GST

GST ITC REVERSAL IF RECIPIENT FAILS TO PAY TO SUPPLIER WITHIN 180 DAYS

Disclaimer :Hi my dear Viewers & Readers! I, in the capacity of an Author, hereby informs you to read the posts in the blog fully instead of being carried away by the heading of the post which may lead to wrong conclusions. Thank You one & all !! Trade creditors and other accounts payables constitute …

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39th GST COUNCIL MEETING UPDATES ACCORDING TO SOURCES

> Interest will be charged on NET CASH LIABILITY. Amendment to be made retrospectively w.e.f. 01st July, 2017. > Late fees for GSTR-9 has been waived for 2 years (F.Y. 2017-18 and F.Y. 2018-19) for taxpayers with annual turnover less than Rs. 2 Crore. > Where registrations have been cancelled till 14.03.2020, application for revocation …

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CAN WE CLAIM ITC ON EXPENDITURE RELATED TO CSR ACTIVITIES ??

Can we claim the Input Tax Credit (ITC) on expenditure related to Corporate Social Responsibility (CSR) Activities? CSR stands for Corporate Social Responsibility. CSR implies a concept, whereby the companies integrate social and other useful concerns in their business operations for the betterment of its stakeholders and society in general in a voluntary way. But …

CAN WE CLAIM ITC ON EXPENDITURE RELATED TO CSR ACTIVITIES ?? Read More »

BIGGEST MISTAKE IN GST : SUGGESTION OF 23rd GST COUNCIL MEETING WHICH NEVER GOT IMPLEMENTED

One of the biggest demand from the trade along with the facility to file quarterly returns and facility to revise returns, is to restrict the amount of late fees. GST Council in its 23rd meeting held on 10th Nov, 2017 decided to restrict the maximum amount of late fee payable to the extent of output …

BIGGEST MISTAKE IN GST : SUGGESTION OF 23rd GST COUNCIL MEETING WHICH NEVER GOT IMPLEMENTED Read More »

JUST IN : GST COUNCIL TO DEFER NEW RETURNS, E-INVOICING & TO EXTEND DUE DATE FOR JAN, 2020 GSTR-3B

> Centre proposes to extend GSTR-3B facility till Sept, 2020. Council had decided to end GSTR-3B from April 2020 & shift to new return. > GST Council likely to extend deadline for filing of GSTR-3B for Jan, 2020 till 31st March, 2020. > Council to deliberate on clarity on levy of interest on delayed GST …

JUST IN : GST COUNCIL TO DEFER NEW RETURNS, E-INVOICING & TO EXTEND DUE DATE FOR JAN, 2020 GSTR-3B Read More »

GOOD NEWS : GOVT. GIVES INFOSYS 15 DAYS TO SUBMIT PLAN TO QUICKLY FIX GLITCHES IN GSTN

The finance ministry has asked Infosys to provide within 15 days a plan for quick resolution of glitches on the GSTN portal, as it took strong note of the “unresolved” problems and “tardy” progress made over the last two years on multiple issues faced by taxpayers in filing returns. On Saturday, Revenue Secretary held a …

GOOD NEWS : GOVT. GIVES INFOSYS 15 DAYS TO SUBMIT PLAN TO QUICKLY FIX GLITCHES IN GSTN Read More »

ONE ARRESTED IN DELHI FOR AVAILING FAKE ITC OF RS. 12 CRORE FROM 30 FAKE FIRMS

The CGST Delhi North Commissionerate arrested one person who received fake/goods-less invoices valued at Rs 71,22,95,370/- involving fraudulent Input Tax Credit of Rs 12,82,05,579/- from 30 bogus/fake firms. The modus operandi was to create various fake firms in the name of employees of the operator of fake firms and other persons. Fake e-way bills were …

ONE ARRESTED IN DELHI FOR AVAILING FAKE ITC OF RS. 12 CRORE FROM 30 FAKE FIRMS Read More »

