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Input Tax Credit under GST

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Jul 26

Input Tax Credit under GST

Input Tax Credit under GST is a credit which is available to supplier to set off the tax he has paid on purchase of goods from output tax on sale of such goods. Hence, the tax will levy on the value added which results in avoiding double taxation.SGST

Input Tax in relation to a taxable person, means the tax charged on any supply of goods and/or services to him which are used in the course or furtherance of his business, but does not include the tax paid under the Composition levy.

Under GST Regime, the tax has been divided into 3 main parts – Integrated Goods and Services Tax IGST, Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST). This bifurcation of taxes might lead to confusion as to how the input and output taxes are to be adjusted.

Eligibility for Input Tax Credit under GST

  • A person will be entitled to Input Tax Credit under GST in respect of inputs held in stock  or in semi finished state immediately preceding the date of which he becomes liable to pay tax, if he has applied for new registration.
  • Voluntary registration can be taken by any person. He can pay tax even when his turnover is less than the specified limit. He can take Input Tax Credit under GST in respect of the goods which are held in stock on the day immediately preceding the registration date.
  • If a person who has opted for composition Scheme switches over to the normal scheme, then he shall be entitled to take Input Tax Credit under GST in respect of “goods held in stock” on the day immediately preceding the date when he becomes liable to pay tax as normal taxpayer.

Utilization of CGST’s Input Tax Credit under GST

The Input Tax Credit under GST of CGST shall be

  • first utilized towards the payment of output CGST
  • and then towards the payment of output IGST

However, Input Tax Credit under GST of CGST can’t be used to adjust SGST.

Let us take an illustration to understand:

  • Let’s assume that the tax credit of Rs. 5,00,000 is available with the supplier and output CGST is Rs. 1,00,000, output  IGST is Rs. 3,00,000, and output SGST is Rs. 2,00,000.
  • The amount will be reduced from the CGST Account and transferred to the IGST Account in order to avail the benefits of the input tax credit of CGST for paying the IGST as shown in the Monthly Return.

INPUT TAX CREDIT UNDER CGST

Utilization of SGST’s Input Tax Credit under GST

The Input Tax Credit under GST of SGST shall be

  • first utilized towards the payment of output SGST;
  • and then towards the payment of output IGST

However, Input Tax Credit under GST of CGST can’t be used to adjust CGST.

Let us take an illustration to understand:

  • Let’s assume that the tax credit of Rs. 5,00,000 is available with the supplier and output SGST is Rs. 1,00,000, output  IGST is Rs. 3,00,000, and output CGST is Rs. 2,00,000.
  • Now in order to avail the benefits of the tax credit of SGST for paying IGST as shown in the Monthly Return, the amount will be reduced from the SGST Account and transferred to the IGST Account.

input-tax-credit-under-sgst-example

Utilization of IGST’s Input Tax Credit under GST

The Input Tax Credit under GST of IGST shall be

  • first utilized towards payment of IGST;
  • then towards the payment of output CGST;
  • and then towards the payment of output SGST

Let us take an illustration to understand:

  • Let’s assume that Input Tax Credit under GST of Rs. 5,00,000 is available with the supplier, and output CGST is Rs. 1,00,000, output  IGST is Rs. 3,00,000, and output SGST is Rs. 2,00,000.
  • Now in order to avail the benefits of the tax credit of IGST, the Input Tax Credit under GST shall be first adjusted from IGST, then CGST and then SGST.

input-tax-credit-under-igst-example

Requirements for Input Tax Credit under GST

  • GST Tax Invoice

It is one of the most essential item for input tax credit. A GST TAX INVOICE shall be retained whenever an input tax is paid.

  • Receive the Goods & Services

Whenever a tax credit refund is claimed, the goods and services on which it is claimed shall have to be received. In order to process the refund of input tax credit under GST, a proof of this will be required . A proof of actual tax paid by the dealer or supplier to the government shall also be required. The refund of input tax credit under GST cannot be claimed if the GST has not been paid or the proof has not been retained.

