#itc litigation

[alwaysbewoke]

Earlier this year, the US International Trade Commission (ITC) ruled that Apple had infringed on two patents from medical device maker Masimo. As a result, the ITC said it would impose an import ban on the Apple Watch Series 9 and Ultra 2 starting December 26th. At the time it was hard to believe that this would actually come to pass: Apple gets sued all the time, and even when it loses, how often does it actually face dramatic consequences? Well, now would be one of those times. Experts say that, barring a Christmas miracle, it’s unlikely that Apple will find a way to escape the ban. Case in point, the company shocked everyone yesterday when it decided to preemptively pull the watches from its online store starting December 21st at 3PM ET. And after the 24th, they’ll disappear from Apple Stores, too. “I think Apple sees the writing on the wall and they’re preparing themselves,” says Ben Levi, a partner at Levi Snotherly & Schaumberg, which has experience litigating ITC disputes. It’s rare to see Big Tech lose — and with such tangible consequences at that. There are still ways that Apple can keep the watches on sale, but it’ll likely take a lot of waiting or a lot of money to make it happen.

[lexntaxassociates1]

Tailored GST Consultancy Services for Small and Large Enterprises

In today’s dynamic economic environment, navigating the complexities of Goods and Services Tax (GST) compliance is crucial for businesses of all sizes. Whether you are a small enterprise striving to optimize operations or a large corporation managing multiple tax jurisdictions, the importance of specialized GST consultancy services cannot be overstated. At Lexntax Associates, we provide bespoke GST solutions designed to align with your business objectives, ensuring smooth compliance and maximizing efficiency.

Why GST Compliance Matters for Businesses

Since its implementation, GST has revolutionized India’s indirect tax system, unifying various taxes into a single, streamlined framework. However, the evolving rules, notifications, and frequent amendments make compliance a challenging task. Non-compliance not only attracts penalties but can also lead to business disruptions.

Both small and large enterprises face distinct challenges when it comes to GST:

Small Enterprises: Often lack in-house expertise to handle the intricacies of GST filings, refunds, and audits.

Large Enterprises: Require robust systems to manage complex supply chains, inter-state transactions, and reconciliations.

Understanding these nuances, Lexntax Associates offers specialized GST consultancy services to address the unique requirements of every client, ensuring compliance while focusing on strategic growth.

Lexntax Associates: Expertise in GST Consultancy Services

At Lexntax Associates, we bring years of experience in GST advisory, compliance, and litigation support. Our team of seasoned professionals works closely with businesses to simplify GST processes, enhance compliance, and reduce risks.

Our Core GST Services Include:

GST Registration and SetupWhether you’re a startup or an established business, GST registration is the first step to compliance. Our experts assist in obtaining GSTIN quickly and hassle-free, ensuring you meet all statutory requirements.

GST Return FilingFiling accurate GST returns is critical to avoid penalties and maintain credibility. We handle GSTR-1, GSTR-3B, GSTR-9, and other relevant forms, ensuring timely submission with zero errors.

Input Tax Credit (ITC) OptimizationMaximizing ITC benefits is a key aspect of GST management. Our consultancy focuses on accurate reconciliations and strategies to minimize cash outflows, boosting your business’s liquidity.

GST Audit and AssessmentGST audits can be overwhelming, especially for large enterprises with extensive transactions. Our experts conduct thorough audits, ensuring compliance and addressing any discrepancies proactively.

Litigation Support and RepresentationIn case of disputes or notices from GST authorities, Lexntax provides end-to-end support, representing you before the authorities and helping resolve issues efficiently.

Customized GST TrainingEmpower your team with our tailored GST training sessions, designed to keep them updated with the latest regulations and compliance practices.

Tailored Solutions for Small Enterprises

For small businesses, managing GST compliance can be daunting, especially with limited resources. Many small enterprises struggle with:

Limited understanding of GST rules.

Difficulty managing ITC claims.

Delays in filing returns due to inadequate systems.

At Lexntax Associates, we simplify GST for small businesses by offering:

Affordable Consultancy Packages: Tailored to suit your budget and compliance needs.

End-to-End Support: From registration to filing and dispute resolution.

Simplified Processes: Leveraging technology to reduce manual efforts and errors.

Our aim is to empower small businesses to focus on growth without worrying about GST compliance complexities.

Comprehensive Services for Large Enterprises

Large enterprises operate in a more intricate GST landscape, dealing with:

High transaction volumes.

Complex supply chains across states.

Frequent GST audits and reconciliations.

Lexntax Associates offers:

Scalable Solutions: Designed to manage large volumes of data and transactions efficiently.