TWO DIRECTORS ARRESTED FOR FRAUDULENTLY CLAIMING IGST REFUND ON EXPORT WORTH RS. 61 CRORE

DGGI (Hqrs.) booked a case on 06.03.2020 against M/s Aastha Apparels Pvt Ltd & others. Aforesaid companies have fraudulently claimed IGST refunds on export of goods to the tune of more than Rs. 61 Crores. It has been revealed that ITC has been fraudulently availed by M/s Aastha Apparels Pvt Ltd & others on the …

TWO DIRECTORS ARRESTED FOR FRAUDULENTLY CLAIMING IGST REFUND ON EXPORT WORTH RS. 61 CRORE Read More »

BIG GST FRAUD OF RS. 436 CRORE UNEARTHED IN DELHI

Officers of Anti-Evasion, Central GST Delhi East Commissionerate have unravelled a major operation of Circular Trading, involving the use of fake invoices to claim fraudulent refunds of Input Tax Credit. Shri Asif Khan, Shri Rajeev Chhatwal and Shri Arjun Sharma operating a total of 17 fake firms procured invoices without actual supply of goods and availed …

BIG GST FRAUD OF RS. 436 CRORE UNEARTHED IN DELHI Read More »

COMPLIANCE REQUIREMENTS FOR MARCH, 2020

About Article : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” If you think compliance is expensive, try non‐ compliance” COMPLIANCE REQUIREMENT UNDER THE INCOME TAX ACT, 1961 Income Tax Act, 1961     02.03.2020 Due date for furnishing of challan-cum-statement in respect of tax deducted under …

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DUAL RATE ON SALE OF LOTTERY TICKETS STANDS AMEND TO GST AT 28%

The decision to levy single rate of GST on state run lotteries and state authoriZed lotteries was taken in December last year. To which the notification released states that with effect from 1st March, 2020, there will be 28% GST on sale of lottery tickets. Let’s take a look at the current scenario : Currently …

DUAL RATE ON SALE OF LOTTERY TICKETS STANDS AMEND TO GST AT 28% Read More »

SINGAPORE TAXATION : BASICS TO CORPORATE TAXES IN SINGAPORE

Introduction The Fiscal Policy is the government’s means to influence and regulate the economy by means of revenue and expenditure. The two main tools of fiscal policy are – Taxation (for raising revenue and is the major source of Income for government). Expenditure (on public welfare for achieving desirable social and economic goals). Type of …

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REPLY FORMAT FOR NOTICE UNDER SECTION 50 OF THE CGST ACT, 2017

Reply Format for Notice Under Section 50 of the CGST Act, 2017 In previous article, we have discussed about the notices send by GST department under Section 50 of the CGST Act, 2017. After sharing of that article, we have received various queries from professionals across the country that what is required to be done …

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ALL YOU NEED TO KNOW ABOUT NEW GST RETURNS, WHICH WILL APPLICABLE FROM 1st APRIL, 2020

CBDT began the new year by introducing the Formats of ITR 1 & 4 even before the F.Y. ended. Then why should their counterpart stay back ! So the CBIC as well has began it’s task towards the roll out of new GST Returns in this year in terms of the decisions of the GST …

ALL YOU NEED TO KNOW ABOUT NEW GST RETURNS, WHICH WILL APPLICABLE FROM 1st APRIL, 2020 Read More »

UNEXPECTED ERROR WHILE FILING GSTR-3B. ARE YOU FACING THE SAME ??

