Benefits of Hiring GST Consultants in India for Your Business

Managing GST compliance can be complex and time-consuming for businesses, especially with frequent regulatory updates and detailed filing requirements. This is why many companies rely on GST consultants in India to streamline tax processes, ensure compliance, and avoid costly errors.

Businesses looking for reliable support often explore GST consultants in India to manage their GST responsibilities efficiently and focus on growth.

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Ensures Accurate GST Compliance

Accuracy is critical in GST processes.

1. Minimizes errors in return filing.
2. Ensures compliance with GST laws.
3. Reduces risk of penalties and notices.
4. Keeps records properly maintained.

Professional handling improves compliance.

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Saves Time and Effort

GST tasks can be time-consuming.

1. Eliminates manual calculations and filings.
2. Reduces administrative workload.
3. Allows focus on core business activities.
4. Improves overall productivity.

Outsourcing saves valuable time.

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Timely Filing of GST Returns

Deadlines are crucial in GST.

1. Ensures returns are filed on time.
2. Avoids late fees and penalties.
3. Maintains compliance history.
4. Prevents legal complications.

Many businesses rely on GST consultants in India for timely filings.

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Expert Knowledge of GST Laws

GST regulations change frequently.

1. Consultants stay updated with latest rules.
2. Provide accurate tax advice.
3. Help interpret complex regulations.
4. Ensure compliance with new amendments.

Expert knowledge reduces risks.

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Optimizes Input Tax Credit (ITC)

ITC plays a major role in cost savings.

1. Ensures proper claim of credits.
2. Avoids errors in ITC calculations.
3. Maximizes eligible tax benefits.
4. Improves cash flow management.

Optimization reduces tax burden.

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Handles GST Notices and Audits

Professional support is essential during audits.

1. Responds to GST notices effectively.
2. Prepares documentation for audits.
3. Represents business before authorities.
4. Reduces legal risks.

Expert handling ensures smooth resolution.

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Reduces Risk of Penalties

Compliance errors can be costly.

1. Avoids incorrect filings.
2. Ensures accurate tax calculations.
3. Maintains proper documentation.
4. Prevents non-compliance issues.

Consultants help avoid penalties.

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Provides Strategic Tax Planning

Planning improves financial efficiency.

1. Advises on tax-saving strategies.
2. Helps structure transactions efficiently.
3. Improves financial planning.
4. Supports long-term business growth.

Strategic advice adds value.

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Supports Business Growth

Efficient compliance enables growth.

1. Reduces operational stress.
2. Improves financial management.
3. Enhances business credibility.
4. Enables focus on expansion.

Professional support drives growth.

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Customized Solutions for Different Businesses

Each business has unique needs.

1. Tailored services for startups and SMEs.
2. Industry-specific GST solutions.
3. Flexible service plans.
4. Scalable support as business grows.

Customization ensures better results.

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Improves Financial Transparency

Transparency is essential for success.

1. Clear records of transactions.
2. Accurate reporting of tax liabilities.
3. Better audit readiness.
4. Improved decision-making.

Transparency builds trust.

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Cost-Effective in the Long Run

Hiring experts saves money.

1. Reduces risk of penalties.
2. Prevents costly errors.
3. Improves tax efficiency.
4. Provides better return on investment.

Many businesses find GST consultants in India cost-effective over time.

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Conclusion

Hiring GST consultants in India offers numerous benefits, including accurate compliance, time savings, expert guidance, and improved financial efficiency. By outsourcing GST-related tasks to professionals, businesses can reduce risks, optimize tax benefits, and focus on growth.

Many companies today rely on GST consultants in India to manage their tax responsibilities effectively and ensure smooth operations.

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FAQs

Q1 Why should I hire a GST consultant?
To ensure accurate compliance and reduce risk of penalties.

Q2 Do GST consultants save time?
Yes, they handle filings and compliance tasks efficiently.

Q3 Can consultants help with GST audits?
Yes, they provide support and representation during audits.

Q4 What is ITC optimization?
It ensures proper claim of input tax credit to reduce tax burden.

Q5 Are GST consultants cost-effective?
Yes, they help avoid errors and improve tax efficiency.

Q6 Do consultants provide customized solutions?
Yes, services are tailored to business needs.

