GST Registration Cancellation & Revocation Procedure Under Section 29 and Section 30 Quick Answer GST registration cancellation under Section 29 of the CGST Act can be initiated by the taxpayer (voluntary) or by the proper officer (suo motu). Section 30 provides the remedy — revocation of cancellation within 30 days (extendable to 90 days) by […]
Category Archives: GST
Section 148/148A Reassessment: Defence Strategy & Response Guide Quick Answer A Section 148 reassessment notice means the Income Tax Department believes your income has escaped assessment for a past year. Since 1 April 2021, every Section 148 notice must be preceded by a Section 148A inquiry — a mandatory procedural safeguard where you get a […]
Section 271(1)(c) Penalty Appeal: Defence Strategy & Procedure Quick Answer Section 271(1)(c) of the Income Tax Act imposes a penalty of 100% to 300% of tax sought to be evaded for concealment of income or furnishing inaccurate particulars. For AY 2017-18 onwards, the equivalent provision is Section 270A (penalty at 50% for under-reporting, 200% for […]
GST for Foreign Companies: Registration, OIDAR & Compliance 📌 Quick Answer: Do Foreign Companies Need GST Registration in India? Yes — foreign companies supplying goods or services in India must register under GST as a Non-Resident Taxable Person (NRTP) under Section 24(v) of the CGST Act or through the Simplified Registration Scheme for OIDAR (Online […]
GST Composition Scheme: Eligibility, Rate & Limitations 📌 Quick Answer: What Is the GST Composition Scheme? The GST Composition Scheme under Section 10 of the CGST Act is a simplified tax payment and compliance mechanism for small taxpayers with aggregate turnover up to ₹1.5 crore (₹75 lakh for special category States). Composition taxpayers pay tax […]
GSTR-9 Annual Return: Filing Guide, Reconciliation & Common Errors 📌 Quick Answer: GSTR-9 is the annual return that every regular GST taxpayer must file under Section 44 of the CGST Act, read with Rule 80 of the CGST Rules. It consolidates all monthly/quarterly return data (GSTR-1, GSTR-3B, and GSTR-2B) filed during the financial year into […]
GSTR-1 & GSTR-3B Filing: Due Dates, Late Fees & Corrections Quick Answer GSTR-1 (outward supply return) is governed by Section 37 of the CGST Act read with Rule 59, due on the 11th of the following month (monthly filers) or 13th of the month following the quarter (QRMP filers). GSTR-3B (summary return with tax payment) […]
Specified Domestic Transactions: Section 92BA Transfer Pricing — Compliance, Documentation & Benchmarking Guide Quick Answer: What Are Specified Domestic Transactions Under Section 92BA? Specified Domestic Transactions (SDTs) are certain categories of domestic transactions between related parties or associated enterprises that are subject to transfer pricing provisions under the Income-tax Act, 1961. Introduced by the Finance […]
DLOM in Indian Valuations: Chaffe & Finnerty Models 📌 Quick Answer: How is DLOM applied in Indian share valuations? Discount for Lack of Marketability (DLOM) is a valuation adjustment of typically 15–35% applied to shares of private Indian companies to account for illiquidity. The two most widely accepted quantitative models are the Chaffe protective-put model […]
GST Refund Rejection: Appeal & Documentation 📌 Quick Answer GST refund applications under Section 54 of the CGST Act are rejected primarily due to documentation gaps, computational errors in Rule 89 formulas, and failure to establish the nexus between input tax credit and zero-rated supplies. At Virtual Auditor, we handle refund rejections at every stage […]