Some of our members have reported to us that – While filing GSTR-3B (which has carried forward late fees from earlier month), an unexpected error occurred after clicking on ‘Proceed to Payment’. The error is “Your form has not been saved properly. Please click on back and save your form. If error persists quote error …

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INTEREST U/S 50 OF CGST ACT SHOULD BE CHARGED ON NET LIABILITY : MADRAS HC

In Writ Petition Nos. 23360 and 23361 of 2019 & VMP Nos. 23106 and 23108 of 2019, Hon’ble Madras HC has held that : I am supported in my view by a recently inserted proviso to Section50(1) reading as below :Provided that the interest on tax payable in respect of supplies made during a tax …

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INTEREST UNDER SECTION 50(1) OF THE CGST ACT SHALL BE CHARGED ON NET CASH LIABILITY. WE WILL GIVE PROSPECTIVE EFFECT ON IT : CBIC TWEETED

There are some discussions in social media w.r.t. interest calculation on delayed GST payments post a few media reports regarding Rs. 46000 Cr interest on the delayed GST payments to be collected by tax authorities. On this issue of interest calculation, it is clarified that- The GST laws, as of now, permit interest calculation on …

INTEREST UNDER SECTION 50(1) OF THE CGST ACT SHALL BE CHARGED ON NET CASH LIABILITY. WE WILL GIVE PROSPECTIVE EFFECT ON IT : CBIC TWEETED Read More »

BIGGEST CONTROVERSY BETWEEN GST COUNCIL & SPECIAL SECRETARY AND INTERFERENCE OF HIGH COURT

We all know the suggestion made by the GST Council in its 31st Council Meeting for amendment in Section 50 of the CGST Act, 2017 which is as under : “Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after …

BIGGEST CONTROVERSY BETWEEN GST COUNCIL & SPECIAL SECRETARY AND INTERFERENCE OF HIGH COURT Read More »

LLP ANNUAL REPORT FORMAT

XYZ………. LLPLLPIN: ……………………… CONTENTS Member’s Report Partners’ Responsibilities Statement Independent Auditor’s Report Limited Liability Partnership Balance Sheet Limited Liability Partnership Profit & Loss Account Notes to the Financial Statements LLP’S PARTNERS’ REPORT The Partners present their ………..st/rd Annual Report on the affairs of the LLP together with the Auditor’s Report and Financial Statements for the Financial Year …

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INTEREST UNDER SECTION 50(1) WILL BE LIABLE ON GROSS TAX LIABILITY AS SHOWN IN GSTR-3B : CBIC

F. No. CBEC-20/16/07/2020- GST Dated the 10th February, 2020 Dear Principal Chief Commissioner/ Chief Commissioner, Kind attention is drawn towards the cases wherein the taxpayers have filed their FORM GSTR-3B returns belatedly without discharging the applicable interest payable on the delayed payment of tax under the sub-section (1) of the Section 50 of the Central …

INTEREST UNDER SECTION 50(1) WILL BE LIABLE ON GROSS TAX LIABILITY AS SHOWN IN GSTR-3B : CBIC Read More »

REPRESENTATION OF TAX BAR ASSOCIATION, JODHPUR AGAINST TECHNICAL GLITCHES FACED BY TAXPAYERS AT GSTN PORTAL

Date : 11/02/2020 To, The Commissioner, CGST, Central Goods and Services Tax, Jodhpur Hon’ble Sir, Greetings of the day! Sub.: Representation against Technical Glitches faced at GST Portal and Request for Extension of Due Date for GSTR-1 and GSTR-9/9C for F.Y. 2017-18. Tax Bar Association, Jodhpur registered under Section 12AA of the income tax act, …

REPRESENTATION OF TAX BAR ASSOCIATION, JODHPUR AGAINST TECHNICAL GLITCHES FACED BY TAXPAYERS AT GSTN PORTAL Read More »

GST WEEKLY UPDATE

GST DEPARTMENT STARTED SENDING NOTICES UNDER SECTION 50 OF THE CGST ACT, 2017

After issuance of notices under section 16(4) of the CGST Act, 2017 and under rule 36(4) of the CGST rules, 2017, GST department started sending notices under section 50 of the CGST Act, 2017 to recover the interest liability from taxpayers. The draft of notice received by a taxpayer is as under. Contents are hidden. …

