Upcoming GSTR-1 enhancements & improvements

The statement of outward supplies in FORM GSTR-1 is to be furnished by all normal taxpayers on a monthly or quarterly basis, as applicable. Quarterly GSTR-1 filers have also been provided with an optional Invoice Furnishing Facility (IFF) for reporting their outward supplies to registered persons (B2B supplies) in the first two months of the […]

GSTR-9 and GSTR-9C for FY 2020-21

The government has issued the notifications providing the details for filing of annual return in Form GSTR-9 and reconciliation statement in Form GSTR-9C for FY 2020-21. In its continued endeavor to reduce the burden on small taxpayers, the government has issued Notification No 29/2021-Central Tax, Notification No. 30/2021-Central Tax and Notification No. 31/2021-Central Tax dated […]

CGST Commissionerate in Navi Mumbai busts fake input tax credit racket, arrests proprietor of scrap metal firm

Source: Press Release dated 09.02.2022 CGST Commissionerate, Navi Mumbai has busted a fake ITC racket of Rs. 10.26 Crores and arrested the proprietor of M/s. Al-Marwah Traders on Tuesday (8th February, 2022). The firm was engaged in availing, utilizing and passing on a fraudulent Input Tax Credit (ITC) on the strength of bogus invoices of […]

Capital gains tax provisions need serious review, govt open to ‘tinkering’ to simplify it: Revenue Secretary Tarun Bajaj

Source: CNBC TV18 dated 09.02.2022 Lending a patient ear towards a long pending demand of the industry, Revenue Secretary Tarun Bajaj on Wednesday said the government is open to a detailed review of the current capital gains tax framework. He was of the view capital gains provisions need a serious review. While talking at a […]

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