What is due date for claiming ITC for FY 2021-22 ?

Vide Finance Act 2022 Government has amended Sec 16(4) of CGST Act 2017 and extended due date for claiming ITC to 30th November of next year.

⦁ However it is to be noted that, yet this amendment is not made effective by government.

⦁ Therefore as of now , kindly claim pending ITC of FY 2021-22 before due date of Sep 2022 return.

#gst #itc #gstreturn #gstitc #inputtaxcredit

Due to recent changes in ITC Table of GSTR 3B, additional details to be checked for the purpose of GSTR 3B –

1.    Details of Ineligible Credit – Ineligible ITC is now required to reversed from the gross ITC availed in GSTR 3B and therefore, the complete details of Ineligible ITC is required to be reported in GST return. Such Ineligible ITC should include the following details:
·      ITC not allowed as per section 17(5) of CGST Act
·      ITC not allowed on account of POS rules
·      ITC pertaining to the invoices which are pending for payment for more than 180 days to be counted from the date of invoice
2.    Details of ITC which was claimed inadvertently in the previous periods – It may include the following:
·      Ineligible ITC wrongly claimed earlier
·      ITC claimed twice and to be reversed now
·      ITC to be reversed due to other reasons

#gstreturn #gstindia #gstregistration #gst #gstlitigation #gstupdates

New Disclosures in Board’s Report

As we all are aware that the Board’s Report is prepared under subsection 3 of section 134 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014

⦁ Now, the Ministry of Corporate Affairs has amended Rule 8, after the amendment along with the existing matter contained in the Board’s Report two new matters shall be added to the Board’s Report.

⦁ The two new disclosures (along with the existing disclosures) shall be applicable for the Financial year 2021-22 and the two new disclosures are:-

Details of applications under the IBC, 2016 during the year along with their status as at the end of the financial year.

The details of the difference between the amount of the *valuation done at the time of one-time settlement and the valuation done while taking a loan from the Banks or Financial institutions along with the reasons thereof. So, you can add the above clauses in Board’s Report as follows:-


During the year under review, there were no applications made or proceeding pending in the name of the company under the Insolvency and Bankruptcy Code, 2016


During the year under review, there has been no time settlement of loans taken from Banks and Financial institutions

Kindly note that the above two matters shall be made in the Board’s Report only in case there is no application or proceeding pending under IBC; or where there is no loan taken or no settlement happened from the Bank.

#boardsreport #boardreport #companiesact2013 #audit #companiesaudit #statutoryaudit

Lot of CAs are burdened with the Tax Audits in the month of September as the 30th is the last date. Please go through the below points

 Standards on Auditing are mandatory to be followed in planning and performing the audit.

 For clarity on any specific matter, members can refer to the Guidance note issued by the ICAI.

 Risk assessment is a critical element which should never be ignored.

 One should never compromise on the audit procedures due to paucity of time.

 Review mechanism within the practicing firm improves the quality of audit.

️ Never to forget Integrity, Objectivity, and Independence.

#audit #tax #auditing #icai #ca #standards

Practicing CAs issue various certificates at the request of their clients and authorities take them as documentary proof to support a transaction

One of the certificates which are generally asked for by Banks and financial institutions is End Use Certificate. It is part of the banks’ monitoring process after the loan amount’s disbursal.

Utmost care is required from the professional in issuing these certificates. A CA should satisfy himself with documentary proof before the issue of such certificates. There should not be any chance of tolerable error.

It’s beneficial in accepting the assignment if CA knows the level of integrity of the client. The basis of certification and management explanations should be included in the relevant work papers.

#CACertificate #Audit #CompanyAudit #StatutoryAudit #TaxAudit #StockAudit #InternalAudit

Refund of Swiss VAT to foreigners – Switzerland

Do you have expenses for entrepreneurial activities in Switzerland as a recipient of services with a registered office, domicile, or permanent establishment outside Switzerland, and would you like a VAT refund?

The legal basis for VAT refunds can be found in Art. 107, s. 1, b of the Swiss VAT Act and to art. 151 to 156 of the VAT Ordinance (OTVA).

The Federal Administrative Court has just confirmed the practice of the AFC concerning the content of the certificate required for the reimbursement of Swiss VAT paid by foreign companies.

What should the certificate issued by the foreign authority contain?

To be entitled to reimbursement, a foreign company must, among other things, prove to the Swiss tax authorities (AFC) that it has the status of the company in the country in which it is domiciled, or in which it has its headquarters or a permanent establishment (see art 151, paragraph 1, letter d, OTVA).

The certificate issued by the foreign tax authority must be valid for the reimbursement period (calendar year).

Insofar as reciprocity is granted, and the country has a VAT system (see list of these countries on the AFC website), it is essential that the certificate confirms that the applicant is registered with the register of persons liable for VAT during the period for which the VAT refund is requested, or indicates the date from which the applicant is entered in the register of persons subject to VAT.

Insofar as reciprocity is granted, and the country does not have a VAT system (see list of these countries on the AFC website), it is essential that the company certificate confirm the applicant’s status as an entrepreneur during the period for which the VAT refund is requested, or indicates the date from which the applicant has the status of the contractor.

Attention, if the above conditions are not met, the AFC will not be able to process the request, nor refund the Swiss VAT!

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Chartered Accountant in Pimpri Chinchwad

Rights Of Homebuyers under – The Insolvency and Bankruptcy Code, 2016

Rights Of Homebuyers under IBC – The Insolvency and Bankruptcy Code, 2016 (“IBC”), as originally enacted, did not provide adequate protection and recognition of the interests of homebuyers in real estate projects. While the Homebuyers are vital stakeholders in real estate projects, the IBC, as initially crafted, did not protect them. This is because they were treated only as ‘other creditors’, not at par with financial and operational creditors, thus they were not only unable to start proceedings under the IBC but had no statutory voting rights in the Committee of Creditors.

Maharashtra AAR – 18% GST payable on PV DC cables

The Maharashtra Authority of Advance Ruling (AAR), consisting of Rajiv Magoo and T.R. Ramnani, has ruled that 18% GST is payable on PV DC cables.

The applicant is in the business of manufacturing and supplying solar cables, commonly known as photo-voltaic DC cables (PVDC cables) under various brand names. The cables are made from copper conductors with cross-linked polyolefin (XLPO) insulation and are used between solar modules and inverters in a photovoltaic system.

The applicant supplies cables to its customers for the commissioning and stationing of solar power generating systems (SPGS). The cables connect a solar panel or array with inverters only for the purpose of carrying electricity between solar panels and inverters. The cables are exclusively used by manufacturers of SPGS, Procurement, Construction Company (EPC Company), for setting up a solar power plant as inputs for transmitting direct current from a PV module in SPGS. The cables are specifically designed and tailor-made for solar power projects. Thus, the cables have restricted applications and are used in a photovoltaic system only for the generation and transmission of solar energy.

The applicant has sought an advance ruling on the issue in respect of GST rates on PV DC Cables manufactured and supplied by Leoni Cable Solutions (India) Pvt Ltd to its customers who are into the business of manufacturing solar power generating systems or EPC companies setting up a solar power plant.

The AAR noted that the PV DC cables manufactured and supplied by the applicant to its customers would be classified under Entry number 395 of Schedule III of Notification No. 1/2017-Central Tax (Rate) (as amended) dated June 28, 2017, and liable to GST at 18%.

Applicant’s Name: Leoni Cable Solutions (India) Pvt Ltd

Chartered Accountant in Pimpri Chinchwad

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