination based consumption tax where in the levy of tax moves along with goods and /or services.where a goods exporter is not in position to utilize the GST paid in inputs such as raw material , inputs etc. which are used for export of goods shall apply for refund of GST paid by goods exporter. By taking GST Refund Exporter of Goods can increase its business working capital.
Topics to be covered:
Introduction of ICDS
Applicability of ICDS
Scope
Identification of tangible assets
Components of Actual cost
Special cases
Inclusions and Exclusions
Self-constructed tangible fixed asset
Non-monetary consideration
Improvements and Repairs
Joint ownership and Joint cost
Transitional provisions
Differences between ICDS V, AS-10 and Ind-AS-16
Taxmann’s Ultimate Best-Seller for Indirect Taxes – ‘GST Ready Reckoner', is a ready referencer for all provisions of the GST Law. It covers all important topics of GST along with relevant Case Laws, Notifications, Circulars, etc.
The Present Publication is the 15th Edition, authored by Mr. V.S. Datey & Updated till 1st February 2021. This book follows the Six-Sigma approach to achieve the benchmark of ‘zero-error’.
The book has been divided into 55 chapters in respect of all-important-provisions of GST, including the following:
•GST – An Overview
•IGST, CGST, SGST and UTGST
•Taxable Event in GST
•Supply of Goods or Services or both
•Classification of Goods and Services
•Value of Taxable Supply of Goods or Services or both
•Valuation Rules if value for GST not ascertainable
•VAT concept and its application in GST
•Input Tax Credit
•Input Tax Credit – Other Issues
•Input Tax Credit when exempted as well as taxable supplies made
•Input Service Distributor
•Persons liable to tax
•Place of supply of goods or services or both other than exports or impacts
•Place of supply in case of export or import of goods or services or both
•Exports and Imports
•Special Economic Zones and EOU
•Time of Supply of Goods and Services
•Reverse Charge
•Exemption from GST by issue of Notification
•Concession to small enterprises in GST
•Construction and Works Contract Services
•Real Estate Services relating to residential and commercial apartments
•TDR/FSI/Upfront amount in long term lease in real estate transactions
•Distributive Trade Services
•Passenger Transport Services
•Financial and related services
•Leasing or rental services and licensing services
•Software and IPR Services
•Business and production services
•Job Work
•Telecommunication, broadcasting and information supply
Community social, personal and other services
Government related activities
•Basic procedures in GST
•Registration under GST
•Tax Invoice, Credit and Debit Notes
•E-way Bill for transport of goods
•Payment of taxes by cash and through input tax credit
Returns under GST
•Assessment and Audit
•Demands and recovery
•Refund in GST
•Powers of GST Officers
•Offences and penalties
•First Appeal and revision in GST
•Appeal before Appellate Tribunal
•Appeals before High Court and Supreme Court
•Prosecution and compounding
•Provisions relating to evidence
•Electronic Commerce
•Miscellaneous issues in GST
•GST Compensation Cess
•Transitory Provisions
•Constitutional Background of GST
Also Available
[15th Edition] of Taxmann’s GST Manual with GST Law Guide & Digest of Landmark Rulings
[14th Edition] of Taxmann’s GST Tariff with GST Rate Reckoner
[10th Edition] of Taxmann’s GST How to Meet Your Obligations
[2nd Edition] of Taxmann’s GST Case Laws Digest (A Section-wise Case Book of 1,900+ Judgements)
Taxmann's GST Tariff with GST Rate Reckoner (Set of 2 Volumes)Taxmann
Taxmann’s GST Tariff contains GST Tariff for Goods and Services. It provides HSN-wise and SAC-wise Tariff of all the Goods and Services.