Expert Advisory: On GST planning, ITC maximization, and inter-state tax optimization.

Compliance Assurance: Robust systems to ensure timely filings and error-free reporting.

With Lexntax by your side, large enterprises can streamline their GST processes, reduce compliance risks, and focus on strategic initiatives.

Why Choose Lexntax Associates for GST Consultancy Services?

1. Industry Expertise

Our team brings deep knowledge of GST regulations across various industries, enabling us to deliver sector-specific solutions.

2. Tailored Approach

We understand that no two businesses are the same. Our GST consultancy services are customized to meet your unique requirements, whether you’re a startup or a multinational corporation.

3. Technology-Driven Solutions

Leveraging the latest technology, we provide accurate, real-time solutions for GST compliance and reporting.

4. Proactive Advisory

At Lexntax Associates, we don’t just solve problems; we anticipate them. Our proactive advisory helps clients stay ahead of regulatory changes and potential compliance issues.

5. Client-Centric Philosophy

We prioritize your success. Our dedicated consultants work as an extension of your team, providing consistent support and guidance.

Testimonials from Satisfied Clients

“Lexntax Associates has been instrumental in simplifying our GST compliance. Their expertise and proactive approach have saved us time and money.” – Rajesh Mehta, Owner of a Small Retail Business

“For a large organization like ours, GST compliance can be overwhelming. Lexntax’s tailored services have made it seamless. Highly recommend their consultancy!” – Anita Sharma, CFO of a Manufacturing Firm

Partner with Lexntax Associates Today

Navigating the complexities of GST compliance requires more than just knowledge—it demands expertise, precision, and a tailored approach. Whether you are a small enterprise looking for cost-effective solutions or a large organization seeking comprehensive GST management, Lexntax Associates is your trusted partner.

With our GST consultancy services, you can focus on growing your business while we ensure your compliance needs are met efficiently and effectively.

Contact us today to learn more about how Lexntax Associates can help your business thrive in the ever-evolving GST landscape.

Lexntax Associates – Empowering Businesses with Tailored GST Solutions.

[gkkedia001]

Goods and Services Tax Consultant in India: Expert Guidance by G.K. Kedia & Co.

The introduction of the Goods and Services Tax (GST) in India marked a transformative shift in the nation’s tax regime. As a comprehensive, destination-based indirect tax, GST subsumed multiple taxes like VAT, service tax, and excise duty, streamlining the taxation process. However, navigating its complexities requires expert guidance, and this is where G.K. Kedia & Co., a trusted Goods and Services Tax Consultant in India, steps in to ensure compliance and strategic tax planning.

Understanding GST

The GST system operates under a unified framework with distinct categories:

CGST (Central GST): Levied by the Central Government.

SGST (State GST): Levied by State Governments.

IGST (Integrated GST): Applied to inter-state transactions and imports.

This structure simplifies tax processes but requires meticulous compliance due to its intricate provisions, periodic filings, and ever-evolving regulations.

Why Do Businesses Need a GST Consultant?

Complex Compliance: GST mandates multiple filings and adherence to strict timelines, making it challenging for businesses to manage independently.

Tax Planning: A knowledgeable GST consultant helps optimize tax liability and ensures no input tax credits are lost.

Dispute Resolution: Professionals assist in addressing disputes or notices from tax authorities.

Updated Knowledge: GST laws are frequently amended, and staying informed is vital to avoid penalties.

Key Services Offered by G.K. Kedia & Co.

G.K. Kedia & Co. provides end-to-end GST consulting services, including:

1. GST Registration

Guidance on obtaining GST registration for your business, ensuring compliance with eligibility criteria and documentation requirements.

2. GST Return Filing

Assistance in preparing and filing accurate GST returns (GSTR-1, GSTR-3B, etc.) to meet deadlines and avoid penalties.

3. Input Tax Credit (ITC) Management

Expert advice on availing ITC benefits while adhering to GST regulations.

4. GST Audit and Reconciliation

Comprehensive audits and reconciliation services to ensure error-free filings and detect discrepancies in tax reports.

5. Advisory Services

Tailored advice on GST implications for various business transactions and strategic tax planning.

6. Litigation Support

Professional representation during tax assessments, appeals, or disputes with GST authorities.

The Benefits of Working with G.K. Kedia & Co.

Expertise and Experience: With years of experience in tax consultancy, G.K. Kedia & Co. provides accurate, timely, and efficient solutions.

Customized Solutions: The firm understands that every business is unique and offers tailored services to meet specific needs.

Time and Cost Efficiency: By outsourcing GST-related tasks, businesses can focus on core operations while saving time and resources.

