Goods & Service Tax

  These are the proposals and will be effective only after notifications/issue of circulars 1. Transporters will not be required to file a declaration for paying GST under forward charge every year.   2. No RCM on services supplied by a director of a company to the company in his private or personal capacity, such as supplying services by way of renting of immovable property to the company   3. Relief for the taxpayer, Govt extended the special procedure regarding mismatch in ITC availed in GSTR-3B and 2A for two more years i.e 2019-20 and 2020-21   4. Amnesty schemes notified vide notifications dated 31.03.2023 regarding non-filers of FORM GSTR-4, FORM GSTR-9 & FORM GSTR-10 returns, revocation of cancellation of registration extended till 31.08.2023   5.To do away with the requirement that the physical verification of business premises is to be conducted in the presence of the applicant   6.To provide for physical verification in high risk cases even w...

केंद्र सरकार ने GST अपराधों की जांच को ईडी द्वारा मनी लॉन्ड्रिंग के रूप में कराने का फैसला लिया है. इस फैसले के बाद अब टैक्स चोरी और डॉक्यूमेंट्स में  हेराफेरी करने वालों के खिलाफ कड़ी कार्रवाई की जा सकेगी केंद्र सरकार ने GST अपराधों की जांच को ईडी द्वारा मनी लॉन्ड्रिंग के रूप में कराने का फैसला लिया है. इसको लेकर शनिवार देर रात वित्त मंत्रालय की ओर से  नोटिफिकेशन जारी किया गया. इसके बाद अब GST (वस्तु एवं सेवा कर) से जुड़े मामलों में ईडी सीधा दखल दे सकेगी. वहीं जरूरत पड़ने पर केंद्रीय एजेंसी GST नेटवर्क से पूरा डेटा मांग सकता है.  सरकार द्वारा जारी अधिसूचना के मुताबिक, GST नेटवर्क को प्रिवेंशन ऑफ मनी लॉन्ड्रिंग एक्ट (PMLA) के तहत लाने का फैसला किया गया है केंद्र के इस फैसले के बाद अब GST में गड़बड़ी करने वाले व्यापारी, कारोबारी और फर्म के खिलाफ ED एक्शन ले सकेगी. इसके साथ ही GST कलेक्शन में होने वाली अनियमितताओं को काफी हद तक कंट्रोल किया जा सकेगा क्योंकि GST अपराधों की जांच ईडी मनी लॉन्ड्रिंग के रूप में कर सकेगी.  

The Central Board of Direct Taxes (CBDT) has updated the income tax portal with a new feature of ‘Know your Refund Status’. Now the taxpayer can view their status of the refund through this feature.   The taxpayer is required to access the income tax portal. On the homepage, there is a section called “Quick Links” located in the left-hand corner. Within this section, there is a tab labelled “Know Your Refund Status.” By clicking on this tab, a new page will appear where the taxpayer needs to input their PAN/TAN, Assessment year, and mobile number. The mobile number is necessary for OTP verification. Once all the required details are provided, the taxpayer can proceed by clicking on the “Continue” tab. Subsequently, they should enter the OTP received on their mobile number. After completing this step, the taxpayer will be able to view the status of their refund. When individuals or businesses pay more in taxes than their total tax liability for the year, they are eligible for an inc...

  The Goods and Services Department has been noticing the mismatches in the Input Tax Credit Claim in GSTR-3B and GSTR-2B while filing the returns. Also, they were continuously sending the GST ASMT-10 to the taxpayers for such mismatches in the claims. The GST ASMT-10 is a notification issued by tax authorities to registered taxpayers in instances where discrepancies or inconsistencies are identified in the GST returns filed by the taxpayer. The GST authorities have the right to warn a firm in situations where there is a discrepancy between the input tax credit (ITC) claimed by a business and the output tax liability declared by the supplier. The business may be required to pay an amount equal to the “excess of credit claimed” in addition to any relevant interest and penalties if it fails to respond in a timely manner. The Department may issue a GST notice to the taxpayer if the discrepancy between the ITC claimed in GSTR-3B and GSTR-2B is greater than 20% or surpasses Rs. 25 lakh,...

  To catch a crocodile, the government is planning to drain the whole pond, notwithstanding it will kill all the fish. The guidelines for processing applications for Goods and Services Tax Registration have been released by the Central Board of Customs and Indirect Taxes (CBIC) on 14th June 2023. The board has made the decision to issue suitable recommendations regarding the matter as a result of occurrences of fraudulent people using fake or fictitious registration under the Goods and Services Tax (GST) registration. The board directed the proper officer to initiate the process of the scrutiny and verification of the details filed by the applicant for the registration in Form GST REG-01 immediately along with the application. Also directed to careful examination of the documents furnished accordingly, as stated in the Form GST REG-01. It was directed to the proper officer to check the completeness of the same and the authenticity of the applicant. Additionally, stated that s...

 T he government has implemented various amnesty schemes at different times to offer benefits to taxpayers, particularly for those who have failed to file returns on time or have committed defaults under Central and State Goods and Services Tax Acts. Missing out compliance due dates are the worst nightmares of every practitioner. The difficulties in implementation of the relatively new Goods and Services Tax regime are compensated by relaxations of such compliance regulations, extension of due dates and most importantly, amnesty schemes for one time settlement of unpaid dues and unfiled returns. The Goods and Services Tax Council, in the 49th Meeting had made the following recommendations: – Extension of time limit for application for revocation of cancellation of registration and one time amnesty for past cases: The Council has recommended amendment in section 30 of CGST Act, 2017 and rule 23 of CGST Rules, 2017 so as to provide that – the time limit for making an application for ...