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Budget in Media
1) 21.01.2022 : Union Budget: J&K MSMEs seek exemption from income tax and GST - Union Finance Minister Nirmala Sitharaman will present the Union Budget 2022 on February 1, at a time when India’s economy is suffering and has witnessed one of the worst periods of a slowdown in decades Several Micro, Small, and Medium Enterprises (MSMEs) from various sectors are eying at the budget with a ray of hope that the forthcoming budget might strengthen them to deal with the upcoming challenges which they are facing amid an economic slowdown. Read more
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GST in Media
1) 22.01.2022 : ‘Exempt all branded essential food prods under GST’ - The Agrofood chamber of commerce and industry (agrofood chamber) has urged the union government to exempt all branded essential food products under the Goods and Service Tax (GST) at par with the same products such as unbranded. Read more
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2) 21.01.2022 : Union Budget: J&K MSMEs seek exemption from income tax and GST - Union Finance Minister Nirmala Sitharaman will present the Union Budget 2022 on February 1, at a time when India’s economy is suffering and has witnessed one of the worst periods of a slowdown in decades Several Micro, Small, and Medium Enterprises (MSMEs) from various sectors are eying at the budget with a ray of hope that the forthcoming budget might strengthen them to deal with the upcoming challenges which they are facing amid an economic slowdown. Read more
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3) 21.01.2022 : Importers, govt. duel in Supreme Court over GST on ocean freight - The government is engaged in a pitched legal battle in the Supreme Court against importers over its decision to levy Integrated Goods and Services Tax (IGST) on ocean freight on a reverse charge basis. With tax authorities reportedly raising fresh queries even while the dispute is pending before a Bench led by Justice D.Y. Chandrachud, importers are miffed. A hearing set for January 11 was postponed after two Judges on the Bench took ill. Read more
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Press Release
1) 22.01.2022 : CGST Bhiwandi Commissionerate arrests businessman for running fake ITC network - The officers of Bhiwandi Commissionerate of CGST Mumbai Zone have arrested a businessman was running a Fake GST Input Tax Credit racket. Acting on an intelligence from Central Intelligence Unit of Mumbai CGST Zone, the officers initiated coordinated action at different locations in Thane, Bhiwandi, Raigad and Mumbai and detected GST evasion of Rs 11.4 crores through generation and passing of fake ITC through intricate web of bogus billing of more than 63 Crores. Read more
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GST Article
1) E-Invoice & E-Way Bill in Retail Trade - Authored by CA Akshay Hiregange - Introduction Any large retail trader (goods) falling within the turnover range of Rs. 50-500 crore (or more) would have to comply with the following: ♦ Real time E-invoice instead of tax invoice (B2B, SEZ) ♦ Real time E-invoice – credit note/debit note (B2B, SEZ) ♦ […] Read more
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2) GST Annual Return for F.Y.2020-21 : Due date is 28.02.2022 - The due date to file GST Annual Return for F.Y.2020-21 is 28.02.2021. Though the due date is extended it is suggested to resume the return preparation task and complete it and file it at the earliest. Following articles may be of use to you in preparing annual return.
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- Optional tables in Form GSTR-9/9C - Read more
- WORKING FOR GST ANNUAL RETURN - Read more
- HSN Summary in Table 17 and 18 in GSTR-9 is optional - Read more
- Table 14 of GSTR-9C – Expense wise ITC Reconciliation - Read more
- Table 7 of GSTR-9 – Detail of Reversal and Ineligible ITC - Read more
- Table 5 of GSTR-9C – Reconciliation of Gross Turnover - Read more
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