Indian startups have grown and innovated, becoming a dynamic force. As of March 2022, India’s startup scene has over 65,000 active members after 1,300 tech enterprises joined. The third-largest unicorn hotspot in the world is India, indicating its strong startup culture and huge economic potential. In this guide, we’ll try to understand how to start a startup company in India. Starting a Startup in India The following are the essential steps to lead prospective business owners through this life-changing process: Idea Generation: The foundation of any prosperous startup is an original and crea ..read more

Investigations, summon, letters from GST Authority has become common in business from last sometime and there are many practical issues which comes alongwith these communication. GST investigations are at many times hampering regular business activities as well.  Further, there are many practical issues being faced by the GST Authorities as well as taxpayer such as prior approval, simultaanoues investigation by more than one GST authority, uncessary information asked etc. Considering the challenges faced by the industry during investigation proceedings, the Board has issued following guid ..read more

GST Assessments, u/s 73, are already closed for FY 2017-18 and the due date of issuance of order for FY 2018-19 is 30th April, 2024. In many of the Assessment orders, the taxpayers have faced genuine hardship such as as the Assessment orders passed are not the speaking one or assessment orders contain clerical mistakes causing unnecessary increase in demand amount. Also, there are several cases where the taxpayer has furnished the reply, however, the proper officer has confirmed the demand mentioned that no reply has been furnished or without considering such reply.  As per representation ..read more

Appeal against order of any authority can be filed by the party aggrieved by the order, i.e., the Assessee or the Department. Filing of appeal involves lots of cost and effort and also takes up the time of the judicial authority. Assessee files appeal after considering various factors such as amount of pre-deposit required, amount involved in dispute, time factor etc. However, for department appeal the CBDT specifies a monetary limit, i.e., upto specified monetary limit, no appeal shall be filed by the department. The CBDT specified following enhanced limits for filing of appeal by department ..read more

As we are stepping into the new Financial year, there are various compliance requirements which a taxpayer is required to do with the changing year. Any non-compliance on part of the taxpayer can lead to major disallowances or withdrawal of benefits from the taxpayer. This article list down check-list which a taxpayer is required to tick as they enter into new financial year: 1. Filing of Letter of Undertaking (LUT) to export without payment of IGST As per Rule 96A of Central Goods and Service Tax rules, 2017, any registered person, who intends to avail option to export goods and services wit ..read more

Held by Hon’ble High Court of Madras  In the matter of  Tvl. Vardhan Infrastructre Vs Special Secretary (W.P. Nos. 34792, 29878, 30607, 30613, 30615 of 2019) The Writ petition was filed to challenge the proceedings initiated against the taxpayer by the central authorities where the taxpayer is assigned to the State authorities and vice versa. The Petitioner contended that power of cross-empowerment was given under Model GST Law. However, GST Law enacted is different from the Model GST Law. Post enactment of GST law, i.e., 01.07.2017, the Circular No. 1/2017-GST (Council) clarified on ..read more

Job work is an indispensable part of the business and most of the manufacturing entities are required to get their work done from the job worker on a regular basis. However, whether it is Central Excise, Service tax or Goods and Service Tax, special provisions are always provided under the law for goods sent on job work basis. Under CGST Law, a person sending goods for job work is required to file Form GST ITC-04 on GST portal to furnish information about goods sent for job work or goods received back from job work. This article discuss the form GST ITC-04 in details: 1. What is job-work In c ..read more

RoDTEP (Remission of Duties and Taxes on Exported Products) Scheme was introduced from 1st January, 2021 and it was implemented in place of schemes prevailing earlier such as MEIS (Merchandise Export from India Scheme)/ SEIS (Service Export from India Scheme).  RoDTEP scheme was introduced to provide a lumpsum reimbursement of tax and duties paid in India on goods and services exported out of India. The scheme was introduced to provide a similar benefits to exporter of goods and services. Earlier benefit of RoDTEP scheme was provided to goods and services exported out of India and no bene ..read more

Held by Hon’ble High Court of Madras In the matter of Radiant Cash Management Services Ltd., Vs. The Assistant Commissioner (ST) (W.P.No .2981 of 2024 and  W.M.P.Nos.3246 & 3247 of 2024) Since commencement of Assessments under GST, there are many practical issues which are being faced by the Assessee. One of the common issues is issuance of GST ASMT-10 and DRC-01 for the same matter. There are many instances wherein a proper officer issues the GST ASMT-10 and assessee obtains the GST ASMT-12 by filing proper reply. GST authority still issues show cause notice in Form GST DRC-01 and in ..read more

The provisions of Corporate Social Responsibility (“CSR”) are incorporated under the Company Law to make companies more responsible towards betterment of the society and environment. All the companies which fulfill the specified criteria are required to spend 2% of their average profits, made during preceding 3 Financial Years, on the CSR Activities. To regulate the expenditure incurred by company on corporate social Responsibility (CSR) activities, the Company law has introduced a new form namely CSR-1. As per Rule 4(2) of The Companies (Corporate Social Responsibility Policy) Rules, 2014, ev ..read more