  • Furnishing of GST Return

It is compulsory for every GST taxpayer to file the returns to the concerned GST authorities. Therefore, to apply for GST input tax credit, a copy of GST RETURN is necessary. The details of the transactions shall also be included in the returns furnished so that they can be easily verified and checked with respect to the authenticity of the input tax credit paid to the dealer of the specified goods and (or) services.

Summary
input tax credit

In case you are confused about GST as a business owner, feel free to consult the GST experts . You can get comprehensive assistance on GST REGISTRATION and GST RETURN FILINGS.

You can also use our GST SOFTWARE for doing end-to-end GST compliance.

 

GST Registration in Aram Bagh

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Jul 14

GST Registration in Aram Bagh


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in Sansad Marg

Company   
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Jul 14

GST Registration in Sansad Marg


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 DOCUMENTS REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in Regal Building

Company   
No Comments
Jul 14

GST Registration in Regal Building


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in Panchkuin Road

Company   
No Comments
Jul 14

GST Registration in Panchkuin Road


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in Baba Kharagh Singh Marg

Company   
No Comments
Jul 14

GST Registration in Baba Kharagh Singh Marg


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in Ashoka Road

Company   
No Comments
Jul 14

GST Registration in Ashoka Road


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in Tolstoy Marg

Company   
No Comments
Jul 14

GST Registration in  Tolstoy Marg


GST Registration Process

In GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory or Firm or Company

  • Documents relating to the constitution of the Factory or Firm or Company,

  • List of partners or directors

    Directors address proof like pan card, passport,voter identity card

  • Rent Deed or Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Bank Account Statement having following Details:

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312


GST Registration Process

In GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory or Firm or Company

  • Documents relating to the constitution of the Factory or Firm or Company,

  • List of partners or directors

    Directors address proof like pan card, passport,voter identity card

  • Rent Deed or Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Bank Account Statement having following Details:

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in Sikandara Rd

Company   
No Comments
Jul 14

GST Registration in Scindia House


GST Registration Process

In GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory or Firm or Company

  • Documents relating to the constitution of the Factory or Firm or Company,

  • List of partners or directors

    Directors address proof like pan card, passport,voter identity card

  • Rent Deed or Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Bank Account Statement having following Details:

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

 


GST Registration Process

In GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory or Firm or Company

  • Documents relating to the constitution of the Factory or Firm or Company,

  • List of partners or directors

    Directors address proof like pan card, passport,voter identity card

  • Rent Deed or Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Bank Account Statement having following Details:

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in Scindia House

Company   
No Comments
Jul 14

GST Registration in Scindia House


GST Registration Process

In GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory or Firm or Company

  • Documents relating to the constitution of the Factory or Firm or Company,

  • List of partners or directors

    Directors address proof like pan card, passport,voter identity card

  • Rent Deed or Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Bank Account Statement having following Details:

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in New Delhi House

Company   
No Comments
Jul 14

GST Registration in New Delhi House


In GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory or Firm or Company

  • Documents relating to the constitution of the Factory or Firm or Company,

  • List of partners or directors

    Directors address proof like pan card, passport,voter identity card

  • Rent Deed or Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Bank Account Statement having following Details:

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in National Stadium

Company   
No Comments
Jul 14

GST Registration in National Stadium


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in KG Marg

Company   
No Comments
Jul 14

GST Registration in KG Marg


In GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After this  user will have to login into GST portal.

Step 3 :  User will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

 BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory or Firm or Company

  • Documents relating to the constitution of the Factory or Firm or Company,

  • List of partners or directors

    Directors address proof like pan card, passport,voter identity card

  • Rent Deed or Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Bank Account Statement having following Details:

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in I.P. Estate 9873004312

Company   
No Comments
Jul 14

GST Registration in I.P. Estate 9873004312

For Individual Only

  • PAN CARD COPY
  • Adhaar card Copy
  • Photo
  • Latest bank statement
  • Latest Electricity office Address
  • Email id
  • Contact no.
  • Name of Firm
    • Nature of services / goods

GST Registration process


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After getting  provisional ID and password, user will have to login into GST portal.

