CA RAJEEV JAIN is FCA, DISA (ICAI), DIEM, B.COM. Mr. Jain started his career, as an ordinary small individual Chartered Accountant in Delhi with his immense hard work, deep knowledge and talent gradually, he rose to become a leading chartered accountant. He is now recognized one of the most respected member having two decades of seniority. He has qualified as a Chartered Accountant in 2002. Apart from being a fellow member of the Institute of Chartered Accountants of India (ICAI), He holds the degree of Diploma in Information System Audit from the ICAI, Diploma in Export Management and Bachelor of Commerce. He has also completed training programs conducted by the ICAI in the field of International Taxation and Forex & Treasury Management. In the year 2015, he was elected as member of Executive Committee in “Delhi Sales Tax Bar Association”, one of the reputed and largest association of India. Mr. Jain has earned reputation for its work amongst professionals & society in general. He is currently senior partner in M/s Rajiv Udai & Associates “RUA”, a well- known firm of Chartered Accountants. The firm is associated as auditors and tax consultant to various large business houses and leading Public sector undertakings. He has conducted Audits of Prestigious Government Companies. Rajeev Jain carries extensive professional experience in various fields of financial advisory including tax and regulatory advisory, Cross Border transactions, transactions advisory, valuations, accountancy, corporate law, audit and assurance. He possesses a profound direct tax and indirect tax experience for approx. two decades. Unfathomable Experience of two decades, Most Senior Fellow, Immeasurable Technical Expertise, Remarkable Acumen in Business Matters Senior among all, Rajeev Jain has a philosophy of quality before quantity, and is focused on building a solid successful accounting practice based on quality team members, and quality clients. This is possible due to his vast technical and expert knowledge of Direct Taxation Laws, Indirect Taxation Laws, International Taxation, Cross Border Transactions, Business Process and Audit and Accounting. Specialization and Experience: Area of expertise in which he represented various clients includes Auditing, Tax Planning, TDS, Export Incentive, Double Taxation Agreement, Software Development, matters relating to RBI, FEMA, Company Law, GST, Sales Tax, Service Tax, Excise and Working Capital Finance, etc.
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Showing 1 to 20 of 25 Results
TCS on e commerce platforms requires operators to collect tax on suppliers' net supplies, register separately and file specified returns.
E commerce operators must register for GST irrespective of turnover, treat commission as taxable support services enabling supplier ITC, obtain a separate TCS collection registration, collect TCS on the net value of supplies made through the platform, remit TCS monthly by the statutory due date and file specified periodic and annual e commerce returns; penalties apply for permitting unregistered sellers, ineligible inter state supplies or inaccurate e commerce filings. Under income tax, e commerce operators must withhold tax on gross sales through the platform, with limited exemptions for certain small individual/HUF sellers and payment gateways relieved where the ECO has deducted tax. (AI Summary)
Goods and Services Tax - GST
Determination of tax under GST: classification between non fraud and fraud drives adjudication route and notice payment consequences.
The Proper Officer must classify shortfall or excess input tax credit as non-fraudulent or fraudulent; for non-fraudulent defaults the officer computes tax, interest and penalty, communicates liability and, if full payment is made on intimation, concludes proceedings without issuing a show cause notice. If payment is short, the officer issues a show cause notice or statement in lieu, considers any reply, and issues a reasoned order specifying tax, interest and penalty. Payment within the short statutory window after notice and intimation leads to a concluding order and avoidance of penalty; summary orders are uploaded electronically to initiate recovery. (AI Summary)
Goods and Services Tax - GST
Late fee waivers for delayed GST returns allow eligible filers to regularise compliance within extended windows.
A set of notifications prescribes time-bound filing windows and conditional late-fee waivers for specified classes of registered persons, establishes turnover-linked daily and aggregate late-fee caps, and sets special waiver thresholds for historical and final returns filed within the transitional window. Concurrently, the rules amend Aadhaar-based registration authentication by differentiating simple Aadhaar authentication from biometric-plus-photograph processes and requiring biometric authentication for applicants identified via data analysis or risk parameters, while providing limited-state applicability. Extensions are also provided for revocation of cancelled registrations and for issuance of recovery orders for certain past years, subject to specified return filing and payment of interest and late fee. (AI Summary)
Goods and Services Tax - GST
Job work compliance: principals must maintain challans and file ITC 04 to secure input tax credit and avoid supply treatment.
