Shaleen Shah

Equalisation Levy is going to create a huge problem for startups

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January 2, 2017
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[Source: www.forbesindia.com] Tax lawyer Nishith Desai believes the Equalisation Levy, also known as ‘Google Tax’, will have important repercussions for the Indian startup ecosystem As part of the continuing opposition from industry bodies to the ‘Equalisation Levy’ that came into effect earlier this year, the Internet and Mobile Association of India (IAMAI) and law firm Nishith Desai Associates, in a

Checklist for GST ITC review for FY 17-18

September 14, 2018
[By Shaleen Shah (Partner), VNCA] Each business entity needs to carry out input tax credit (ITC) review before due date for filing of September 2018 return. The review should cover the following: ITC for FY 17-18 is getting time barred on 31-Oct-2018.  According to GST rules, if the taxpayer forgets
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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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ITC matching & closing books for FY 17-18

May 21, 2018
[By Shaleen Shah (Partner), VNCA] GST law has introduced a concept of `matching’ which forms the backbone of ITC (Input Tax Credit). Under the matching concept, having a prescribed document in the form of a Tax Invoice or Debit Note is not in itself sufficient to claim ITC. Without getting
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GST & issues related to Job Work

April 4, 2018
[By Shaleen Shah (Partner), VNCA] This synopsis on the aforesaid subject is based on the provisions of GST Act & Rules and Circular No. 38/12/2018-GST dtd. 26-Mar-2018. “Job work” means any treatment or process undertaken by a person on goods belonging to another registered person. The registered person on whose
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National E-way Bill System to be rolled out by 16-Jan

December 19, 2017
GST Press Release, Dated 16.12.2017 The 24th Meeting of the GST Council held today through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. It discussed about the implementation of e-way Bill system in the country. Till such time as the National
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Government ignored warnings over GST roll out – ET

December 18, 2017
[Source: economictimes.indiatimes.com] The Indian government ignored several warnings from private companies that the complex technology required for a nationwide goods and services tax (GST) to work smoothly was not ready for launch, several people who worked on the project said. Weeks before the July 1 start of India’s biggest tax
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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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