Step 3 : After Login into GST portal user will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in Connaught Place Palika Bazar and parking 9873004312

Company   
No Comments
Jul 14

GST Registration in Connaught Place Palika Bazar and parking 9873004312

For Individual Only

  • PAN CARD COPY
  • Adhaar card Copy
  • Photo
  • Latest bank statement
  • Latest Electricity office Address
  • Email id
  • Contact no.
  • Name of Firm
    • Nature of services / goods

GST Registration process


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After getting  provisional ID and password, user will have to login into GST portal.

Step 3 : After Login into GST portal user will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in Connaught Place Blocks (A to N)| 9873004312

Company   
No Comments
Jul 14

GST Registration in Connaught Place Blocks (A to N)| 9873004312

Bhamrah & Associates| GST Registration in Delhi| NCR| 9873004312

For Individual Only

  • PAN CARD COPY
  • Adhaar card Copy
  • Photo
  • Latest bank statement
  • Latest Electricity office Address
  • Email id
  • Contact no.
  • Name of Firm
    • Nature of services / goods

GST Registration process


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After getting  provisional ID and password, user will have to login into GST portal.

Step 3 : After Login into GST portal user will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in Pandav Nagar| 9873004312

Company   
No Comments
Jul 14

GST Registration in Pandav Nagar| 9873004312

Bhamrah & Associates|GST Registration  in Pandav Nagar| 9873004312

For Individual Only

  • PAN CARD COPY
  • Adhaar card Copy
  • Photo
  • Latest bank statement
  • Latest Electricity office Address
  • Email id
  • Contact no.
  • Name of Firm
    • Nature of services / goods

GST Registration process


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After getting  provisional ID and password, user will have to login into GST portal.

Step 3 : After Login into GST portal user will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in West Vinod Nagar| 9873004312

Company   
No Comments
Jul 14

GST Registration  in West Vinod Nagar| 9873004312

Bhamrah & Associates| GST Registration  in West Vinod Nagar| 9873004312

For Individual Only

  • PAN CARD COPY
  • Adhaar card Copy
  • Photo
  • Latest bank statement
  • Latest Electricity office Address
  • Email id
  • Contact no.
  • Name of Firm
    • Nature of services / goods

GST Registration process


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After getting  provisional ID and password, user will have to login into GST portal.

Step 3 : After Login into GST portal user will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration Lakshmi Nagar| 9873004312

Company   
No Comments
Jul 14

GST Registration Lakshmi Nagar| 9873004312

Bhamrah & Associates| GST Registration in Delhi| NCR| 9873004312

For Individual Only

  • PAN CARD COPY
  • Adhaar card Copy
  • Photo
  • Latest bank statement
  • Latest Electricity office Address
  • Email id
  • Contact no.
  • Name of Firm
    • Nature of services / goods

GST Registration process


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After getting  provisional ID and password, user will have to login into GST portal.

Step 3 : After Login into GST portal user will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Registration in Delhi| 9873004312

Company   
No Comments
Jul 14

GST Registration in Delhi| 9873004312

For Individual Only

  • PAN CARD COPY
  • Adhaar card Copy
  • Photo
  • Latest bank statement
  • Latest Electricity office Address
  • Email id
  • Contact no.
  • Name of Firm
    • Nature of services / goods

GST Registration process


During GST Registration please make sure that E-mail ID and Mobile number entered are working properly as One Time Password (OTP) will be sent for verification of the same.

Step 1 : Every tax payer registered with any of the taxation department will be given a provision ID and password to login to GST portal maintained  by the government.

Step 2 : After getting  provisional ID and password, user will have to login into GST portal.

Step 3 : After Login into GST portal user will be allowed to choose user name and password of his own choice. The mobile number and e-mail ID entered during GST registration process will be saved for future communication related to GST.

