We wish you & your family “A VERY HAPPY CA. DAY”

Happy Chartered Day Accountant!

Welcome to the 72nd day of CA DAY!

I would like to e-connect and to wish you a very happy CA day. I, as co-professionals, wish to expand the partnership in IFCCL on this auspicious day.

Covid 19 moved us all across digital channels into virtual action. Yes, when we began developing IFCCL in 2007, we envisaged an integrated tax enforcement framework.

In 2012-2013, IFCCL began by becoming a massively electronic filing and in 2016 became a GSP licensed under foreign tax firms’ trust. In association with the AITC Group member, we started offering our Companies and CAs our Compliance Portal.

We conclude that practitioners must have a single dashboard for accounting, GST, TDS, ITS and support services in this age of technological advancement. Alas, most solutions on the market do not provide a forum of this kind.

At IFCCL we want to give all CA professionals, whether they are CAs who start their practice or the existing CA firms, our comprehensive tax enforcement platform, and new startup companies.

We would like our strong digital enforcement experience in India to echo Chartered Accountants with PM Modi Ji ‘s Local-Pe-Vocal.

We have built over the course of the year our capacity to make the practice digital and truly global. We now invite interested CA to work with us to grow in the changing digital world.

Let our professional friends – the Chartered Accountants – share little of risk, prosperity, and happiness.

Take advantage of me in order to understand how you can take part in the growth of IFCCL.

Keep safe and healthy.


India Financial Consultancy Corporation Pvt Ltd.(IFCCL)


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The “Input Tax Credit” is NOT available for project development services under the CGST Act, 2017

The “Input Tax Credit” is NOT available for project development services under the Central Goods and Services Tax Act, 2017.  RULING of AAR, GujratM/s. Deendayal Port Trust (erstwhile Kandla Port Trust)

The concern involved in this incident concerns the ‘Input Tax Credit’ under the CGST Act. The petitioner is a port trust which operates a major port in Kandla. As part of the Sagarmala project, one of India’s first Smart Industrial Port City (SIPC) in the Gandhidham-Kandla-Adipur Complex is being developed under the direction of the Ministry of Shipping to use land resources to develop port-based smart cities. They will auction land under the SIPC for a period of 60 years or more for evaluation in the form of a one-time upfront premium for GST under the Real Estate Service category (HSN 9972).

The petitioner has demanded an advance ruling as to whether the “Input Tax Credit” is obtainable for the mentioned project development services, such as:-

  1. Programme management consultancy;
  2. Marketing Consultancy;
  3. Land levelling and other related works;
  4. Roads;
  5. Water, electricity, & Drainage Infrastructure; and
  6. Other related works for developing SIPC 


The “Input Tax Credit” is NOT available under the CGST Act, 2017 for the project development services, such as Program Management Consulting, Marketing Consulting, Land Leveling, and other related works, Roads, Water, Electricity & Drawing Infrastructure and other related works for the development of SIPC, i.e. the construction of the immovable property.

for details refer: http://www.gstcouncil.gov.in/sites/default/files/ruling-new/GUJ_AAR_02_2020_11.03.2020_DPT.pdf


India Financial Consultancy Corporation Pvt Ltd.(IFCCL)


#GSTREGISTRATION # GSTPortal #GSTN #AAArulling  #carajput #rja

gst #ca #tax #India #taxation #rja #gstn #cbic #taxes #taxplanning #taxpayers #ImpactGST

#Taxation #GST  #GSTCouncil  #IndianEconomy #Taxes #EaseOfDoingBusiness #India #GSTReturns #India #GSTReturns #Abatement #CompositionScheme #workscontract #InputTaxCredit #CGSTAct , #RealEstateServicecategory #projectdevelopmentservices

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RBI enforce withdrawal restriction of a total amount not exceeding Rs 500 For Karnala Nagari Sahakari Bank Ltd

RBI enforce withdrawal restriction of a total amount not exceeding 500 For Karnala Nagari Sahakari Bank Ltd., (Maharashtra)

1. Authority to issue certain Directions to Karnala Nagari Sahakari Bank Ltd., (Maharashtra) by which, as from of the end of trading on 15 June 2020, the Administrator of the aforementioned bank shall not, without prior written permission of RBI.

(a) give or renew any loans and advances,

(b) start making any investment,

(c) accrue any liability, including the borrowing of funds and the acceptance of new deposits;

(d) to disburse or agree to disburse any bill, whether in the discharge of its liabilities and obligations or otherwise;

(e) access into it and sell any compromise or arrangement;

(f) Move or otherwise dispos of any of its property or assets, except as notified in the RBI Order dated June 15, 2020, a copy of which is shown on the bank’s premise for public inspection by concerned members of the general public.

(g) In specific, a sum not exceeding 500 (Rs Five hundred only) of the final value of all savings bank or current accounts or any other account of the depositor may be forced to withdraw.

