Is Business Compliance Keeping You Awake at Night?

Are you facing challenges with business compliance? Your search ends here! Cleartax provides a comprehensive range of compliance services tailored to your needs. Be it income tax e-filing, understanding the income tax slabs for FY 2023-24, or choosing between the old and new tax regime for salaried individuals, we cover it all. Our proficiency also includes areas like house property, business, professional, freelance income, capital gains, and other income sources.

Need help with income tax refunds, tax dues, or queries regarding salary income, NRI taxes, or HUF taxes? We provide the solutions you seek. Additionally, we assist in managing income tax notices and ensure compliance with the latest regulations.

In our latest article, we explore details on BRC (Bank Realisation Certificate) and e-BRC (Electronic Bank Realisation Certificate) - essential for export businesses. These certificates are proof of payment realization against exported goods or services.

Previously, exporters visited banks to obtain a BRC, which was time-consuming. With the 2012 introduction of e-BRC by the Directorate General of Foreign Trade (DGFT), exporters can now digitally access BRCs, simplifying the claim of export benefits.

The e-BRC is an electronic document recording foreign trade transactions, replacing the older physical BRC. Integration with banks links foreign exchange realization details to shipping bills, simplifying incentive verification.

Exporters can download e-BRCs from the DGFT website by logging in and going to the 'Bills Repositories' section to select the bank and date range. Options to print or download for future reference are available.

For export incentives, shipping invoices must be linked with e-BRCs. DGFT uses this data to assess incentive values provided. It's essential for the e-BRC value to match the total realized value reported by the bank; discrepancies should be corrected promptly.

e-BRC data is shared with government agencies, aiding exporters in filing for GST or Input Tax Credit (ITC) refunds. This integration streamlines the GST-related export transaction process.

For detailed information on BRC and e-BRC certification, including instructions to check, download, and print these certificates, see our comprehensive article by Mayashree Acharya, Senior Content Writer, and legal advocate.

At Cleartax, we recognize the importance of compliance for successful businesses. Our goal is to simplify complex tax and compliance procedures, granting you peace of mind. Experience Cleartax's compliance services and secure control of your business today!

*[NEFT]: National Electronic Funds Transfer
*[RTGS]: Real Time Gross Settlement
*[IMPS]: Immediate Payment Service
*[UPI]: Unified Payments Interface