GST REGISTRATION

 Advisory for Biometric - Based Aadhar Authentication and

Document Verification for GST Registration Applicants of Jammu & Kashmir and West Bengal

This is to inform taxpayers about recent development concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.

1. Rule 8 of the GST Rules, 2017 has been amended to provided that an applicant can be identified on the common portal, based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking a photograph of the applicant along with the verification of the original copy of the documents uploaded with the application.

2. The above-said functionality has been developed by GSTN. It has been rolled out in Jammu & Kashmir and West Bengal on 02nd August 2024

3. The said functionality also provides for the document verification and appointment booking process. After the submission of the application in Form GST REG-01, the applicant will receive either of the following links in the e-mail,

(a) A Link for OTP-based Aadhaar Authentication OR

(b) A link for booking an appointment with a message to visit a GST Suvidha Kendra (GSK) along with the details of the GSK and jurisdiction, for Biometric-based Aadhaar Authentication and document verification (The intimation e- mail)

4. If the applicant receives the link for OTP- based Aadhaar Authentication as mentioned in point 3 (a), she/he can proceed with the application as per the existing process.

5. However, if the applicant receives the link as mentioned in point3(b), she/he will be required to book the appointment to visit the designated GSK, using the link provided in the e-mail. Once the applicant gets the confirmation of appointment through e-mail (the appointment confirmation e-mail), She/he will be able to visit the designated GSK as per the chosen schedule.

6. At the time of the visit of GSK, the applicant is required to carry the following details

(a) a copy (hard/soft) of the appointment confirmation e-mail

(b) The details of jurisdiction as mentioned in the intimation e-mail

(c) Aadhar card and PAN Card (Original Copies)

(d) the original documents that were uploaded with the application, as communicated by the intimation e-mail

7. The biometric authentication and document verification will be done at the GSK. for all required individuals as per the GST application Form REG -01 

8. The application is required to choose an appointment for the biometric verification during the maximum permissible for the application as indicated in the intimation e-mail In such cases. ARNs will be generated once the Biometric-based Aadhaar Authentication process and document verification are completed

9. The feature of booking an appointment to visit a designated GSK is now available for the applicant of Jammu & Kashmir and west Bengal.

10. The operation days and house of GSKs will be as per the guidelines provided by the administration in your respective state

JOB WORK

 JOB WORK  

Job - work means ' any treatment or process undertaken by a person on goods belonging to another registered person. The one who does the said job would be termed as 'job worker' The ownership of the goods does not transfer to the job- worker is required to carry out the process specified by the principal on the goods.

 Registration of a job worker: Job work is a service. Job worker is required to obtain registration if his aggregate turnover exceeds Rs. 20 lakhs.

Procedural aspects for job work: 1. A registered person under intimation can send/receive inputs or capital goods without payment of tax, provided the inputs or capital goods are brought back within one year (for inputs) and three years (for capital goods) of their being send out.

2. The principal is allowed to do so. the tax paid on input or capital goods (ITC) can be claimed by the principal provided the inputs or capital goods are received back within one year and three years respectively.

(Provided the principal had declared the unregistered job worker's premises as his additional place of business or if the job worker is a registered person or if supply of such goods is notified by the commissioner)

3. If the input or capital goods are not received back or are not supplied from the place of business of the job worker within the prescribed time limit, it would be treated as supply and the principal would be treated as supply and the principal would be liable to pay tax

Input Tax credit on goods supplied to job worker: The principal (a person supplying taxable goods to the job worker) shall be entitled to take the credit of input tax paid on inputs sent to the job-worker for the job-work, Further, the proviso also provided that the principal can take the credit even when the goods have been directly supplied to the job-worker without being brought into the premises of the principal. The principal need not wait till the inputs are first brought to his place of business.

Time Limits for the return of processed goods: Inputs and Capital goods after processing shall be returned back to principal within one year or three years respectively of their being sent out. further, the provision of return of goods is not applicable in case of Moulds and dies, Jigs and fixtures or tools supplied by the principal to job- worker.

Maintenance of books of accounts: It is completely the responsibility of the principal to maintain proper accounts of job work related to inputs and capital goods.