Compliance Assurance: With G.K. Kedia & Co., businesses can stay confident about meeting all GST compliance requirements.

Challenges in GST Compliance

While GST simplifies taxation, businesses often face hurdles, such as:

Complex filing processes.

Lack of clarity on rule changes.

Handling multiple registrations across states.

A professional GST consultant ensures these challenges are addressed proactively.

Conclusion

Navigating the GST framework in India demands in-depth knowledge, timely action, and strategic planning. As a leading Goods and Services Tax Consultant in India, G.K. Kedia & Co. offers unparalleled expertise to simplify your tax compliance and ensure your business operates smoothly within the regulatory framework. Whether you're a startup or a large corporation, their comprehensive services help you achieve optimal tax efficiency while staying compliant with all GST requirements.

By partnering with professionals like G.K. Kedia & Co., you can focus on growing your business while leaving the complexities of GST management in capable hands.

[edu-information]

Union Budget 2024: Streamlining Indirect Tax Compliances - Expectations and Challenges

With the Union Budget 2024 set to be presented on July 23, taxpayers and industry experts alike are keenly anticipating changes aimed at streamlining indirect tax compliances, particularly concerning the Goods and Services Tax (GST) and Customs procedures. Saloni Roy, Partner at Deloitte India, sheds light on the current challenges and expected amendments that could significantly impact the tax landscape.

Simplifying GST Compliance

The GST was introduced to simplify India’s tax regime, but taxpayers still face several hurdles. Here are some of the key challenges and expected changes:

Registration Complications

GST registration requires a set of prescribed documents. However, during the application scrutiny, authorities often demand additional documents not listed under the law, such as notarised copies of No Objection Certificates (NOC) or original lease deeds. This leads to delays and additional burdens on taxpayers. A more streamlined and consistent approach to documentation could alleviate these issues.

Biometric Aadhaar Authentication

Currently, key managerial personnel (KMPs) must visit facilitation centres for biometric Aadhaar authentication, which is both time-consuming and cumbersome. A potential solution is allowing KMPs to complete this process at any facilitation centre nationwide, reducing the travel burden and expediting the registration process.

Tax Payments by Overseas Taxpayers

The rise of e-services has expanded the taxpayer base under GST, particularly for online information database access and retrieval (OIDAR) services. However, the process for overseas taxpayers to remit GST payments via Indian intermediary banks is slow and prone to delays. Establishing a more efficient payment system through overseas banks could streamline this process and ensure timely tax remittance.

Addressing IGST Payment Delays

When importing goods, the payment of Integrated Goods and Services Tax (IGST) is made on the ICEGATE portal. However, delays in reflecting these payments on the GSTN portal result in discrepancies in Form GSTR-2B, causing automated notices to be sent to taxpayers. Enhancing the data transmission process between ICEGATE and the GST portal would mitigate these issues.

Challenges in Claiming Input Tax Credit (ITC)

One major challenge under GST is ensuring that vendors have remitted the GST to the government. Currently, there is no online mechanism for buyers to verify this, making it difficult to comply with ITC conditions. Developing a system to track vendor payments would reduce the risk of unwarranted litigation and ease the compliance burden on genuine taxpayers.

Additionally, ITC is often denied when a vendor’s GST registration is cancelled retrospectively. Implementing a real-time tracking system for vendor registration status could prevent such issues and ensure fair treatment of buyers.

Improving Customs Procedures

Customs procedures also face several challenges, and the Budget 2024 is expected to address these:

SVB Investigation Timelines

The Special Valuations Branch (SVB) of Customs often takes years to conclude investigations on imports from related parties, leading to provisional imports and the need for continuous bond submissions. Establishing a clear timeline for SVB investigations and adhering to it would expedite the process and reduce the burden on importers.

Digitisation of Customs

Despite advancements in the clearance of goods, some Customs processes remain manual, such as filing refund applications and replies to notices. Moving these processes online, similar to GST compliances, would save time and align with the ‘Digital Bharat’ mission.

Parting Thoughts

The Union Budget 2024 is poised to set the course for India’s economic trajectory over the next five years. By addressing the aforementioned challenges and streamlining tax compliances, the government can further its goal of making India the fastest-growing economy in the world. Stakeholders are hopeful that the upcoming budget will introduce measures that simplify procedures, reduce litigation, and promote ease of doing business.

[taxandaccountingmumbai]

Advanced GST Topics: Taking Your Knowledge to the Next Level

The Goods and Services Tax (GST) has transformed the taxation landscape in many countries, including India, by streamlining the indirect tax system and promoting ease of doing business. For professionals and business owners, mastering GST is crucial for ensuring compliance and optimizing tax benefits. While foundational knowledge is essential, diving into advanced GST topics can significantly enhance your expertise and career prospects. This article delves into advanced GST topics, guiding you on how to take your knowledge to the next level.