Top Services Provided by GST Experts in India

The Goods and Services Tax (GST) has transformed India’s taxation system into a unified framework, replacing multiple indirect taxes. However, compliance under GST remains complex — involving continuous filings, reconciliations, audits, and legal updates. For this reason, most companies rely on GST experts in India to manage their tax functions effectively and avoid penalties.

A professional GST expert ensures accuracy, compliance, and strategic planning across every area of taxation. From registration to litigation, their role is essential for every business operating under India’s GST regime.

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Understanding the Importance of GST Experts

Businesses of all sizes, whether startups or large corporations, face one common challenge — maintaining compliance while focusing on operations. GST experts bridge this gap by offering end-to-end tax management.

These professionals interpret complex laws, keep up with constant regulatory changes, and implement efficient systems that ensure your business stays compliant while maximizing financial efficiency.

Let’s explore the top services provided by GST experts in India that make them indispensable for modern businesses.

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1. GST Registration and Classification Services

The first and most fundamental task is GST registration. Every business exceeding the prescribed turnover limit must register under GST. However, determining the correct type of registration is not always straightforward.

How GST Experts Help:

• Evaluate eligibility based on business turnover and nature of operations

• Classify businesses correctly under Regular, Composition, or Special category

• Handle online registration and documentation

• Provide guidance for multiple state registrations or non-resident entities

Proper registration prevents compliance errors and ensures seamless integration with suppliers and clients in the GST ecosystem.

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2. GST Return Filing and Compliance Management

One of the core services GST experts handle is filing accurate and timely returns. Non-compliance can lead to penalties, suspension of registration, or blockage of Input Tax Credit (ITC).

How GST Experts Help:

• Prepare and file periodic returns such as GSTR-1, GSTR-3B, GSTR-9, and GSTR-9C

• Reconcile data between purchase and sales ledgers

• Verify supplier filings to ensure ITC eligibility

• Track due dates and avoid late-fee penalties

By ensuring each filing is error-free, GST consultants save businesses both time and financial resources.

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3. Input Tax Credit (ITC) Reconciliation and Optimization

Input Tax Credit is one of the most critical yet challenging aspects of GST compliance. Any mismatch in supplier filings or delays can block working capital.

How GST Experts Help:

• Match purchase invoices with supplier-filed GSTR-2A and GSTR-2B

• Identify missing or mismatched entries and communicate with vendors

• Optimize ITC claims for maximum benefit

• Ensure proper utilization of credit to reduce overall tax burden

Proper ITC management helps maintain liquidity and minimizes tax outflow — a major value-addition from GST experts in India.

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4. GST Audit and Assessment Assistance

Businesses are often subject to GST audits or departmental scrutiny. Handling such processes without professional guidance can be stressful and risky.

How GST Experts Help:

• Prepare necessary documents and reconciliations for audit

• Represent businesses during departmental audits or assessments

• Address discrepancies proactively before escalation

• Ensure compliance with audit findings and recommendations

Having expert representation ensures smooth audits and minimizes the chance of penalties.

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5. Handling Notices and Litigation Support

Notices from GST authorities are increasingly common, often due to mismatched filings, delayed submissions, or system errors. A GST expert is trained to deal with such issues strategically.

How GST Experts Help:

• Draft timely and accurate responses to notices

• Prepare and submit clarifications or appeals

• Represent clients before GST authorities and tribunals

• Monitor ongoing cases and compliance during litigation

This service ensures that your business remains protected from unnecessary disputes or legal exposure.

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6. GST Advisory and Strategic Tax Planning

Beyond compliance, GST experts act as business advisors. They analyze your financial operations and suggest structural improvements to enhance tax efficiency.

How GST Experts Help:

• Identify tax-saving opportunities

• Structure business transactions to reduce liabilities

• Provide guidance on cross-border supplies and exports

• Help in merger, acquisition, or restructuring tax planning

Strategic advice ensures that your tax setup supports long-term business goals, not just short-term filings.

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7. E-Invoicing and Automation Setup

With e-invoicing and digital reporting now mandatory for many businesses, technology integration has become a key part of GST compliance.

