An Indian Pvt Ltd co. engaged in certain services classified under export of services under GST.
The company received advance worth 2cr from an overseas customer in March 2020 in USD in their bank account as advance against the travel-based services to be provided. From March 2020 the international travel ceased so, the company has not provided any services for last two years to the said client.
The issue : How will the above advance be treated under section 73 and Deposit rules.
-Whether it falls under Public Deposit/Loan
-Whereas it's simply a business advance against services to be provided in future but outstanding for more than 365 days.
-What options the company has to not the same be treated as deposit/loan.
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As per my understanding, there is no such criteria defined under Companies Act, 2013 for verifying the local limits for change in registered office of the Company.
However, change in PIN Code can never be a ground to determine that the change is outside the local limits.
Nevertheless, we can check the local limits by the change in postal address of the Company i.e. if the postal area is different then it could be considered as change in registered office outside the local limits.