Tag: #taxpayers

FORM 3CLA ( Section 35(2AB) of the Income Tax Act ,1961 & Rule 6 of the Income Tax Rules ,1962)

Form 3CLA is a crucial compliance document in India’s income tax framework designed to promote scientific research and development within the corporate sector. This form serves as an audit report that companies must submit to claim weighted tax deductions for expenditure incurred on in-house research and development facilities.

Reversal of Input Tax Credit in Case of Non-payment of Consideration Within 180 days ( Under Section 16 of CGST Act ,2017 and Rule 37 of CGST Rules , 2017 )

Section 16 of the Central Goods and Services Tax Act, 2017 governs the eligibility and conditions for taking input tax credit. This section establishes that while every registered person is entitled to input tax credit on supplies used in business, this entitlement is subject to specific mandatory conditions.
Rule 37 of the CGST Rules, 2017 operationalizes the second proviso to Section 16(2), providing the mechanism for reversal of input tax credit when payment is not made to suppliers within the prescribed timeframe.

Letter of Undertaking (Under Rule 96A of the Central Goods and Services Tax Rules ,2017 )

Rule 96A of the CGST Rules, 2017 provides the mechanism for registered persons to export goods or services without payment of integrated tax by furnishing a bond or Letter of Undertaking (LUT) in FORM GST RFD-11. This rule facilitates zero-rated supplies while ensuring tax compliance through legally binding commitments.

Unique Identification (Id) For Budgetary Support under GST Regime

Under the Central Excise regime prior to 01.07.2017, manufacturing units in specified states (Jammu & Kashmir, Uttarakhand, Himachal Pradesh, and North Eastern States including Sikkim) were eligible for exemption from Central Excise duty under area-based exemption notifications.

Form GST ITC-02A

Form GST ITC-02A arises from the specific scenario of inter-state transfer of Input Tax Credit (ITC) between business units operating under a single legal entity but registered in different States or Union Territories under GST.

Compliances under Section 73 & 74 of the GST Act, 2017 [Form GST DRC -01A,Form GST DRC-03,Form GST DRC-06]

Under the Indian Goods and Services Tax (GST) regime, Sections 73 and 74 of the Central Goods and Services Tax Act, 2017 provide the statutory framework for determining and demanding tax that has not been paid, has been short-paid, has been erroneously refunded, or where input tax credit (ITC) has been wrongly availed or utilised.

Compliance Requirements under Section 31 & 33 of the CGST Act, 2017

Section 31 of the CGST Act, 2017 lays down the legal requirement for issuing a tax invoice for every taxable supply of goods or services, forming the foundation for tax liability and Input Tax Credit flow.

Form GST REG-12

Form GST REG-12 is an order issued by the GST authority to grant a temporary registration or Temporary Identification Number (TIN) in special situations governed by Rule 16(1) and Rule 16A of the GST framework

Compliances under Section 35, 36 & 37 of the GST Act, 2017

Sections 35, 36, and 37 of the GST Act jointly establish the statutory backbone for record-keeping, document retention, and return filing within the GST compliance framework. Section 35 mandates that every registered person maintain true and correct accounts relating to production, inward and outward supplies, stock, input tax credit, and tax payable, enabling auditability and tax traceability.

Form GST ITC-02

Form GST ITC-02 is a statutory form prescribed under Rule 41 of the CGST Rules, 2017, enabling the transfer of unutilized Input Tax Credit (ITC) from one registered entity to another in