APMH Moores Rowland Knowledge Desk

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VAT Refund scenario generally exists where the industries are in zero rated VAT Rate slab or at the inception stage of company where generally expenses or capex are incurred till operations start full fledge. A Taxable Person may claim a refund of the amount of excess Input Deductible Tax (VAT) over Output VAT. KSA Regulations specified certain circumstances which is mentioned below under which VAT Refund can be claimed: Upon filing a Tax Return for…
Since the inception of GST both the taxpayers and the GST Portal have been facing numerous issues ranging from technical lapses to procedural ambiguity. Even before these problems are resolved, taxpayers have started receiving notices in Form GST ASMT-10 issued u/s 61 r.w. Rule 99(1) of GST Act. These notices are issued seeking reasons for discrepancies in GSTR-1 and GSTR-3B or GSTR-3B and GSTR-2A. Issues in Notices. The major reasons for discrepancies in GSTR-1 and…
What is Winding Up? A company may wind up its affairs if it is unable to carry on its business, or it is not able to meet the financial obligation, etc. A company shall be voluntary wound up by itself or can opt for a modes given below. By tribunal Voluntary Winding up by Tribunal: there are certain circumstances where the company shall be wound up by the Tribunal: A company may, on a petition…
INTRODUCTION: Revenue recognition is the important & pervasive aspect of financial reporting. Accounting Standard which covers this aspect needs to be very clear and descriptive to cover every major possible situations and peculiarities of contracts with customers. Existing standard of revenue i.e. AS 9 (also IND AS 18 for IND AS applicability companies) uses risk and reward transfer as a key point for recognition of revenue. Its guidance is very narrow as compared to IND…
Q.1) What will be the treatment of Job work material sent in the earlier regime / excise regime and not returned back within 6 months from appointed date? (A). For this issue which is common with most manufacturers who use outsourced jobworkers for getting done certain process like finishing, polishing, repairing, etc., Section 141 (1) of the CGST Act needs to be referred. The text of the section is as below with relevant part highlighted.…
Facts of the Case:- Company arranges catering/ canteen services for serving food at subsidized rates/ free of costs for its employees. The amount is recovered from the employees through payroll deduction and payment is made directly by the Company to the Caterer Issue:- What is the taxability for the canteen services provided by the employer to the employees under GST Comments:- 1.Whether the canteen services provided by the employer free of cost / at concessional…
1.Removal of pre-import condition for Advance Authorisation and Exemptions of IGST and Compensation Cess for specified Deemed Exports  The Directorate General of Foreign Trade has issued Notification No. 53/2015-20 dated 10 January 2019 (‘Notification’) inter alia amending para 4.14 of the Foreign Trade Policy 2015-20 i.e. duties exempted under Advance Authorization schemes. Scenario prior to the aforesaid Notification:- As per the said Notification, the exemption has also been extended to ‘Deemed Exports’. Imports under Advance…
SEBI vide its notification dated November 16, 2018 notified sixth amendment of SEBI (Listing Obligations and Disclosure Requirements) Regulations. Gist of the major changes are as under: Insertion of definition: Fugitive Economic Offender has been defined as an individual who is declared as defaulter under section 12 of Fugitive Economic Offenders Act, 2018 Substitution of existing clause – Regulation 31A: Conditions for Reclassification of promoter / promoter group – 1) Eligibility: Promoter(s) making an application…
Anti-profiteering as specified in section 171 of CGST Act, 2017 states that any reduction in rate of tax on supply of goods or services or benefit of input tax credit shall be passed on to the recipient by way of reduction in prices. This provision would obligate the businesses to pass on the cost benefit arising out of benefits provided by the Government. The Government Authorities have initiated proceedings under the Anti- Profiteering provisions of…
Information technology is the most critical aspects for implementation of any policy. The government understood this and setup the GSTN even before the draft law was made available in the public domain.  The implementation of GSTN was most ambitious project with the API (application programming interface) based technology at its base. ‎With API multiple stake holders can do authorised input of data and extract relevant reports. To scale up the infrastructure, private players were also…