GST DEPARTMENT STARTED SENDING NOTICES UNDER SECTION 50 OF THE CGST ACT, 2017 Read More »

Sahin Bagh

JUST IN : SUPREME COURT REFUSES TO INTERFERE IN ORDER PASSED BY RAJASTHAN HC FOR GSTR-9 AND 9C

In the matter of UOI vs Tax Bar Association, Hon’ble Supreme Court through its bench comprising of Hon’ble Justice R F Nariman & Hon’ble Justice Ravinder S Bhatt, at the outset, refused to interfere in order as passed by Hon’ble Rajasthan High Court and also clarified that there would be no penal consequences for delayed …

JUST IN : SUPREME COURT REFUSES TO INTERFERE IN ORDER PASSED BY RAJASTHAN HC FOR GSTR-9 AND 9C Read More »

PRACTITIONER’S GUIDE TO AUDIT OF SMALL ENTITIES (UPDATED 2020) : BY ICAI

PREFACE As we all are aware that smaller entities make a substantial contribution to our Indian economy, and quantitatively the majority of audits are also audits of smaller entities. In India, all entities particularly those in the corporate sector are required to get their accounts audited and even in case of non-corporate sector also, audit …

PRACTITIONER’S GUIDE TO AUDIT OF SMALL ENTITIES (UPDATED 2020) : BY ICAI Read More »

RAJASTHAN HIGH COURT

TAXPAYERS OF RAJASTHAN CAN FILE GSTR-9 AND 9C (F.Y. 2017-18) WITHOUT LATE FEES UP TO 12th FEB, 2020 – RAJASTHAN HC

In PIL No. 1805/2020, Adv. Sanjay Jhanwar, Adv. Rahul Lakhwani and Adv. Prateek Gattani appeared for the Petitioner (Tax Bar Association, Jodhpur) before the High Court of Rajasthan regarding technical glitches being faced by the taxpayers in filing of GSTR-9/9C on the GSTN portal.  The counsels also informed the court regarding new ways of extension of …

TAXPAYERS OF RAJASTHAN CAN FILE GSTR-9 AND 9C (F.Y. 2017-18) WITHOUT LATE FEES UP TO 12th FEB, 2020 – RAJASTHAN HC Read More »

CBIC NOTIFIES DUE DATES FOR GSTR-3B OF JAN, 2020 TO MARCH, 2020 IN A STAGGERED MANNER (FOR TAXPAYERS UP TO TURNOVER OF 5 CRORE IN PREVIOUS F.Y.)

Notification No. 07/2020 – Central Tax, Dated 3rd February, 2020 In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the …

CBIC NOTIFIES DUE DATES FOR GSTR-3B OF JAN, 2020 TO MARCH, 2020 IN A STAGGERED MANNER (FOR TAXPAYERS UP TO TURNOVER OF 5 CRORE IN PREVIOUS F.Y.) Read More »

CBIC FURTHER EXTENDS DUE DATE FOR GSTR-9 AND 9C (F.Y. 2017-18) IN A STAGGERED MANNER

Notification No. 06/2020 – Central Tax, Dated 3rd February, 2020 In exercise of the powers conferred by sub-section (1) of section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with rule 80 of the Central Goods and Services Tax …

CBIC FURTHER EXTENDS DUE DATE FOR GSTR-9 AND 9C (F.Y. 2017-18) IN A STAGGERED MANNER Read More »

CORPORATE COMPLIANCE CALENDAR FEBRUARY 2022

CORPORATE COMPLIANCE CALENDAR FOR THE MONTH OF FEBRUARY, 2020

ABOUT ARTICLE : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” If you think compliance is expensive, try non‐ compliance” COMPLIANCE REQUIREMENT UNDER : Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) Other Statutory Laws Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications …

CORPORATE COMPLIANCE CALENDAR FOR THE MONTH OF FEBRUARY, 2020 Read More »