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.

No Major Relief to GST Sector: Key Highlights of Union Budget 2021

(1.) ITR filing exemption to citizens aged 75 years and above (only if income from pension and interest).

(2.) New period for re-opening of assessment for transparent tax system : Reopening of assessment period reduced from 6 years to 3 years except in the cases where tax evasion is 50 lakh or more (re-opening of assessment period is 10 years in these cases).

(3.) Constitution of Dispute Resolution Committee (for taxpayers having taxable income of 50 lakh and above and disputed income is 10 lakh).