We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
GST Rules: Here're the list of 25 key takeaways of final GST rules passed by GST council in meeting. Visit https://www.taxmann.com/BlogPost.aspx for more details on GST.
E book GST Transitional Credits - Disputes & Way ForwardTaxmann
CONTENTS
1. Background of Transitional Provision
2. Practical issues faced in transitional provisions
a) Problems due to the automation process Other reasons
3. The issues in transitional credit can be summarized
as follows:
a) Applicable to all sub-sections (1) to (8) of Section 140.
b) Section 140(1) & (2) – Transfer of closing balance of credit
4.Impact of retrospective amendment in explanation 11
1, 2, and 3 of Section 140.
Recently Hon’ble Delhi High Court has given a landmark judgment in the matter of “Brand Equity Treaties Limited & Others Vs The Union of India & Others” holding that all the taxpayers are allowed to the transitional claim of tax credit as available as on 30th June, 2017 under Pre-GST regime by filing form TRAN-1 till 30th June 2020. Hon’ble High Court has held that the statutory time limit given is only directory and therefore, the period of limitation of 3 years under the Limitation Act would apply. More details about this ruling is given in this update #gst #gstupdate #snr #krestonsnr
The twenty fourth issue of our monthly tax newsletter – Tax Inform, is out. Through these newsletters, we provide a compilation of key tax-related case laws, circulars, notifications, etc. issued by the authorities in the previous month, impacting entities and individuals operating in India.
GST Rules: Here're the list of 25 key takeaways of final GST rules passed by GST council in meeting. Visit https://www.taxmann.com/BlogPost.aspx for more details on GST.
E book GST Transitional Credits - Disputes & Way ForwardTaxmann
CONTENTS
1. Background of Transitional Provision
2. Practical issues faced in transitional provisions
a) Problems due to the automation process Other reasons
3. The issues in transitional credit can be summarized
as follows:
a) Applicable to all sub-sections (1) to (8) of Section 140.
b) Section 140(1) & (2) – Transfer of closing balance of credit
4.Impact of retrospective amendment in explanation 11
1, 2, and 3 of Section 140.
Recently Hon’ble Delhi High Court has given a landmark judgment in the matter of “Brand Equity Treaties Limited & Others Vs The Union of India & Others” holding that all the taxpayers are allowed to the transitional claim of tax credit as available as on 30th June, 2017 under Pre-GST regime by filing form TRAN-1 till 30th June 2020. Hon’ble High Court has held that the statutory time limit given is only directory and therefore, the period of limitation of 3 years under the Limitation Act would apply. More details about this ruling is given in this update #gst #gstupdate #snr #krestonsnr
The twenty fourth issue of our monthly tax newsletter – Tax Inform, is out. Through these newsletters, we provide a compilation of key tax-related case laws, circulars, notifications, etc. issued by the authorities in the previous month, impacting entities and individuals operating in India.
Taxmann's Daily Tax Digest | 24th July 2020Taxmann
Taxmann's Daily Tax Digest:
A Daily Section-wise digest of Judgments & Statutes on Income-Tax, GST, Company Laws, FEMA, Banking & Insurance Laws, Accounts & Audit, International Taxation, and Transfer Pricing.
Dear Professional Colleagues,
Sharing with you "Tax Updates- February, '20".
Hope you will find it useful and informative too.
Regards
CA. Reetika G Agarwal
Presentation on GST Transitional Credits - Disputes & Way ForwardTaxmann
Topics Covered in this Presentation:
1. Background of Transitional provisions
A. Different circumstances under Section 140
2. Practical Issues
A. Judgments on Transitional Credits
B. Deemed Credit
3. Impact of transitional provisions amendment
Presentation on Industry 2020: Emerging GST Issues due to COVID-19Taxmann
Topics Covered in this Webinar:
1. ITC on invoices not uploaded by vendors – Amendment in Rule 36(4)
2. Refund/Adjustment of GST already paid on bad debts, and discounts
3. ITC implications if goods are destroyed/disposed off.
4. Eligibility of ITC on masks and sanitizers
Important Topics Covered in the Webinar:
1. How to claim ITC on Invoices of February to
August 2020?
