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    An Incisive analysis on Refund of TRAN Credit

    Introduction: 

    Whether the credit accumulated in the last returns filed under the previous regime can be taken to electronic credit ledger in terms of section 140 of the CT Act [1] by filing TRAN-01 even after the time limit prescribed under Rule 117 of the CT Rules [2] has been subjected to vexatious litigation and has caught the Nation’s attention with contrary decisions of various High Courts and the retrospective amendments to Section 140. The matter has finally landed before the Honourable Supreme Court [3]. Read our extensive analysis on the above matter at __________.

    On the other hand, another issue related to credit of previous regime which is annoying the exporters is whether they are entitled to claim refund of the credit of the erstwhile regime that was carried forward into electronic credit ledger by filing TRAN-01 i.e. TRAN credit.

    CBIC [4] vide their Circular No. 125/44/2019-GST dated 18.11.2019[5] clarified that the TRAN credit is not of the nature of accumulated credit under the GST laws and the same cannot be claimed as a refund against exports undertaken under LUT [6] without payment of IT [7].

    In this backdrop an attempt is made in this article to examine the legal validity of the said clarification given by the circular and whether such clarification will also hold good even in case where refund claim was filed in cases where exports are undertaken with payment of tax.

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    SBS Wiki E Journal Sept 2020

    In this edition, the final part on aspect of dealing with taxation of partner/firm at the time of retirement, dissolution and contribution of asset to the firm. In this edition, we also bring the presentation on GST Audit to help the readers to understand the obligations therein. We also bring two articles on aspects which are effective from 01st Oct 2020, namely on e-invoicing and tax collection at source on sale of goods.  

    I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

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    SBS Wiki E Journal Aug 2020

    August is an important month for SBS. We have completed 11 years on August 3rd, this year. On this occasion, I thank everyone who helped us to be in the current stage. I wish everyone would support in the unconditional way as supported till date.

    In this edition, the final part on the GST side which deals with the vires of Rule 117 which prescribes the time limit for availment of transitional credit. Apart from the above, we have covered another important aspect dealing with taxation of partner/firm at the time of retirement, dissolution and contribution of asset to the firm. This is a two part series and I recommend everyone to read both the parts to drive home the point.

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    SBS Wiki E Journal July 2020

    In this edition, we cover the final part of the taxation of gains arising from alienation of shares of Flipkart Singapore by Tiger Global Holdings. We also deal with final part of the recent UK Supreme Court judgment in the matter of Martin Fowler and apply the rationale delivered therein to Indian context. We also deal in this edition, the second part on the GST side which deals with the vires of Rule 117 which prescribes the time limit for availment of transitional credit.

    I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

    Tags: ,
    SBS Wiki E Journal June 2020

    In this edition, we cover the second part of the taxation of gains arising from alienation of shares of Flipkart Singapore by Tiger Global Holdings. We also deal with the recent UK Supreme Court judgment in the matter of Martin Fowler and apply the rationale delivered therein to Indian context. This is also two part series and I urge everyone to read both the parts to comprehend the issue. We also deal in this edition, the most important part on the GST side which deals with the vires of Rule 117 which prescribes the time limit for availment of transitional credit. This is a three part series, which I urge everyone not to miss all the parts for better understanding of the issues.

    I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

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