# gst
124 posts in `gst` tag
Online GST Compliance Advisory ITC Mismatch Form DRC 01C
In simpler terms, the GSTN has introduced a tool to automatically notify businesses through Form GST DRC-01C about differences in Input Tax Credit (ITC) between the GSTR-2B statement and the ITC claimed in the GSTR-3B return, as directed by the GST council. This tool is now active on the GST portal.
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By Krishna
GSTN Advisory ITC Reversal Rule 37A Compliance
The GSTN has issued Important Advisory No. 613 dated November 14, 2023, regarding the Reversal of Input Tax Credit (ITC) under Rule 37A of the CGST Rules, 2017.
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By Krishna
Finance Ministry GST Amnesty Appeal Scheme
This initiative aligns with the decisions made during the 52nd Goods and Services Tax Council meeting. To take advantage of this opportunity, taxpayers must make a pre-deposit payment of 12.5% of the disputed tax amount.
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By Krishna
GST Registration Cancellation Rules Forms
The cancellation of GST registration is a process where a taxpayer's GSTIN number, which they receive during GST registration, is terminated. This cancellation can be initiated by the central tax authority or the taxpayer.
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By Krishna
Get GST Certificate Step by Step Guide
Before applying for the GST certificate, just make sure to have all the GST registration documents prepared. Note: You can get GST certificate only if you are eligible and fulfill all the prescribed criteria.
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By Krishna
GST ITC Refund Guide 2023
The introduction of the Goods and Services Tax (GST) in India brought about a significant change in the country's indirect tax system. A crucial aspect of GST is the smooth movement of the Input Tax Credit (ITC) throughout the supply chain.
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By Krishna
October GST Collection Soars 13 Percent Reaches 1.72 Lakh Crore Second Highest On Record
In October 2023, the Indian government collected Rs 1.72 lakh crore in Goods and Services Tax (GST), marking the second-highest collection ever. This amount was 13% higher than the previous year.
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By Krishna
Basics Of GST In India What Is GST Who Needs To Pay GST Purpose Of Introducing GST In India
GST, which stands for Goods and Service Tax, is a type of indirect tax that was introduced in India on the 1st of July, 2017. It is a value-added tax that is imposed on the manufacturing, sale, and consumption of both goods and services.
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By Krishna
Understanding Tax Collected At Source TCS GST Act 2017
The GST Act of 2017 marked a profound transformation in India's tax framework, introducing crucial provisions like Tax Collected at Source (TCS).
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By Krishna
Real Estate Sector Taxation GST Act 2017
As a result, the real estate sector, which was previously subject to a labyrinth of taxes and regulations, saw substantial changes. This blog will help you to know the impact of the GST Act of 2017 on the taxation of real estate in India.
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By Krishna
New GSTN Enrollment Option Unregistered Ecommerce Suppliers
Recently, the Goods and Services Tax Network (GSTN) introduced a new feature in response to changes in the Central Goods and Services Tax (CGST) Act.
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By Krishna
Time Of Supply GST Act 2017 Detailed Guide
These time of supply rules are crucial for businesses and tax authorities to ensure that GST is paid promptly & accurately. This article provides a detailed exploration of the concept of time of supply under the GST Act of 2017.
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By Krishna
How To File GST Returns Detailed Guide India
The Goods and Services Tax (GST) has revolutionized India's tax system, and understanding how to file GST returns is essential for businesses and individuals.
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By Krishna
Exempted Services GST Act 2017
The GST Act of 2017 is a complete tax system in India, covering both goods and services. It simplifies the old tax system by grouping items into different tax categories.
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By Krishna
What Is GST Returns Types How To File GST Returns
Understanding goods and services Tax (GST) returns is a fundamental aspect for both businesses and individuals. Whether you are a taxpayer or a business entity, having firm knowledge of GST returns is essential for maintaining compliance in the realm of taxation.
