Posted On:  2 months ago

Overview of IGST under Goods and Service Tax

A supply of goods and/or services in the course of inter-State trade or commerce means any supply where the location of the supplier and the place of supply are in different States, two different union territory or in a state and union territory Further import of goods and services, supplies to SEZ units or developer, or any supply that is not an intra state supply. (Section 7 of the IGST Act).

article author One Roof Consultant

Posted On:  2 months ago

FAQs on Refunds under Goods and Service Tax (GST)

“Refund” includes (a) any balance amount in the electronic cash ledger so claimed in the returns, (b) any un utiized input tax credit in respect of (i) zero rated supplies made without payment of tax or, (ii) where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies (other than nil rated or fully exempt supplies), (c) tax paid by specialized agency of United Nations or any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947, Consulate or Embassy of foreign countries on any inward supply

article author One Roof Consultant

Posted On:  2 months ago

FAQS on Meaning and Scope of Supply under GST

The taxable event under GST shall be the supply of goods or services or both made for consideration in the course or furtherance of business. The taxable events under the existing indirect tax laws such as manufacture, sale, or provision of services shall stand subsumed in the taxable event known as ‘supply:

article author One Roof Consultant

Posted On:  3 months ago

GST update definition of Outward supply and Zero Rated Supply

“Outward Supply” in relation to a person, shall mean supply of goods or services, whether by sale, transfer, barter, exchange, licence, rental, lease or disposal or any other means made or agreed to be made by such person in the course or furtherance of business;”

article author CA PRADEEP JAIN

Posted On:  4 months ago

Evidence of Import under Import Data Processing and Monitoring System (IDPMS)

Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 05 dated October 06, 2016 read with Section 5 and Section 10 of the Foreign Exchange Management Act 1999 (42 of 1999), Government of India Notification No. G.S.R. 381(E) dated May 3, 2000 viz., Foreign Exchange Management (Current Account Transaction) Rules, 2000 on import of goods, FED Master Direction No. 17 dated January 1, 2016 on Import of Goods and Services and A.P. (DIR Series) Circular No. 9 dated August 24, 2000 which outlines the procedure, mode/manner of payment for imports and submission of related returns.

article author One Roof Consultant

Posted On:  5 months ago

Special Economic Zones (Amendment) Rules, 2016

In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely

article author One Roof Consultant

Posted On:  8 months ago

Delayed, incomplete or incorrect filing of Import Manifest or Import Report

Kind reference is invited to CBEC Circular No.’s 13/2005-Cus., dated 11-3-2005 & Circular No. 44/2005 Cus., dated 24-11-2005 on the above subject. 2. In the Circular No. 13/2005-Cus., dated 11.3.2005, CBEC had categorised the amendments carried out in the IGMs as Major and Minor respectively. Further in the amending circular No. 44/2005-Cus., dated 24-11-2005, it was provided that need for adjudication will arise only in cases of major amendment involving fraudulent intention or substantial revenue implication. It was the view of the CBEC that the penal action is not initiated mechanically in all cases of IGM amendment and that due consideration may be given to the circumstances of amendment.

article author One Roof Consultant

Posted On:  11 months ago

All about Deduction U/S 80C to 80U

Taxes are an integral component in our country, with them accounting for a major portion of the income earned by the government, income which is utilised to provide certain basic provisions to citizens. Individuals who earn more than a certain amount are expected to pay taxes, as per the existing tax slabs. While these taxes can be harsh on the bank balance of a taxpayer, the government also provides certain provisions wherein one can save tax. Tax deductions can help one reduce the taxable income, lowering their overall tax liability and thereby helping th

article author Ashish Srivastava

Posted On:  12 months ago

Exports Promotion Capital Goods Scheme

Exports Promotion Capital Goods Scheme (EPCG)

article author HARSHAL FIFADRA

Posted On:  1 year ago

General procedure of bank branch audit and important facts, concept of banking

Banking sector is the backbone of the economy. But now a days it is a major weak sector. What would be the probable reason for the same, i wanted to highlight the same. Since the weakness is in whole sector hence the responsibility of the auditor will automatic get increase, so i wanted to brief about the General Audit Procedure in case of Bank Branch Audit and important terms.

article author Darshan Jain

Posted On:  1 year ago

Provisions relating to Direct Taxes- Finance bill 2016

The Finance Budget is annually presented in the Parliament and after debate and discussion the Bill is passed with some changes. However broadly the Bill remain the same.

article author CA Chirag Chauhan

Posted On:  1 year ago

Recapitulation of errors that need instant rectification!

With the budget round the corner, the Department of Ministry of Finance is flooded with the representations conveying the expectations, suggestions, amendments and clarifications in the laws to be implemented in the forthcoming budget. Although, the list of expectations and amendments needed is never ending, but this article is penned to highlight the changes expected by the assesses in indirect taxation laws which if not considered, may create difficulties in doing business in an easy manner thereby refuting the motto of ‘ease of doing business’.

article author CA PRADEEP JAIN

Posted On:  1 year ago

Know all about ECB- external commercial borrowings in India

What is External commercial borrowings in Indian context ? ECB is allowed/permitted to all companies/entities ? OR who is eligible to take ECB ? ECB funds can be utilised for what purposes ?

article author CA Nikesh Sheth

Posted On:  2 years ago


Goods and Services Tax (GST) is said to be the most awaited indirect tax reform of India since independence. Due to much hyped advantages, the industry is eager to welcome GST and so is the Government. On the way forward to GST, government has issued the ‘Report of The Joint Committee on Business Processes for GST’ for the persual of industry at large. Suggestions have also been invited for the improvement of business processes discussed in this report. The report is divided into three parts namely GST Registration, GST payment process and GST refund process. In this piece of diction, we have tried to give an insight of the third part of this report namely “GST Refund process”.

article author CA PRADEEP JAIN

Posted On:  2 years ago

Legal Education in India

Time to rethink or rather revolutionize the system of legal education in India.A quality Education is todays need as it is the development of intellectual skills and knowledge which will equip learners to fulfil the needs of professionals, decision makers and trainers.

article author Rakesh Singh