Vipin Sanger

GST and Taxation for MSMEs: GST accounting applications have helped in the transition of many small businesses and entrepreneurs in an easier and cost-effective manner to a new indirect tax system and also making them organised in terms of their bookkeeping. GST and Taxation for MSMEs: Since the launch of July 2017, Goods & Service Tax (GST) has been the most important factor for government and businesses with many changes being introduced recently. GST for Indian economy has been an evolving process and has brought advantages for small businesses in many ways by reducing complexities of inter-state taxation, digitization of MSMEs and an online portal for registration, filing and compliance purpose to make indirect taxation convenient and simple in India. There are about 13 million GST payers, out of which, 6-7 million are B2B, and 5-6 million are B2C. India’s MSME sector contributes about 8 per cent of India’s GDP, 45 per cent of the manufacturing output, 40 per cent of the ...

While the Goods & Services Tax has come a long way since it's implication from 01st July 2017, it still needs painstaking attention to iron out the remaining creases. Especially in the time of coronavirus. One of the most fundamental indirect tax reforms since independence, the Goods & Services Tax (GST) is now poised to close three years of its implementation at the end of June in the midst of the global crisis due to the novel coronavirus or COVID-19 pandemic. In these years, while the government has tried to leave no stone unturned to make it a robust and efficient system, it is pertinent to note that till date, umpteen changes have been made in the statute and the rules governing it. These changes were either to simplify the procedures for the taxpayers or to overcome challenges posed by the technology failures or fraudulent persons making fake input tax credit (ITC) claims/refunds. No surprise that the GST law has had its fair share of supporters and critics....

The refund of ITC is a key constituent of Goods and Service Tax (“GST”), and it is a pre-requisite for the department to ensure the smooth operation of the same to avoid any unnecessary increase in the cost of goods/services. However, various issues keep on evolving with the use of the system. The council has issued several GST Circulars to curb these issues. Department has received various representations those are looking for clarification on some issues related to refund under GST.  We are really pleased to share this with you as our efforts have finally brought the sigh of relief for the taxpayers across the country! A new amendment to the GST Laws is going to allow “Clubbing of GST Refund Claims Across Two Financial Years.” As per the recent circular, the amendment quoted reference from the M/S Pitambra Books Private Limited petition in Delhi High Court . M/S Pitambra Books Private Limited is one of our most valued clients. We are proud to say that our profession...

The article shows how to unprotect Excel spreadsheet without password if you forgot or misplaced it.  How to unprotect Excel sheet without password: If you need to edit a password protected sheet but you cannot remember the password, try to unlock that Excel spreadsheet by using the following method: Unlock Excel spreadsheet with VBA code (for Excel 2010 and lower) If you are using Excel 2016 or older version, you can unlock a password-protected sheet with the following macro. Download the code file from here! Step 1: Open your Excel document and switch to the password-protected sheet (it should be active when you run the macro). Step 2:   Press Alt + F11 to open the Visual Basic Editor. Step 3:  Right-click the workbook name on the left pane (Project-VBAProject pane) and select Insert > Module from the context menu, or press F7;  In the window that appears, paste in the following code: -----------------------------------------------...

Meaning of Input Tax Credit (ITC) Section 2(63) of CGST Act, ITC means the credit of input tax and Section 2(62) of CGST Act, Input Tax means, in relation to registered person, tax charged on any supply of goods or services or both made to him and specifically includes, IGST paid on imports, RCM paid under CGST act, IGST act, SGST act and UTGST and with specific exclusion of taxes paid under composition levy of CGST, IGST, SGST and UTGST taxes. Ineligible ITC under GST GST input tax credit mechanism allows registered dealers to set-off their credit balances against GST output tax liabilities. At the time of introduction of GST act, it was stated as taxes paid under this act in connection with furtherance of business can be claimed as ITC, but over a period of time, the cannon has changed in the minds of the government and issued numerous notifications from time to time imposing restrictions on some types of goods and services which are not eligible for input tax credit claim. W...