2.Whether full ITC can be availed on invoices
pertaining to period 09.10.2019 to 03.04.2020 on
which no ITC was previously availed?
3. Whether remaining ITC can be claimed in any of
the subsequent months GSTR 3B’s where partial
ITC (10/20%) was availed previously as per Rule
36(4)?
Presentation of Taxmann's Webinar on New GST Return System for Small Taxpaye...Taxmann
In this Webinar, Sunil Kumar & Deepali Mishra have shared an overview on the New GST Return System for Taxpayers effective from 01.01.2021, and its impacts on Indian Businesses.
Coverage of the Webinar:
1. Existing GST Return System
• Existing GST Return System
• Details of E-invoices in Form GSTR-1
2. All About Quarterly Return Monthly Payment (‘QRMP’) Scheme
• QRMP Scheme
• About Invoice Furnishing Facility (‘IFF’)
• Payment of Tax under QRMP Scheme
• Interest and Late Fees
• Due Dates under QRMP Scheme
• Manner of Availment and Non-Availment of scheme
• Illustrations on opting in and opting out
3. New GST Return System Small Taxpayers
• New Return System-Small taxpayers (QRMP Scheme)
4. GST Return System Other Taxpayers
• New Return System - Other Taxpayers
Case laws update - V. K. Subramani - Article published in Business Advisor, dated September 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Cases where gst inputs are not availablevjmglobal1
We serve on FDI advisory, cross-border accounting, International tax planning, and Management consulting needs of our overseas clients all over the world.
We serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
Taxmann's Daily Tax Digest | 24th July 2020Taxmann
Taxmann's Daily Tax Digest:
A Daily Section-wise digest of Judgments & Statutes on Income-Tax, GST, Company Laws, FEMA, Banking & Insurance Laws, Accounts & Audit, International Taxation, and Transfer Pricing.
Dear Professional Colleagues,
Sharing with you "Tax Updates- February, '20".
Hope you will find it useful and informative too.
Regards
CA. Reetika G Agarwal
Presentation on GST Transitional Credits - Disputes & Way ForwardTaxmann
Topics Covered in this Presentation:
1. Background of Transitional provisions
A. Different circumstances under Section 140
2. Practical Issues
A. Judgments on Transitional Credits
B. Deemed Credit
3. Impact of transitional provisions amendment
Presentation on Industry 2020: Emerging GST Issues due to COVID-19Taxmann
Topics Covered in this Webinar:
1. ITC on invoices not uploaded by vendors – Amendment in Rule 36(4)
2. Refund/Adjustment of GST already paid on bad debts, and discounts
3. ITC implications if goods are destroyed/disposed off.
4. Eligibility of ITC on masks and sanitizers
Important Topics Covered in the Webinar:
1. How to claim ITC on Invoices of February to
August 2020?
2.Whether full ITC can be availed on invoices
pertaining to period 09.10.2019 to 03.04.2020 on
which no ITC was previously availed?
3. Whether remaining ITC can be claimed in any of
the subsequent months GSTR 3B’s where partial
ITC (10/20%) was availed previously as per Rule
36(4)?
Presentation of Taxmann's Webinar on New GST Return System for Small Taxpaye...Taxmann
In this Webinar, Sunil Kumar & Deepali Mishra have shared an overview on the New GST Return System for Taxpayers effective from 01.01.2021, and its impacts on Indian Businesses.