How GST Experts Help:

• Assist in implementing GST-compliant billing systems

• Integrate ERP or accounting software for automated data uploads

• Train staff to manage e-invoicing processes efficiently

• Monitor system accuracy and compliance consistency

Digital compliance minimizes manual errors and improves transparency.

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8. Sector-Specific GST Solutions

Each industry faces its own GST challenges. For example, manufacturers deal with reverse charge mechanisms, while e-commerce sellers must handle complex interstate supply reporting.

How GST Experts Help:

• Offer customized solutions for your industry

• Handle sector-specific exemptions, refund claims, and valuation issues

• Ensure compliance with sectoral circulars and notifications

• Advise on export incentives and refund claims

This tailored approach ensures businesses across all sectors — from retail to IT — remain compliant and efficient.

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9. Training and Compliance Support for In-House Teams

To build sustainable compliance, many companies rely on experts for periodic staff training.

How GST Experts Help:

• Conduct GST workshops and awareness sessions

• Train finance teams on filing procedures and data management

• Provide updated checklists and compliance manuals

• Review internal compliance periodically for accuracy

Knowledge transfer ensures your internal teams understand compliance even without constant external dependency.

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10. Continuous Monitoring and Advisory Updates

GST is a dynamic law — rules and notifications evolve regularly. Businesses that fail to adapt quickly risk non-compliance.

How GST Experts Help:

• Provide regular updates on law amendments

• Re-evaluate your processes in light of new notifications

• Maintain proactive communication on upcoming compliance changes

• Offer monthly or quarterly reviews for smooth functioning

Continuous professional monitoring helps your business remain compliant at all times.

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Conclusion

Hiring GST experts in India is not just about fulfilling a legal obligation; it’s about safeguarding your business against risk, optimizing tax efficiency, and gaining strategic insight into your financial operations. Their services span every aspect of GST — from registration to audits and litigation support — making them indispensable partners in today’s regulatory environment.

Whether you are a startup, an established enterprise, or an expanding multinational, professional GST expertise ensures your business remains compliant, financially sound, and growth-ready.

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FAQs

Q1. What do GST experts in India do?
They handle registration, filing, ITC reconciliation, audit preparation, and advisory for businesses under GST law.

Q2. Why should a business hire a GST expert?
They ensure compliance accuracy, prevent penalties, and help optimize tax liabilities.

Q3. Can GST experts help during audits or notices?
Yes, they represent your business before GST authorities and assist in audit clarifications and dispute resolution.

Q4. Do GST experts assist with e-invoicing?
Yes. They help set up, automate, and manage e-invoicing systems for businesses.

Q5. Are GST services relevant for startups?
Absolutely. Even small businesses need professional help to handle registrations, filings, and ITC management correctly.

Q6. How do GST experts stay updated on legal changes?
They continuously monitor CBIC notifications and amendments to ensure up-to-date compliance.

Q7. How can GST experts help reduce tax costs?
By optimizing ITC claims, structuring transactions efficiently, and advising on tax-saving strategies within the legal framework.

Why GSTR 9 Annual Return Filing in Delhi Matters for Compliance

Compliance under GST is not optional—it is the backbone of a transparent tax system in India. One of the most critical filings for businesses is the GSTR 9 annual return filing in Delhi, which consolidates the entire year’s GST data. For companies, traders, and service providers operating in Delhi, filing this return on time is not only a legal obligation but also a way to build financial credibility and avoid penalties.

Ignoring or delaying GSTR 9 filing can have serious consequences, including fines, compliance downgrades, and even increased scrutiny from tax authorities. This is why businesses must understand why this filing matters and how it strengthens compliance under GST law.

Legal Requirement of GSTR 9 Annual Return

Under Section 44 of the CGST Act, every registered taxpayer must file an annual return in Form GSTR 9. This filing consolidates details from GSTR-1, GSTR-3B, and other GST returns filed throughout the year.

For businesses in Delhi, GSTR 9 annual return filing is mandatory, regardless of the size of operations. If the annual turnover exceeds ₹2 crores, businesses must also file GSTR 9C (a reconciliation statement certified by a chartered accountant or cost accountant).

Failure to comply with these legal requirements can result in heavy penalties, making timely filing an unavoidable responsibility.