Step 4 : After registering on GST portal, User will get OTP on email ID and mobile no. each entered during Registration process.

Step 5 : Now User will have to upload all the documents related to existing registrations with different departments as stated above.

Step 6 : As a result user will get reference number that will be user for future communication

Step 7 : Congratulations !! It is done now, once all the documents uploaded. 

BELOW DOCUMENTS ARE REQUIRED FOR GST REGISTRATION


  • PAN Card and Address Proof of the Factory/Firm/Company

  • Documents relating to the constitution of the Factory/Firm/Company,

  • List of partners / directors with their address, address proof like pan card / passport/voter identity card

  • Rend Deed / Leases Deed

  • Copy of Shop & Establishment Act, Factory License, Trade License etc .

  • Memorandum of Association and Article of Association

  • Copy of Bank Account Statement OR First page of Bank Statement having following Details

    • Name of Account holder

    • Address of Account Holder

    • Name of Bank

    • Branch address of the Bank

    • Account Number

    • IFSC code of the Bank

Being a GST consultant we undertake filing of necessary papers and obtaining GST registration within prescribed time.

Call : +9873004312

GST Retunrs: Goods and Services Tax (GST) Retunrs

Company   
No Comments
Apr 21

Image result for Goods and Services Tax (GST) Returns

Goods and Services Tax (GST): Goods and Services Tax (GST) Retunrs

As you are aware that the Goods and Services Tax (GST), the biggest reform in India’s indirect tax structure rather we can say that the biggest business reform in India since Independence, at last set to become reality and which may be roll out from 1st April 2017. Here’s given below that how GST differs from the current tax regime, how it will work, and what will happen when it is implemented.

Presently, Central Government is empowered to levy excise duty on manufacturing and service tax on the supply of services. Further, State Governments has the power to levy sales tax or value added tax (VAT) on the sale of goods and various other taxes/duties as been empowered under the constitution. This exclusive division of fiscal powers has led to a multiplicity of indirect taxes in the country. This multiplicity of taxes at the State and Central levels has resulted in a complex indirect tax structure in the country that is ridden with hidden costs for the trade and industry.

In present scenario,

  • There is no uniformity of tax rates and structure across States.
  • There is cascading of taxes due to ‘tax on tax’.
  • No credit of excise duty and service tax paid at the stage of manufacture/supply of services are available to the traders while paying the State level sales tax or VAT, and vice-versa.
  • Further, no credit of State taxes paid in one State can be availed in other States.

Hence, the prices of goods and services get artificially inflated to the extent of this ‘tax on tax’.

PROPOSED GST

Dual GST: Both Centre and States will simultaneously levy GST across the value chain on the same base. Tax will be levied on every supply of goods and services.

  • CGST: Centre would levy and collect Central Goods and Services Tax (CGST) on intra state supply.
  • SGST: States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State.
  • IGST: The Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supply of goods and services and apportioned with the concerned state.

Under GST following Central and states Taxes will be subsumed:

Central Taxes to be subsumed States Taxes to be subsumed
Central Excise Duty VAT/Sales Tax
Additional Excise Duty Central Sales Tax (levied by the Centre and collected and retained by the States)
The Excise Duty (Medicinal and Toiletries Preparation ) Act Entertainment Tax
Service Tax Octroi and Entry Tax (all forms)
Additional Customs Duty, commonly known as Countervailing Duty (CVD) Purchase Tax
Special Additional Duty of Customs-4% (SAD) Luxury Tax
Cesses and surcharges in so far as they relate to supply of goods and services Taxes on lottery, betting and gambling
State cesses and surcharges in so far as they relate to supply of goods and services

MODEL GST LAW: The Finance Ministry released the ‘Model GST Law‘ on June 14, 2016. The model outlines the structure of the GST regime. The draft of ‘Integrated GST Bill, 2016‘ is also released along with it. This provides the framework for levy and collection of CGST, SGST and IGST. There are 25 Chapters, 162 Sections, Four schedules, Rules as to valuation under GST Act, 2016. There are 9 Chapters and 33 Sections under IGST Act, 2016.