The waste and scrap generated during the job work can be supplied by the job worker directly from his place of business, on payment of tax, if he is registered. If he is not registered, the same would be supplied by the principal on payment of tax.

Transitional provisions: Input as such, or partially input which are sent to a job-worker prior to introduction of GST under the provisions of existing law (central Excise) and if such goods are returned within 6 months from the 

 day (i.e. the date of implementation of GST) no tax would be payable. If such goods are not returned within prescribed time, the input tax credit availed on such goods will be liable to be recovered. If the manufactured goods are removed, prior to the appointed day, without payment of duty for testing or any other process which does not amount to manufacture, and such goods are returned within 6 months from the appointed day, then no tax will be payable. For the purpose of these provisions during the transitional period, the manufacturer and the job-worker are required to declare the details of such goods sent/received for job-work in prescribed format GST TRAN - 1, within 90

 days of the introduction of GSST.

GST

 

Contents of a Receipt voucher

A Receipt voucher is a document issued when advance is received in relation to supply of goods or services. A Receipt vouch should contain the following details:

(a) Name, address and GSTIN of the supplier 

(b) Consecutive serial number containing alphabets or number or special characters hyphen (-) or slash (/) for a financial year.

(c) Date of issue

(d) Name, address and GSTIN or UIN of the recipient, if the recipient is a registered dealer.

(e) Description of goods or services

(f) Amount of advance taken

(g) Rate of tax (Central tax, state tax, integrated tax or cess

(h) Amount of tax charged (Central tax, State tax, integrated tax or cess)

(i) If the supply is in the course of inter-state trade or commerce, place of supply along with the name of State

(j) Whether tax is payable on reverse charge basis

(k) Signature or digital signature of the supplier or his authorized representative.

Provided that where at the time of receipt of advance,

(a) The rate of tax is not determinable, the tax shall be paid at the rate of eighteen percent

(b) The place of supply is not determinable, the same shall be treated as inter-State supply.

Content of a Refund Voucher

A dealer after receipt of advance payment against supply of goods or services subsequently makes no supply and issues no tax invoice, has to refund the tax to the person who has made the payment. For this purchase he has to issue a refund voucher to the person who has made the advance payment. A Refund voucher should contain the following details.

(1) Name, address and GSTIN of the supplier

(2) Consecutive serial number containing alphabets hyphen (-) or slash (/) for a financial year.

(3) Date of issue

(4) Name, address and GSTI or UIN of the recipient, if the recipient is a registered dealer.

(5) Description of goods or services in respect of which refund is made

(6) Amount of refund made

(7) Rate of tax (Central tax, State tax, integrated tax or cess)

(8) Amount of tax paid in respect of such goods or services (Central tax, state tax, integrated tax or cess)

(9) Whether tax is payable on reverse charge basis

(10) Signature or digital signature of the supplier or his authorized representative

Where tax is to be collected on reverse charge basis, the recipient of goods or services has to issue a payment voucher at the time of making payment to the supplier.

A payment voucher should contain the following details:

(a) Name, address and GSTIN of the supplier, if registered

(b) Consecutive serial numbers or special characters hyphen (-) or slash (/) for a financial year.

(c) Date of issue

(d) Name, address and GSTIN or UIN of the recipient, if the recipient is a registered dealer.

(e) Description of goods or services

(f) Amount paid

(g) Rate of tax (Central tax, State tax, integrated tax or cess)

(h) Amount of tax payable (Central tax, State tax, integrated tax or cess)

(i) If the supply is in the course of inter--state trade or commerce, place of supply along with the name of State 

(j) Signature or digital signature of the supplier or his authorized representative.

Contents of a Revised invoice, credit note, and debit note

A Revised invoice, credit note, and debit note should contain the following details:

(1) The word 'Revised Invoice' wherever applicable should be indicated prominently at the top of the invoice.

(2) Name, address and GSTIN of the supplier

(3) Nature of the document

(4)  Consecutive serial number containing alphabets or numerals or special characters hyphen (-) or slash (/) for a financial year.

(5) Date of issue of the document

(6) Name, address and GSTIN or UIN of the recipient, if the recipient is a registered dealer.