The Present Publication is the 14th Edition, authored by Taxmann’s Editorial Board, is amended up to 1st February 2021, with the following noteworthy features:
Taxmann's series of Bestseller Books on GST Tariff
Follows the six-sigma approach, to achieve the benchmark of 'zero error'
The Present Publication is published in two volumes & divided into 6 divisions, which are listed as follows:
•GST Tariff for Goods with HSN Code
Rates Specified in other Acts
•GST Rate Reckoner for Goods/Commodity Index
•GST Tariff for Services
Services Index
•GST Tariff Notifications (Rate of Tax and Exemptions)
The details coverage of the book is as follows:
•GST Tariff for Goods with HSN Code
•Arrangement of Chapters
•GST Tariff for Goods with HSN Code
•General Rules for the Interpretation of this schedule
•Rates Specified in other Acts
•Rates specified in Central Excise Act
•National Calamity Contingent Duty
•Additional Duty on Tobacco
•Additional Duty on Motor Spirit (Petrol)
•Additional Duty on High Speed Diesel Oil
•Special Additional Excise Duty on Motor Spirit and High Speed Diesel Oil
•Road & Infrastructure Cess
•Agriculture Infrastructure and Development Cess
•GST Rate Reckoner for Goods/Commodity Index
•GST Tariff for Services
•Arrangement of Services
•Central Goods & Services Tax/State Goods & Service Tax Tariff for Services
•Integrated Goods & Services Tax Tariff for Services
•Compensation Cess
•Rate of Tax and Exemption Notifications for Services
•Reverse Charge in case of intra-State supplies of services
•Reverse Charge in case of inter-State supplies of services
•Notified categories of services the tax on intra-State/inter-State supplies of which shall be paid by electronic commerce operator
•No refund of unutilised Input Tax Credit
•Notified registered persons who shall pay tax on reverse charge basis on certain specified supplies of goods or services or both received from an unregistered supplier
•Notified rate of tax to be levied on specified first intra-State supplies of goods or services
•Latest Clarifications
•Latest Case Laws
•Explanatory Notes
•Services Index
•GST Tariff Notifications (Rate of Tax and Exemptions)
What do you think are the challenging issues, immediately affecting a person covered under earlier laws?
The objective of this presentation is to impart understanding on various issues which a business unit/service provider shall face in this change over from earlier law to GST.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. GST is payable on the supply of goods or services. In this webinar, we will be able to understand and analyse the provisions related to time and value of supply under GST.
Decoding Notification No. 40-2017-CT & 41-2017-ITPriyank Shah
Hello Friends,
Many a times our clients miss the small procedures laid down under various notifications which have a considerable impact on tax outflow at a later stage.
Notification No. 40/2017-Central Tax & 41/2017-Integrated Tax dt.23rd October 2017 are two of such notifications providing conditional benefits to tax payers. We have herewith tried to simplify the understanding of benefits, procedures and it's implications under the said notifications. We have also highlighted the procedure for claiming refund of ITC on such supplies as clarified by the department from time to time.
Hope the content will be useful for the readers.
The conception of TDS was introduced with the end to collecting duty from the veritable source of income. As per this conception, a person( deductor) who’s liable to make payment of specified nature to any other person( deductee) shall abate duty at source and remit the same into the account of the Central Government. The deductee whose income duty has been subtracted at source would be entitled to get a credit of the quantum so deducted on the base of Form 26AS or TDS instrument issued by the deductor.
Similar to ANAYLSIS OF PROVISION OF SECTION -206 ON CASH SALE OF GOODS / SERVICES & ITS REPORTING IN AIR (20)
Have recently taken a session on the topic "Place of supply of services -domestic transaction", section 12 of the IGST Act covering its detailed provision, rules, and illustrations. Sharing the presentation, hope you will find it useful. #GST #GSTIND #gstupdates #gstindia #gst #tax #law
Recently took session on Assorted GST Case studies on Supply , ITC and Valuation. Sharing PPT of the same for the benefit.
Covering various case law analysis and judgement delivered by courts as well as Advance rulling authorities.
CASE STUDY PAPER - GST- INTRICATE ISSUES IN ENTERTAINMENT & HOSPITALITY SEC...Ramandeep Bhatia
Dear Sir/Madam, I have recently taken a session in an IDT Study circle organized by the Bombay Chartered Accountants Society (BCAS) on the case study based topic INTRICATE ISSUES IN ENTERTAINMENT & HOSPITALITY SECTOR, Pleased to share with you the case study paper and background material prepared for discussion for common benefit. Thanks - Ramandeep Singh Bhatia
CASE STUDY PAPER - GST- INTRICATE ISSUES IN ENTERTAINMENT & HOSPITALITY SEC...Ramandeep Bhatia
Dear Sir/Madam, I have recently taken a session in an IDT Study circle organized by the Bombay Chartered Accountants Society (BCAS) on the case study based topic INTRICATE ISSUES IN ENTERTAINMENT & HOSPITALITY SECTOR, Pleased to share with you the case study paper and background material prepared for discussion for common benefit. Thanks - Ramandeep Singh Bhatia
Brief presentation on GSTR -2B along with screenshots from the GST Portal.Ramandeep Bhatia
GSTR 2B is a static ITC statement which provides information regarding ITC available on the basis of returns filed by a supplier. Prepared a brief presentation on the subject along with screenshots from the GST Portal.
