R A R E And ASSOCIATES_Tuticorin

Eligibility to Export Under LUT: All registered persons who intend to supply goods or services for export without payment of Integrated Tax (IGST) should apply. He should not be prosecuted for any offense under GST act or any of the existing law for an amount exceeding two hundred and fifty lakh rupees Validity: valid for the whole financial year in which it is tendered. In case goods not exported within the time frame and fails to pay the tax amount then the LUT is deemed to be withdrawn. Form for LUT: Form GST RFD 11 available for download in CBEC website untill the time its made available in common portal of GST. Documents for LUT: Self declaration to the effect that the conditions of LUT have been fulfilled shall be accepted unless there is specific information otherwise. Time of Acceptance of LUT: Should be accepted within a period of three days. if not accepted with in a period of three working days from the date of submission, it shall deem...

Eligibility: File GSTR-3B of the relevant tax period for which refund is to be sought. File GSTR-1, providing export details in Table 6A of GSTR1 along with shipping bill details and having integrated tax levied. Claiming of Refund: NO separate refund application required, shipping bill itself shall be considered as refund application. Processing of Refund: Export data as filed in GSTR1 (Table 6A) after validated with GSTR 3B will be shared with ICEGATE. Customs validate GSTR 1 data with their shipping bill and EGM data. On sucessful matching of data refund will be processed. Once the refund payment credited to the account of the tax payers -> ICEGATE system shares the payment information with the GST Portal -> GST portal inform the tax payer through SMS and e-mail Further Clarification regading Refund: Contact corresponding ICEGATE jurisdictional officials. Bank Account for Refund: The refund amount will be credited in the bank account ma...

Scope of power of Attorney: Its not an instrument of transfer in regard to any right, title or interest in an immovable property. Its a creation of agency where by grantor authorizes the grantee to do the acts specified there in. This is quite common in the case of NRIs who invest in india but are not in a position to sign the various documents or do the follow-up on these investments. All the actions taken by the attorney under the PoA are the actions of the grantor Income Tax on (guarantee) power of attorney holder: As attorney acts as an agent he is not taxable under tax laws for the acts done or receipts or incomes received by him on behalf of the grantor. However the tax officers may raise tax demand on the attorney as recent income tax tribunal decisions are in their favour. It is advisable to take the following precautions (preventive measures) to minimize the risk of such amounts being treated as income of attorney. Preventive Measures: Funds received ...