Importance of GSTR 9 in GST Compliance

The importance of GSTR 9 extends far beyond just being a filing form. Here’s why it matters for compliance:

1. Consolidation of All Transactions
   It provides a complete view of all outward and inward supplies, input tax credit, and tax paid during the financial year.

2. Accuracy in Tax Reporting
   By reconciling monthly and quarterly filings, businesses ensure that their tax records are accurate and consistent.

3. Transparency with Authorities
   A well-filed GSTR 9 builds trust with GST authorities by showing compliance and accountability.

4. Prevention of Legal Disputes
   Proper filing helps avoid unnecessary notices, penalties, or litigation from tax departments.

5. Support for GST Audit
   Businesses above the threshold turnover need to file GSTR 9C. GSTR 9 forms the foundation for this audit process.

Penalties for Non-Compliance in Delhi

Skipping or delaying GSTR 9 annual return filing in Delhi attracts strict penalties:

• Late Fee: ₹200 per day (₹100 CGST + ₹100 SGST), capped at 0.25% of annual turnover.

• Interest on Tax Liability: If additional tax is payable, interest is levied at 18% per annum.

• Compliance Rating Impact: Regular non-compliance lowers a business’s GST compliance rating, impacting its credibility.

These penalties highlight why businesses cannot afford to take annual return filing lightly.

How Timely Filing Strengthens Business Compliance

Beyond avoiding penalties, timely filing of GSTR 9 brings compliance benefits such as:

1. Improved Business Credibility – Banks, investors, and clients prefer businesses with strong compliance records.

2. Reduced Audit Risks – Accurate filing reduces the chances of detailed GST audits or scrutiny.

3. Smooth Business Operations – Non-compliance can lead to restrictions on GST input credits or complications in future filings.

4. Trust Among Stakeholders – Filing demonstrates professionalism and strengthens reputation among stakeholders.

Conclusion

For businesses in Delhi, GSTR 9 annual return filing is not just a legal necessity—it is a vital compliance measure that strengthens financial transparency and trustworthiness. By filing on time and ensuring accuracy, businesses can avoid penalties, safeguard their reputation, and build long-term credibility. Treating compliance seriously today saves businesses from bigger issues tomorrow.

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FAQs

Q1. Is GSTR 9 filing mandatory in Delhi for all taxpayers?
Yes, except for composition taxpayers, input service distributors, and non-resident taxpayers.

Q2. What happens if I don’t file GSTR 9 on time?
You will face late fees, interest, and possible scrutiny from GST authorities.

Q3. Does GSTR 9 filing affect compliance ratings?
Yes, timely and accurate filing helps maintain a higher GST compliance rating.

Q4. Can penalties for late filing be waived?
Waivers are possible only if the government announces relief through notifications.

Q5. Why is GSTR 9 important for GST audits?
It forms the foundation of the GST audit and reconciliation process, especially for businesses with turnover above ₹2 crores.

Indirect Taxation in India: Key Concepts, Types & Impact

Indirect taxation in India is a cornerstone of the country’s revenue generation strategy. It affects every individual, whether you’re buying groceries, booking a flight, or using digital services. These taxes are not paid directly to the government by the consumer but are instead included in the price of goods and services, collected by businesses, and then passed on to the authorities.

Over the years, India’s indirect tax system has evolved significantly, especially with the launch of the Goods and Services Tax (GST) in 2017, which brought major reforms to the earlier fragmented tax structure.

What Is Indirect Tax?

An indirect tax is a tax imposed on products and services rather than on income or profits. These taxes are added to the sale price, and the final burden falls on the consumer, not the producer or seller.

Key Features of Indirect Taxes:

• Incurred during purchase: Paid by the customer at the point of transaction.

• Collected by intermediaries: Businesses remit the tax to the government.

• Applicable across sectors: From retail to hospitality and manufacturing.

• Affects cost of living: Embedded in the prices of everyday goods.

Indirect Taxation Before GST

Prior to GST, India’s indirect tax landscape was complex, with numerous central and state-level taxes. Some of the commonly levied taxes included:

• Excise Duty – Charged on manufacturing.

• Service Tax – Applied on services like telecom, hospitality, etc.

• Value Added Tax (VAT) – Imposed by states on the sale of goods.