Coverage of the Webinar:
1. Existing GST Return System
• Existing GST Return System
• Details of E-invoices in Form GSTR-1
2. All About Quarterly Return Monthly Payment (‘QRMP’) Scheme
• QRMP Scheme
• About Invoice Furnishing Facility (‘IFF’)
• Payment of Tax under QRMP Scheme
• Interest and Late Fees
• Due Dates under QRMP Scheme
• Manner of Availment and Non-Availment of scheme
• Illustrations on opting in and opting out
3. New GST Return System Small Taxpayers
• New Return System-Small taxpayers (QRMP Scheme)
4. GST Return System Other Taxpayers
• New Return System - Other Taxpayers
Case laws update - V. K. Subramani - Article published in Business Advisor, dated September 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Cases where gst inputs are not availablevjmglobal1
We serve on FDI advisory, cross-border accounting, International tax planning, and Management consulting needs of our overseas clients all over the world.
We serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
Demand order passed without giving opportunity of beingvjmglobal1
We serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
We serve on FDI advisory, cross-border accounting, International tax planning, and Management consulting needs of our overseas clients all over the world.
We serve on FDI advisory, cross-border accounting, International tax planning, and Management consulting needs of our overseas clients all over the world.
Demand order passed without giving opportunity of beingvjmglobal1
We serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
We serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
Income tax due dates extension for ay 2021 22vjmglobal1
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
https://vjmglobal.com/
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
https://vjmglobal.com/
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
https://vjmglobal.com/
Importance of filling part b of eway bill vjmglobal1
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
https://vjmglobal.com/
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
https://vjmglobal.com/
Appeal with appellate authority under gstvjmglobal1
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
Supervisory charges are liable to gst (1)vjmglobal1
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
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1. HC permitted revision of TRAN–1 as
Benefit of ITC can’t be denied on ground
of technicalities
2.
3. 1. Brief Facts of the Case
• M/s Bharat Electronics Limited (“BEL”) had
accumulated Input Tax Credit under pre-GST regime
of INR 14,97,28,201/-.
• BEL claimed the ITC by filing Form GST TRAN-01 on
30.10.2017, i.e., within the permitted time period
under GST law.
• While filing TRAN-01, BEL disclosed following
amounts:
• Column 5(b)-Balance Cenvat Credit- INR 14,97,28,201/-.
• Column 6- Cenvat admissible as Input Tax Credit- INR
80,98,936/- (Mistakenly entered instead of entering
complete amount of INR 14,97,28,201/-)
• The Revenue viewed that the BEL is not entitled to
Cenvat Credit as filing the wrong figure in Column
6 of form TRAN-1 is fatal to the claim the ITC
4. 2. Relevant Legal Extracts
• Relevant extracts of the statute is reproduced below for
ready reference:
1.Rule 117 prescribed the manner of transmission of ITC
accumulated during pre-GST regime.
• “Rule 117: Tax or Duty Credit Carried Forward under any
Existing Law or on Goods Held in Stock on the Appointed Day
(Chapter-XIV: Transitional Provisions)
• (1) Every registered person entitled to take credit of input
tax under section 140 shall, within ninety days of the
appointed day, submit a declaration electronically in Form
GST TRAN-1, duly signed, on the common portal specifying
therein, separately, the amount of input tax credit to which
he is entitled under the provisions of the said section:
• ….”
•
5. 3. Contention of the Revenue
Authority
• The Revenue Authority contended the following points:
• As per Rule 120A of CGST Rules, 2017, form TRAN-01 can
be revised only once and that too by 27.12.2017. In the
given case, the BEL has already carried out a
rectification. Therefore, it was not permissible to
carry out one more correction.
• The Revenue Authority also placed his reliance on
precedence of:
• Hon’ble Supreme Court in the matter of “ALD Automotive Private
Limited v. Commercial Tax Officer, (2019) 13 SCC 225 (ALD
Automotive)” and
• Division Bench of Hon’ble High Court of Bombay in the matter
of Nelco Limited v. Union of India [2020 SCC Online Bom 437]
(Nelco).
• Hon’ble High Court of Allahabad in the case of M/s.Ingersoll-
Rand