Dear Readers, We are delighted to share our 106th E-Newsletter “Weekly Taxation Newsletter” dated 28th March, 2023 from 21st March, 2023 to 27th March, 2023 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, …
![Latest GST News, Information, Notifications & Announcements [Period 21/03/23 to 27/03/23]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/02/GST-1.jpeg?fit=320%2C358&ssl=1)
GST WEEKLY UPDATE : 52/2022-23 (26.03.2023) 1. Advisory for the taxpayer wishing to register as “One Person Company” in GST dt. 21/03/2023: 2. HSN Code Reporting in e-Invoice on IRPs Portal dt. 22/03/2023: As per Notification no. 78/2020 – Central Tax dated 15th October 2020. As per the above-said notification, it is now mandatory for …
central government has capped the maximum rate of GST compensation cess that would be levied on pan masala, cigarettes, and other forms of tobacco and linked the highest rate to their retail sale price. It was brought as part of amendments to the Finance Bill 2023, which was passed by the Lok Sabha on Friday. …
Govt caps maximum GST cess rate on pan masala, tobacco; links rate to retail sale price Read More »
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 …
The Goods and Services Tax (GST) Appellate Tribunal is likely to be headed by a former Supreme Court judge or a former Chief Justice of a High Court and its framework may permit the resolution of disputes involving dues or fines of less than Rs. 50 lakh by a single-member bench. Amendments to the GST …
GST appellate tribunal may be headed by a former Supreme Court judge Read More »
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. …
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 »
With effect from the 1st July, 2017, after rule 88A, the following rule shall be deemed tohave been inserted, namely: – 1) In case, where the supplies made during a tax period are declared by the registered person in the return for the said period and the said return is furnished after the due date …
RULE 88B. MANNER OF CALCULATING INTEREST ON DELAYED PAYMENT OF TAX Read More »
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 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 …
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 …
Invoicing used to be a challenging process to manage a few years back. However, things have changed drastically recently due to technological advancement as different programs and software are available in the market to help manage invoicing without much manual effort. Nowadays, you can even manage invoice operations on your smartphones with the help of …
A Review of Best Invoice Maker Applications in 2023 Read More »
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 …
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 »
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 »
Dear Readers, We are delighted to share our 104th E-Newsletter “Weekly Taxation Newsletter” dated 07th March, 2023 from 28th February, 2023 to 06th March, 2023 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, …
Y. B. Constructions Pvt. Ltd. (Orissa High Court) W.P.(C) No.12232 of 2021 (DOJ 22/02/2023) FACTS OF THE CASEThe Petitioner before this Court seeks a direction to permit the Petitioner to rectify the GST Return filed for the periods 2017-18 and 2018-19 wherein supply shown in B2C instead of B2B; in order to get the Input …
RECTIFY GSTR-1 TO SHOWN CORRECT SUPPLY IN B2B INSTEAD OF B2C Read More »
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 …
![Latest GST News, Information, Notifications & Announcements [Period 28/02/23 to 06/03/23]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2023/03/man-coffee-cup-pen.jpg?fit=1024%2C682&ssl=1)
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 …
Jhunjhunu State GST team has caught two fake firms while taking action in Malsisar and Bas Budana of the district. Both the firms were not operating at their respective addresses. Someone else’s residential house was found built at the address of a firm. The landlord was found working in the field. On inquiry about the …
Tax Compliance Tracker – March, 2023 Sl. Compliance Particulars Due Dates 1 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of January, 2023 02.03.2023 2. Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB …
Restaurants that have offset input tax credit (ITC) in respect of liquor sales will be impacted by a recent goods and services tax (GST) advance ruling given by the West Bengal bench. In this regard, the gst-Authority for Advance Rulings (GST-AAR) has held that the applicant would have to reverse the ITC. While advance rulings do …
Latest GST News, Information, Notifications & Announcements 1. Advisory on opting for payment of tax under the forward charge mechanism by a Goods Transport Agency (GTA): 2. Advisory on New e-Invoice Portal: CBIC clarified that, 1. We would like to inform you that GSTN has onboarded four new IRPs (Invoice Reporting Portals) for reporting e-invoices …
GST Department Issues Advisory on New e-Invoice Portal 1. We would like to inform you that GSTN has onboarded four new IRPs (Invoice Reporting Portals) for reporting e-invoices in addition to NIC-IRP. As a result, the beta launch of a new e-Invoice portal (www.einvoice.gst.gov.in), has been done where taxpayers can find comprehensive information on e-invoice …
Dear Valued Taxpayers, Advisory on New GST e-Invoice Portal Read More »
Dear Valued Taxpayers, 1.GSTN is pleased to inform the taxpayers that the functionality for geocoding the principal place of business address (i.e. the process of converting an address or description of a location into geographic coordinates) is now available on the GST Portal. This feature is introduced to ensure the accuracy of address details in …
Taxpayers Alert: Advisory on Geocoding of Address of Principal Place of Business Read More »