• Customs Duty – Charged on imports and exports.

• Entertainment, Entry, and Luxury Taxes – Applied at the state level.

This multiplicity often resulted in overlapping tax burdens and compliance challenges for businesses.

GST: India’s Unified Indirect Tax System

The introduction of GST was a landmark move aimed at integrating various indirect taxes into one transparent and efficient tax regime. It simplified tax collection, improved transparency, and encouraged compliance.

GST is structured as:

• CGST (Central Goods and Services Tax) – Collected by the central government.

• SGST (State Goods and Services Tax) – Collected by individual states.

• IGST (Integrated GST) – Levied on interstate and international supplies.

GST Benefits Include:

• Eliminating double taxation

• Simplifying returns and invoicing

• Enabling better tracking of goods and services

• Encouraging formal business practices

Economic Impact of Indirect Taxes

The significance of indirect taxation in India goes beyond revenue generation. It plays a pivotal role in:

• Regulating consumption patterns through pricing

• Ensuring equity by taxing spending instead of earnings

• Boosting formalization of the economy

• Supporting infrastructural and social development

Indirect Tax Revenue Is Used For:

• Public infrastructure and welfare programs

• Defense, education, and healthcare funding

• Subsidy support and rural development

Conclusion

Whether you're an entrepreneur, accountant, or consumer, understanding indirect taxation in India helps you make informed decisions and remain compliant. GST has streamlined the process, but businesses must still stay up to date with changing rules, rate revisions, and regulatory updates.

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RTA Services in India: Essential Solutions for Corporate and Financial Operations

In today’s highly regulated and fast-paced financial sector, RTA Services in India have become a key enabler for companies and mutual funds. Registrar and Transfer Agents (RTAs) provide critical support for managing shareholder data, processing transactions, and ensuring full compliance with statutory guidelines. These services are especially vital for businesses with expanding investor bases and growing regulatory obligations.

What Exactly Are RTA Services?

RTA stands for Registrar and Transfer Agent—an organization registered with SEBI that assists companies in managing investor records, processing share transactions, and delivering efficient investor services. They work as a reliable link between the issuing company and its investors.

By outsourcing these functions to experienced RTAs, companies can offload their administrative burdens while maintaining transparency and compliance.

Importance of RTA Services in India

As regulatory standards become more demanding, professional RTA services help businesses streamline their record-keeping, improve data accuracy, and handle investor communications efficiently.

Key Advantages of Using RTA Services:

• SEBI Compliance: Ensure all filings and reporting requirements are met on time.

• Investor Management: Address investor concerns and queries quickly and professionally.

• Automation & Accuracy: Use of digital systems to eliminate manual errors.

• Data Integrity: Maintain up-to-date and accurate shareholder data.

• Cost Optimization: Save costs by eliminating the need for in-house recordkeeping staff.

Services Offered by RTAs in India

The range of services offered by RTAs is extensive, ensuring complete support throughout the investor lifecycle:

• Maintaining shareholder registers and ownership records

• Processing dematerialization/rematerialization of shares

• Handling dividend calculations and payments

• Executing corporate actions (e.g., bonuses, rights issues)

• Resolving investor complaints

• Managing redemptions, transfers, and name corrections

• Filing statutory reports with SEBI and other regulators

Who Needs RTA Services?

RTA Services in India are suitable for a variety of businesses and financial institutions, including:

• Listed Companies: To manage thousands of shareholder records efficiently

• Mutual Funds: To track investor holdings, NAVs, and redemptions

• AMCs & Investment Firms: For compliance, reporting, and investor servicing

• Startups Planning IPOs: To prepare for public listing with accurate records

Leading Providers of RTA Services in India

Some of the most well-known and trusted RTA service providers in India include:

• CAMS – One of India’s oldest and largest RTAs

• KFin Technologies – Known for serving both mutual funds and corporates

• Link Intime India Pvt. Ltd. – Offers customized solutions to listed entities

• Bigshare Services Pvt. Ltd. – Serving SMEs and large corporations alike

• Alankit Assignments Ltd. – Offering both physical and digital RTA services

How to Choose the Right RTA Service Partner

Choosing the right RTA can make a big difference in service quality and compliance reliability. Here are some things to look for:

