Lok Sabha on Friday cleared changes in the Finance Bill to pave the way for setting up an appellate tribunal for the resolution of disputes under GST. Currently, taxpayers are filing writ petitions before high courts in the absence of the appellate tribunal. As per the amendments proposed in the Finance Bill 2023, which was …
Sources says: ➡️ Hotel and restaurant industry may soon get relief on GST➡️ Finance Ministry is considering their demand to change current GST structure➡️ GST on Hotels/Restaurants may be increased to 12% from 5% with ITC benefit Source says: ➡️ Alert: At present Hotels/Restaurants attracts 5% GST without input tax credit➡️ Finance Ministry has sent …
GST relief for hotels, and restaurants soon? Govt to change GST structure? Read More »
CGST Bhiwandi Commissionerate arrests Oppo Mobiles finance manager for IT fraud amounting to Rs 19 crore- An authorized signatory – Manager-Finance & Accounts of Chinese origin company M/s. Oppo Mobiles India Private Limited Mr. Mahendra Kumar Rawat has been arrested by CGST Bhiwandi Commissionerate, for fraudulent availment of ITC amounting to Rs.19cr on fake invoices. …
Attention, GST Taxpayers intending to make zero rates supplies! Manual > Filing of Letter of Undertaking for Export of Goods or Services (FORM GST RFD-11) How can I as a taxpayer file the Letter of Undertaking (LUT) for export of goods or services at the GST Portal? To file the Letter of Undertaking (LUT) for …
The state goods and service tax department led by senior bureaucrat Rajeev Mittal on Tuesday dismissed three GST inspectors after it was confirmed they were involved in a fake raid and decamped with Rs 11 lakh from a leading trader. It was for the first time in the history of the state administration that it issued an advertisement to …
3 GST officials involved in fake raid dismissed through newspaper ad Read More »
Dear Taxpayers, 1. We would like to bring to your attention notification no. 78/2020 – Central Tax dated 15th October 2020. As per the above-said notification, it is now mandatory for taxpayers to report a minimum of six-digit valid HSN code for their outward supplies having AATO of more than 5 crores in any previous …
HSN Code Reporting in e-Invoice on IRPs Portal” in GST Read More »
Now Taxpayers can transfer the amount in Cash Ledger from one GSTIN to another GSTIN registered on the same PAN through Form GST PMT-09. Navigate to: gst.gov.in > Dashboard> Services> Ledgers> Electronic Cash Ledger
Advisory for the taxpayer wishing to register as “One Person Company” in GST As per provision of section 2(62) of The Companies Act, 2013 “One Person Company” is defined as a company which has only one person as member. Some issues have been raised by the persons registering as ‘One Person Company’ while they take …
Advisory for the taxpayer wishing to register as “One Person Company” in GST Read More »
The Goods and Services Tax system that was implemented to ease the taxation system, has also become a tool for tax evasion by fraudsters. The rampant fraud in the name of GST invoices can be a trouble for smaller businesspersons as well as customers. Fake GST bill also helps the scammers in pocketing the money …
Know basic tricks to check GST bill you received for purchase is authentic or not Read More »
GST WEEKLY UPDATE : 51/2022-23 (19.03.2023) 1. GST e-Invoice System enabled the ‘E-Invoice voluntary enablement’ for FY 2022-23: Up-till e invoice has been enablement as under: Sr no. Aggregate Annual Turnover exceeds in any FY since 17-18 Effective date 1 500 cr 01/10/2020 2 100cr 01/01/2021 3 50cr 01/04/2021 4 20cr 01/04/2022 5 10cr 01/10/2022 …
The GST department will soon begin analysing ITRs filed by businesses and professionals and also MCA filings to ascertain if the entities are adequately discharging their GST liability and widening the taxpayer base. Currently, there are 1.38 crore registered businesses and professionals under the Goods and Services Tax (GST), which was launched on July 1, 2017. Businesses in …
GST dept to scrutinise I-T, MCA data to identify entities not paying taxes Read More »
The GST department will soon start analyzing data from income tax returns of companies and professionals and documents submitted to the Ministry of Corporate Affairs. The objective is to widen the tax base and to ascertain whether the entities are paying their GST liability in full or not. At present there are 1.38 crore registered …
The Central Goods & Services Tax Act, 2017 does not restrict GST registration of Management consultants, Architects and other professionals operating from residential premises, due to covid-19 pandemic or otherwise
e-Invoice voluntary enablement enabled for FY 2022-23.
