Monthly Archives - May 2018

Procedure to claim refund on export under GST

A proper refund mechanism is necessary for effective tax administration, as trade is facilitated via the release of blocked finances for modernization, expansion and working capital requirements of a business. Here we are discussing about the options available for exporters to claim the refund but for that we firstly need to understand the “Meaning & taxability of export of Goods & Services”. Meaning of Export of Goods & Services Export of Goods means taking goods from India to any place which [...]

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TDS

What to do if someone has deducted TDS and did not submit it to the government?

This happens quite often, somebody deducts the TDS & do not submit it to government or do not file the TDS return due to which it does not reflect in our tax credit statement (26 AS). In such a case you won’t be able to claim credit of TDS and you would receive a tax notice stating a mismatch in TDS, if you anyway claim the TDS credit while filing ITR. How to claim such TDS? 1. Communicate with the deductor The [...]

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RCM under GST

Reverse Charge Mechanism RCM under GST

Before the implementation of GST, reverse charge mechanism (RCM) was applicable only on services and there was a concept of partial reverse charge also. However, after GST implementation, there is no such concept as partial reverse charge, and reverse charge is applied on notified services as well as notified goods also. Reverse charge means, instead of payment of tax by the supplier, the tax is paid by the recipient of supply of goods or services and all the provision of [...]

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