• Certification & Registration: Must be SEBI-registered

• Service Portfolio: Should cover your current and future needs

• Technology & Automation: Online portals, investor dashboards, and digital tools

• Reputation & Clientele: A proven track record in your industry

• Security Standards: Adherence to data privacy and protection laws

Conclusion

As companies grow and regulatory expectations rise, partnering with the right RTA Services in India provider is crucial for sustainable success. These services not only enhance investor satisfaction but also reduce the administrative workload, allowing businesses to focus on expansion and innovation. Whether you are a large corporation or a fund house, an experienced RTA partner can provide the tools and expertise needed for smooth financial operations.

Simplified Process for GSTR 9C Return Filing in Delhi

Businesses operating in India’s capital city must comply with the Goods and Services Tax (GST) regulations, especially when annual turnover exceeds ₹5 crores. One essential part of this compliance is GSTR 9C return filing in Delhi. This reconciliation statement is more than just a form—it's a critical financial document that ensures your declared GST returns match your audited financials.

Understanding the GSTR 9C Form

GSTR 9C is a certified reconciliation statement required to be submitted annually by GST-registered businesses that meet the turnover threshold. It includes the comparison between the data furnished in the annual return (GSTR 9) and the figures as per the audited financial records.

The form must be certified by a Chartered Accountant or Cost Accountant, which adds an additional layer of accuracy and verification to your annual tax filings.

Who is Required to File GSTR 9C?

Any GST-registered entity in Delhi—be it a corporation, LLP, firm, or nonprofit—with an annual turnover above ₹5 crores is mandated to file GSTR 9C. Since Delhi has a high density of business operations, especially in trade and professional services, a large number of organizations fall under this criterion.

Timely and accurate GSTR 9C return filing in Delhi helps avoid penalties and supports a transparent business reputation with tax authorities.

Contents of the GSTR 9C Return

The return is divided into two essential parts:

• Reconciliation of Turnover and Tax Paid: A detailed statement matching turnover declared in GST returns with that in audited accounts.

• Certification by Professional: A CA or Cost Accountant must audit and verify the reconciliation, then certify its accuracy.

This structure helps GST officials identify discrepancies and encourages honest declarations.

Why GSTR 9C Filing is Important for Delhi-Based Businesses

Delhi’s strategic importance as a commercial hub means tax compliance is taken very seriously. Authorities often scrutinize businesses closely to ensure GST compliance, making GSTR 9C return filing in Delhi vital for avoiding tax issues and legal trouble.

It also fosters trust with stakeholders, from investors to customers, by showing your business adheres to national tax standards.

Avoid These Filing Mistakes

• Mismatched figures between GSTR 9 and audited accounts

• Missing certification by a qualified professional

• Late submission beyond due dates

• Not maintaining adequate supporting documents

Filing Steps for GSTR 9C in Delhi

1. Collect and reconcile all relevant GST returns and financial statements.

2. Use GST-compliant software or consult your accountant to prepare GSTR 9C.

3. Have the return certified by a qualified CA.

4. Log in to the GST portal, upload the return, and submit using a digital signature.

To ensure accuracy, many Delhi businesses choose to partner with experienced tax consultants or accounting firms.

Final Thoughts

Being compliant with GSTR 9C return filing in Delhi not only helps in avoiding legal complications but also builds a robust and credible financial image. With regulatory expectations increasing every year, professional filing ensures that your business remains audit-ready and maintains uninterrupted operations. Act early and consult experts if needed to meet your GST obligations smoothly.

More Good News in Works for Startups

There could be more measures in the offing for startups following the budget announcements. The government is working on another set of measures that could be rolled out soon to make it easier for them to do business in the country.

A new set of tax return forms, aimed at saving angel investors and startups from any questioning by tax officers, will be rolled out by September.

“We would be modifying the return forms, which will allow the system to check if the investment made in the startup is genuinely made by someone capable of making that kind of investment,” a senior government official said.

The move is in line with the e-verification for angel investors in the budget. E-verification seeks to help establish the identity of the investor and source of his funds. Consequently, funds raised by startups will not require any kind of scrutiny by the income-tax department.