A voluntary dispute resolution scheme called as Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 has been introduced by the Government for resolution of the Legacy disputes under Central Excise, Service Tax etc. (Incorporating clarification and procedure vide Circular 1071/4/2019-CX8. dated 27/08/2019)
Slide contain discussion on GST Audit Provision , Rules & Format GSTR-9C Notified . Disclaimer - The law and provision are updated as on date of uploading , there are some interpretation involves which may vary.
The PPT contains provision relating to GST Annual Return and form notified. (Please note the understanding is based on the law and format prevailing as on date of uploading and there are some onion and interpretation involve which may vary).
Detailed discussion and analysis on E-way rule GST - Rule 138 India Ramandeep Bhatia
Detailed discussion and analysis on E-way rule
Electronic Way Bill (E-Way Bill) is basically a compliance mechanism, Wherein by way of a digital interface
The person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods.
Hello Friends ,
This slides contains
1) Service Tax Amendments Finance Act 2016
2) CENVAT Rules Amendments Fiance Act 2016
3) Case Laws-
a) No Service Tax on FLats where value of land is included.
b) No Service Tax Audit by Departmental Person
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
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how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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2. Section - 206C, Income-tax Act, 1961
BB.—Collection at source
Profits and gains from the business of trading in alcoholic liquor, forest produce,
scrap, etc
206C (1) Every person, being a seller shall, at the time of
debiting of the amount payable by the buyer to the account of
the buyer or at the time of receipt of such amount from the
said buyer in cash or by the issue of a cheque or draft or by
any other mode, whichever is earlier, collect from the buyer of
any goods of the nature specified in column (2) of the Table
below, a sum equal to the percentage, specified in the
corresponding entry in column (3) of the said Table, of such
amount as income-tax:
2
3. Section - 206C, Income-tax Act, 1961
Sl.
No.
Nature of goods Percentage
(1) (2) (3)
(i) Alcoholic Liquor for human consumption One per cent
(ii) Tendu leaves Five per cent
(iii) Timber obtained under a forest lease Two and one-half
per cent
(iv) Timber obtained by any mode other than under a
forest lease
Two and one-half
per cent
(v) Any other forest produce not being timber or
tendu leaves
Two and one-half
per cent
(vi) Scrap One per cent
(vii) Minerals, being coal or lignite or iron ore One per cent: 3
4. Section - 206C, Income-tax Act, 1961
(1A) Notwithstanding anything contained in sub-section (1), no
collection of tax shall be made in the case of a buyer, who is resident in
India, if such buyer furnishes to the person responsible for collecting
tax, a declaration in writing in duplicate in the prescribed form33 and
verified in the prescribed manner to the effect that the goods referred
to in column (2) of the aforesaid Table are to be utilised for the
purposes of manufacturing, processing or producing articles or things
or for the purposes of generation of power and not for trading
purposes.
(1B) The person responsible for collecting tax under this section shall
deliver or cause to be delivered to the 34[Principal Chief Commissioner
or] Chief Commissioner or 34[Principal Commissioner or]
Commissioner one copy of the declaration referred to in sub-section
(1A) on or before the seventh day of the month next following the
month in which the declaration is furnished to him.
4
5. Section - 206C, Income-tax Act, 1961
(1C) Every person, who grants a lease or a licence or enters into a
contract or otherwise transfers any right or interest either in whole or in
part in any parking lot or toll plaza or mine or quarry, to another
person,
other than a public sector company (hereafter in this section referred
to as "licensee or lessee") for the use of such parking lot or toll plaza or
mine or quarry for the purpose of business shall, at the time of debiting
of the amount payable by the licensee or lessee to the account of the
licensee or lessee or at the time of receipt of such amount from the
licensee or lessee in cash or by the issue of a cheque or draft or by any
other mode, whichever is earlier, collect from the licensee or lessee of
any such licence, contract or lease of the nature specified in column (2)
of the Table below, a sum equal to the percentage, specified in the
corresponding entry in column (3) of the said Table, of such amount as
income-tax:
5
6. Section - 206C, Income-tax Act, 1961
Sl. No. Nature of contract or licence or
lease, etc.
