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 …
GST ITC REVERSAL IF RECIPIENT FAILS TO PAY TO SUPPLIER WITHIN 180 DAYS Read More »
> 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 …
39th GST COUNCIL MEETING UPDATES ACCORDING TO SOURCES Read More »
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 »
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 …
> 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 …
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 »
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 »
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 …
The Modi Government is coming up with the various new changes in the GST Regime including the New GST Returns and the concept of E- Invoicing. Both the E-invoicing and the new GST returns has the direct linked with each other. Successful of both depends on each other how they perform after there final roll …
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 »
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 …
The Goods and Services Tax Network (GSTN) has launched a new toll-free number ‘1800 103 4786’ for the GST helpdesk. It can be called from 9 am to 9 pm. The old number 0120-24888999 operating as GST helpdesk has been removed from service with the introduction of new toll-free numbers. This toll-free number will work …
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 »
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 …
SINGAPORE TAXATION : BASICS TO CORPORATE TAXES IN SINGAPORE Read More »
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 …
REPLY FORMAT FOR NOTICE UNDER SECTION 50 OF THE CGST ACT, 2017 Read More »
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 »
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 …
UNEXPECTED ERROR WHILE FILING GSTR-3B. ARE YOU FACING THE SAME ?? Read More »
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 …
INTEREST U/S 50 OF CGST ACT SHOULD BE CHARGED ON NET LIABILITY : MADRAS HC Read More »
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 …
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 …
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 …
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 …
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, …
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 »
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 …
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 »
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 …
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 …
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 »
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 »