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Legal-Updates - Page 2

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

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May 8, 2021
[By Shaleen Shah (Partner), VNCA] All the existing charitable and religious institutions (including NGOs) which are registered or approved under section 12A, section 12AA, section 10(23C) & section 80G are compulsorily required to switch to section 12AB for fresh registration in order to continue availing exemption under section 10 or 11, as the case may be. The CBDT (Central Board

GST e-Invoice mandatory from 1-1-2021 for turnover more than Rs 100 Cr

Goods and Services Tax (GST) e-invoicing is the most discussed topic for businesses today. E-invoicing is a system wherein invoices are registered electronically by the Invoice Registration Portal (IRP) for use on the common GST portal. As per the latest notifications, suppliers having an annual turnover above Rs 500 crore

Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019

August 27, 2019
Govt. urges taxpayers to avail the benefit of Sabka Vishwas (LDR) Scheme, 2019, as it has just 4 months validity from 1-Sep-2019 Press Release, Dated 22-8-2019 In the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019. The Scheme has now been
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GST Amendments effective from 1-Feb-2019

February 5, 2019
[By Shaleen Shah (Partner), VNCA] Gist of amendments effected through CGST (Amendment) Act, 2018 and Rules thereto effective from 1-Feb-2019. 1) It is clarified that though GST is not applicable on transactions in ‘securities’, any fees or charges in relation to transactions in securities would be a consideration for provision
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GST Returns revised schedule upto March 2019

August 18, 2018
The Government has issued three Notifications on 10-Aug-2018 slightly relaxing the due dates for filing of GSTR-1 till March 2019.  In view of the said Notifications, the following is the revised schedule of filing GSTR-3B & GSTR-1 for the periods upto March 2019. Monthly GSTR-3B (for all registered persons) Period
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Relief to Exporters under GST

November 7, 2017
[By Shaleen Shah (Partner), VNCA] An exporter is eligible for Refund of IGST paid at the time of export.  The shipping bill filed by an exporter with customs authorities is considered to be an application for refund of IGST paid on the goods exported out of India. Exporters then file
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Refund of IGST paid on export of goods

October 11, 2017
The Customs Department has issued following Instructions dtd. 9-Oct-2017 pertaining to Refund of IGST paid on export of goods under Rule 96 of CGST Rules, 2017. Download PDF As you are aware. Rule 96 of the CGST Rules 2017 deals with refund of Integrated Tax paid on goods exported out
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