Author: Daniya Kurian

Exporters can use a letter of undertaking to export goods or services without paying taxes. Under the new GST system, all exports are subject to IGST, which may then be reclaimed through a refund against the tax paid. By applying for a LUT ( Letter of Undertaking), exporters can avoid the effort of requesting a… Continue reading Letter of Undertaking under GST

Financial year-end closing procedures are crucial for ensuring accurate financial reporting and compliance with regulations. Here’s a general outline of the steps involved: 1. Review Financial Statements: Start by reviewing financial statements such as the income statement, balance sheet, and cash flow statement for accuracy and completeness. 2. Reconciliation of Accounts: Reconcile all accounts, including… Continue reading Financial book closing steps

The National Payments Corporation of India (NPCI) is an umbrella organization for operating retail payments and settlement systems in India. It was founded in 2008 under the guidance of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) to create a robust payment infrastructure in the country and to promote financial inclusion.… Continue reading National Payments Corporation of India (NPCI)

According to Rule 48(4), the following classes of people are exempt from the e-invoice mandate and need not generate an e-invoice under GST. 1. Banks, Insurance Companies, and Financial Institutions including but not limited to NBFCs. 2. Goods Transport Agency 3. Passenger Transport Services 4. Supplier of Services by way of admission to the exhibition… Continue reading Exemptions from E-invoice Mandate

Professional tax came into being in 1996 with the enforcement of the Kerala State Tax on Professions, Trades, Callings, and Employment Act. This act is commonly known as the Kerala Professional Tax Act. As per the Kerala professional tax rule, some individuals are liable to get an exemption on professional tax. The individuals exempted from… Continue reading Kerala Professional Tax Exemption

GST (Goods and Services Tax) is one indirect tax for the whole nation. It is the resultant tax after subsuming major Central and State indirect taxes. GST is a destination-based tax levied on the consumption of goods and services across the nation, thus rendering the country one unified common market. • GSTN has introduced new… Continue reading Changes in GSTR-1

Section 80DDB speaks of deductions in respect of expenses incurred for medical treatment of specified diseases or ailments for self or dependents. Section 80DDB provides that if an individual or a HUF has incurred medical expenses for treatment of a specified disease or ailment, such expense is allowed as a deduction, subject to such conditions… Continue reading Deduction Under Section 80DDB

The due date to file GSTR-9C is the same as due date for submitting the Annual returns in GSTR-9. Hence, the GSTR-9C must be filed on or before 31st December of the year subsequent to the relevant FY under audit. The due date can be extended by the Government if deemed necessary. For instance, the… Continue reading GSTR-9C

Participation in business: Each Partner will have an equal opportunity to participate in their business operation. If the partnership contract stipulates so, partners can restrict this power to allow only some of them to contribute to the running of the business.  Right to express views: Partners have the freedom to express their opinions. A majority… Continue reading Rights of the Partners:

If DTA units exporting software services fail to declare their software exports and get them certified in SOFTEX forms, this is a violation of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015. This will result in legal action under Section 13(1) of the FEMA, and a penalty of up to threefold the… Continue reading Penalty/consequences for not filing a SOFTEX Form