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Articles by Seetharaman K C

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Dilemma of Small Entrepreneurs during the Pandemic

  Seetharaman K C    14 August 2021 at 09:10

Small entrepreneurs who have been completely shut down are trying to recover from the precarious situation but the stringent rules of Bankers and other Regulatory Authorities are not allowing them any breathing space.

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Posted in Others |   504 Views


"Going Concern Concept" during Pandemic times and Auditors Responsibility

  Seetharaman K C    08 July 2020 at 10:20

Going Concern is a concept where the continuity of a business organisation is assessed. Up until now, we were least bothered by this concept as this was taken f..

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Posted in Audit  2 comments |   6270 Views


Unlocking the Lockdown -Coronavirus

  Seetharaman K C    29 April 2020 at 10:53

The present Coronavirus infection is a classic example where the initial response was to close everything for a period of time by declaring a lockdown and then wait patiently to flatten the infection curve.

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Posted in Others |   915 Views


Demand for interest payable on delayed GST payment on the Gross amount of tax payable

  Seetharaman K C    26 February 2020 at 10:18

Demand for interest payable on delayed payment of GST dues being raised on the Gross amount of tax payable before the availment of Input Tax Credit (ITC)

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Posted in GST  1 comments |   12180 Views


GSTR1 Returns and its effect on the availment of input credit under the 20% Input credit rule

  Seetharaman K C    05 November 2019 at 11:11

The provisions relating to the cap of 20% on availing input tax credit notified as per Notification no 49/2019 dated 9th October 2019 only adds salt to the wound as businesses which are already reeling under the present adverse economic conditions.

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Posted in GST  3 comments |   16092 Views


20% Formula for Input Credit - Is History repeating itself?

  Seetharaman K C    23 October 2019 at 11:54

The Central Board of Indirect Taxes and Customs issued notification no 49/2019 dated 09-10-2019, amending the rules for claiming Input Tax Credit wherein the government has capped the ITC that a registered person can claim.

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Posted in GST  15 comments |   27759 Views


LUT Facility extension for MSME and Small scale units

  Seetharaman K C    21 October 2019 at 10:57

In the erstwhile Central Excise and Service Tax regime the benefit of claiming export exemption was also available down the line to MSME and small scale suppliers of goods and services who supply goods and/or services to the primary suppliers supplying to exporters and sez's.

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Posted in GST |   3891 Views


Service Tax Return for the period July to Sept 2012

  Seetharaman K C    25 April 2013 at 12:09

This refers to the Service Tax Return for the period 1st July 2012 to 30th September 2012 which I have filed for some of my clients the last date of filing of which is 30th April 2013. I found that none of the returns filed by me has been reflecte

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Posted in Service Tax  12 comments |   25065 Views


Service tax wrongly levied on Interest/Finance charges

  Seetharaman K C    24 June 2010 at 10:52

It has come to my notice that several banks are charging service tax on interest and finance charges on credit card payments. In certain cases although the nomenclature is clearly mentioned as “Interest” still the bank has charged servic

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Posted in Service Tax  2 comments |   12846 Views