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By Krishna
CBIC Response GST Gangajal Holy Water Ganga
They explained that Gangajal, the water from the sacred Ganga river, is considered a 'Puja Samagri' or a prayer item, and as such, it is not subject to GST.
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By Krishna
Restricted Transactions GST Act 2017 List
This comprehensive law prohibits specific types of transactions, and it is vital for both businesses and individuals to grasp these restrictions to ensure they comply with the law.
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By Krishna
GST Amnesty Scheme Relief 52nd GST Council Meeting
The GST Council introduced an amnesty program on Saturday, permitting taxpayers to challenge demand orders issued by tax inspectors until January 31, 2024, for orders issued up to March 2023.
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By Krishna
GST Council Removes Tax Barriers Indian Rupee Trade
In an effort to boost India's exports, the GST Council has introduced measures to support foreign trade. One such measure involves providing tax credits to service exporters who receive payments in Indian rupees.
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By Krishna
Important Update GST Amnesty Scheme
According to GST law, when a taxpayer receives an assessment order for taxes, they usually have 3 months to file an appeal. However, this period can be extended by an additional month.
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By Krishna
Highlights 52nd GST Council Meeting
The 52nd GST Council Meeting Happened Today, Chaired by Finance Minister Nirmala Sitharaman at Sushma Swaraj Bhawan in New Delhi. The Finance Minister Announced the Decisions After the Meeting.
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By Krishna
Upcoming GST Council Meeting October 7 Key Agenda
The upcoming GST Council meeting is scheduled to take place at New Delhi's Vigyan Bhawan this week, although the specific topics on the agenda have not been revealed yet.
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By Krishna
GST Revenue September 1.62 Trillion
In September, both the central and state governments in India collected Rs. 1.62 trillion through the Goods and Services Tax (GST).
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By Krishna
GSTN Form DRC 01C Address Differences GSTR 2B GSTR 3B
This amendment adds a new rule, Rule 88D, to the CGST rules, outlining how discrepancies in Input Tax Credit (ITC) between auto-generated statements (such as GSTR-2B) and returns (like GSTR-3B) should be handled.
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By Krishna
Uncovering Cess Surcharge GST India
These charges apply to various goods, services, and income, making the GST landscape complex. In this detailed article, we will delve deep into cess and surcharge under GST.
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By Krishna
ITAT Ruling Delayed GST Payment Deduction Income Tax Act
A recent judgment from the Jaipur branch of the Income Tax Appellate Tribunal (ITAT) has provided clarification regarding late payments of Tax Collection at Source (TCS) and Goods and Services Tax (GST).
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By Krishna
Finance Ministry Establishes 31 State Benches GST Appellate Tribunal
The Finance Ministry has officially announced the establishment of 31 GST Appellate Tribunal (GSTAT) benches that will be located in every state and Union Territory.
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By Krishna
GST Portal New Feature Electronic Credit Reversal Reclaimed Statement
In the Closing Balance part of the statement, you'll see how much of the ITC Reversal balance is left and can still be used in form GSTR-3B.
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By Krishna
CBIC Advisory GST Provisional Attachment Section 83(2)
This communication will also reference Section 83(2) of the CGST Act, 2017, and state that the property or account in question is being released or restored in accordance with these provisions.
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By Krishna
Nitin Gadkari Clarifies No 10 Percent GST on Diesel Cars
Gadkari made these comments at a conference in New Delhi where executives from various car companies like Tata Motors, Mahindra and Mahindra, Maruti Suzuki, Mercedes, and Volkswagen were present.
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By Krishna
Delhi High Court GST Officers Cant Seize Cash Search Survey
The person bringing the case explains that the authorities asked them to pay Rs. 11,41,750/- as tax, interest, and penalty. This request is made because the authorities claim the seized cash was from undisclosed sales.
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By Krishna
Finance Minister Sitharaman Urges GSTN Income Tax Portal Enhance System Capabilities
These enhancements include the development of an efficient monitoring environment to detect tax evasion, the integration of robust data analytics capabilities, and the simplification of the return filing process.
