Tax Concept’s Representation to Hon’ble Finance Minister and GST Council Seeking Clarification on Reporting of HSN Codes in Tax Invoices as well as in GSTR-1 w.e.f. 1st April 2021

When we refer relevant notifications, we can consider that above clarifications are not as per law. So, you are requested to please ask the GSTN to make necessary changes in the reporting of HSN Codes in GSTR-1 and not to issue any clarification which is not as per law.

Updates in Forms GSTR-1, GSTR-3B and Matching Offline Tool for Taxpayers in QRMP Scheme

With effect from 1st January, 2021, all taxpayers with Annual Aggregate Turnover up to Rs 5 Crore have been given an option to file their Form GSTR-1 Statement and Form GSTR-3B return on a quarterly basis. They also have an option to file B2B invoice details in Invoice Furnishing Facility (IFF) for months 1 and 2 (eg. Jan and Feb) of the quarter in order to pass on the credit, whereas the remaining invoices have to be declared in the Quarterly Form GSTR-1 of Month 3 (e.g. March).

Be Alert: Fastag Data has been Integrated with E-Way Bill System to Track the Movement

The Press Information Bureau has published that “Recently, the Fastag data has been integrated with the e-way bill system. On a daily average, 24 Lakh Fastag transactions from 826 toll plazas, related to commercial vehicles are exchanged between NPCI/NHA and NIC systems. These details will help the GST officers to track the movement of e-waybills using the new analytical reports.”

Employees of Work Places (Government and Private) aged 45 Years or More to be Vaccinated at Work Place Vaccination Centres from 11 April 2021

The Health Ministry has written to all States and UTs that COVID-19 vaccination sessions may now be organized at workplaces (both public & private) which are having about 100 eligible and willing beneficiaries by tagging these workplaces with an existing COVID Vaccination Center (CVC). To support the States in this initiative, guidelines have been prepared and the same have conveyed by the Union Health Secretary to the States and UTs. These guidelines will support the State and District Programme Managers with the requisite information and guide them on organizing vaccination sessions at such workplaces (both public & private). Such work place vaccination centres may be launched across States/UTs from 11th April 2021.

Country Needs to Come Out of this Tax Culture that “All Businesses are Fraudulent”: Supreme Court

In a case, Justice Chandrachud today said that “The country needs to come out of this tax culture that ‘all businesses are fraudulent’. Even where 12 crore tax has been paid (by the assessee), just because some tax is still due, you can’t start attaching property! If there is any alienation of assets or the assessee is winding up or going into liquidation, it is understandable. But just because you have the account numbers, you can’t start attaching and even block the receivables!”

CBDT Issues Refunds of More Than Rs 2.62 Lakh Crore upto 31st March 2021

Accordingly, the Central Board of Direct Taxes (CBDT) has issued refunds of more than Rs. 2.62 lakh crore to more than 2.38 crore taxpayers from 1st April, 2020 to 31st March, 2021, as against total refunds of Rs. 1.83 lakh crore issued during the corresponding period of the previous fiscal, marking an increase of almost 43.2%. Income tax refunds of approximately Rs. 87,749  crore have been issued in 2,34,27,418 cases whereas corporate tax refunds of approximately Rs. 1,74,576 crore have been issued in about 3,46,164 cases during the said period.