2. The issue of the above RBI Directions should not in itself be perceived as the cancelation of the RBI banking license. The bank will continue to execute limited business operations until its financial position enhances. The RBI may, depending on the case, consider changes to such Directions.

3. The above Guidelines shall remain in full force for a period of 6 years from the end of trading on 15 June 2020 and shall be subject to scrutiny.

for details refer https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49953


India Financial Consultancy Corporation Pvt Ltd.(IFCCL)


#RBI #RBIDirections  #KarnalaNagariSahakariBankLtd #carajput #rja #ca #tax #India #taxpayers #Impact#IndiaInc #FinanceAndEconomy #IndianEconomy #Taxes #EaseOfDoingBusiness #India #India #withdrawalrestriction


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Why does the Govt decide to Unfair waive off of late fees for filing past returns

Does GST Late Fee past return Waiver decision – Correct or Incorrect?



GST Council’s recent decision at the 40th Council meeting on the comprehensive waiver of the late fee for nil returns and the capping of Rs . 500 pm for othes from July 2017 to Jan 2020 has decided to open the room for debate on the matter. Unfair waiving of late GST fees at recent council meeting. There are three taxpayer categories, with separate views on the issue.

1. All who submit their returns far right on time.

Many who file their returns always in time are not pleased with the council’s decision. Such a class of taxpayers still feel depressed and demotivated when any such waiver shceme is announced by the State. We think the government does not respect their prompt action.

2. All would have filed their returns by paying large fines after due date.

Those who lodged their returns by paying tremendous late fees firmly condemn the committee decision. They are the ones who paid punishment for their hard-earned money in the treasury of govenrment. Such taxpayers are demanding that they also benefit from the waiver and that their funds be offered to refund.

3. People who have not yet filed their returns.

Anyone who has not yet filed their rates of return is very satisfied with the choice for precisely that reason.


India Financial Consultancy Corporation Pvt Ltd.(IFCCL)


#GSTREGISTRATION # GSTPortal #GSTN #facilityfortheregistration #carajput #rja gst #ca #tax #India #taxation #rja #gstn #cbic #taxes #taxplanning #taxpayers #ImpactGST  #gstonworkcontract #ITC #Taxation #GST  #GSTCouncil #IndiaInc #FinanceAndEconomy #IndianEconomy #Taxes #EaseOfDoingBusiness #India #GSTReturns #Abatement #CompositionScheme #latefee #India #GSTReturns  #GSTLateFeepastreturns #40thCouncilmeeting #Unfairwaiveoffoflatefees #GSTCouncil’s


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Introduction of Works Contract in CGST Act, 2017

Introduction of Works Contract in CGST Act, 2017

Overview of works contract

The works contract is a combination of service and transfer of goods, it include construction of new building, erection, installation of plant and machinery, improvement, repair, maintenance, renovation.

Before CGST Act, 2017

In the previous law if any new product was created during the work contact, then such manufacture become a taxable event. The supply of goods become taxable in VAT and supply of services become taxable in Service Tax and if a new product appeared in the process of completing a work contract, Central excise duty was levied. So it will create a lot of confusion at the perspective of the taxable person.

The following supply of services will attract GST as per Schedule II

The construction of building, complex, civil structure or a part thereof, including a complex building intended for sale to a buyer, wholly or partly. Works contract also includes a transfer of goods, whether as goods or in some other form. There were different composition schemes with different VAT rates. Service tax too was complex with 60% abatement on new works and 30% abatement on repair contracts. GST solves such with a much simpler straightforward calculation.

Input tax credit not available

The works contracts services when supplied for construction of immovable property, other than plant and machinery, except where it is an input service for further supply of works contract service. goods or services received by a taxable person for construction of an immovable property on his own account, other than plant and machinery, even when used in course or furtherance of business.

Input tax credit is available to both a builder and a taxable person while constructing plant and machinery. But input tax credit is not available to any taxable person who constructs on his own account even if it is for business use.

Composition Scheme not available

The Composition scheme for work contract is not available to works contractors as it is treated as service under GST. Composition scheme is only available to suppliers of goods. This will be a big blow to the small sub-contractors who cannot opt for composition scheme. They will be forced to register for normal taxation scheme increasing their compliances and costs.

No Abatement

No Abatement has been impose for works contract service under GST. The previous regime had an abatement of 60% for new works contract and 30% on repair works, as mentioned earlier. Given that the rate for service tax was 15%, and the GST rate for works contract is 18%.

Decentralized Registration

The general rules of registration under GST apply to the works contractor as well. Hence, if his aggregate annual turnover exceeds Rs 20 lakh (or Rs 10 lakh in special category states) then he will require GST registration.