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By Krishna
Fine Up To 50000 Non Display GST Number CBIC
Failure to comply with this guideline may result in fines of up to Rs 50,000. The CBIC is actively promoting GST number verification among businesses through a campaign running until September 15.
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By Krishna
Claim Input Tax Credit On Gold Coins White Goods GST Ruling
The AAR observed that the applicant provides these gold coins and white goods as incentives based on agreements with the recipients. These items are given with specific conditions and requirements.
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By Krishna
Mera Bill Mera Adhikar GST Incentive Program Win Up To 1 Crore
Each month, 800 fortunate individuals will receive Rs 10,000, and 10 winners will get Rs 10 lakh as prizes. Additionally, there will be a quarterly drawing with a massive prize of Rs 1 crore.
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By Krishna
Indian Parliament Approves Legislative Amendments 28 Percent GST Effective 1st October
As per the new legislation, the 28% GST is to be levied on all horses, betting games, online casinos, and real money games…
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By Krishna
GST Update gstin Important Advisory Biometric Aadhaar Authentication Registration
On August 28, 2023, the Goods and Services Tax Network (GSTN) shared guidance about GST registration for folks chosen for Aadhaar authentication.
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By Krishna
Understanding GST Certificate Purpose Relevance Steps Download
A GST certificate is a vital document for Indian businesses. It assists them in keeping track of their taxes and ensuring adherence to GST regulations.
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By Krishna
GST Amnesty Scheme Deadline Approaching Verify Eligibility Benefits
The Central Board of Indirect Taxes and Customs (CBIC) has announced this extension for the GST Amnesty scheme, which applies to non-filers of GSTR 4, GSTR-9, and GSTR-10.
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By Krishna
Real Money Gaming Startup Fantok Stops Operations Due to 28 percent GST
The real money gaming app Fantok has stopped its operations due to the government's decision to keep the 28% Goods and Services Tax on online gaming earnings, which has resulted in more negative outcomes.
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By Krishna
Supreme Court GST Eligibility Immovable Property August 23rd Hearing
During the assessment proceedings, the Assessing Officer initiated penalty proceedings for not submitting the audit report within the specified time.
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By Krishna
Identifying fake GST original vs fake differences
To prevent fraud, it's essential to verify the authenticity of GST bills. These bills are often used for claims and filing Income Tax Credits. To stay safe, customers can easily check if the bill given to them is genuine.
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By Krishna
Unfair Cancellation GST registration without valid reason
However, this can only happen if there are proper reasons for it. If they cancel it without a good explanation, it's seen as a random use of their authority.
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By Krishna
Challenges Ahead: Online Money Gaming Firms Grapple with Rs 45,000 Crore GST Tax Demand at 28%
The debate over whether online gaming is skill-based or chance-based has sparked discussions. Some companies argued for the lower 18% tax rate by categorizing their activities as skill-based.
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By Krishna
Mistakes to Avoid When Filing GST Returns: Important Tips
The integration of GST has instigated significant alterations in India's taxation structure. Adhering to tax regulations now necessitates enterprises to enroll for GST.
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By Krishna
Cabinet Approves Amendments: 28% GST on Online Gaming, Casinos, and Horse Race Clubs
The Union Cabinet has given the green light to modify GST laws, imposing a 28% tax on the total face value of bets made in online gaming, casinos, and horse race clubs.
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By Krishna
Important Update: New GST Rule Impacting Indian Companies Effective Today - Changes in Threshold
Companies engaged in B2B transactions and having a transactional value exceeding Rs. 5 Crore will be obligated to generate electronic or e-invoices. Furthermore, for all B2B transactions, companies with annual revenue of Rs. 10 Crores or more are currently required to generate electronic invoices.
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By Krishna
GSTN advisory e-invoice exemption declaration functionality now available
The Goods and Services Tax Network (GSTN) issued an Important Advisory on July 24, 2023, regarding the availability of the e-Invoice exemption declaration functionality.
