Supply to goods for Job Work, have you filed your ITC-04
V J M & Associates LLP (Chartered Accountant)
by CA. Sachin Jindal
2d ago
Job work is an indispensable part of the business and most of the manufacturing entities are required to get their work done from the job worker on a regular basis. However, whether it is Central Excise, Service tax or Goods and Service Tax, special provisions are always provided under the law for goods sent on job work basis. Under CGST Law, a person sending goods for job work is required to file Form GST ITC-04 on GST portal to furnish information about goods sent for job work or goods received back from job work. This article discuss the form GST ITC-04 in details: 1. What is job-work In c ..read more
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RoDTEP benefit is extended to EOU, AA Holders and SEZ Units
V J M & Associates LLP (Chartered Accountant)
by CA. Kapil Mittal
2d ago
RoDTEP (Remission of Duties and Taxes on Exported Products) Scheme was introduced from 1st January, 2021 and it was implemented in place of schemes prevailing earlier such as MEIS (Merchandise Export from India Scheme)/ SEIS (Service Export from India Scheme).  RoDTEP scheme was introduced to provide a lumpsum reimbursement of tax and duties paid in India on goods and services exported out of India. The scheme was introduced to provide a similar benefits to exporter of goods and services. Earlier benefit of RoDTEP scheme was provided to goods and services exported out of India and no bene ..read more
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Demand order in Form GST DRC-07 is not sustainable when order is issued in Form GST ASMT-12
V J M & Associates LLP (Chartered Accountant)
by CA. Sachin Jindal
2d ago
Held by Hon’ble High Court of Madras In the matter of Radiant Cash Management Services Ltd., Vs. The Assistant Commissioner (ST) (W.P.No .2981 of 2024 and  W.M.P.Nos.3246 & 3247 of 2024) Since commencement of Assessments under GST, there are many practical issues which are being faced by the Assessee. One of the common issues is issuance of GST ASMT-10 and DRC-01 for the same matter. There are many instances wherein a proper officer issues the GST ASMT-10 and assessee obtains the GST ASMT-12 by filing proper reply. GST authority still issues show cause notice in Form GST DRC-01 and in ..read more
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Registration of entities for CSR Activities| All about Form CSR-1
V J M & Associates LLP (Chartered Accountant)
by CA. Kavit Vijay
1w ago
The provisions of Corporate Social Responsibility (“CSR”) are incorporated under the Company Law to make companies more responsible towards betterment of the society and environment. All the companies which fulfill the specified criteria are required to spend 2% of their average profits, made during preceding 3 Financial Years, on the CSR Activities. To regulate the expenditure incurred by company on corporate social Responsibility (CSR) activities, the Company law has introduced a new form namely CSR-1. As per Rule 4(2) of The Companies (Corporate Social Responsibility Policy) Rules, 2014, ev ..read more
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Foreign Portfolio Investment (FPI) in India 
V J M & Associates LLP (Chartered Accountant)
by CA. Kapil Mittal
1w ago
Similar to Foreign Direct Investment, Foreign Portfolio Investment (FPI) is a most explored way of investment in India. Foreign Portfolio Investment allows an investor to invest in multiple securities in foreign country such as shares, bonds, fixed deposits etc.  Unlike FDI, investment in FPI is done for the purpose of getting return and not for the purpose of control. FPI is controlled in India through Security and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014. This article carries out a detailed discussion of Foreign Portfolio Investment in India: 1. What is Fo ..read more
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VJM & Associates: Helping Boost Business Setup in India
V J M & Associates LLP (Chartered Accountant)
by admin
1w ago
VJM & Associates LLP, a chartered accounting firm, helps boost business setup in India due to its strong economy and large client base. VJM & Associates LLP is a vital partner for firms entering India due to its wide range of services. The company serves many countries, sectors, and service areas. VJM & Associates LLP operates in New Delhi, Mumbai, and several other cities through linked networks. The firm serves clients in the US, UK, Australia, Switzerland, Germany, Italy, UAE, Japan, China, Singapore, Malaysia, France, and more. Automotive & Transportation, Retail & Whol ..read more
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Foreign Direct Investment in space Sector| Recent Amendments for FDI in Space sector
V J M & Associates LLP (Chartered Accountant)
by CA. Kapil Mittal
2w ago
India is showing substantial development in the space sector. Considering the major development of India in the space sector, the government has approved amendments in FDI policies with respect to FDI in space sector.  As per Department of Space, with increased investment from private sector and global sources, Indian Space sector would be able to achieve sophistication of products, global scale of operations and enhanced share of global space economy. As per existing policies, FDI is permitted in establishment and operations of satellites upto 100% subject to government approval. In line ..read more
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EBRC system is revamped by DGFT
V J M & Associates LLP (Chartered Accountant)
by CA. Kavit Vijay
2w ago
Electronic Bank Realization Certification (eBRC) is a certificate issued by the bank certifying that payment is received in foreign currency against the export of service and goods. As per FEMA, exporters are required to receive payment against export of goods and services within a specified period of time. Timely receipt of foreign currency is a condition for issuance of GST refund as well. So far, eBRC is processed and issued by the recipient bank on application of the exporter. However, considering the increase in the quantum of export and burden on banking personnels, the DGFT has revamped ..read more
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GST Authorities can’t transgress the boundaries of the Show Cause Notice
V J M & Associates LLP (Chartered Accountant)
by CA. Sachin Jindal
2w ago
Held by Hon’ble High Court of Allahabad In the matter of Associated Switch Gears and Projects Ltd. Vs State of U.P. (Writ Tax No. 276 0f 2020) The Petitioner received an order for imposition of penalty. Show Cause notice was issued on the ground that the vehicle was traveling to a destination not mentioned in the invoice. However, while issuing the order, the appellate authority has imposed a penalty on a different ground.Hon’ble High Court held that “Show Cause Notice” serves as a vital checkpoint which defines the boundaries within which any authority can operate. Show cause notice is an ini ..read more
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Foreign Direct Investment (FDI) Policy in Broadcasting & Print Media
V J M & Associates LLP (Chartered Accountant)
by CA. Kapil Mittal
3w ago
Earlier FDI was permitted in Broadcasting sector upto 49% through automatic approval route. However, under new FDI policy, such threshold has been increased upto 74%. There are Three reasons for increased FDI in the sector : The broadcasting sector is moving towards an addressable (digital) network as per TRAI. estimated by TRAI to cost Rs 40,000 crore. Mandated increase in FDI due to higher limits in telecommunications (74% under approval route) also utilized for broadcasting. FDI disparity based on delivery mode within the broadcasting sector. As per FDI policy issued by Government of Indi ..read more
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