Percentage
(1) (2) (3)
(i) Parking lot Two per cent
(ii) Toll plaza Two per cent
(iii) Mining and quarrying Two per cent.
Explanation 1.—For the purposes of this sub-section, "mining and
quarrying" shall not include mining and quarrying of mineral oil.
Explanation 2.—For the purposes of Explanation 1, "mineral oil" includes
petroleum and natural gas.
6
7. Section - 206C, Income-tax Act, 1961
“(1D)New Every person, being a seller, who receives any amount in cash as
consideration for sale of bullion 35[***] or jewellery, or any other goods (other
than bullion or jewellery) or providing any service, shall, at the time of receipt
of such amount in cash, collect from the buyer, a sum equal to one per cent of
sale consideration as income-tax, if such consideration,—
(i) for bullion, exceeds two hundred thousand rupees; or
(ii) for jewellery, exceeds five hundred thousand rupees; or
(iii) for any goods, other than those referred to in clauses (i) and (ii), or any
service, exceeds two hundred thousand rupees:
Provided that no tax shall be collected at source under this subsection on any
amount on which tax has been deducted by the payer under Chapter XVII-B.
(1D)Old Every person, being a seller, who receives any amount in cash as
consideration for sale of bullion 35[***] or jewellery, shall, at the time of receipt
of such amount in cash, collect from the buyer, a sum equal to one per cent of
sale consideration as income-tax, if such consideration,—
(i) for bullion, exceeds two hundred thousand rupees; or
(ii) for jewellery, exceeds five hundred thousand rupees.
7
8. Section - 206C, Income-tax Act, 1961
1E) Nothing contained in sub-section (1D) in relation to sale of any
goods (other than bullion or jewellery) or providing any service shall
apply to such class of buyers who fulfil such conditions, as may be
prescribed.
(1F)New Every person, being a seller, who receives any amount as
consideration for sale of a motor vehicle of the value exceeding ten
lakh rupees, shall, at the time of receipt of such amount, collect from
the buyer, a sum equal to one per cent of the sale consideration as
income-tax.”
8
9. DEFINITION OF SELLER ?
Seller” means
1) the Central Government, a State Government or any local
authority or corporation or authority established by or under a
Central, State or Provincial Act, or
2) any company or
3) firm or
4) co-operative society and
5) also includes an individual or a Hindu undivided family whose
total sales, gross receipts or turnover from the business or profession
carried on by him exceed the monetary limits specified under clause
(a) or clause (b) of section 44AB during the financial year
immediately preceding the financial year in which the goods of the
nature specified in the Table in sub-section (1) or sub-section (1D)
are sold or services referred to in sub-section (1D) are provided.
9
10. DEFINITION OF BUYER ?
Buyer” with respect to—
(i) sub-section (1) means a person who obtains in any sale, by way of
auction, tender or any other mode, goods of the nature specified in the
Table in sub-section (1) or the right to receive any such goods but does not
include,—
(A) a public sector company, the Central Government, a State Government,
and an embassy, a High Commission, legation, commission, consulate and
the trade representation, of a foreign State and a club; or
(B) a buyer in the retail sale of such goods purchased by him for personal
consumption;
(ii) sub-section (1D) 1[or sub-section (1F)] means a person who obtains in
any sale, goods of the nature specified in the said sub-section;
♠ TCS is applicable even if buyer buys goods for his personal consumption.
10
11. WHAT IF PAN NO , NOT PROVIDED ?
♠ TCS @ 1% to be collected even if no PAN is provided by the
Purchaser.
In that case Form 60 to be obtained from the Purchaser and
Return in Form 61 also to be filed (if Tax Audit applicable).
Deduction at higher rate in case PAN not available (Section
206AA) is not applicable for
11
12. IS QUOTING OF PAN MANDATORY?
RULES 114B, 114C, 114D [Applicable w.e.f. 01/01/2016]
(Requirement for Quoting PAN in specified transactions)
- For General Transactions of Sale or Purchase of Goods or Services
of any nature PAN to be quoted where amount exceeds Rs. Two lacs
per transaction
- For Sale or purchase of motor vehicle PAN to be quoted irrespective
of amount.
-For Sale of purchase of immovable property PAN to be quoted for
amount > 10 lacs.
-For Purchase of foreign currency in cash PAN to be quoted for
payment exceeding Rs. 50000 at any one time.