(7) Name and address of the recipient and the address of delivery, along with the name or state and its code, if such recipient is un-registered.

(8) Serial number and date of the corresponding tax invoice or, as the case may be, bill of supply.

(9) Value of taxable supply of goods or services, rate of tax and the amount of tax credited or, as the case may be, debited to the recipient and 

(10) Signature or digital signature of the supplier or his authorized representative

Tax invoice issued by an Input Service Distributor

The invoice should contain the following details:

(1) Name, address and GSTIN of the Input Service Distributor

(2) Consecutive serial number containing alphabets or numerals or special characters hyphen (-) or slash (/) for a financial year.

(3) Date of issue

(4) Name, address and GSTIN of the recipient to whom the credit is distributed.

(5) Amount of credit distributed

(6) signature or digital signature of the Input Service Distributor or his authorized representative

Contents of Delivery challan

The delivery challan should contain the following details:

(1) Date and number of the delivery challan

(2) Name, address and GSTIN of the consignor, if registered

(3) Name, address and GSTIN of the consignee, if registered 

(4) HSN code and description of goods

(5) Quantity (provisional, where the exact quantity being supplied is not known)

(6) Taxable value

(7) Tax rate and tax amount-central tax, state tax, integrated tax or cess, where the Transporation is for supply to the consignee

(8) Place of supply, in case of inter-state movement and Signature.

The delivery challan should be prepared in triplicate in the following manner:

(1) The original copy being marked as "ORIGINAL FOR CONSIGNEE"

(2) The duplicate copy being marked as "DUPLICATE FOR TRANSPORTER"

(3) The triplicate copy being marked as "TRIPLICATE FOR CONSIGNOR"

INPUT TAX CREDIT

 INPUT TAX CREDIT

Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, (ITC") is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language is 'tax on tax' Under the present system of taxation, credit of taxes being levied by Central Government is not available as set-off for payment of taxes levied by State Government, and Vice Versa.

One of the most important features of the GST system is that the entire supply chain would be subject to GST to be levied by Central and state Government concurrently. As the tax charged by the Central or the State Governments would be part of the same tax regime, the credit of tax paid at every stage would be available as set-off for payment of tax at every subsequent stage.

Under this new system, most of the indirect taxes levied by Central and the State Governments on supply of goods or services or both, would be combined together under a single levy.

GST comprises of the following levies

(a) Central Goods and Services Tax (CGST) on intra-state supply of goods or services or both.

(b) State Goods and Services Tax (SGST) on inter-state supply of goods or services or both.

(c) Integrated Goods and Services Tax (IGST) on inter--state supply of goods or services or both. In case of import of goods also, the present levy of Countervailing Duty (CVD)and Special Additional Duty (SAD) would be replaced by IGST.

Protocol to avail and utilize the Credit of these taxes is as following

Credit of         to be utilized first for payment of      Balance can be utilized for payment of

CGST                                   CGST                                        IGST

SGST                                    SGST                                        IGST

IGST                                     IGST                                       CGST Then SGST

Conditions for claiming ITC

(a) Taxpayer should possess tax invoice or debit note or any other tax paying documents issued by supplier registered under the GST Act.

(b) He should have received the goods or services or both.

(c) Supplier should have reported the supply in the returns and should have paid tax.

ITC not allowed in the following circumstances

(a) ITC not allowed for a Composition dealer.

(b) ITC not allowed for goods or services received by a nonresident taxable person except on goods imported by him.

(c) ITC not allowed for goods or services used for personal consumption

(d) ITC not allowed for Goods lost/stolen/destroyed/returned or disposed of by way of gift/free samples.

Time limit for claiming ITC

ITC for a supply received in a financial year has to be claimed any time before the filing of returns for the month of September (of the following financial year) or the relevant annual return whichever is earlier.

TAX INVOICE

Issue of Invoice for supply of goods When movement of goods is involved, tax invoice has to be issued before or at the time of removal of the goods.

When movement of goods is not involved, tax invoice has to be issued before or at the time of delivery of goods to the recipient or when the goods ae made available to the recipient.

Issue of Invoice for Supply of services

In case of supply of services, tax invoice has to be issued within 30 days of supply of services. In case of banking, insurance and other finance companies, invoice has to be raised 45 days of supply of services.

