4 Top Finance Risks: How to Identify and Manage Them Successfully
In today’s intricate business landscape, financial risk management is crucial for the survival and success of enterprises. It plays a pivotal role in identifying, assessing, and mitigating threats to a company’s financial health. Enterprises encounter substantial financial risks, encompassing market fluctuations, loan defaults, operational inefficiencies, and unforeseen disasters. Neglecting these risks can impact financial flows, growth expectations, and even the fundamental basis of a business. Here you can see the top 4 finance risks and the tips to identify and manage them: 4 Top Finance Risks Market risk is characterized by its extensive reach, emanating from supply and demand dynamics. Economic uncertainties play a major role in the emergence of market risk, affecting the performance of individual companies and the entire business landscape. Fluctuations in the values of assets, liabilities, and derivatives contribute to the complexity of this risk. Credit risk is an essential issue in the field of financial risk management. This risk revolves around the potential scenario where a lender may not receive a loan payment or be delayed. Credit risk serves as a mechanism for assessing a debtor’s capability to meet their payment commitments. Credit risk is classified into two primary categories: retail and wholesale. Effective financial risk management must consider a company’s liquidity, ensuring it has enough cash flow to satisfy its debt obligations. Failure to do so risks undermining investor trust. Liquidity risk relates to the potential inability of a firm to meet its financial obligations. This often stems from inadequate cash flow management. Lastly, among various financial risks, operational risk stands out. It encompasses different types arising from factors like internal control deficiencies, technological failures, mismanagement, human error, or insufficient employee training. Ultimately, operational risk consistently results in financial losses for the company. How To Identify Risk The process of recognizing financial risks entails a systematic evaluation of potential threats to the financial well-being of an individual or business. Below are steps that can be implemented to identify such risks: How To Manage Risk Implementing effective methods for handling financial risk is crucial for the stability and success of a business. Here are some recommended strategies: Diversify Income Sources: Create various revenue streams to lessen your dependency on a single source. For instance, if operating a laundromat, consider adding vending machines, arcade games, or additional services to enhance income diversity. Build Diversified Portfolios: Invest in various assets, such as stocks, bonds, and real estate, to spread risk. This diversification minimizes the impact of a failure in one investment on the overall portfolio. Develop a Risk Management Plan: Create a comprehensive document outlining your company’s approach to managing risk. This plan should define your risk tolerance, articulate policies, and procedures, and ensure stakeholder alignment. Optimize Insurance Coverage: Strike the right balance between having adequate insurance coverage and avoiding unnecessary premium expenses. Tailor your insurance to the specific needs of your industry to mitigate potential financial losses. Consult with Risk Management Professionals: Engage the services of risk management consultants who specialize in identifying, assessing, and managing risks. These experts can provide valuable insights and guidance to enhance risk management strategies. Regularly Review Financial Risks: Conduct regular reviews, at least annually, of your risk management plan to ensure its continued relevance and effectiveness in adapting to changes in the business environment. Capping words Overcoming financial risks necessitates a smart approach. Financial risks differ depending on the operations of each organization. However, it is critical to identify potential hazards and assess their impact.
GSTN Advisory on introduction of new Tables 14 & 15 in GSTR-1
As per Notification No. 26/2022 – Central Tax dated 26th December 2022 two new tables Table 14 and Table 15 were added in GSTR-1 to capture the details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are liable to collect tax under section 52 of the Act or liable to pay tax u/s 9(5). These tables have now been made live on the GST common portal. These two new tables will be available in GSTR-1/IFF from January-2024 tax periods onwards. Advisory on GSTR-1/IFF: Introduction of New 14 and 15 tables Notification No.: 26/2022 – Central Tax dated December 26, 2022 1. Purpose: The purpose of this advisory is to make taxpayers aware of the new Table 14 and 15 in FORM GSTR-1 and These tables are relevant for only those taxpayers who either supply through E-Commerce operator (ECO) or are themselves liable to pay tax under Section 9(5) of the GST Act. 2. Introduction: As per Notification 26/2022 – Central Tax dated 26th December 2022 two new tables Table 14 and Table 15 were added in GSTR-1 to capture the details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are liable to collect tax under section 52 of the Act or liable to pay tax u/s 9(5). These tables have now been made live on the GST common portal. These two new tables will be available in GSTR-1/IFF from January-2024 tax periods onwards. 