-For Payment in cash for services to Hotel or restaurant PAN to be
quoted, against a bill exceeding Rs. 50,000 at any one time. For
PAN to be quoted for Payment in cash for services in connection with
foreign travel exceeding Rs. 50000 at any time. 12
13. IS TCS TO BE COLLECTED ON CASH RECEIVED?
What section Says ?
“Every person, being a seller, who receives any amount in cash
as consideration for sale of bullion 35[***] or jewellery, or any
goods (other than bullion or jwellery) shall, at the time of
receipt of such amount in cash, collect from the buyer, a sum
equal to one per cent of sale consideration as income-tax, if
such consideration,
That Means : Invoice value , irrespective some portion may be
received in other mode than cash
13
14. IF CONSIDERATION OF AMOUNT FOR GOODS
SOLD/PROVISION OF SERVICE, DIRECTLY DEPOSITED BY
CUSTOMER IN THE BANK ACCOUNT OF SELLER??
Yes, then TCS provision is applicable, as amount received in
cash but deposited in bank.
Does receipt of bearer cheque or cheque which is
crossed without the words “account payee” amount
to receiving consideration in cash?
Since Section 206 (1D) uses the words cash, and not “otherwise
than by crossed account payee cheque or bank drafts” like in other
provisions, it would appear that bearer cheque or cheques crossed
without the words “account payee” would not be regarded as “cash”.
This matter also needs CBDT’s clarification. 14
15. Whether TCS is applicable where goods are exchanged
under Barter System [say Motor Vehicle is exchanged
for another Motor Vehicle]
Since TCS is applicable only to receipt of cash as
consideration for sale, TCS provisions u/s 206C(1D) shall not
apply where payment is received through exchange of goods.
But provided if after exchange, certain amount is received in
cash, TCS provision will be applicable and therefore tax @
1% to be collected on entire Invoice Value.
15
16. COLLECTION OF TCS TO BE ON RECEIPT BASIS OR ON
INVOICE BASIS?
Act Says – “Every person being a seller,…………….at the time of
receipt of such amount, collect from the buyer…………” – Sub
Section 1D
Collection of TCS to be on Receipt basis; no regards to when
Invoice raised.
In case Invoice generated before applicability of law
and amount received in cash after June, 2016;
whether TCS provision will be applicable?
No liability arises to collect TCS; as event arises (Sale of
Goods/Provision of Service) already before applicability of
law, no need to collect tax at source along with amount
received for sale consideration during the period, law became
effective. 16
17. Limit of Rs. 2,00,000/- will be considered on amount
inclusive of Tax or exclusive of Tax?
Based on the reading of the provisions, it is inferred that, for
Limit amount will be considered inclusive of VAT/Service Tax
i.e. Sales Consideration
Rate of 1% for collection of TCS to be charged on Value
inclusive of Tax or exclusive?
Act – “…….a sum equal to one percent of the Sale
Consideration as income tax”.+
TCS to be collected on Value inclusive of VAT/Service Tax i.e. on
our Invoice Amount.
17
18. Discount given to buyer/service provider will be
considered or not?
TCS to be collected on Invoice Value (which is after deducting
discount), which means discount to be considered, if and only if
discount is given on Invoice value, in case is given through any
mode, say by raising credit note discount will not be
considered.
If bill raised, for two different goods sold/two
different services provided and single bill raised,
whose value exceeds Rs. Two Lakh, whether TCS
provision will be applicable
Yes, TCS is to be collected, as the seller/service provider create
a single invoice, it can be for two different goods/services. So
even though the individual value do not exceed Rs. Two Lakhs,
but if the invoice amount exceeds Rs. 2,00,000, then TCS is to
be collected from customers.
18
19. Whether TCS to be collected, in case amount on which
TDS not deducted does not exceed Rs. 2,00,000/-?
Yes, Since Invoice amount exceeds and there is some cash
payment involved.
TDS Provisions applicable on part of the amount only,
then TCS is to be collected? If yes, on what amount?
Example – Service provided of Rs. 2,50,000; from service receiver Rs. 2,00,000
received after deduction of TDS on such amount and rest Rs. 50,000 received
in cash from service receiver.
TCS is to be collected on Rs. 50,000/- at the rate of 1%, therefore from
service receiver Rs. 50,500 (50000+500) to be collected.
19
20. TDS Provisions applicable on part of the amount only,
then TCS is to be collected? If yes, on what amount?
Example – Service provided of Rs. 2,50,000; and Rs. 2,00,000 received
after deduction of TDS on such amount and rest Rs. 50,000 received in
cheque, from service receiver;
no need to collect TCS.
