GST Refunds 
1. Mechanism to verify the IGST payments where mistake occurred in  filing GSTR-3B: 
To resolve the problem of exporters due to payment mismatch between GSTR1 and GSTR-3B,  CBIC vide Circular No. 25/2019-Customs dated 27.08.2019 (CLICK HERE)  has decided that the solution provided in the Circular No. 12/2018- Customs dated 29.05.2018 would be applicable for the Shipping Bills filed during FY April 2018 to March 2019 also.

2.   Extension in SB005 alternate mechanism:
CBIC vide Circular No. 26/2019-Customs dated 27.08.2019 (CLICK HERE) has extended the rectification facility covered under Circular No.40/2018-Customs dated 24.10.2018 to Shipping Bills filed upto 31.07.2019.

Members whose IGST refunds are pending due to the above errors may now approach to the concerned Custom Houses for settlement of their pending refunds on the basis of the above Circulars issued by CBIC.

(Sabka Vishwas)

We suggest our members to settle their old disputes with Central Excise, Service Tax under this Special Scheme.

  1. Effective from 01.09.2019 to 31.12.2019. 
  2. Rules for the scheme notified. 
  3. Declarations against following cases can be filed:- 
    1. Show cause notices or Appeals pending as on 30.06.2019. 
    2. No appeal has been filed before the due date of filing appeal. 
    3. Order in appeal attaining finality. 
    4. Returns wherein tax liability has been admitted but is unpaid. 
    5. Amount quantified on or before 30.06.2019 as a consequence of enquiry/investigation/audit. 
    6. Voluntary disclosure of tax dues. 
  4. All the declarations to be made online. Notified Designated Committee shall verify the same, upon which a statement shall be issued electronically within 60 days from the date of receipt of declaration. 
  5. In case the amount estimated by the designated committee exceeds than the amount declared, designated committee shall give the declarant a notice of personal hearing. In such cases, declarant can file its written submissions electronically and matter to be decided after granting hearing by Designated Authority. 
  6. Designated committee can modify the statement within 30 days of its issue only to correct any arithmetical/clerical error. 
  7. Declarant is required to file a proof electronically, of withdrawal of appeal/writ petition/reference before High Court or Supreme Court in such cases which are pending before aforesaid forum but scheme is to be opted.
  8. Designated committee, upon full discharge of liability by the declarant and submission of aforesaid proof of withdrawal shall issue a discharge certificate as document evidencing closure of proceedings. 

Startup India
Exclusive Benefits for Startups and How to Register

A recognised Startup can avail various benefits including:

  • Section 80-IAC of Income Tax benefit: Income Tax exemption for 3 years post approval from IMB
  • Section 56 of Income Tax exemption benefit: Tax exemption on Investment above Fair Market Value
  • Intellectual Property Rights (IPR) Benefits: : 1.) Fast-tracking of Startup patent applications 2.) Panel of facilitators to assist in filing of IP applications 3.) Startups are provided an 80% rebate in filing of patents and 50% rebate in filing of Trademarks vis-à-vis other companies
  • Relaxation in public procurements norms: Subject to certain conditions, Startups are entitled to avail exemption on: 1.) Prior Turnover and Experience 2.)Earnest Money Deposit
  • Self-Certification for compliance under certain Labour & Environment laws for a period of 5 years from the date of incorporation
  • Access to Fund of funds for startups: To provide equity funding support for development and growth of innovation driven enterprises, the government has set aside a corpus fund of 10,000 crores managed by SIDBI
  • Faster exit for startups: MCA has notified Startups as ‘fast track firms’ enabling them to wind up operations within 90 days vis-a-vis 180 days for other companies
  • Recognised startups may raise External Commercial Borrowings up to USD 3 Mn
  • Easier compliances for recognised startups: Requirement to hold 2 board meetings in a financial year in place of 4; allowance to get annual return signed by director, in case there is no company secretary and many more

These benefits and resources are available to Startup India recognised Private Limited companies, LLPs and Registered Partnership firms. 

To Know more about the benefits, click here 

To get recognised by Startup India and give your startup an edge, click here