Deemed exports are a type of transaction under the Goods and Services Tax (GST) regime that involve the supply of goods or services that are not physically exported from India but are deemed to have been exported.
Upto March 2014, the companies were undertaking CSR activities as per their internal polices. However, from 1 April 2014, the section 135 of Companies Act, 2013 made mandatory for certain categories of companies to undertake CSR. Also, the activities which should be undertaken as part of CSR are listed in Schedule VII to the Companies Act, 2013.
Under GST, the term "Export" refers to the supply of goods or services that are sent outside the territory of India. This means that any supply of goods or services that leaves India's boundaries can be considered an export.
Every registered taxable person whose aggregate annual turnover exceeds Rs. 10 Cr in any of the financial year starting from 2017-18 is liable to issue e-invoice by way of uploading its tax invoice in json file on Invoice Registration Portal (IRP) in accordance with e-invoice schema in INV-01 and getting back digitally signed json from IRP with IRN and QR Code.
Since we are already in the last month of the Accounting year i.e. March 2023, which mandates a few important points to be taken care in the current month so that there is smooth functioning in the next year without much reference to the previous year. Keeping the same thing in mind, we have tried to brief some important points to be taken care of.
Supreme Court Ruling on Input Tax Credit: The Importance of Proving Genuineness of Transactions and Physical Movement of Goods
We have listed down certain important activities for the smooth transition/ closure of FY 2022-23
Holi is the festival of colours. It signifies the triumph of good over evil. On the occasion of Holi, which colours have the government brought in GST and Income Tax?
Form GST-ITC-04 is the Quarterly return filed by the Manufacturer to take credit of Tax paid on goods purchased and sent to Job-work.
When alert of risky exporter is invoked on the Import Export Code, all the refunds of IGST, Drawback and other benefits gets stopped and all the export consignment are subject to verification.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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