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.
Please give resolutions
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Applicability of Form NDH-4:
Purpose 1- Application for declaration as Nidhi Company: Every company which is incorporated on or after 28th April 2014 needs to file Form NDH-4 for declaration of status of Nidhi Company. For example if a company incorporated on 29/04/2014 then the form is filed for purpose 1 of the form.
Purpose 2- Application for updation of status by Nidhis: Every company which is incorporated before 28th April 2014 needs to file Form NDH-4 for updation of status by Nidhi Company. For example if a company incorporated on 27/04/2014 then the form is filed for purpose 2 of the form.
Due Date of Filing NDH-4 is:
1) Company incorporated before commencement of Nidhi (Amendment) Rules, 2019:
Every company which is incorporated before commencement of these rules then due date to file Form NDH-4 is –
i) Within One year from incorporation of the company or
ii) Within a period of 9 months from the date of commencement of these rules
Whichever is later.
2) Company incorporated after commencement of Nidhi (Amendment) Rules, 2019:
Every company which is incorporated after commencement of these rules then due date to file Form NDH-4 is –
Within 60 days from the expiry of-
a) One year from the date of the incorporation of the company or
b) The period up to which extention of time has been granted by the Regional Director under sub rule (3) of Rule 5 (apply for extension in Form NDH-2).