3. Table Wise Details Table Details Description 14. (a) Details of the supplies made through e-commerce operators on which e- commerce operators are liable to collect tax under section 52 of the Act [Supplier to report] · The ECO-GSTIN wise summary of the supplies made through ECO on which ECO is liable to collect tax at sources (TCS) and liability on which has already been reported in any table 4 to 10 of GSTR-1, shall be reported by the supplier in this section. · No taxable value or tax liabilities will be auto- populated from this table to GSTR-3B. · Amendments to be reported in 14A(a). 14. (b) Details of the supplies made through e-commerce operators on which e- commerce operators are liable to pay tax u/s 9(5) [Supplier to report] · In this section the summary details of the supplies made through ECO on which ECO is liable to pay tax u/s 9(5) is to be reported by the supplier. Tax on such supplies shall be paid by the ECO and not by the supplier. This is to be reported net of credit / debit note (if any). · Such values will be auto-populated to Table 3.1.1(ii) of GSTR-3B. · Amendments to be reported in 14A(b). 15. Details of the supplies made through e-commerce operators on which e-commerce operator is liable to pay tax u/s 9(5) [e- commerce operator to report] · Eco shall report the supplies on which they are liable to pay tax u/s 9(5) in Table 15. Such supplies shall not be reported anywhere else in GSTR-1/IFF. · Registered Supplier and Registered Recipient (B2B)– In this section the details of such supplies where both the supplier and receiver of supplies are registered person, is to be reported by ECOs at invoice level. This will be available in IFF also. Debit Note / credit note (if any) to be reported in Table 9B. · Registered Supplier and Unregistered Recipient (B2C)– In this section the supplier level details along with POS and rate wise detail of the supplies related to the transaction where the supply is being made from a registered supplier to unregistered recipient need to be reported by e-commerce operator. This will not be available in IFF. This is to be reported net of credit / debit note (if any). · Unregistered Supplier and Registered Recipient (URP2B)– In this section the document level details of the supplies made from unregistered supplier to registered recipient through ECO needs to be reported by the e-commerce operator. The detail to furnish will include the document detail and GSTIN of recipient. This will be available in IFF also. Debit Note / credit note (if any) to be reported in Table 9B. · Unregistered Supplier and Unregistered Recipient (URP2C)– In this section the POS and rate wise detail of the supplies to be reported by e-commerce operator related to the transaction of such supplies from an unregistered supplier to unregistered recipient through ECO. This will be not be available in IFF. This is to be reported net of credit / debit note (if any). · The values shall be auto-populated in Table 3.1.1(i) of corresponding GSTR-3B and such liabilities is to be paid by the ECOs in GSTR-3B in cash. · Amendments to be reported in Table 15A(I) & 15A(II). 4. Other Salient Features :- 1. Taxable value along with tax liabilities from all the above four sections i.e., B2B, B2C, URP2B and URP2C of table 15 will be auto-populated to table 1.1(i) of GSTR-3B. 2 There will be no auto-population of e-invoice in Table -15. E-invoices reported for 9(5) supplies will be populated in FORM GSTR-1 as per existing functionality. E-commerce operator are advised to examine and add such records in table 15 related to 9(5) 5. Step to report details in Table 14/15: 1. To view Table 14/15, taxpayer can navigate to Returns Dashboard > Selection of Period > Details of outward supplies of goods or services GSTR-1 > Prepare Online 2. Taxpayers can access the Table 14(a) & 14(b) by clicking the Liable to collect tax u/s 52 (TCS) and Liable to pay tax u/s 9(5) respectively available at the top of table 14 page. 3. Similarly, the different section of Table 15 can be accessed using the respective tab available at top of the table 15 page. 4. After adding the records taxpayers can file their GSTR-1 as per the existing process. Introduction of new table ECO-Documents in GSTR-2B 1. The taxpayers are also being provided a facility to pass input tax credit (ITC)
CBDT issues guidelines under section 194-O of the Income-tax Act, 1961
Section 194-O of the Income-tax Act, 1961 (‘the Act’) provides that an e-commerce operator shall deduct income-tax at the rate of one per cent of the gross amount of sale of goods or provision of service, or both, facilitated through its digital or electronic facility or platform. Vide CBDT Circular No. 20/2023 dated 28.12.2023 guidelines have been issued for removal of difficulties and clarity has been provided on various issues pertaining to applicability of section 194-O of the Act in a multiple e-commerce operator model framework, such as the Open Network for Digital Commerce (ONDC). The Circular details several types of situations with examples & provides clarity on multiple issues. Having received representations from various quarters, the CBDT Circular incorporates FAQs on varied issues.