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By Krishna
GST and Online Gaming: Rajeev Chandrasekhar to Advocate Reconsideration of 28% Tax with GST Council
We are in the starting phase of establishing a viable and permissible online gaming framework. Once this framework is developed, we will approach the GST Council and seek their reconsideration based on the new regulatory guidelines.
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By Krishna
New GST Registration Rules Proposed by GST Council to Tackle GST Frauds
GST Council is continually working to check GST fraud and that’s the reason new GST registration rules are proposed by the GST authorities during the 50th GST Meeting.
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By Krishna
GST Council Mandates E-invoicing for Registered Persons: Threshold for Supplies to Govt. Departments
The purpose of generating e-invoices for supplies to government departments is specifically for Tax Deduction at Source (TDS). In the Goods and Services Tax (GST) system, the generation of e-invoices holds significant importance for compliance among certain businesses.
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By Krishna
FM Announces 28% Tax on Online Gaming Firms: Highlights from 50th GST Council Meeting
The Council's first gathering since February got off to a rocky start. The recent move by the Union government to include the GST Network in the scope of the Prevention of Money Laundering Act (PMLA), which is overseen by the Enforcement Directorate (ED), was challenged by representatives of States not governed by the BJP.
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By Krishna
50th GST Council Meeting Highlights: Key Updates from July 11, 2023
On July 11, 2023, the 50th meeting of the GST Council took place at Vigyan Bhawan, New Delhi. This milestone marks the completion of 50 Council meetings since the introduction of GST.
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By Krishna
BIG UPDATE: GSTR-9 Annual Return Filing for Turnover up to Rs. 2 Crores
The CBIC, through a tweet, also made an announcement regarding the waiver of the obligation for taxpayers with an annual turnover of up to Rs. 5 crore to file a reconciliation statement in Form GSTR-9C.
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By Krishna
GST Council Considers Physical Verification for High-Risk Category Cases: What to Expect
In the upcoming council meeting on July 11th, a new provision is expected to be introduced. This provision will require mandatory physical verification of the business premises for applicants considered to be at high risk before granting them GST registration.
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By Krishna
AAR Ruling: Same Place of Business Doesn't Mandate Separate GST Registration for Each Type of Business
The applicant has submitted this application under subsection (1) of section 97 of the GST Act and the corresponding rules, addressing the following queries in sequential order (number 14) on FORM GST ARA-01
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By Krishna
Delhi Govt GST Collection Shows Impressive 15% Growth in Q1 of FY 23-24
Additionally, the overall revenue collection for the Delhi Government across various categories in FY 2023-24 is projected to be around Rs. 53,565 crore.
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By Krishna
GSTR-9 & GSTR-9C Filing Requirement Waived: Turnover-based Exemption for Taxpayers with 2 Cr. & 5 Crore Turnover
For Reducing the Compliance burden of Small Taxpayers, CBIC take this step and made this waving-off of the Filing requirement decision to contribute more to the ease of doing business initiatives.
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By Krishna
GST Relief on Household Appliances, Mobiles, Medical Supplies & Daily Consumables: Exploring the Benefits
As a result, buyers will no longer be required to pay the previous 31.3% GST for these products. The revised tax rates following the implementation of GST encompass a wide range of goods and services, including televisions up to 27 inches, refrigerators, washing machines, electrical appliances, geysers, fans, coolers, and mobile phones, among others.
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By Krishna
Delhi Government Initiates New Process to Revoke Cancelled GSTINs until June 30th
These individuals must adhere to specific procedures for revoking their canceled registration. Additionally, individuals who failed to file a petition to revoke the cancellation of their GST registration within the designated timeframe under Section 30 of the DGST Act are directed to follow these steps
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By Krishna
Delhi Government Initiates New Process to Revoke Cancelled GSTINs until June 30th
These individuals must adhere to specific procedures for revoking their canceled registration. Additionally, individuals who failed to file a petition to revoke the cancellation of their GST registration within the designated timeframe under Section 30 of the DGST Act are directed to follow these steps
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By Krishna
GST fraud 10000 crore 3000 shell cos fake details
About 3,000 shell businesses were found during the government inquiry into the alleged GST fraud in Noida.