HERE ARE THE KEY FEATURES OF THE MODEL GST

1. Persons who are liable to registered: If the aggregate turnover in a financial year exceeds Rs. 19 lakhs, it is supplier’s duty to get registered under this law. The cap for suppliers in the Northeastern and hill states is Rs. 9 lakhs. The person who is required to be registered will be considered as taxable person under this law and is liable to pay tax if his aggregate turnover in a financial year exceeds Rs. 20 lakhs (cap for the Northeastern and hill states is Rs. 10 lakh.)

Some categories of persons who shall be required to be registered under this Act irrespective of the threshold like persons making interstate supply, persons required to pay tax under reverse charge, nonresident taxable persons. Etc.

2. Place of registration: The place of registration should be from where the goods or services are supplied. This helps with virtual marketplaces, mainly e-commerce. For each state the taxable person will have to take separate registration even though the taxable person supplying the goods/services or both from more than one state as single entity.

3. Migration of existing taxpayers from GST: Every person already registered under the existing law will be issued a provisional certificate of registration. This certificate shall be valid for a period of six months, hence giving them enough time to make the changes in their model and furnish the required information, before the final certificate is provided.

4. Taxable Event: Supply activities of goods or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for consideration are all taxable events. Importation of services, whether or not for consideration or supply specified in schedule I, made or agreed to be made without a consideration are all taxable events.

5. Point of taxation for supply of goods at the earliest of the following dates:

  • Date on which the goods are removed for supply to the recipient (in the case of movable goods).or
  • Date on which the goods are made available to the recipient (in the case of immovable goods).
  • Date of issuing invoice by supplier.
  • Date of receipt of payment by supplier.
  • Date on which recipient shows the receipt of the goods in his books of account.

6. Point of taxation for supply of services shall be:-

    • If the invoice is issued within the prescribed period: – The date of issue of invoice or the date of receipt of payment, whichever is earlier

.

  • If the invoice is not issued within the prescribed period:- The date of completion of the provision of services or the date of receipt of payment whichever is earlier.
  • The date on which the recipient shows the receipt of the services in his books of account, in case where the above provisions do not apply.

7. Determination of Valuation: The value of a supply of goods or services shall normally be the transaction value. In case, the valuation cannot be determined by the transaction or supply value, the valuation can be made by supply or transaction value of similar products and services. {As per GST valuation (Determination of the value of Supply of goods and services) Rules, 2016)}

8. Utilization of credit: Every registered taxable person shall be entitled to take credit of admissible input tax. The input tax credit is credited to the electronic credit ledger.

In the case of excess of credit in any of the three taxes in question, it can be utilized as under:-

Input tax Output tax
CGST 1st Preference: CGST
2nd preference: IGST
SGST 1st Preference: SGST
2nd preference: IGST
IGST 1st Preference: IGST
2nd preference: CGST
3rd Preference : SGST

9. Returns: The following returns must be filed by all the suppliers:-

S.No. Form No. Purpose Due Date
1 GSTR-1 Outward supplies made by supplier(other than compounding tax payer and ISD) 10th of next month
2 GSTR-2 Inward supplies received by a tax payer(other than compounding tax payer and ISD) 15th of next month
3 GSTR-3 Monthly return (other than compounding tax payer and ISD) 20th of next month
4 GSTR-4 Quarterly return for compounding Tax payer 18th of next month
5 GSTR-5 Periodic return by non –resident foreign tax payer Last day of registration
6 GSTR-6 Return for ISD 13th of next month
7 GSTR-7 Return for TDS 10th of next month
8 GSTR-8 Annual Return 31st December of next Financial year

10. Refund: claiming refund of any tax and interest, if any, paid on such tax or any other amount paid by him may make an application in that regard to the proper officer of IGST/CGST/SCGST before the expiry of two years from the relevant date in such form and in such manner as may be prescribed.