1. Input Tax Credit (ITC) Mechanism

The Input Tax Credit (ITC) mechanism is a cornerstone of the GST framework, allowing businesses to offset their tax liabilities by claiming credit for the tax paid on purchases. Advanced understanding of ITC involves:

Eligibility and Conditions: Knowing which inputs, capital goods, and services are eligible for ITC and the conditions under which they can be claimed.

Blocked Credits: Identifying items for which ITC is not available, such as motor vehicles, outdoor catering, and certain services.

Reconciliation: Mastering the reconciliation process between the GSTR-2A (auto-populated purchase return) and the purchase ledger to ensure accurate ITC claims.

ITC Reversal: Understanding scenarios where ITC needs to be reversed, such as non-payment to suppliers within 180 days or using goods/services for non-business purposes.

2. GST Compliance and Return Filing

Compliance under GST is rigorous, requiring regular return filings and adherence to various procedural norms. Advanced compliance includes:

Annual Return (GSTR-9) and Reconciliation Statement (GSTR-9C): Detailed understanding of these annual returns, the need for reconciliation, and the process of auditing the GST returns.

E-invoicing and E-way Bills: Staying updated with the latest requirements for e-invoicing, which mandates the generation of electronic invoices for B2B transactions, and the rules for e-way bills for the movement of goods.

Payment of Tax and Interest Calculations: Accurate calculation and timely payment of GST, along with understanding the implications of late payments and interest calculations.

3. Recent Amendments and Legal Updates

GST laws are dynamic, with frequent amendments and legal updates. Keeping abreast of these changes is vital:

Notification and Circulars: Regularly reviewing notifications and circulars issued by the GST Council and CBIC (Central Board of Indirect Taxes and Customs) to stay informed about changes in tax rates, compliance procedures, and clarifications on various provisions.

Landmark Judgments: Understanding the impact of key judicial pronouncements on GST law and practice, which can affect interpretations and applications of the law.

4. GST on Specific Sectors

Different sectors have unique GST implications. Advanced knowledge includes:

E-commerce Operators: Comprehending the GST provisions specific to e-commerce, such as Tax Collected at Source (TCS), place of supply rules, and compliance requirements.

Real Estate: Understanding the taxability of real estate transactions, including the reverse charge mechanism, the treatment of works contracts, and the impact of GST on affordable housing.

Export and Import: Detailed knowledge of zero-rated supplies, the refund process for exporters, and the implications of IGST (Integrated GST) on imports and exports.

5. Audit and Assessment Procedures

Advanced GST practice involves a thorough grasp of audit and assessment procedures:

Departmental Audits: Preparing for audits conducted by tax authorities, understanding the scope and requirements, and maintaining proper documentation.

Self-Audit and Internal Controls: Implementing internal controls and conducting regular self-audits to ensure compliance and identify potential issues before they are flagged by authorities.

Litigation and Dispute Resolution: Navigating the dispute resolution process, from responding to show-cause notices to filing appeals and representing before appellate authorities.

Conclusion

Elevating your GST knowledge to advanced levels can significantly benefit your professional journey. Whether you are a tax consultant, accountant, or business owner, understanding the intricacies of advanced GST topics will help you ensure compliance, optimize tax benefits, and stay ahead in a competitive environment. Continuous learning and staying updated with the latest developments are key to mastering the complexities of GST and leveraging its full potential for your business or career.

[freepressjournals]

'One biscuit less in pack': TN consumer forum directs ITC to pay Rs one lakh as compensation

Complainant P Dillibabu of Chennai alleged there were only 15 biscuits inside the packets as against the advertised 16.

TIRUVALLUVAR: The district consumer forum here has directed ITC Ltd Food Division to pay a sum of Rs one lakh to a consumer for alleged unfair trade practice after he complained that packets of the corporate’s biscuit brand Sunfeast Marie Light had one biscuit lesser than that advertised on the wrapper.

The District Consumer Disputes Redressal Forum, in a recent order, also directed the company to “discontinue the selling of the disputed biscuits ‘Sunfeast Marie Light’ in Batch №0502C36 with the specific endorsement.”

It dismissed the company’s submission that the challenge made with regard to weight of biscuits would not apply.

Complainant P Dillibabu of Chennai alleged there were only 15 biscuits inside the packets as against the advertised 16.

“It is argued by the learned counsel for the 1st opposite party (the company) that the product was sold only based on the weight and not on number of biscuits. Such arguments could not be accepted as the wrapper clearly provides the information to the buyers/consumers to purchase the product only based on the number of biscuits.”