7 PURCHASES YOU DIDN’T KNOW WERE TAX DEDUCTIBLE
When it comes to maximizing tax deductions, many individuals and businesses overlook everyday expenses that could be eligible for tax reductions. Understanding what expenses qualify for tax deductions is crucial for reducing taxable income and potentially lowering tax liabilities. It is important to note that tax laws and deductions can vary based on individual circumstances and location. Consult with a qualified tax professional or accountant to determine eligibility and ensure compliance with tax regulations. Here are seven purchases you might not realize are tax-deductible. Home Office Expenses Those who work from home can deduct various expenses linked to their home offices. These include a portion of utilities, internet, rent or mortgage interest, and office supplies that are utilized only for business. If these costs are properly documented, people can claim deductions, which lower their taxable income and guarantees that those who work from home offices conform with tax laws. Work-Related Education Costs Employer-mandated education costs for maintaining or improving work-related skills may be deductible from taxes. Tuition, course materials, and pertinent travel expenses related to these academic endeavors are all included in this category. Those who spend money on these skill-building courses or programs may be eligible to use these deductions to lower their taxable income. Health Insurance Premiums Self-employed individuals and small business proprietors often qualify for deductions on health insurance premiums for themselves, their spouses, and dependents. Moreover, specific medical expenses that surpass a particular percentage of your income may also be eligible for deductions. This deduction provision serves as a beneficial relief, allowing self-employed individuals and small business owners to manage healthcare costs effectively while potentially reducing taxable income through eligible health-related expenses. Charitable Contributions Contributions to eligible charitable organizations frequently qualify for tax deductions. These contributions encompass cash donations, donations of goods or property, and expenses related to travel or mileage incurred while volunteering for recognized charitable entities. Documenting these contributions and expenses enables individuals to potentially claim deductions, offering a financial benefit while supporting philanthropic causes within the framework of tax regulations. Work-Related Travel Expenses Business-related travel expenses such as airfare, accommodations, meals, and transportation often qualify for tax deductions. Maintaining comprehensive records and retaining receipts for all work-related trips is essential to substantiate these deductions. Thorough documentation ensures legitimacy when claiming these expenses, potentially allowing individuals to reduce taxable income while adhering to tax regulations. Keeping meticulous records is key to maximizing deductions and offsetting expenses incurred during business travel. Job Search Expenses During job searches, specific expenses like fees for resume services, job placement agency charges, and travel expenditures for interviews could potentially qualify for tax deductions if they are relevant to your field of work. Documenting these job-search-related expenses diligently and ensuring they directly relate to your professional field may enable individuals to claim these deductions, offering some financial relief during transitional job-seeking periods. Home Improvements for Medical Needs Undertaking home improvements for medical reasons as directed by a healthcare professional might qualify for tax deductions. Examples encompass modifications like installing ramps, widening doorways, or adding support bars to facilitate accessibility for individuals with medical needs. Proper documentation of these home improvements and medical prescriptions or recommendations could enable individuals to claim these deductions. Closing thoughts Understanding the range of expenses that qualify for tax deductions beyond the obvious ones can lead to significant savings. Take advantage of these often overlooked deductions to minimize tax liabilities legally and effectively.
Two Factor Authentication for e-Way Bill and e-Invoice System(Mandatory for Turnover more than 20 Cr from 20.11.2023)
INTRODUCTION National Informatics Centre (NIC) has introduced the two-factor authentication (2FA) to log in to the e-way bill or e-invoice system. It aims to improve the security of the e-way bill and e-invoice system. Besides username and password, the user would now require providing a one-time password (OTP) for authenticating the login. PURPOSE APPLICABILITY Below is step by step process for activation of two factor authentication – STEP BY STEP FOR ACTIVATION OF AUTHORIZATION 1.On logging into the e-Invoice System, the user needs to go to Main Menu. 2.The user then needs to select two-factor authentication and confirm the registration. 3.Once confirmed, the system will ask for a one-time password along with the username and password.