Issue of invoice by an unregistered person

Only a registered person can issue a tax invoice. GST law specifically prohibits collection of tax by persons who are not registered under the GST law.

Revised Invoice

The words 'Revised' invoices' or 'Supplementary invoice' should be mentioned prominently in such invoices along with reference of the date and invoice number of the original invoice

Bill of supply

A Bill of supply is a document issued instead of a tax invoice. Bill of supply is issued for the following supplies

(a) Supply of exempted goods or services, or

(b) Supply made by a composition taxpayer

For all sales of exempted goods made for a value more than Rs.200- and for all sales made by a composition supplier for a value more than Rs. 200/- Bill of supply has to be issued. if the sales value is less than Rs. 200/- Bill of supply need not be issued unless the recipient demands for such a bill. At the end of the day, a consolidated Bill of supply should be prepared for all sales made for a value of less than Rs. 200/-

Credit Note

For issuing credit note, an invoice for a supply should have been issued earlier. A credit note may be issued in the following circumstances

(a) The taxable value on which the tax collected is more than the actual taxable value

(b) The tax charged is more than what should have been charged

(c) The recipient has returned the goods

Debit Note

A debit note may be issued in the following circumstances

(a) The taxable value on which the tax collected is less than the actual taxable value

(b) The tax charged is less than what should have been charged

Copies of Invoices

For supply of goods the invoice should be prepared in triplicate.

(a) The original copy being marked as "ORIGINAL FOR RECIPIENT"

(b) The duplicate copy being marked as "DUPLICATE FOR TRANSPORTER"

(c) The triplicate copy being marked as "TRIPLICATE FOR SUPPLIER"

For supply of services the invoice should be prepared in duplicate.

(a) The original copy being marked as "ORIGINAL FOR RECIPIENT"

(b) The duplicate copy being marked as "DUPLICATE FOR SUPPLIER"

Document for Reverse charge

Where tax is to be collected on reverse charge basis, the recipient of goods or services has to issue a 'payment voucher' at the time of making payment to the supplier. The dealer is also required to issue tax invoice mentioning that the tax has been collected on reverse charge basis.

Contents of an Invoice

A tax invoice should contain the following details.

(1) Name, address and GSTIN of the supplier

(2) Consecutive serial number containing alphabets or numbers or special characters hyphen (-) or slash (/) for a financial year.

(3) Date of issue

(4) Name, address and GSTIN or UIN of the recipient, if the recipient is a registered dealer.

(5) Name and address of the recipient if the invoice value is mor than Rs. 50000/-

(6) HSN Code of goods or Accounting Code of services

(7) Description of goods or services

(8) Quantity in case of goods and unit or unique Quantity code thereof

(9) Total value of supply of goods of services or both

(10) Taxable value of supply of goods or services or both taking into account discount or abatement, if any

(11) Rate of tax separately for each type of tax (Central tax, State tax, Integrated tax or cess)

(12) Amount of tax charged (Central tax, State tax & Intergrated tax or cess

(13) If the supply is in the course of inter-state trade or commerce, place of supply along with the name of state.

(14) Address of delivery, where the same is different from the place of supply

(15) Whether tax is payable on reverse charge basis

(16) Signature or digital signature of the supplier or his authorized representative

Contents of a Bill of supply

Bill of supply should contain the following details

(1) Name, address and GSTIN of the supplier

(2) consecutive serial number containing alphabets or numerals or special characters hyphen (-) or slash (/) for a financial year.

(3) Date of issue

(4) Neme, address and GSTIN or UIN of the recipient, if the recipient is a registered dealer.

(5) HSN code of goods or Accounting Code of services

(6) Description of goods or services

(7) signature or digital signature of the supplier or his authorized representative.

Composition Levy

 Composition Levy under GST

Small taxpayers can opt to pay tax at a flat rate and opt for composition of tax if their annual aggregate turnover is within 75 lakhs. This option is available for certain special category of manufacturers and service providers also. No input tax credit is available for a compounding dealer. Compounding dealer cannot issue a tax invoice but only a bill of supply. Compounding dealers are not permitted to collect tax.