“The potential consumer would only see the wrapper to decide the purchase of the product as the product information available on the packing influences the consumer’s buying behaviour and the product information available on the wrapper or label plays a significant role in customer satisfaction,” the order said.

In the present case, the paramount allegation is only with regard to a lesser number of biscuits.

“Thus we answer the point accordingly holding that the 1st opposite party being the manufacturer and marketer had committed unfair trade practice and deficiency in service in misleading the consumers and that the complainant had successfully proved the same by sufficient admissible evidence,” it said.

While Dillibabu sought to impose Rs 100 crore fine on the company and the store that sold it and Rs 10 crore as compensation for the alleged act of unfair trade practice and deficiency in service, it said the reliefs sought by the complainant was exorbitant.

The 2nd opposite party being the shopkeeper had no role to play with respect to the reduction in the number of biscuits. “Hence, complaint dismissed against him,” it said.

The consumer forum subsequently directed that Rs one lakh be given as compensation to Dillibabu by the company and another Rs 10,000 towards litigation expenses to be paid by it to him.

In its defence, ITC submitted that there was no deficiency or defect in the 76-gram biscuit packs of Sunfeast Marie Light in terms of the quantity that the packs were required to maintain under law.

Citing Legal Metrology Rules 2011, it contended that if a pre-packaged commodity has a declared net quantity between 50 gram to 100 gram, then a maximum permissible error in excess or in deficiency of 4.5 gram of the declared quantity was allowed on such items.

As per the rules, a package that has a declared weight of 76 g was permitted to weigh between 71.5 g to 80.5 g, it said.

[patexia]

Find the right ITC counsel with the help of Patexia that offers comprehensive reports containing 400 law firms and 7,000 attorneys based on performance and track record. Pre-order your ITC Attorneys’ report today!

[maruf123]

Many businesses believe that receiving a patent offers complete protection against contravention. However, when a patent is threatened, patent holders should take more forceful measures to protect their interests.

[design-law]

Does this sofa infringe this design patent? An ITC ALJ recently ruled that it does not (and that the patent is invalid per § 112).

[legal-translations-blog]

Know About Deposition Interpreter Services

Looking for an interpreter or a translator that is deposition in a vocabulary or a rare? There is an increasing need for accurate legal services for legal depositions. you want the very best certified legal interpreter service in Mandarin Chinese, Spanish, Korean, Amharic, Japanese, Arabic, Persian, Tagalog, Russian, Bengali, Cantonese Chinese, Farsi, Greek, and other languages. After all, deposition translator and residue interpreter services require knowledge of legal terminology documentation, legal systems, and legalese, as much precision as document translation services for distributing financial statements and agreements, contracts, and IP translation online. When it comes to courtroom interpreting and residue translation services for domestic and foreign litigation, nothing could be left to chance!

Legal Translations Inc., has the experienced deposition interpreters, depo translators, court-certified legal interpreters, registered court interpreters, licensed court interpreters and professionally qualified interpreters which you require!

We can provide on-site deposition translators from the language that you need in many different dialects that are rare and high-demand, exotic languages. And we can offer you over-the-phone interpreting services (OPI), also referred to as remote interpreting by experienced deposition interpreters, if there's not an on-site legal interpreter situated in your specific area, or if just a phone interpreter is available for a specific exotic language. This means you have access to the deposition interpreters that are best wherever you are!

Licensed Court Interpreter for On-Site Deposition Interpretation

We pride ourselves on being a true deposition. Along with the innumerable depositions, ITC trial proceedings, examinations under oath, assessments before diagnosis (EBTs), insurance SIU (Special Investigative Unit) investigations, recorded statements, international arbitrations, attorney-client meetings, IMEs ("separate medical/ mental examinations"), Rule 35 Physical and Mental Examinations, technical evaluations and evaluations, depo preps, FCEs ("functional capacities examinations"), green card immigration interviews, and the USCIS naturalization and adjustment of status interviews, court hearings and trials that we've interpreted, we run a law translation site called"Translation for Lawyers". And our CEO has published a white paper titled"A Lawyer's Guide to Cross-Cultural Depositions".

Plus, when our court translators translate the deposition testimony of your important fact witness or specialist or your ancillary witness, they also understand how the deponent's words match within the frame of your witness' culture. After all, every language and dialect includes worldviews and certain nuances. Using our spoken language interpreting services means never having to take care of misunderstandings or assumptions that may come back to haunt you in court later.

Quite simply, you can rest easy knowing that the legal depositions involving our deposition translators at on-site deposition interpreting assignments, our telephone vulnerability interpreter solutions for Over the telephone deposition interpretation, and our deposition interpreting solutions for remote video depos will run as smoothly as possible.