GST Returns for Works Contractors

The following returns are applicable to works contractors:

  • GSTR-1 (monthly return)
  • GSTR-3B (monthly return)
  • GSTR-9 (annual return)

Attention Please note:

• The monthly GSTR-1 and GSTR-3B returns will shortly be replaced within a couple of months by the simpler monthly GST returns.

• The due date for the GSTR-9 file is fast approaching. To prevent needless hassles in filing, it is important to be thoroughly prepared and have a reliable resource at hand to filing returns.

How does IFCCL help?

The world class cloud – based software of IFCCL will support you when it comes to filing any GST return. IFCCL ‘s powerful tax filing software is entirely capable of handling even the last day’s scramble to give you a seamless and simplified experience that makes the filing process a breeze to you.

IFCCL also provides everything that you need from registration, filing and reconciliation of returns to canceling registration at one location to comply with the GST rules.

We hope this guide will help you understand the GST regulations regulating works contract taxes. See our Information feature for more posts on relevant GST related topics.


India Financial Consultancy Corporation Pvt Ltd.(IFCCL)


#GSTREGISTRATION # GSTPortal #GSTN #facilityfortheregistration #carajput #rja gst #ca #tax #India #taxation #rja #gstn #cbic #taxes #taxplanning #taxpayers #ImpactGST #gstonworkcontract #ITC #Taxation #GST  #GSTCouncil #IndiaInc #FinanceAndEconomy #IndianEconomy #Taxes #EaseOfDoingBusiness #India #GSTReturns #Abatement #CompositionScheme #Overviewworkscontract #India #GSTReturns #Abatement #CompositionScheme #workscontract


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Did you miss filing any charge form because of the LockDown? Than NO- Extra payments on e-forms for the submission of Form CHG 1 and CHG 9


Important Scheme for Charge forms

Failed to file some form of charge because with the Lock Down? If so, therefore the new MCA Circular will help you with this. Reference this Circular here

MCA formed General Circular No. General Circular No. 23/2020 dated 20th June, 2020 on Specific Steps under Companies Act , 2013 (CA-2013) in view of COVID-19 outbreak which involves steps relevant to MCA came with certain fees waiver for charges pending from this same year. Today came a long-awaited exception on the filing of Form CHG 1 and CHG 9. MCA came with relief fees for charges that were outstanding from such a certain period. File your pending charge at the earliest possible, if provided by the scheme below.

The link of the scheme attached:

MCA UPDATE | 17.06.2020, General Circular No. 23/2020
Link: http://www.mca.gov.in/Ministry/pdf/Circular23_17062020.pdf


India Financial Consultancy Corporation Pvt Ltd.(IFCCL)


#mca #ROC #carajput #rja #Chargeforms, #23/2020 #MCAformedGeneralCircular #CHG1andCHG 9 # Circular23_17062020  #COVID-19outbreak #companyact2013 #changesinrocfee #companylaw #feerelief #roccompliancde #ca #taxation #Professionals: #CA-2013 #COVID-19

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Today Update :


Direct Tax:-

  • CBDT has suspended recovery of tax from Swedish companies whose disputes are being resolved through the Mutual Agreement Procedure (MAP) route, a move that will help in mitigating the hardship faced by such firms operating in India.
  • CBDT notification no. 2/2017 Report cash deposit in Bank & Post Office A/c’s between 01.04.2016 to 09.11.2016.

Indirect Tax:-

  • Delhi HC shows leniency to assessee, reduces penalty levied u/s 78 of Finance Act to 25% of entire tax due on deposit of balance amount within 30 days, where assessee failed to obtain registration or file ST returns despite liability [TS-555-HC-2016(DEL)-ST]
  • CBEC notified that overseas companies providing online information and database access (‘OIDAR’) services will have to pay service tax from December 1, 2016.

MCA Update:-

  • MCA, in the interest of public, directs that certain provisions of Companies Act, 2013 shall not apply or shall apply with some exceptions, modifications and adaptations to an unlisted company which is licensed to operate by RBI or SEBI or IRDA located in an approved multi services SEZ set-up Vide Notification.

Other Update:-

  • Black money would be taxable at higher rates; Finance Minister Mr. Jaitley said on Demonetization, IDS & Cashless Economy.
  • Causal taxable person or non-resident taxable person must apply for registration at least 5 days before actual commencement of business.

Key Dates:-

  • Return by units paying duty > 1 crore (CENVAT + PLA) for December – 10.01.2017.
  • Return of Non SSI assesses for December – 10.01.2017.
  • Return of SSI assesses for quarter ending December – 10.01.2017.
  • Return for EOUs for December – 10.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“Expectation is a gift, not a burden. When people expect something from you, it means you have given them reasons to believe in you.”

We look forward for your valuable comments.  www.caindelhiindia.com


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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.Facebooktwitterredditpinterestlinkedinmailby feather