Section 90 Relief & Form 67 in Indian Tax: Guide & Belated Filing Consideration
The Indian income tax system allows individuals and entities to claim relief under Section 90 concerning taxes paid in foreign countries. Form 67 is pivotal in this process, aiding in seeking relief under Section 90. Exploring the essentials of Section 90 relief, Form 67’s purpose, and the feasibility of belated filings becomes crucial. Relief under Section 90: Section 90 of the Income Tax Act, 1961, is key in preventing double taxation for Indian residents earning income abroad. This section enables them to claim relief for taxes paid in foreign countries with which India has Double Taxation Avoidance Agreements (DTAAs). Purpose of Form 67: Form 67, an application for Section 90 relief, demands specific details such as personal information, foreign country details, tax specifics, and sections under which relief is sought. Belated Filing of Form 67: The Income Tax Act doesn’t explicitly allow belated Form 67 filing. However, recent ITAT judgments show that the late filing of Form 67 doesn’t necessarily deny Foreign Tax Credit (FTC) entitlement. Various cases ruled in favor of taxpayers, supporting the belated filing’s validity. Key Rulings: Several ITAT cases, including the Ahmedabad, Jaipur, Bangalore, and Kolkata benches, have favored the late filing of Form 67, asserting its directory, not mandatory, nature. They emphasized that relief under Section 90 shouldn’t be denied solely based on delayed Form 67 submissions. Conclusion: While the Income Tax Act doesn’t expressly accommodate belated Form 67 filings, recent ITAT judgments establish its directory nature. Taxpayers should aim for timely submissions of Form 67 to ensure smoother processing of relief claims and avoid double taxation. Seeking guidance from tax professionals or the Income Tax Department on Form 67’s procedures, especially for belated filings, is advisable.
A Quick Guide to One-Person Company Registration
Are you interested in starting your own business and want to reduce your liability? You should consider registering your business as a One Person Company (OPC). Many entrepreneurs in the starting stage of their business prefer OPC instead of Sole Proprietorship Business. Here are the details about OPC and how to register an OPC in India: What is a One Person Company? Under the Companies Act 2013, the concept of One Person Company in India was introduced. It allows the single person to incorporate the company and get the benefits of both the company and sole proprietorship. After the enforcement of the Company Act 2013, this concept became available. The primary objective of OPC is to corporatise MSMEs and promote entrepreneurship. All the advantages of a Private Limited Company, including being a separate legal entity, perpetual succession and protecting the personal assets from the firm’s liabilities are included in OPC. Documents required for OPC Registration The documents required for OPC registration, includes: How to register an OPC? To register OPC online in the Ministry of Corporate Affairs Portal (MCA Portal), follow the below-given steps: Get the proposed director’s Digital Signature Certificate (DSC). To get this, you need the following documents: After DSC, the next step is to apply for the Director Identification Number (DIN) of the director in the SPICe+ form. Give the director’s name and the address in the form. Reserving the unique name for your company is the third step. Apply for name reservation in the MCA portal by submitting the SPICe+ (Part A) form. The name should not resemble any existing company name or trademark and should be unique. The Articles of Association (AOA) and Memorandum of Association (MOA) of the company should be filed with the Registrar of Companies (ROC). AOA deals with the company’s internal rules and regulations, and the MOA deals with the company’s objectives. Once the form is filled, along with the necessary documents, it can be submitted online with a prescribed fee. After verification, the ROC will provide the Certificate of Incorporation, and you can commence the business. Checklist for registering OPC Final thoughts Now that you have learned about the registration of OPC, it is time for you to put your OPC ideas into action. Getting the necessary documents, the application process, the name approval procedure, and the incorporation of OPC can take approximately 7-15 days.