Along with authorized interpreter services in Mandarin Chinese, Russian, Vietnamese, Spanish to Indonesian English, Somali, our onsite and legal interpreters specialize in just about any language you can imagine! We're linking translation specialists in everything from Cantonese to Swahili, from Farsi to Romanian, from Indonesian to Mandinka, from Punjabi to Tigrinya, from Filipino to Bulgarian, from Somali to Polish, from Hebrew into Dutch, from Czech into Pashto, and more.

Legal Deposition Interpreters

Seeking to locate legal deposition interpreters such as these on your own for phone interpreting and for face-to-face on-site interpretation is a lot harder than you believe because many exotic and less common languages aren't contained in some of the court interpreter certification exams. Simply contact us through email or phone if you're wondering if we can handle the language that you require, and we'll connect you with the perfect interpreter for interpretation assignment!

[realbooksonline]

Digitalization's effects on the GST and Input Tax Credit Mechanism (technical knowhow)

There would be very little interaction between taxpayers and the tax authorities under GST. In this sense, the following are some important clauses:

1. The registration will be given online, and it will be deemed as accepted if no deficiencies are reported to the application within three regular working days.

2. The taxable person is required to assess his taxes and add them to the government's ledger.

3. Internet banking must be used to make electronic tax payments. Smaller taxpayers will be able to pay their taxes using the system-issued challan at the bank counter.

4. Taxpayers must submit monthly reports of financial transactions, claimed ITCs, taxes owed, taxes paid, and other required information using electronic methods. Composition taxpayers must also electronically submit their quarterly returns. You can self-correct any mistakes or omissions before submitting your annual return.

5. The input tax credit will be electronically connected, cancelled, and recovered via the GSTN online interface and business accounting software India without contacting the taxpayer. This would prevent the input tax credit from being reclaimed based on the same invoice or false invoices.

6. Digital accounts and other data can be kept and kept by taxpayers. And RealBooks is available to help you with any inquiries you may have about GST accounting software, enabling you to easily incorporate GST business accounting software India into your company.

The mechanism for Input Tax Credits (GST)

Provisions relating to input tax credits have previously been the focus of litigation. A precise process for collecting and utilizing ITC is laid out in the Model of GST Law Using business accounting software India with GST, which attempts to provide clarity and lessen disagreements. The fundamental components of the law are as follows:

1. If an individual is self-assessed, they may deduct taxes paid on input tax credits in their returns.

2. Taxpayers may utilize the tax credits they get to offset their output tax obligations, except for a few items on the negative list.

3. If the resources are being utilized for commercial purposes or in the creation of taxable supply, the tax paid on the inputs may be credited.

4. The entire input tax credit will be given on capital items immediately upon receipt, as opposed to the current Central Government practice of dividing the credit into two equal installments.

5. Expired input tax credits may be carried forward.

6. The opportunity for group enterprises to share input tax credits has been introduced.

To help you understand GST accounting software India and address any issues you might have, accounting software India is here. This will enable you to easily incorporate GST accounting software into your organization.

[taxguruarticles]

Most Litigated Issues in GST ITC including Fake Invoice and Fake Credit - CA Bimal Jain

[legaladvisorr]

Recovery of Shares in India

As iepf unclaimed shares consultants we have recovered shares of ITC, Matrix lab, JSW, Infosys, Tata Steel, Asian paints and several other companies for clients around the world most notably in United Arab Emirates, United Kingdom, United States of America, Canada, Australia, Germany etc 

Share the following documents to find lost shares:

·          copies of dividend warrants, if any 

·          copies of (old?) certificates, if any 

·          copies of correspondence from the company 

·          copies of bank statements 

How do we get it right?

Before accepting your order, we will thoroughly check all the old and incomplete documents and evidence you provide to us. Contact the company / RTA for confirmation of lost shares. Only then will you see the next steps, time and cost. Up to  this point, you will not bear any costs. Recovery of shares is a legal process that will start only after the client accepts terms and conditions. After that, we will contact the company, registration agency, bank, lawyer, court, notary, etc. directly on your behalf. Make it easy for yourself 

 Are you facing these problems: 

·          Lost or lost stock certificate 

·          Not receiving bonuses / rights / dividends 

·          Demat physical inventory 

·          Shareholder died / died 

·          Shares and dividends transferred to IEPF 

·         Problem to find lost shares

 We support the following: 

·          iepf unclaimed shares, Entitlement Shares and Dividends 

·          Stock certificate duplication procedure 

·          Address change registration procedure 

·          Change  of shareholder name, company, merger of companies 

·          Nomination registration 

·          Rename, d. H. Change the order of registered owner names  

·          Deletion of the name of the deceased partner, transfer of shares 

·          Share transfer procedure 

·          Unreceived dividends 

·          Unclaimed dividends, bonuses, split shares 

 How can I successfully recover unclaimed shares? 