However the limitation of two years shall not apply where such tax or interest or the amount referred to above has been paid under protest.

A taxable person may also claim refund of any unutilized input tax credit at the end of any tax period subject to condition specified.

11. Transitional Provisions: The Model GST law requires a registered taxable person to take credit of the CENVAT and carry it forward to the next period, while filing a return (unless the said amount was acceptable as CENVAT credit under the previous law and as input tax credit under the current Laws).

We shall be sharing further updates from time to time for preparedness and gear up well in Advance so that the business decision required can be taken by the management accordingly

Who is an NRI ‘Non-resident Indian’?

Company   
No Comments
Apr 12

Q1. Who is an NRI?

Answer: A ‘Non-resident Indian’ (NRI) is a person resident outside India who is a citizen of India.

Q2. Who is a PIO?

Answer: A ‘Person of Indian Origin (PIO)’ is a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or such other country as may be specified by the Central Government, satisfying the following conditions:

  1. Who was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or
  2. Who belonged to a territory that became part of India after the 15th day of August, 1947; or
  3. Who is a child or a grandchild or a great grandchild of a citizen of India or of a person referred to in clause (a) or (b); or
  4. Who is a spouse of foreign origin of a citizen of India or spouse of foreign origin of a person referred to in clause (a) or (b) or (c)

A PIO will include an ‘Overseas Citizen of India’ cardholder within the meaning of Section 7(A) of the Citizenship Act, 1955. Such an OCI Card holder should also be a person resident outside India.

Q3. What are the major accounts that can be opened in India by a non-resident?

Particulars Non-Resident (External) Rupee Account Scheme
[NRE Account]
Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR (B) Account] Non-Resident Ordinary Rupee Account Scheme [NRO Account]
(1) (2) (3) (4)
Who can open an account NRIs and PIOs

Individual/entities of Pakistan and Bangladesh shall requires prior approval of the Reserve Bank of India

Any person resident outside India for putting through bonafide transactions in rupees.

Individuals/ entities of Pakistan nationality/ origin and entities of Bangladesh origin require the prior approval of the Reserve Bank of India.

Post Offices in India may maintain savings bank accounts in the names of persons resident outside India and allow operations on these accounts subject to the same terms and conditions as are applicable to NRO accounts maintained with an authorised dealer/ authorised bank.

Joint account May be held jointly in the names of two or more NRIs/ PIOs.

NRIs/ PIOs can hold jointly with a resident relative on ‘former or survivor’ basis (relative as defined in Companies Act, 2013). The resident relative can operate the account as a Power of Attorney holder during the life time of the NRI/ PIO account holder.

May be held jointly in the names of two or more NRIs/ PIOs.

May be held jointly with residents on ‘former or survivor’ basis.

Currency Indian Rupees Any permitted currency i.e. a foreign currency which is freely convertible Indian Rupees
Type of Account Savings, Current, Recurring, Fixed Deposit Term Deposit only Savings, Current, Recurring, Fixed Deposit
Period for fixed deposits From one to three years, However, banks are allowed to accept NRE deposits above three years from their Asset-Liability point of view For terms not less than 1 year and not more than 5 years As applicable to resident accounts.
Permissible Credits Credits permitted to this account are inward remittance from outside India, interest accruing on the account, interest on investment, transfer from other NRE/ FCNR(B) accounts, maturity proceeds of investments (if such investments were made from this account or through inward remittance).

Current income like rent, dividend, pension, interest etc. will be construed as a permissible credit to the NRE account.

Care: Only those credits which have not lost repatriable character

Inward remittances from outside India, legitimate dues in India and transfers from other NRO accounts are permissible credits to NRO account.

Rupee gift/ loan made by a resident to a NRI/ PIO relative within the limits prescribed under the Liberalised Remittance Scheme may be credited to the latter’s NRO account.