Job work under GST covers processing or operations on goods belonging to another registered person; the principal may claim input tax credit on goods sent for job work subject to conditions on place and timing of dispatch and return. Every consignment must be accompanied by a delivery challan issued by the principal, and challan details must be reported in returns and in FORM GST ITC 04. Goods must be returned within prescribed periods for inputs and capital goods; if not returned within those periods the goods are treated as a supply from the effective date. The principal is responsible for maintaining records of inputs and capital goods and for timely ITC 04 filings. (AI Summary)
Goods and Services Tax - GST
FCRA compliance requirements: annual returns, specified forms and permissions govern receipt and use of foreign contributions.
The document sets out operative FCRA compliance obligations: registered persons and prior permission holders must file the annual return (Form FC-4) with certified accounts by the prescribed year end, maintain proper books, and file a compulsory nil return if no foreign contribution is received or utilized. Non compliance attracts penalties and imprisonment. It lists principal online forms and their purposes-intimations (FC-1 parts), permissions (FC-2, FC-3 parts, FC-5) and annual reporting (FC-6)-and notes that prior permission is project linked while registration requires an organizational track record and renewal. (AI Summary)
FEMA - Foreign Exchange Management
Rectification of errors apparent on the face of record allows limited correction of manifest GST document errors subject to procedural safeguards.
Section 161 permits rectification of errors apparent on the face of record in GST documents. Only manifest errors that do not require debate or new facts are rectifiable. The issuing authority may act on its own motion or after notice by an authorized officer or an affected person. Temporal limits apply to applications by affected persons and to authority-initiated rectifications, but purely clerical or arithmetic errors from accidental slips or omissions are exempt from the longer limitation. Proposed rectifications that adversely affect a person require observance of natural justice. (AI Summary)
Goods and Services Tax - GST
GST year-end compliance: ensure reconciliations, ITC validation and statutory return amendments to support accurate annual return filing.
GST year-end compliance requires confirming registrations and scheme elections, validating zero rated supply documentation, and ensuring proper treatment of advances, cross charges and reverse charge transactions. Key operational tasks are reconciliations of books with GSTR 1/GSTR 3B, GSTR 2B versus ITC registers, HSN disclosures, e invoice and e way bill records, and import documentation. Review of Rule based ITC apportionments, capital goods adjustments, issuance of debit/credit notes, reconciliation of tax utilization with the electronic ledger, and centralised documentation practices are necessary to finalise year end adjustments and support annual return filings. (AI Summary)
Goods and Services Tax - GST
Seizure under GST Section 67(2): seizure limited to goods and relevant documents; cash not ordinarily seizable.
Section 67(2) of the GST Act limits seizure to goods liable for confiscation and to documents, books or things useful or relevant to proceedings; cash does not prima facie qualify as goods or as a retainable "thing." Retention under the proviso is limited to the time necessary for examination and inquiry. Search and seizure powers are draconian and must be exercised strictly; forcible dispossession of currency from premises is not authorised by Section 67(2) where the statutory conditions for seizure are not met. (AI Summary)
Goods and Services Tax - GST
Affiliation fees as taxable supply: affiliation services not exempt when not tied to admissions or conduct of examinations.
Affiliation services provided by a university to colleges that do not relate to student admission or to examinations conducted for admission constitute a supply and are not covered by the exemption entry; therefore amounts collected as affiliation fees are not exempt under the notification and must be treated as taxable. (AI Summary)
Goods and Services Tax - GST
Supply of goods: customer specified tooling sold on supplier's account is treated as goods supply, not a composite supply.
Design, development and procurement of manufacture of customer specified tooling, followed by invoicing and transfer of ownership to an overseas purchaser, constitutes a supply of goods. The supplier performed design work, engaged a third party manufacturer who invoiced the supplier, then invoiced the overseas customer and retained physical possession while transferring ownership; the supplier acted on its own account and did not merely facilitate a supply, so the transaction is not a composite supply. (AI Summary)
Goods and Services Tax - GST
Composition scheme under GST simplifies compliance and imposes fixed-rate tax on eligible small taxpayers.
The Composition Scheme under GST allows eligible small taxpayers to pay tax at prescribed fixed rates on turnover with simplified compliance. Eligibility is determined by aggregate turnover on the same PAN and excludes certain manufacturers, inter-state suppliers, casual or non-resident taxpayers, and e-commerce supplied businesses. Opting taxpayers must file designated forms and specific quarterly and annual returns, issue bills of supply instead of tax invoices, and cannot claim input tax credit. Composition dealers must discharge tax on supplies and on transactions subject to reverse charge, with total liability comprising tax on supplies plus reverse-charge and certain B2B and import-related tax components. (AI Summary)
Goods and Services Tax - GST
GST on advance payments: time of supply is earlier of invoice or receipt, tax must be grossed up and declared.