After reading the above steps for applying for shares transferred to IEPF,  the process turned out to be complicated. Stocks are really old, so IEPF fund managers use paperwork to scrutinize billing applications. Therefore, it is more likely that your application will be rejected due to a small error or missing documentation. This is where the support of reputable financial and law firms can play an important role. These companies have experts who know all the nuances of a perfect application with all the important documentation. This reduces the chances of being rejected and makes it easier to claim shares. 

 MUDS: Unrivaled service! 

When it comes to the reputation of the success rate of IEPF claims, MUDS is second to none. With a satisfying customer base across India, MUDS experts provide easy-to-understand solutions to all issues related to IEPF claims. I have also  experienced a legal adviser who can help claim ownership of shares from relatives who have not appointed an heir. Such stocks are often litigated, and MUDS experts can assist in resolving such disputes through legal means. Therefore, if you need a hassle-free solution to recover your iepf unclaimed shares, please contact a MUDS expert today.

[vjmglobal]

10 Key GST Amendments with effect from 01.01.2022

Goods and Service Tax (“GST”) has gone through various changes since implementation and government is making all the efforts to make sure that ITC is claimed only to the extent which is appearing in GSTR-2A and all the practises of passing of fake Input Tax Credit without actual movement of goods is avoided to the maximum. Also, provisions with respect to e-way bill have also been made stringent to make sure that no movement of goods is made without accompanying e-waybill.

In this directions, CBIC has announced some major amendments in Goods and Service Tax which are to be made effective from 01.01.2022. Following are the key changes becoming applicable from 01.01.2022:

1. Aadhar Authentication for Registered Person

With effect from 01.01.2022, every person registered under GST shall get his Aadhar Authentication done.

Aadhar Authentication shall be carried out of authorised signatory and following persons:

In case of failure to complete Aadhar Authentication, the entity shall not eligible for following actions on GST Portal:

Filing of application for revocation of cancellation of GST Registration

File Application of refund in Form GST RFD-01 under Rule 89

Refund of IGST paid on export of goods

If Aadhar number has not been alloted to the concern person then he shall submit the following documents for identification:

Aadhaar Enrolment ID slip and

Bank passbook with photograph/ Voter ID Card/ Passport/ Driving Licence

However, Aadhar authentication should be completed within 30 days of Allotment of Aadhar number

2. GST Leviability on activities or transactions between any person, other than individual, and its members

Under existing provisions, as per Para 7 of Schedule II of CGST Act, 2017, supply of goods by unincorporated associations or BOI to its members for consideration are treated as “Supply of Goods” and therefore, such supply is liable to GST.

There has been a lot of litigations around applicability of GST on goods supplied or services provided by AOP/Society/BOI to its members. There are various precedences on the same.

In the matter of STATE OF WEST BENGAL & ORS. VERSUS CALCUTTA CLUB LIMITED AND CHIEF COMMISSIONER OF CENTRAL EXCISE AND SERVICE & ORS. VERSUS M/S. RANCHI CLUB LTD. [2019 (10) TMI 160 – SUPREME COURT], Hon’ble Supreme Court held that there can be no sale of goods or provision of service between Unincorporated persons and its members due to principle of mutuality. Society/clubs etc. and its members are treated as the same person.

To remove the effect of such precedence, Section 7 of CGST Act, 2017 has been amended to incorporate that the activities or transactions by a person (other than an individual) to its members or constituents or vice-versa for consideration shall be considered as “supply”. Therefore, the same shall be liable to GST.

Further, as per explanation, such person and its members or constituents shall be deemed to be two separate persons.

To override precedence of Hon’ble supreme court, such amendment has been given retrospective effect from 01.07.2017.

Further, the corresponding entry in Schedule No. II has been deleted with effect from 01.07.2017 itself.

3. ITC limited to invoices appearing in GSTR-2A/GSTR-2B

Provisions related to eligibility to claim ITC are given under Section 16 of CGST Act read with Rule 36 of CGST Rules, 2017.

As per Rule 36(4) of CGST Rules, 2017, every registered person is entitled to claim ITC with respect to invoices which are uploaded by supplier in GSTR-1 and which are correspondingly appearing in GSTR-2A/2B of the recipient.

However, for the invoices not uploaded by the supplier in GSTR-1, the registered person shall be entitled to claim ITC to the extent of 5%.