Example – Service provided of Rs. 2,50,000; and Rs. 2,00,000 received
after deduction of TDS on such amount and rest Rs. 45,000 received in
cash and Rs. 5,000 in cheque, from service receiver.
TCS is to be collected on Rs. 50,000/- at the rate of 1%, therefore from
service receiver Rs. 50,500 (50000+500) to be collected.
20
21. Is the threshold limit Rs. 2,00,000 ; transaction-wise/
person – wise or in aggregate?
Based on the reading of the provisions, it is inferred that the
threshold limit for the purpose of collection of tax of Rs.
2,00,000 in case of sale of goods/provision of services should
be considered transaction-wise and not aggregate of all the
transactions for the year.
Example – In case of Motor Vehicle, to a single customer, 3 old cars are sold of
value Rs. 1,50,000 and Rs. 1,80,000 and Rs. 1,90,000 with three different
invoice raised.
Now here since limit of Rs. 2,00,000 will be considered transaction wise i.e.
Value of each car sold though different invoice, and in above said example no
Invoice Value (i..e value of old car) exceed Rs. 2,00,000. Therefore, no liability
to collect Tax at Source arises.
21
22. If motor vehicle sold of value less than Rs. 10,00,000
but more than Rs. 2,00,000 and any amount of sales
consideration received in cash; whether TCS provision
will be applicable?
From reading the provision, clause (iii) of sub section
1D excludes only clause (i) and clause(ii) of such sub
section, which means clause (iii) covers every event of
sale of any goods (i.e. it can be motor vehicle), other
than bullion or jewellery of value more than Rs.
2,00,000 provisions of TCS will be applicable.
22
23. Amount of Sale Consideration received in
parts/stages?
Illustration: Motor vehicle worth 20 lakh is sold and for which
payments arc made in installments, one at the time of booking
and the other at the time of delivery. At the time of booking 5
lakh rupees are paid and 15 lakh rupees are paid at the time of
delivery.
Tax at the rate of 1 % on 5 lakh rupees at the time of booking
and at the rate of I % on remaining 15 lakh rupees at the time
of delivery shall be collected at source.
Similar will be the position with regard to collection of tax at
source under sub-section (1 D) of section 206C.
23
24. In case, motor vehicle of value more that Rs. 2 Lakh
but less than or equal to Rs. Ten Lakh, financed and
part amount received from Financer and some
amount in cash from buyer, when and how TCS to be
collected?
Tax is to be collected at the rate of 1% on booking amount at
the time of booking and rest amount of TCS i.e. 1% on sales
consideration, after deducting TCS collected at the time of
booking;
but in Finance case, part of the amount is received from
Financer, here at the time of receiving margin money (before
receiving money from Financer) from buyer tax at the rate of
1% can be collected, considering practical situation.
24
25. In case any amount received, refunded to
buyer/service receiver after payment of TCS to
Government, in the event service being not provided/
or sold goods returned?
Buyer/service receiver, amount refundable can be amount
agreed between seller/service provider and buyer/service
receiver, in respect of Goods sold/Provision of Service, not
amount collected from buyer/service receiver for TCS can be
refunded to buyer/service receiver, as tax collected from
customer would being already paid to Government and in Act
there is no provision of refund of TCS deposit or to adjust such
TCS deposit, only provision for TDS is specified.
So practically, it would not be possible to refund tax to
buyer/service receiver on cancellation of services to be
provided or return of goods of value after depositing it with
Government. 25
26. “ Every person, being a seller, who receives any
amount as consideration for sale of a motor vehicle
of the value exceeding ten lakh rupees, shall at the
time of receipt of such amount, collect from the
buyer, a sum equal to one percent of the sale
consideration as income tax.
– Sub Sec. 1F New of Section 206C.
26
27. Definition of Motor Vehicle?Does it include two
wheeler also, buses , Trucks also ?
under section 2(28) of the Motor Vehicle Act, 1988, which read as under :
‘”motor vehicle” or “vehicle” means any mechanically propelled vehicle
adapted for use upon roads whether the power of propulsion is transmitted
thereto from an external or internal source and includes a chassis to which a
body has not been attached and a trailer; but does not include a vehicle
running upon fixed rails or a vehicle of a special type adapted for use only in
a factory or in any other enclosed premises or a vehicle having less than
four wheels fitted with engine capacity of not exceeding thirty five cubic
centimetres.”