Persons not eligible for Composition

(a) Supplier of Services other than Supplier of Restaurant service

(b) Neither a Casual Taxable person nor a Non-Resident Taxable person.

(c) An Inter State supplier of Goods

(d) Persons supplying Goods through e-commerce operator

(e) Manufacturers of certain notified goods

Composition Rate

(a) For manufacturers, SGST 1% + CGST 1%

(b) For hotels other than Liquor SGST 2.5% + CGST 2.5%

(c) For others SGST 0.5% + CGST 0.5%

Return of a composition dealer 

A composition dealer instead of filing monthly return, has to file return for each quarter in GST-4 within 18 days after the end of such quarter. In GSTR-4, Invoice wise details of inter-state and intra-state supplies received from registered persons as well as unregistered persons, imports of goods and services, consolidated details of outward supplies consolidated statement of advances paid/advances adjusted on account of receipt of supplies, debit note, and credit note received and issued have to be reported.

Conditions for Composition

 

(a)  With respect to migrated dealer, the Goods in stock should not have been purchased on Inter-state basis/imports/stock Transfer.

(b) The Goods in Stock must not have been purchased from Un-registered Dealers, and if purchased tax has to be paid under Reverse charge mechanism.

(c) Composition dealers have to issue Bill of supply instead of Invoice

(d) In the Bill of supply, such dealer should mention "Composition Taxable person not eligible to collect tax on supplies."

(e) In Sign boards at prominent place of business he shall mention the words "Composition Taxable person."

Cancellation of registration

Failure to file returns for 3 consecutive tax period will lead to cancellation of registration.

Transitional Provisions

Dealer paying tax in the composition scheme under the earlier law but decided to pay tax under section 9 of the GST law (i.e. Regular dealer (, shall be eligible for ITC in GST on the closing stock of goods purchased locally.

A dealer availing ITC under the earlier law but decided to become a composition dealer under Section 10 of the GST Law, shall have to pay an amount equivalent to the credit of input tax.

TIME OF SUPPLY OF GOODS

Under GST, the point of taxation, the liability to pay CGST/SGST will arise at the time of supply as determined for Goods & services.

The time of supply of Goods shall be the earlier of the following dates, namely: - 

(a) The date of issue of invoice by the supplier (or the last date on which he is required to issue the invoice)

(b) The date on which the supplier receives the payment with respect to the supply.

The time of supply of goods where tax is to be paid on reverse charge shall be the earlier of the following dates, namely: -

(a) The date of receipt of goods, or 

(b) The date of payment

(c) 30 days from the date of issue of invoice by the supplier (If it is not possible to determine under (i,ii  & iii) the date of entry of supply in the books of the recipient)

The time of supply of goods in case of vouchers shall be the earlier of the following dates, namely: -

(a) The date of issue of voucher; or

(b) The date of redemption of voucher. (If the date could not be determined then the date of periodical return filed or the date on which the CGST/SGST is paid

Time of supply of services

The time of supply of services shall be the earliest of the following dates, namely: -

(a) The date of issue of invoice or

(b) The date of receipt of payment

The time of supply of services where tax is to be paid on reverse charge shall be the earlies of the following dates, namely: -

(a) The date of receipt of payment or

(b) 60 days immediate from the date of invoice. If it is not possible to determine under (i) or (ii), the date of entry.

GST REGISTRATION

Registration is the most fundamental requirement for the identification of taxpayers to ensure compliance and to obtain a unique registration number for the purpose of collecting tax on behalf of the Government and to avail ITC accrued on the inward supplies.

enefits of registration

Registration will confer the following advantages to a taxpayer:

1. He is legally recognized as supplier of goods or services.

2. He is legally authorized to collect taxes from his customers and pass on the credit of the taxes paid on the goods or services supplied to the purchasers/recipients.

3. He can claim Input Tax Credit of taxes paid and can utilize the same for payment of taxes due on supply of goods or services.

4. Seamless flow of Input Tax Credit from suppliers to recipients at the national level.

Threshold limit for registration

Registration is mandatory when Aggregate Turnover in a Financial Year exceeds Rs. 20 Lakhs (Aggregate Turnover = Value of Taxable of Supplies+Exempt SupplyScience state Supplies Exports of both Goods and services of persons having the same PAN calculated on all India basis less tax under IGST, CGST, SGST and Cess), except for Special Category States, where the threshold limit for aggregate turnover is Rs. 10 lakhs.