Permissible Debits Permissible debits are local disbursements, remittance outside India, transfer to other NRE/ FCNR(B) accounts and investments in India.

The account can be debited for the purpose of local payments, transfers to other NRO accounts or remittance of current income abroad.

Apart from these, balances in the NRO account cannot be repatriated abroad except by NRIs and PIOs up to USD 1 million, subject to conditions specified in Foreign Exchange Management (Remittance of Assets) Regulations, 2016.

Funds can be transferred to NRE account within this USD 1 Million facility.

Repatriablity Repatriable

Not repatriable except for all current income.

Balances in an NRO account of NRIs/ PIOs are remittable up to USD 1 (one) million per financial year (April-March) along with their other eligible assets.

Taxabilty Income earned in the accounts is exempt from income tax and balances exempt from wealth tax Taxable
Loans in India

AD can sanction loans in India to the account holder/ third parties without any limit, subject to usual margin requirements. These loans cannot be repatriated outside India and can be used in India only for the purposes specified in the regulations.

In case of loans sanctioned to a third party, there should be no direct or indirect foreign exchange consideration for the non-resident depositor agreeing to pledge his deposits to enable the resident individual/ firm/ company to obtain such facilities.

In case of the loan sanctioned to the account holder, it can be repaid either by adjusting the deposits or through inward remittances from outside India through banking channels or out of balances held in the NRO account of the account holder.

The facility for premature withdrawal of deposits will not be available where loans against such deposits are availed of.

The term “loan” shall include all types of fund based/ non-fund based facilities.

Loans against the deposits can be granted in India to the account holder or third party subject to usual norms and margin requirement. The loan amount cannot be used for relending, carrying on agricultural/ plantation activities or investment in real estate.

The term “loan” shall include all types of fund based/ non-fund based facilities.

Loans outside India Authorised Dealers may allow their branches/ correspondents outside India to grant loans to or in favour of non-resident depositor or to third parties at the request of depositor for bona fide purpose against the security of funds held in the NRE/ FCNR (B) accounts in India, subject to usual margin requirements.

The term “loan” shall include all types of fund based/ non-fund based facilities

Not permitted
Rate of Interest As per guidelines issued by the Department of Banking Regulations
Operations by Power of Attorney in favour of a resident Operations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels. Operations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments in rupees, remittance of current income to the account holder outside India or remittance to the account holder himself through normal banking channels. While making remittances, the limits and conditions of repatriability will apply.
Change in residential status from Non-resident to resident NRE accounts should be designated as resident accounts or the funds held in these accounts may be transferred to the RFC accounts, at the option of the account holder, immediately upon the return of the account holder to India for taking up employment or on change in the residential status.

On change in residential status, FCNR (B) deposits may be allowed to continue till maturity at the contracted rate of interest, if so desired by the account holder.

Authorised dealers should convert the FCNR(B) deposits on maturity into resident rupee deposit accounts or RFC account (if the depositor is eligible to open RFC account), at the option of the account holder.

NRO accounts may be designated as resident accounts on the return of the account holder to India for any purpose indicating his intention to stay in India for an uncertain period.

Likewise, when a resident Indian becomes a person resident outside India, his existing resident account should be designated as NRO account.

Q4. Can a Bangladeshi/ Pakistani national or an entity owned/ controlled from Bangladesh/ Pakistan have an account in India?

Answer: Opening of accounts by individuals/ entities of Pakistan nationality/ ownership and entities of Bangladesh ownership requires prior approval of the Reserve Bank.

However, individuals of Bangladesh nationality can open an NRO account subject to the individual(s) holding a valid visa and valid residential permit issued by Foreigner Registration Office (FRO)/ Foreigner Regional Registration Office (FRRO) concerned.

Q5. What are the accounts that a tourist visiting India can open?