It includes trucks, buses, two-wheelers and cars.
27
28. Whether TCS to be collected, if Motor vehicle of
value exceeding Rs. 10,00,000 purchased for personal
consumption from Retail Buyer?
Act – “ sub –section (1D) or (1F) means a person who obtains in any sale,
goods/services of the nature specified in the said sub-section” – Explanation
1.
Yes, still Tax is to be collected at Source; as definition of Buyer is amended for
clause VII in Bill passed in Lok Sabha, which specifically covers everyone as
buyer, no one is excluded from Scope.
Rate of 1% for collection of TCS to be charged on Ex-
showroom Price or On-Road Price?
Act – “…….a sum equal to one percent of the Sale Consideration as income
tax”.
TCS to be collected on Ex-showroom Price i.e. again on Sale Consideration
(the Invoice amount, which include VAT)
28
29. Whether Manufactures, Supplier , Inter Dealer will
also collect TCS?
Yes, Manufacturers will also collect TCS from Dealers; as
everyone is covered.
If Ex-showroom Price of motor vehicle exceeds Rs.
10,00,000 but after giving discount, value is less than
or equal to Rs. 10,00,000; whether TCS is to collected?
No need to collect TCS, as liability of TCS arises only if sales
consideration (invoice amount) exceeds Rs. 10,00,000, but after
giving discount to customers the invoice amount do not exceed
Rs. 10,00,000 and hence no liability of TCS arises.
29
30. Whether amount of TCS to be collected at the time of
Receipt of Booking Amount?
Yes, on first receipt itself the TCS to be collected, which means
TCS is to be collected with booking amount itself
If Ex-showroom Price of motor vehicle exceeds Rs.
10,00,000 but after giving discount, value is less than
or equal to Rs. 10,00,000; whether TCS is to collected?
No need to collect TCS, as liability of TCS arises only if sales
consideration (invoice amount) exceeds Rs. 10,00,000, but after
giving discount to customers the invoice amount do not exceed
Rs. 10,00,000 and hence no liability of TCS arises.
30
31. RULE - 114E. -ANNUAL INFORMATION RETURN
(1) The statement of financial transaction required to be
furnished under sub-section (1) of section 285BA of the
Act shall be furnished in respect of a financial year
in Form No. 61A and shall be verified in the manner
indicated therein.
(2) The statement referred to in sub-rule (1) shall be furnished
by every person mentioned in column (3) of the Table
below in respect of all the transactions of the nature and
value specified in the corresponding entry in column (2)
of the said Table in accordance with the provisions of
sub-rule (3), which are registered or recorded by him on
or after the 1st day of April, 2016, namely:—
31
32. Sl. No. Nature and value of transaction Class of person (reporting
person)
(1) (2) (3)
11. Receipt of cash payment exceeding
two lakh rupees for sale, by any
person, of goods or services of any
nature
(other than those specified at Sl. Nos.
1 to 10 of this rule, if any.)
Any person who is liable
for audit under section
44AB of the Act.
32
33. (3) The reporting person mentioned in column (3) of the Table under sub-rule (2)
(other than the person at Sl. No. 9) shall, while aggregating the amounts for
determining the threshold amount for reporting in respect of any person as
specified in column (2) of the said Table,—
(a) take into account all the accounts of the same nature as specified in column
(2) of the said Table maintained in respect of that person during the financial
year;
(b) aggregate all the transactions of the same nature as specified in column (2)
of the said Table recorded in respect of that person during the financial year;
(c) attribute the entire value of the transaction or the aggregated value of all
the transactions to all the persons, in a case where the account is maintained
or transaction is recorded in the name of more than one person;
(d) apply the threshold limit separately to deposits and withdrawals in respect
of transaction specified in item (c) under column (2), against Sl. No. 1 of the
said Table. 33
35. CA . RAMANDEEP SINGH BHATIA
Qualifications :
FCA, CS (EXE) , BCOM,
CERT. IFRS, CERT. IDT, CERT. CBA, DISA
Associated to:
-Trainer ICAI Raipur- GMCS/OTC/ITT
- Trainer MCA Investor Awareness Program
- Editor Newsletter Income Tax Bar Association Raipur
- Vice President (Training) – JCI Raipur Capital
- Executive Member of Governing Board of CG IDT Association
+919827152729
ca.ramandeep@yahoo.com
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Twitter/caramandeep