GST on advance payments for services is triggered at the Time of Supply, defined as the earlier of invoice date or payment receipt date (or service provision date where applicable). Suppliers must issue a Receipt Voucher, gross up the advance to determine tax and value, report advances in the specified GSTR 1 field, and note that recipients cannot claim Input Tax Credit on advances until services are received. (AI Summary)
Goods and Services Tax - GST
Suo moto GST cancellation: continuous six-month non-filing triggers officer-initiated cancellation with limited revocation rights.
Suo moto cancellation under the CGST cancellation provision permits the proper officer to cancel registration where a normal-scheme taxpayer has not filed returns for a continuous six-month period; the six-month default must exist at notice issuance and at the final cancellation order. Common grounds also include fake invoicing, failure to deposit collected tax or pay tax/interest/penalty within the statutory window, misconduct, fraudulently obtained registration, discontinuation, death of a sole proprietor, and non-filing by composition taxpayers. Revocation is available within thirty days via FORM GST REG-21, with revocation orders in FORM GST REG-22 or notice-and-reply steps via FORM GST REG-23 and REG-24; certain categories are ineligible. (AI Summary)
Goods and Services Tax - GST
Deduction timing for MSMEs: tax deduction allowed only on actual payment if statutory payment timeline is missed.
The Finance Bill 2023 adds a provision making amounts payable to micro and small enterprises deductible only on actual payment if paid after the time limits set under the MSME law; the accrual-based proviso allowing deduction if paid by the return-filing due date will not apply to such payments. The change applies prospectively from the next fiscal cycle and targets micro and small enterprises as per revised MSME thresholds. (AI Summary)
Income Tax
Self-assessment under GST requires taxpayers to file and pay returns while authorities may conduct further assessments for compliance.
Self-assessment under GST places initial responsibility on taxpayers to compute and pay tax through returns, while GST authorities verify filings and may undertake further assessments to address discrepancies or non-compliance. (AI Summary)
Goods and Services Tax - GST
Reopening assessments: notices issued under old rules treated as issued under the substituted procedure and must follow new safeguards.
The Supreme Court directed that impugned notices issued under the old regime be treated as having been issued under section 148A of the substituted law and as show cause notices, requiring assessing officers to provide material relied upon and to follow the procedural safeguards of the new provision, while dispensing with prior specified authority approval as a one time measure for those notices and leaving available all defenses and powers under the substituted law. (AI Summary)
Income Tax
Exemption for catering services to pre-school and higher secondary education applies when institution pays supplier
The notification exempts catering services supplied to educational institutions providing pre-school and higher secondary education; where the supplier invoices and is paid by the educational institution, that institution is the recipient and the catering supply falls within the notification-based exemption. (AI Summary)
Goods and Services Tax - GST
Supply of government-distributed medicines recognized as taxable service, with establishment charges qualifying for statutory exemption.
The distribution/warehousing and doorstep delivery of medicines by the nodal agency constitutes a supply because it is a service provided for consideration (establishment/service charges) to the State, and therefore falls within the scope of the GST Act; however, those establishment charges qualify as a pure service rendered to a government entity in relation to health and sanitation functions entrusted under Article 243G and are eligible for exemption under Notification No. 12/2017 (rate). (AI Summary)
Goods and Services Tax - GST
Exempt supply of printing services for examination materials covered by central and integrated tax exemption notifications.
Printing and associated scanning and result processing services for examination materials supplied to educational institutions are treated as exempt supplies under the GST exemption framework; intra state supplies fall within the central tax rate notification and inter state supplies are covered by an equivalent integrated tax notification, reflecting the territorial distinction between CGST and IGST notifications. (AI Summary)
Goods and Services Tax - GST
Human error in e-way bill vehicle details does not trigger detention penalties absent evidence of intent to evade tax.
A mistaken state-registration prefix in Part B of an e-way bill, where the vehicle numeric identifier matches the transporter's bilty and the movement is a stock transfer, is a human error. Absent independent material showing intention to evade tax, such a minor discrepancy does not warrant penalty under the detention framework and cannot serve as sole basis for penal proceedings. (AI Summary)
Goods and Services Tax - GST
TaxTMI 
TaxTMI 
18 Apr 2023 
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