Answer: An NRO (current/ savings) account can be opened by a foreign national of non-Indian origin visiting India, with funds remitted from outside India through banking channel or by sale of foreign exchange brought by him to India. The balance in the NRO account may be paid to the account holder at the time of his departure from India provided the account has been maintained for a period not exceeding six months and the account has not been credited with any local funds, other than interest accrued thereon.

Q6. What is an SNRR account? How is it different from a NRO account?

Answer: Any person resident outside India, having a business interest in India, can open a Special Non-Resident Rupee Account (SNRR account) with an authorised dealer for the purpose of putting through bona fide transactions in rupees which are in conformity with the provisions of the Act, rules and regulations made thereunder. The features of the SNRR account are:

  1. The SNRR account will carry the nomenclature of the specific business for which it is opened and not earn any interest.
  2. The debits/ credits and the balances in the account should be incidental and commensurate with the business operations of the account holder.
  3. Authorised Dealers are required to ensure that all the operations in the SNRR account are in accordance with the provisions of the Act, rules and regulations made thereunder.
  4. The tenure of the SNRR account should be concurrent to the tenure of the contract/ period of operation/ the business of the account holder and in no case should exceed seven years. No operations are permissible in the account after seven years from the date of opening of the account.
  5. The operations in the SNRR account should not result in the account holder making available foreign exchange to any person resident in India against reimbursement in rupees or in any other manner.
  6. The balances in the SNRR account can be repatriated outside India.
  7. Transfers from any NRO account to the SNRR account are not permitted.
  8. All transactions in the SNRR account will be subject to payment of applicable taxes in India.
  9. SNRR account may be designated as resident rupee account on the account holder becoming a resident.
  10. The amount due/ payable to non-resident nominee from the account of a deceased account holder, will be credited to NRO account of the nominee with an authorised dealer/ authorised bank in India.
  11. Opening of SNRR accounts by Pakistan and Bangladesh nationals and entities incorporated in Pakistan and Bangladesh requires prior approval of Reserve Bank.

The SNRR can be held only as a non-interest earning account, while an NRO account can earn interest. While the balances in a NRO account are non-repatriable (except for current income and to the extent permissible for NRIs/ PIOs under FEMA 13(R)), SNRR is a repatriable account.

Q 7. What are the deposits that foreign Diplomatic missions/ personnel and their family members in India can hold?

Answer: The following accounts are permitted:

  1. Foreign diplomatic missions and diplomatic personnel and their family members in India may open rupee deposits with an AD Bank.
  2. Diplomatic missions and diplomatic personnel can open special rupee accounts namely Diplomatic Bond Stores Account to facilitate purchases of bonded stocks from firms and companies who have been granted special facilities by customs authorities for import of stores into bond, subject to conditions. The funds in the account may be repatriated outside India without the approval of Reserve Bank.
  3. Diplomatic missions, diplomatic personnel and non-diplomatic staff, who are the nationals of the concerned foreign countries and hold official passport of foreign embassies in India can open foreign currency accounts in India. The account may be held in the form of current or term deposit account, and in the case of diplomatic personnel and non-diplomatic staff, may also be held in the form of savings account Such accounts can be credited by way of inward remittances and transfers (which are collected in India as visa fees) from the rupee account of the diplomatic mission in India. Funds held in such account if converted in rupees shall not be converted back into foreign currency. The funds in the account may be repatriated outside India without the approval of Reserve Bank.

Q8. Can persons resident in Nepal and Bhutan have accounts in India?

Answer: Persons resident in Nepal and Bhutan can open Indian rupee accounts with an authorised dealer in India.

Q9. Can multilateral organisation have deposits in India?

Answer: Any multilateral organization, of which India is a member nation, or its subsidiary/ affiliate bodies and officials in India can open deposits with an authorised dealer in India.

Q10. Can an Indian company accept deposits from non-residents in compliance with section 160 of the Companies Act, 2013?

Answer: Yes, such acceptance of deposit and refunds, if required, will be covered under current account transactions and can be made freely without any restriction from FEMA perspective.

 

sources from our https://www.rbi.org.in

https://www.rbi.org.in