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Refunds under GST in Delhi, India

  Application for refund Any person claiming refund of any tax and interest, if any, paid on such tax may make an application before the expiry of 2 years from the relevant date . A taxable person may claim refund of any unutilized input tax credit of tax paid on exports or in cases where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on outputs. Situations where refund would arise: Excess payment of tax due to mistake or inadvertence. Export (including deemed export) of goods / services under claim of rebate or Refund of accumulated input credit of duty / tax when goods / services are exported.  Finalization of provisional assessment.  Refund of Pre – deposit for filing appeal including refund arising in pursuance of an appellate authority’s order (when the appeal is decided in favour of the appellant). Payment of duty / tax during investigation but no/ less liability arises at the time of finalization of...
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Taxability of E- commerce & E- commerce operator in India

What is E- commerce or E- commerce operator? An Electronic Commerce to mean the supply or receipt of goods and/or services , or transmitting of funds or data, over an electronic network, primarily the internet, by using any of the applications that rely on the internet, like but not limited to e-mail, instant messaging, shopping carts, web services, universal description Discovery and integration(UDDI), File Transfer Protocol (FTP) and Electronic Data Interchange (EDI) whether or not the payment is conducted online and whether or not the ultimate delivery of the goods and/or services is done by the operator. E-Commerce operator is a person who, directly or indirectly, owns, operates or manages an electronic platform which is engaged in facilitating the supply of any goods and/or services. Also a person providing any information or any other services incidental to or in connection with such supply of goods and services through electronic platform would be considered as an Oper...
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Taxation under GST

Tax base of GST would be very wide and would comprehensively extend over all goods and services up to the final consumer point . GST would have two components: 1. CGST It would be levied by the Centre; and 2. SGST It would be levied by the States. The basic features of law such as chargeability, definition of taxable event, taxable person, taxable transaction, basis of classification all would be uniform for both CGST and SGST, i.e. the basis of taxability would be same for both CGST as well as SGST, thereby wiping out all the disputes currently taken up by VAT/Sales tax authorities and Service tax authorities to tax a single transaction. Meaning of Goods and services ·          “Goods’’ means every kind of movable property other than actionable claim and money but includes securities, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under the contract of supply ...
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ISI MARK REGISTRATION IN INDIA

What is ISI Mark Registration? ISI mark is a certification mark for industrial products in India. The mark certifies that a product confirms to the Indian Standard , mentioned as IS:xxxx on top of the mark, developed by the Bureau of Indian Standards (BIS) , the national standards body of India.The ISI mark is by far the most recognized certification mark in the Indian subcontinent. The name ISI is an abbreviation of Indian Standards Institute , the former name of the Bureau of Indian Standards. The ISI mark is mandatory for certifying products to be sold in India, like many of the electrical appliances. Procedure for ISI registration: ·          Submission of application form duly filled along with the required supporting documents and the application fee (Rs 1000) to the branch office of the region where the manufacturing unit is located. ·          The application is scrutinized along with al...
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HOW TO REGISTER A NIDHI COMPANY?

What is Nidhi Company? Nidhi Company is one of the non-banking Indian Finance sector and recognized under companies Act, 1956. Their main business is lending and borrowing money between their members. Nidhi Company is the company which has been incorporated as Nidhi with the object of “cultivating the habitat of thrift and savings” amongst its members. Nidhi Company means “TREASURE” in India/Language. Nidhi Company is a one of a class of NBFCs (Non- Banking Financial Company) and it doesn’t require any RBI license. Nidhi Company is easy to register and cheap to form.  Well Nidhi Company is a best possible entity to take deposit from and lend to Group of people. Nidhi Company under the ambit of RBI (Reserve Bank of India) ·          NBFSCs comprising equipment leasing, hire purchase finance, loan, investment and residuary non-banking (RNBC) companies. ·          Mutual benefit financial...
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