Exemption from registration

Irrespective of the turnover, the following dealers are exempted from Registration: -

1. Supply of exclusively exempted goods

2. Agriculturist for the purpose of Agriculture

Voluntary Registration

A person not liable to be registered under the Act, may get himself registered voluntarily to avail ITC and pass on the ITC to the recipient.

Compulsory Registration 

The following class of persons shall compulsorily register: -

(a) Persons required to deduct tax as TDS (Government Agencies, Department etc.)

(b) Persons required to collect tax as TCS (electronic Commerce operator)

(c) Persons making inter-state Taxable supply:

(d) Casual Taxable person:

(e) Persons who are required to pay tax as e-commerce operators:

(f) Persons who are required to pay tax under reverse charge:

(g) Non-resident taxable person:

Casual taxable person and a non-resident taxable person

A Casual taxable person is one who has a registered business in some State in India but wants to effect supplies in some other state in which he is not having any fixed place of business. Such person needs to register in the State from where he seeks to supply as a Casual taxable person.

A non-Resident taxable person is one who is a foreigner and occasionally want to effect taxable supplies from any State in India, and for that he needs GST registration. GST law prescribes special procedure for registration, as also for extension of the operation period of such Casual or Non-Resident taxable persons.

They have to apply for registration at least five days in advance before making any supply. 

also, registration is granted to them, or period of operation is extended only after they make advance deposit of the estimated tax liability.

Registration process

(a) Application to be filed online within 30 days of becoming liable.

(b) Casual Dealers and non-resident taxable person shall apply at least 5 days prior to the date of commencement of business (Period of Validation is as specified in the application or 90 days from the effective date of registration whichever is earlier and an advance deposit of tax, an amount equivalent to the estimated tax liability of such person).

(c) All the Core Fields (name of business, principal place of business and stakeholders' details, etc.) should be filled up.

(d) Scanned documents to be attached.

(e) Digital Signature or e-Sign should be done.

(f) Application to be processed within 3 common working days.

(g) If application is successful the Registration Certificate will be sent in the PDF format to the e-mail.

(h) All queries to be raised and communicated by the proper officer within 3 common working days-sent in PDF format to the e-mail of the applicant.

(i) Application should reply to query within 7 days- failure will entail automatic rejection by the system.

(j) On receipt of reply, registration should be granted / rejected within 7 days.

(k) Rejection of Application under CGST will be a deemed rejection under SGST and vice-versa.

(l) Deemed Approval, if no query.

Amendment in Registration:

Except for the changes in some core Information in the registration application, a taxable person shall be able to make amendments without requiring any specific approval from the tax authority. In case the change is for legal name of the business or additional place of business, the taxable person will apply for amendment within 15 days. For other changes like the name of day-to-day functionaries, e-mail IDs, mobile numbers etc. no approval of the proper Officer is required, and the amendment can be affected by the taxable person on his own on the common portal.

Cancellation of registration

Cancellation of registration can be done in the following circumstances

(a) Transfer of business or discontinuation of business or merger.

(b) Death of the proprietor.

(c) Change in the constitution of business. (Partnership Firm may be changed to sole Proprietorship due to death of one of the two partners, leading to change in PAN)

(d) Person no longer liable to be registered (Except when he is voluntarily registered)

(e) Registered taxable person has contravened provisions of the Act or Rules.

(f) A composition supplier has not furnished returns for 3 consecutive tax periods / any other taxable person has not furnished returns for a continuous period of 6 months.

(g) Non-commencement of business within 6 months form date of registration by a person who has registered voluntarily.

(h) Where registration has been obtained by means of fraud, willful misstatement or suppression of facts, the registration may be cancelled with retrospective effect.

Revocation of cancellation of registration:

Application for revocation should be made within 30 days from the date of service of cancellation order. The proper officer can revoke cancellation / reject application.