With effect from 01.01.2022, liberty of additional ITC of 5% has also been taken away. As per amendment in Section 16 of CGST Act, a registered person shall be entitled to claim ITC with respect to those invoices or debit notes which are uploaded by supplier in his GSTR-1 and same are appearing in GSTR-2A/2B of the recipient.

Corresponding amendments are also made in Rule 36(4) of CGST Rules, 2017.

4. Tax payable with respect to sales disclosed in GSTR-1 but not included in GSTR-3B (Section 75 of CGST Act, 2017)

Till 31st December, 2021, As per Section 75(12) of CGST Act, 2017, if any self assessed tax remains unpaid in accordance with details furnished in GSTR-3B then such self assessed tax shall be recovered from the assessee alongwith interest.

For determining tax liability, details furnished in GSTR-3B shall be considered.

With Effect from 01.01.2021, Provisions of Section 75 has been amended to include that if any sales has been disclosed in GSTR-1 and same has not been disclosed in GSTR-3B then tax on such sales is also recoverable from the registered person alongwith interest.

Such amendment has been made to avoid malpractice of fake invoices wherein supplier issues passes on the ITC to the recipient by disclosing the sales in GSTR-1 but does not includes such sales in GSTR-3B to avoid tax payment.

E.g.

So till 31st December, 2021, registered person is liable to pay GST of INR 22,000 alongwith interest, if any.

However, with effect from 01.01.2022, self assessment tax payable is INR 1,30,000 (180000-50000) alongwith interest, if any.

However, such an amendment can be harsh for genuine mismatch errors in filing of GSTR-1 and GSTR-3B.

5. Enhanced power of provisional attachment of property (Section 83 of CGST Act)

Till 31st December, 2021, GST authorities could carry out provisional attachment of property only when proceedings were pending under any of the following sections:

Section 62-Assessment of non-filers of returns

Section 63-Assessment of unregistered persons.

Section 64-Summary assessment in certain special cases.

Section 67-Power of inspection, search and seizure

Section 73-Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful-misstatement or suppression of facts.

Section 74-Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful-misstatement or suppression of facts.

Further, attachment was permitted only of the properties of the concerned taxable person.

With effect from 01.01.2022, power of GST Authorities to provisionally attach property has been extended much beyond. Provisional attachment can be carried after initiation of proceedings under Chapter XII, Chapter XIV or Chapter XV of CGST Act.

Further, provisional attachment can also be undertaken against the person who has colluded and retained the benefits of the any transactions.

Such amended has given blind authorities to the GST Authority which can lead to coerce taxpayers into depositing tax demands without following the due process of law

6. Pre-deposit of 25% of penalty amount for filing appeal (Section 107 of CGST Act)

Under existing provisions, a taxpayer is required to pre-deposit 100% of admitted tax liability and 10% of disputed tax amount before filing an appeal before Appellate Authority.

However, a new condition of pre-deposit of 25% of penalty amount has also been added with effect from 01.01.2022. Therefore, a person shall not be able to file an appeal unless 25% of the penalty amount is paid.

7. Stringent provisions on Detention, Seizure and release of goods and conveyance in transit (Section 129 of CGST Act, 2017)

7.1 Penalty and Tax payment for release of goods

To make sure that good are moved with correct invoices and applicable waybills, payment for release of detained goods and conveyance has been increased in following manner:

7.2 Time limit for issuance of notice and order

Time limit has been defined for issuance of notice and passing an order for imposing penalty on goods detained or seized. Earlier, no time limit was defined for issuing notice and order for detaining or seizing goods or conveyances specifying the tax and penalty. However, with effect from 01.01.2022, the proper officer shall issue a notice within 7 days of detention or seizing goods or conveyance and will pass the final order in next 7 days from date of service of such notice.

7.3 Sale of seized goods

If a person fails to make payment of determined tax and penalty with respect to detained goods then he is liable to proceedings under Section 130 of CGST Act, 2017 (Confiscation of goods or conveyances and levy of penalty).

With effect from 01.01.2022, section 129 and section 130 has been completely delinked. If a person fails to make payment of interest and tax liability within 15 days from receipt of order then the goods or conveyance so detained or seized shall be liable to be sold or disposed of otherwise.

Also, the conveyance shall be released on payment by the transporter of penalty determined by order or INR 1,00,000, whichever is less.

8. Power to Collect Information (Section 151 of CGST Act)

The commissioner or any person authorised by him was earlier having power to call for any information or returns from the concerned person.

With effect from 01.01.2022, The Commissioner or an officer authorised by him shall have the power to call for information from any person.

Click this link to be continued: click here