The State GST department inspected shops of four bullion traders in Ludhiana’s Sarafa Bazar. Sources said the action was taken on instructions from deputy commissioner, state taxes Randhir Kaur. It also comes close on the heels of a DRI raid in Sarafa Bazar a few days ago. Sources said officials led by assistant commissioner, state taxes Sumandeep Kaur …
Tax evasions, bogus invoices without any deliveries of goods, cyber frauds using Goods and Services Tax (GST) identification numbers, forging up shell companies, fake business transactions, failure to deposit due taxes to authorities and illegally claiming input tax credit (ITC) have now become the biggest reasons for rise in GST-related offences in the country. The …
Government of Rajasthan, Commercial Taxes Department has issued Guidelines vide Order No. F.17 (137) ACCT/GST/2017/8289 dated March 10, 2023 for reimbursement of late fee payable and deposited under Section 47 by the registered taxable person under the Rajasthan Goods and Services Tax Act, 2017 (“the RGST Act”) for the period from April 2021 to March 2022. The …
GST WEEKLY UPDATE : 50/2022-23 (12.03.2023) 1. Mandatory reporting of 6 digit HSN codes as per Notification No. 78/2020 – Central Tax dated 15/10/2020: Advisory for e Invoice: As per the Notification No. 78/2020 – Central Tax dated 15th October, 2020, it is mandatory for the taxpayers to mention 6-digit HSN Codes for their outward supplies …
Attention, GST Taxpayers who are under QRMP Scheme!
One pager on Journey of critical Rule 36(4) covering all amendments and timelines!!May be helpful in ongoing GST Audits & Assessments. RULE 36(4)-AVAILABILITY OF ITC ON THE BASIS OF GSTR-2A/2B [GSTR1 OF SUPPLIER] CHRONOLOGY OF AMENDMENTS Introduced initially as following: “36(4)- Input tax credit to be availed by a registered person in respect of invoices …
In a move that will help taxpayers till the GST Tribunal is set up, the Bombay High Court has said they can get relief from recovery proceedings if they file a declaration of intent to appeal against the order of the revenue authorities. If such a declaration is filed, the taxpayer should be given 15-day period to …
The intelligence wing of the Goods and Services Tax (GST) department has arrested three TMT bar suppliers for carrying out business in a clandestine manner to the tune of Rs 834 crore, resulting in GST evasion of Rs 150 crore. Based on information, the intelligence team conducted simultaneous search operations at the properties of three prominent taxpayers …
Arrested three TMT bar suppliers for GST evasion of Rs 150 crore Read More »
Mandatory reporting of 6 digit HSN codes as per Notification No. 78/2020 – Central Tax dated 15/10/2020 As per the Notification No. 78/2020 – Central Tax dated 15th October, 2020, it is mandatory for the taxpayers to mention 6-digit HSN Codes for their outward supplies having AATO more than Rs 5 Crores. After a few …
Attention Taxpayers- Advisory on Mandatory reporting of 6 digit HSN codes Read More »
The amnesty scheme for settlement of arrears of tax, interest, penalty or late fee prior to the implementation of the Goods and Services Tax introduced by the Maha Vikas Aghadi (MVA) government has been extended by state finance minister Devendra Fadnavis. Terming it the Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, …
HIGHLIGHTS OF THE MAHARASHTRA STATE BUDGET SPEECH DATED 9TH MARCH, 2023 BY HONOURABLE DEPUTY CHIEF MINISTER (FINANCE) SHRI DEVENDRA FADNAVIS PART-II (A) Amnesty Scheme, 2023 for Goods and Services Tax Department announced :— > This Amnesty Scheme will be called as ‘Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2023’. > …
Maharashtra Amnesty Scheme, 2023 for Goods and Services Tax Department announced Read More »
Most of the people leave the restaurant after having food and paying the bill, but do not check the bill. Many times people go away after paying for the food without even seeing the bill. This negligence of yours can cause a big loss. Some restaurants are charging you GST bill even though they don’t …
Restaurants charging fake GST on food bills? misleading in these three ways Read More »
Taxpayers have to mention 6-digit HSN Codes for their outward supplies if AATO exceeds Rs 5 Crores e-Invoicing Applicable if AATO exceeds Rs.10 Crore Please make necessary changes in your system because after few weeks of time, e-Invoice System will not accept 4-digit HSN codes
E-way bill generation dipped to 3-month low in February, GST collection may be impacted in March ✅ E-way bill generation in February dropped to a three-month low of over 8.18 crore. ✅ It was over 8.24 crore and 8.41 crore in January and December. ✅ Technically, data for February are for 28 days while preceding …
GST Portal Update- We can now transfer Cash Balance from one GSTIN to another GSTIN having the same PAN by filing GST PMT-09. The option to utilize the amount in the cash ledger of one GSTIN by another GSTIN (entities having same PAN) by way of transfer through form PMT-09 has been made effective in …
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GST WEEKLY UPDATE : 49/2022-23 (05.03.2023) 1. GSTN launches e-invoice registration services with private IRPs: 2. Delhi GST Dept. issued Important SOP for Cancellation of Registration and for Repository of Non-genuine Taxpayers: (Circular No.F.3(479)/GST/Policy/2023/ 346 dated March 01, 2023) Standard Operating Procedure for cancellation of Registration In order to ensure uniformity of procedure for cancellation of …