e-Sanchit

How to upload supporting documents in exports through ICEGATE

The Central Board of Indirect Taxes and Customs (CBIC) in one of its recent circulars has requested all the beneficiaries transacting with customs, including importer and exporter,to register themselves at ICEGATE. It has already introduced Single Window Interface for Facilitating Trade (“SWIFT”) for integrating Customs and other Participating Agencies (“PGAs”) for seamless processing of Import or Export procedures and the process was implemented successfully. One of the main elements of SWIFT is eSANCHIT, which allows traders to…
GST-Audit
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Here is everything you should know about the Audit Process under GST

Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person to verify the correctness of turnover, tax paid, refund claimed and input tax credit availed by the taxpayer. There are three types of audit under GST: Audit by CA or CMA: As per the provisions of CGST Act,2017, every taxable person who is registered under GST and whose turnover is more than INR 2 crore during a financial year, shall get his accounts audited by a Chartered Accountant (CA) or a Cost and Management Accountant…
59 Minutes Loan
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How to apply for the new Loan under 59 Scheme by the Government

Prime Minister Narendra Modi has announced an ambitious scheme of getting loan up to 1 Crore in just 59 minutes. The scheme has been started for the Micro, small and medium enterprises. Among the 12 schemes that were generated, one that was highlighted was the facility of availing loan under 59 minutes. With this initiative, the Government is working towards pushing the growth in automation and bringing down the time and process involved in cumbersome Loan facilities. Quick Approval Process An Individual who qualified for such loan would…
GST

GST RFD-01 - Form for Refund and how to file it?

GST RFD-01 A form is introduced by GSTN for online processing of refund under GST.Who can file the GST Refund Application?The application for refund can be filed by any taxpayer in favor of whom the refund order has been issued.2) Filing of GST refund Application by unregistered person:An Unregistered person can file GST refund Application by his temporary login.3) No separate application for refund of GST deposited under the CGST/SGST/IGST for a refund order:If the refund order is the same for the CGST/SGST/IGST, a single refund application can…
TCS in GST

TCS under GST - What do you need to know?

1) TCS under GSTTCS under Goods and Service Tax refers to the tax which is collected by the e-commerce operator when a supplier supplies some goods or services through its portal and the consideration for such supplies is collected by the electronic commerce operator. The Rate of TCS to be collected by an e-commerce operator is 1% under the IGST Act (0.5% under the Central GST Act and 0.5% under the State/Union Territory GST Act). However, tax is not collected on exempt supplies and import of goods/services and supplies on which the tax is…
Masked Aadhar

Masked Aadhar - What is it and how to download

For the better security of a person’s Aadhar number, the Unique Identification Authority of India (UIDAI) has recently introduced the facility of Masked Aadhar whereby only the last four digits of a person’s 12 digit Aadhar number will be shown. While the regular Aadhar shows all the 12 digits of our Aadhar number, the first 8 digits will remain protected in the masked Aadhar. Any such person, who does not want to disclose his /her Aadhar number, can use the option of masked Aadhar. However, other information like photograph, demographic information…
Professional Tax

Looking for Professional Tax in Karnataka ?

Professional tax is a type of direct tax levied and collected by the State government on any person engaged in any kind of profession. In India, rates and method of collecting professional tax varies from state to state. Also, some states in India do not impose this tax. Professional Tax in Karnataka is levied under the Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976. Who must Pay Professional Tax?According to the provisions of this act, every single person who is carrying on any profession, calling, and trade whether…
e-karmika

Karnataka Shops and Establishment Act and who needs to Register

Karnataka Shops and Establishment Act and who needs to RegisterThe Karnataka Shops and Establishment Act apply to the whole state of Karnataka and has been enacted to regulate the conditions of work and employment in shops and commercial establishments/undertakings in Karnataka. As per the provisions of Karnataka Shops and Establishment Act,• The employment of children below 14 years of age at any establishment is prohibited.• Young persons (anyone who has completed the age of fourteen) and woman shall not be employed to work in any establishment…
GST Composite Supply

Difference to understand between Mixed and Composite Supply in GST

Supply under the Goods and Service Tax means the supply of goods and services of any form by a person to another person for some consideration. This concept includes two types of supplies: mixed supply and composite supply. Though these words are often used interchangeably, there is a glaring difference between the two. The tax liability for both the supply as per the new GST rules is also different. Here is a brief description of both the types of supply: Composite Supply under GST: Under GST, a composite supply concept is very identical…