VKCA GST Newsletter – January 2021

The claim of Input Tax Credit (ITC) is crucial in indirect taxes and forms a large part of the GST laws in the country in terms of compliances, restrictions, reversals and refunds. False claim of ITC is rampant and poses a major hurdle in curbing tax evasion. Hence, it’s not a surprise that the GST department has introduced a new law restricting ITC claim further by taxpayers.


VKCA GST Newsletter – November 2020

The GST department, in its efforts to simplify compliance burden of taxpayers, has decided to introduce a new system of return filing from January 2021 onwards. This is applicable to those taxpayers whose aggregate turnover in India does not exceed Rs. 5 Crores in preceding financial year and is optional to the taxpayers. This scheme is called as ‘QRMP’ or Quarterly Return and Monthly Payment


VKCA GST Newsletter – September 2020

E-invoicing is not a new concept. It’s an idea that has been around since the early 90’s which saw the
advent of internet and web-based apps that facilitated users in sharing invoices electronically. But what defines and distinguishes E-invoice from Invoice?
The standardized format of invoice which is crucial for an E-invoice that is not required for regular invoices.


VKCA GST Newsletter – August 2020

Refund of taxes is a common feature of any tax law.Refund in direct tax cases may be due to excess
payment or deduction of taxes while refund of indirect taxes may be due to excess input tax credit
(ITC) or wrong payment of output taxes.


VKCA GST Newsletter – July 2020

COMPLIANCE (COMPLICATIONS) UNDER SECTION 16(2)(D) OF CGST ACT, 2017
Input Tax Credit (ITC) under GST is the GST credit paid and subsequently availed by taxpayers to be setoff against their GST payable. However, not all ITC is available to a taxpayer. Some ITC is ineligible for claim
from the time it’s incurred by the taxpayer while other ITC become ineligible after availment by way of reversal by the taxpayer.


Notification on MSME

MSME Ministry has come out with a consolidated notification in the form of guidelines for
classification and registration of MSME’s vide notification dated 26th June 2020.


VKCA MSME Relief Packages

  • Credit guarantee for loans upto INR 2 crore, without collateral and third party guarantee;
  • The extent of guarantee cover is 50% of the sanctioned amount of the credit facility;
  • Rs. 10 lakh to Rs. 100 lakhs per MSE borrower for retail trade activity;
  • In case of default, CGTMSE settles the claim with the lending institutions.

  • VKCA GST Newsletter – June 2020

    Interest and penalties form the first tool to bring discipline in compliance amongst taxpayers. It forms an important component of any revenue law as a stick to the erring taxpayers. They also encourage proper compliance amongst taxpayers as it can be very expensive to them if tax payments are not made with the prescribed time limit.


    VKCA Atmanirbhar Bharat Day 5

    Union Finance Minister Nirmala Sitharaman on Sunday announced measures taken by the government to boost economic activity in 7 sectors amid COVID-19 outbreak situation in the country. Following are the key highlights announced to boost the economy


    VKCA Atmanirbhar Bharat Day 4

    Union Finance Minister Nirmala Sitharaman on May 16, 2020 addressed the media and shared the details of Policy Reforms to Fast-Track Investment – Effort towards Atmanirbhar Bharat. Following are the key highlights announced to boost the economy…


    VKCA GST Newsletter – May 2020

    Exports are an important activity for any country as it brings in the very crucial Foreign Currency needed for international trade and to balance the current deficits of the country. It’s the primary mode of earning foreign exchange followed by foreign investments and remittances. Hence, it’s a known fact that the activity is one of most regulated in the country right from compliances and regulations by customs authorities to benefits and relaxations in taxes.


    COVID 19 – Atmanirbhar Bharat

    Union Finance Minister Nirmala Sitharaman on May 13, 2020 addressed the media and shared the details of INR 20 lakh crore economic stimulus package that was announced by Prime Minister Modi on May 12, 2020 to battle the coronavirus crisis. Following are the key highlights announced to boost the economy.


    Benefits to MSMEs

    MSME is abbreviated as Micro, Small and Medium Enterprise and classified as such based on the investment made in the entity’s plant & machinery by a manufacturing entrepreneur and in equipment (except land and building and furniture, fittings and other items by a service entrepreneur.


    GST Compliance by Resolution Professionals for Corporate Debtors

    As we all know, every person is liable for registration whose aggregate turnover in Financial Year exceeds Twenty Lakhs rupees and file return. Returns are required to be filed for all the tax periods irrespective of supply is made or not and section 39(10) of CGST Act, 2017, does not allow to file return for subsequent period if any previous period return is not filed.


    2nd Announcement of RBI COVID 19 Measures

    Reserve Bank of India (RBI) Governor Shaktikanta Das addressed the media today (April 17,
    2020) for a second time since the COVID-19 outbreak. He informed that RBI is constantly
    monitoring the situation and will use all instruments to address COVID 19 challenge.


    VKCA GST Newsletter April 2020

    As we all know, every person is liable for registration whose aggregate turnover in
    Financial Year exceeds Twenty Lakhs rupees and file return. Returns are required to be filed
    for all the tax periods irrespective of supply is made or not and section 39(10) of CGST Act,
    2017, does not allow to file return for subsequent period if any previous period return is not filed.