Direct Taxx Law

 ROLE OF COMPANY SECREATARIES IN DIRECT TAX LAW

The company Secretaries as experienced tax professionals can assist in resolving various challenges such as keeping abreast with tax regulations, efficiently manage compliances, address uncertain tax positions, among many others. The Company Secretaries can provide with an insight into how to best work to meet the business needs.

THE FOLLOWING ARE THE KEY IMPORTANT AREAS UNDER THE DIRECT TAX REGIME WHERE A COMPANY SECRETARIES CAN PLAY A VITAL ROLE.

TAX COMPLIANCE:      As the complexities of businesses increase, the amount of time spent by professionals in cracking up the law codes increase. However, tax and regulatory systems of even the most developed countries cannot keep pace with the developments across each industry as businesses emerge day by day. These also bring out the requirements for new compliances and the challenges of meeting them every single day. More detailed Income Tax Return forms including disclosures on tax residency certificates and details of foreign assets, and higher penalties for non-disclosures require businesses to gear up for efficient tax compliance.

FOLLOWING ARE THE AREAS OR AVENUES WHERE COMPANY SSECRETARIES CNA ASSIST CLIENT:

(@) Assist in obtaining Permanent Account Number "PAN No" Tax Deduction/Collection Account Number "TAN No."

@ Filling of Income tax Returns

@ Filling of TDS/TCS Returns

@ Tax payroll assistance

@ Income tax clearance certificate

@ Tax Residency Certificate

@ Establishing tax efficient Indian business presence for an MNC.

@ Planning a heavy capital outlay in the existing business

@ Addressing concerns about cash flow and examining tax inefficiencies

@ Ensuring that the tax function is aligned with the business plan

@ Assessing the impact of any tax and regulatory changes/amendments

REPRESENTATION SERVICES:

The Appellate hierarchy in India consists of assessing officer, first appellate authority Appellate Tribunal, High Cout and Supreme Court. The Company Secretaries can provide the following range of services comprise of:

1. Assisting in filling appeals before the appellate authorities and complying with appellate requirements and procedure.

2. Determining the appeal strategy and approach and drafting of legal submissions.

3.In-house service of the expert counsel with experience in representation before appellate authorities

4. Advising on the course of action to be adopted before revenue authorities to mitigate the risk of penal consequences

5. Reviewing pending litigation and other uncertain tax positions, to comment on adequacy of defense, probability of success and prevention of recurrence

6. Assisting the external legal counsel in preparing or representing for appeals. writ petition and special leave petition before the Supreme Court and court subordinate to it (High

 Court)

TO PROVIDE ADVANCED KNOWLEDGE ON PRACTICAL APPLICATION OF DIRECT TAX PRACTICE.

A. Computation of Income under the head of Capital Gains: Chargeability, Capital Gains, Capital Assets & Transfer, Types of Capital Gains, Mode of Computation of Capital Gains, Exemptions and Deduction, Special Provision - Slump sale, Compulsory Acquisition, Fair market value, Reference to valuation officer, Practical case studies.

B. An overview of Income Tax Act, 1961: Background, Important definitions, Residential status, Basis of charge, Scope of Total Income tax rates in accordance with the applicable Finance Act for the relevant assessment year.

C. Computation of Income under the head of Salary: Salary- coverage, Employer and Employee Relationship, Allowances, Monetary and Non-Monetary Perquisites - Valuation and Taxability, profits in lieu of Salary, Deductions against Salary, Incomes exempt from Tax and not includible in "Salary" Deduction to be made from salary in respect Fund the provisions of the Provident Fund and Miscellaneous Provisions of Act 1952 and Tax treatment of employers'  contribution to provident Fund, tax Deduction at source on Salary and Compliances, Practical case studies.

D. Computation of Income from Sources: Taxation of Dividend u/s 2(22)(a) to (e), provisions relating to Gifts, Deductions, other Miscellaneous Provisions, Practical Case Studies.

E. Computation of Income under the head of House Property: Chargeability owner of house property, Determination of Annual Value, Deduction from Net Annual Value, Treatment of Unrealized Rent, Arrears of Rent, Exemptions, Computation of income from a let-out House Property, Self-Occupied Property, practical Case Studies.

F. Computation of Total Income and Tax Liability