Comprehensive Guide to GST E-Invoice System Implementation
Welcome to the realm of GST tax compliance, where the E-Invoice System revolutionizes the way businesses handle invoices. Mandated by the GST Council and implemented by the National Informatics Centre (NIC), this system ensures a standardized approach to Invoice Reference Number (IRN) generation. This article serves as your comprehensive guide to understanding, implementing, and benefiting from the E-Invoice System. Detailed Analysis: 1. E-Invoice System Overview: 2. IRN Generation Process: 3. Cancellation and Verification: 4. Accessing E-Invoice Portal: 5. GSPs and ERPs Integration: 6. Offline and API Modes: 7. Testing and On-Boarding Procedures: Conclusion: The E-Invoice System brings efficiency to GST compliance, offering multiple avenues for IRN generation. Whether using offline tools, GSPs, ERPs, or direct integration, taxpayers can seamlessly navigate the process. Stay informed, test diligently, and embrace the future of tax compliance with the E-Invoice System. E-Invoice System Welcome to the tax payers of GST to the e-invoice system. As per the GST Council direction, National Informatics Centre (NIC) has built the e-invoice system as per the latest e-invoice (IRN) schema published on the GSTN portal. As per the notification of GST (Notfn. No. 61 dtd: 30th July, 2020), this system has been enabled for tax payers based on specified turnover (as per data available in GST system). The notified tax payers have to generate the IRN for the supplies/sales. That is, the IRN has to be generated for the documents of Invoices, Debit Notes and Credit Notes for B2B and export transactions. The tax payer has to upload the complete invoice details, prepared manually or through internal ERP/accounting system, as per Form GST-INV-01, and after due validations of the data, the IRP returns the IRN with the signed invoice and QR code back to the tax payer. The QR code has to be printed by the tax payer on the invoice being issued to the buyer. It may be noted that the IRN can be generated by the supplier only and not by buyer or transporter. There is a facility to cancel the IRN, if active e-way bill is not there. That is, the e-way bill is not generated or the e-way bill generated and later cancelled, then the user is allowed to cancel the IRN. The tax payer can also see the features like rules, notifications, help, manuals, Audio-Video materials, FAQs, etc. on the e-invoice portal. By going to the e-invoice portal and selecting ‘e-invoice status of Tax Payer’ under Search option, on entry of the GSTIN, the system will indicate whether this GSTIN is enabled for the IRN generation. If your Turnover is exceeding Rs 500 Crores but your GSTIN is not enabled, then you may register voluntarily by clicking on Registration->e-Invoice Enablement. Also, if your Turnover has not crossed Rs 500 Crores but you have been enabled for e-invoicing , then you may send mail to support.einv.api@gov.in. The tax payer can also access the list of registered GSPs (GST Suvidha Providers) and ERPs , who have enrolled to provide the e-invoice services to the tax payers. This option available as ‘GST Suvidha Providers (GSP)’ and ‘ERP’ under search option. One can upload the IRN generated and signed invoice file and get it verified on the portal for the authenticity of the IRN. For this option, select ‘Verify Signed Invoice’ under Search option. There is a facility to login to the e-invoice system. Single Sign On system has been used to login to the e-way bill and e-invoice systems. That is, if the tax payer has the username and password created on the e-way bill system, then same can be used to login to this system. If the tax payer has not registered in the e-way bill system, he can use the registration facility and register for the e-invoice system. Then system enables him automatically for both the e-way bill and e-invoice systems. Presently, e-Invoice System provides the two modes of IRN generation – Offline and API. The following table provide the different methods involved in IRN generation based on the turnover of the tax payers. The notified tax payers can use these modes for the generation of IRN. The tax payers can also generate the e-way bill along with the IRN in one go or generate IRN and the e-way bill later based on the IRN. On generation of IRN, the system returns the signed invoice in the JSON format with the QR code. Then invoice can be issued to buyer along with QR code. Please refer to the Annexure for the sample copy of the invoice along-with QR code on it. There is an option in the website to download a Mobile App (for Android and iOS) which may be used to verify the authenticity of the QR code and the contents printed on the Invoice. This app may be used by any taxpayers or tax officers or any external agencies like banks and other financial institutions for verifying the invoice. The tax payer can also know his/her sister concerns, generating the IRNs and e-way bills using API, after logging into the portal. This helps him to tie up with his/her sister concerns for integration of API mode. Before integration with the API on production system, the tax payer needs to do the testing of API integration on the sand-box system (https://einv-apisandbox.nic.in). In the sandbox system, the notified tax payer can register and understand the process of IRN integration and test the integration with his/her own system. The following procedures explain how to on-board on production system for API integration after completion of testing on sandbox. The enabled taxpayers can use any of the following methods for IRN generation Detailed Procedures 1. Using Offline Tool 2. Using GSPs (GST Suvidha Providers) 3. Using ERPs (Registered ERP) 4. Using e-Commerce operators 5.Using Direct Integration 6. Using API integration with sister concern GSTIN 7. Using E-way Bill API credentials Read more at: https://taxguru.in/goods-and-service-tax/comprehensive-guide-gst-e-invoice-system-implementation.htmlCopyright © Taxguru.in
Unveiling Truth: The Vital Role of Forensic Audits in Uncovering Financial Irregularities
