The Goods and Services Tax (GST) Council will likely meet in the second half of June, amid a new debate on the way taxation powers are shared between the Centre and states. The Supreme Court recently ruled that the council’s recommendations are not binding on the Union government and states, but have a persuasive value […]
Centre released entire amount of GST compensation payable to States up to May 31, 2022
The Government of India has released the entire amount of GST compensation payable to States up to May 31, 2022 by releasing an amount of Rs. 86,912 crores. This decision was taken to assist the States in managing their resources and ensuring that their programmes especially the expenditure on capital is carried out successfully during the […]
CBDT extends Timeline to update UDINs till June 30, 2022
The Central Board of Direct Taxes has extended the timeline to update the Unique Document Identification Numbers (“UDINs”) till June 30, 2022 to give more time to CAs to correctly verify and upload UDINs. Source from: https://www.incometax.gov.in/iec/foportal
SCRUTINY OF RETURNS UNDER GST – STANDARD OPERATING PROCEDURE (SOP)
Scrutiny means thorough checking of documents, verification of records of business transaction, cross examination of turnover of the taxpayers vis-à-vis payment of tax. Returns means summary of information or statement in prescribed format in nutshell, pertaining to a particular tax period. Section 37 to Section 45 of the CGST Act, 2017 specified the provision of […]
GST Officers to recover GST only by following the procedure prescribed in the law
The investigation officers or GST officers were visiting the premises of the taxpayers and forcefully asking them to pay tax voluntarily without any tax calculation and without assigning any basis thereof with the coercion of arrest, the issue was taken up with the CBIC and therefore, it has been clarified that voluntary payment can be […]
GST refund cannot be denied for furnishing exports detail in incorrect field in GSTR-3B
The Madras High Court (HC) has observed that the procedure laid down under Rule 96 of CGST Rules, 2017 cannot be applied strictly to deny legitimate export incentives that are available to an exporters. In this connection, a reference was made to the decision of the Hon’ble Supreme Court in the case of Commissioner of […]
CBIC has waived late fee for filing GSTR-4
CBIC has waived the late fee applicable for filing of GSTR-4 till 30th June 2022. GSTR-4 is a return which is required to be filed by a composition dealer. A dealer opting for the composition scheme is required to furnish a single return in Form GSTR 4 once in a year by 30th of April, […]
GST Intelligence officials bust 2 fake invoicing rackets
In the past week, officials of the Director General of GST Intelligence, sub-national unit (east), busted two rackets of fake invoicing involving tax evasion of nearly Rs 380 crore. On Wednesday night, GST officials arrested a person running 28 shell companies. He had allegedly defrauded through fake invoicing worth Rs 240 crore. The businessman had […]
Air circulation fans supplied to poultry house for providing ventilation to Livestock attracts 18% GST: Gujarat AAR
The Gujarat Authority of Advance Ruling (AAR) has ruled that the air circulation fans supplied to poultry houses for the purpose of providing ventilation to livestock shall attract18% GST. The applicant, M/s. Star Enterprise is in the business of supplying air circulation fans mainly to poultry houses for the purpose of providing ventilation to livestock, […]
Minimum 7 days time has to be granted to the Taxpayer to file reply to the SCN: Delhi HC
The Hon’ble Delhi High Court has held that under Section 148A(b) of the Income Tax Act, a minimum time of seven days has to be granted to the assessee to file reply to the show cause notice. The petitioner/assessee has challenged the Notice issued under Section 148A(b) of the Income Tax Act, 1961 and the […]