The government has extended the tax benefit to category-II Alternative Investment Funds (AIFs). These would also, like category-1 AIFs, not face scrutiny on the valuation of shares held by them in startups.

EOUs can import from Pakistan without paying Customs duty
We are a 100 per cent EOU and manufacturer-exporter of textile readymade garments. We are getting garment orders from our buyer from USA and we have to import fabric from Pakistan. However, as per notification 5/2019-Cus dated February 16, 2019, duty of 200 per cent is applicable under new HS code no. 9806.00 for imports from Pakistan. Can we import fabric from Pakistan under the EOU scheme without paying duty?

As mentioned by you the said notification 5/2019 has inserted anew tariff entry at 98060000 for all goods originating in or imported from Pakistan. The 200 per cent duty is levied against that entry 98060000, which becomes part of the First Schedule to the Customs Tariff Act, 1975. As an EOU, you claim exemption on imported goods under notification no. 52/2003Cus dated March 31, 2003. That notification grants exemption on goods imported by EOUs from the whole of customs duty leviable thereon under the First Schedule to the Customs Tariff Act, 1975 (besides other duties and taxes). Therefore, you can import fabric from Pakistan under the said notification 52/2003 without payment of duty. We are holding an EPCG authorisation. We did some job-work for an exporter by way of embroidery on garments and invoiced to the exporter for the job-work done.

Higher Surcharge to Impact 40% FPIs: Finmin Math
A quick analysis by the finance ministry shows that about 40% of foreign portfolio investors (FPIs) — those that follow the trust structure — will be impacted by the higher surcharge levied in the budget. The majority 60% of FPIs that use the corporate structure will not be impacted.The finance ministry is trying to ascertain why these FPIs, mostly coming in through tax havens, are using the trust structure and how this benefits them, a government source said. Any decision on this will need to consider that special dispensation for FPIs will distort the tax structure, the person said.

FPIs Mull Going ‘Corporate’, But Changing Won’t be Easy
At least 30 big-ticket foreign portfolio investors (FPIs) have reached out to their advisers, seeking advice on converting themselves from trusts and association of persons (AOPs) to corporates after the budget increased the surcharge on the super-rich, said two people aware of the developments.
The funds that have sought advice include two leading US-based mutual funds and a European hedge fund managing over US1 billion of assets in India.

Lawyers and tax consultants have warned FPIs against carrying out such a change in structure since that could invoke the provisions of domestic tax avoidance laws. As per the General Anti-Avoidance Rules (GAAR), tax implications cannot be the sole reason for a fund to make changes to its structure or jurisdiction. If invoked, GAAR could result in penalties and legal action against these funds.

Breather for Exporters as Centre to Pay ITC Refund for State GST
In a major relief to exporters, the Centre will now pay the input tax credit (ITC) refunds of state taxes, thereby reducing transaction time and costs, and manual interface in claim processing.As per industry, there is a huge difference in the amount claimed, state goods and services tax (SGST) sanction amount received from central tax authority and the amount actually disbursed.
“The central government has been authorised to pay the amount of refund towards state taxes to the taxpayers,” according to the 2019-20 budget.

At present, the taxpayers file refund claims with the central tax officer, who clears half the claims, and the rest are cleared by the state tax authorities, leading to higher time taken in claim processing and refund sanctioning.
Exporters also say that ITC refund is partly electronic and partly manual. The exporter files refund application at the portal, takes a printout along with acknowledgement and carries it to GST authorities in hard copy along with required documents, which too vary from authorities to authorities. The physical interface adds to the transaction time and cost.

Tax Incentive for affordable housing
The Finance (No.2) Bill, 2019 has many measures which are forward looking in the sense that some incentives are given to the taxpayers. At the same time it also contains a bundle of regulatory measures warranting strict adherence / compliance for enjoying the tax benefits provided therein.
One of the measures introduced in the Finance (No.2) Bill, 2019 is directed towards affordable housing. Two sections are the focus of this refresher viz. section 80EEA providing extra deduction for home buyers and section 80-IBA which is amended to enlarge the scope of incentive for housing projects. Thus the measures satisfy the personal taxpayers by giving extra deduction while computing total income and also provide incentive for housing projects by enlarging the towns and cities where the project is located.

Chartered accountant in India