In today’s environment, where financial fraud and corporate misconduct are sadly common, the significance of forensic audits has surged to unparalleled levels. These highly specialized audits are extremely powerful, capable of revealing secrets buried deep in accounting records, convoluted financial transactions, and the intricate web of company organizations. Forensic audits play a critical role in maintaining the integrity of financial systems, providing stability and accountability, and protecting stakeholder’s interests. These audits are the front-runners of openness and the keepers of the financial truth in this uncertain age. What are Forensic Audits? Forensic audits are also known as forensic accounting, and they distinguish themselves from conventional financial audits. While traditional audits center on confirming the precision of financial statements and adherence to accounting norms, forensic audits venture into more profound territory. With a primary focus on exposing financial misconduct, including fraud, embezzlement, misappropriation of funds, and other illicit practices concealed within an organization’s financial records, they are inherently investigative. These audits serve as financial detectives, meticulously examining financial data to unveil hidden transgressions and ensure financial integrity. Vital Role of Forensic Audits: Forensic audits have a specific purpose to reveal fraud and financial irregularities that might evade detection otherwise. They encompass a thorough scrutiny of financial data, transactions, and documentation to identify any irregularities, discrepancies, or warning signs. Through a meticulous examination of financial records, auditors can unearth proof of deceptive activities like asset misappropriation, corruption, and manipulation of financial statements. Forensic audits are a pivotal function in assessing an entity’s adherence to a spectrum of financial regulations, industry norms, and internal control mechanisms. These audits evaluate whether an organization has adhered to the prescribed procedures and scrutinize if there have been any deviations that could potentially stimulate concerns related to financial improprieties. This process is integral in ensuring that an entity is not only compliant with external standards but also maintains the required internal controls to prevent and detect financial misconduct, fostering a secure and transparent financial environment. The findings of a forensic audit hold significant weight as compelling evidence in legal proceedings, whether they pertain to criminal trials or civil litigation. These findings establish a robust foundation for legal actions against individuals or entities accountable for financial irregularities. By offering concrete proof of misconduct, forensic audit results are crucial in empowering victims to seek justice and restitution for their losses. This critical function underscores the essential role that forensic audits play in upholding accountability, promoting fairness, and providing a path for those affected by financial fraud to use legal ways to recover what is legally their own. Wrapping it up: From the above mentioned the role of forensic audits in detecting financial irregularities is undeniably indispensable. These investigative tools act as guardians of financial integrity, protecting stakeholder’s interests and ensuring accountability. In a time when financial irregularities are common, forensic audits are a beacon of transparency and champions of truth, providing the means to expose and rectify financial misconduct. Their significance cannot be overstated, as they are pivotal in preserving trust in the financial world.
GST APPEALS AMNESTY SCHEME
Notification No. 53/2023- Central Tax Dt 02.11.2023)GST Amnesty Scheme for filing time barred appeals up to 31.01.2024 1.CBIC vide Notification No.53/2023 – Central Tax dated 02.11.2023 notified this Amnesty Schemefor filing time barred appeals for two class of persons as specified below- a) The taxable persons who could not file appeal against the order passed by the officer on orbefore the 31.03.2023 u/s 73 or 74 of the CGST Act, within the period specified in sub-section(1) of section 107 read with sub-section (4) of section 107 of the said Act, andb) The taxable persons whose appeal against the said order was rejected solely on the groundsthat the said appeal was not filed within the period specified in section 107, 2.The said person shall file an appeal in FORM GST APL-01 on or before 31st day of January 2024: Provided that an appeal against the said order filed in accordance with the provisions of section107 of the said Act and pending before the Appellate Authority before the issuance of thisnotification, shall be deemed to have been filed in accordance with this notification, if it fulfils thecondition specified at para 3 below. 3.No appeal shall be filed under this notification, unless the appellant has paid- (a) in full, such part of the amount of tax, interest, fine, fee and penalty arising from the impugnedorder, as is admitted by him; and(b) a sum equal to twelve and a half per cent. of the remaining amount of tax in dispute arisingfrom the said order, subject to a maximum of twenty-five crore rupees, in relation to which theappeal has been filed, out of which at least twenty percent should have been paid by debitingfrom the Electronic Cash Ledger. 4.No refund shall be granted on account of this notification till the disposal of the appeal, in respectof any amount paid by the appellant, either on their own or on the directions of any authority (or)court, more than the amount specified in para 3 of this notification before the issuance of thisnotification, for filing an appeal under sub-section (1) of Section 107 of the said Act. 5.No appeal under this notification shall be admissible in respect of a demand not involving tax. 6.The provisions of Chapter XIII of the Central Goods and Service Tax Rules, 2017 (12 of 2017),shall mutatis mutandis, apply to an appeal filed under this notification.