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By Krishna
Mandatory 2 factor authentication e way bill e invoice systems
As of 15th July 2023, the National Informatics Centre has made it compulsory for taxpayers with an Annual Aggregate Turnover (AATO) exceeding 100 crores to implement Two-factor Authentication.
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By Krishna
GSTN e invoice verifier app important advisory
GSTN has introduced the E-Invoice Verifier App to provide a convenient solution for verifying e-Invoices and related information.
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By Krishna
GST notice farmer pan misuse payment demand
A person living in Lathi village, located in the Jaisalmer district, experienced a state of disbelief when they received a show-cause notice from the goods and service tax (GST) department.
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By Krishna
GST Council Expected to Give Approval to Tribunal Blueprint
During the GST Council meeting, the final operational plan for the tribunal is expected to be presented for approval.
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By Krishna
New Features Introduced in GST E-Way Bill System For Enrolled Transporters & Taxpayers with Common Enrollment
The e-way bill system has introduced additional features for enrolled transporters and taxpayers. These new functionalities encompass two-factor authentication for e-way bills, deregistration of enrollment, and common enrollment. These enhancements are designed to enhance the system's functionality and provide users with greater control.
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By Krishna
Gross GST Revenue Collection Increased 12% In The Month of May 2023
In the past month, the income generated from importing goods increased by 12%, while the earnings from domestic transactions (which include the import of services) grew by 11%.
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By Krishna
June 2023 Tracker For Income Tax and GST Compliance
The June 2023 Tracker for Income Tax and GST Compliance provides a comprehensive overview of important deadlines and requirements for tax compliance in June 2023. It serves as a valuable resource for individuals and businesses, ensuring they stay on top of their income tax and Goods and Services Tax (GST) obligations.
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By Krishna
Advisory Regarding The Extension of Due Dates For GST Returns
As per Notifications No. 11/2023 – Central Tax, 12/2023 Central Tax, and 13/2023 – Central Tax, all dated 24th May 2023, the government has granted an extension for the due date of filing GSTR-1, GSTR-3B, and GSTR-7 for the tax period of April 2023.
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By Krishna
Income Proof is Mandatory For Rs. 10 lakhs investments in small savings schemes
The government has recently implemented new regulations regarding post office schemes. As per the updated guidelines, individuals investing more than Rs 10 lakh in post office schemes are now required to provide documentation proving the source of funds.
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By Krishna
Ignoring Income Tax Notices
The department has explicitly stated that individuals who disregard income tax notices will be subject to thorough scrutiny regarding their Income Tax Returns (ITR).
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By Krishna
ITR Filing Due Date, Benefit, & Documents For AY: 2023-24
The deadline for furnishing the Income Tax Return (ITR) for the Assessment Year (AY) 2023-24, which is for the income earned in the financial year (FY) 2022-23, is on July 31, 2023, for most taxpayers. Nevertheless, for taxpayers who must undergo an audit of their accounts as per the Income Tax Act, including companies, LLPs, and some individuals, the deadline for filing the ITR is commonly October 31, 2023.
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By Krishna
I-T returns: Norms notified for compulsory scrutiny
The Central Board of Direct Taxes (CBDT) has identified specific parameters for the compulsory selection of returns for thorough scrutiny during the fiscal year 2023-24. One of these parameters includes cases where a law enforcement agency provides specific information highlighting tax evasion for the relevant assessment year, and the assessee has filed the return for that assessment year.
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By Krishna
EPF members can avail of Non-refundable advances for illness of self or Family members
The Employees' Provident Fund (EPF) is a social security scheme designed to provide financial support to employees in India. Under the EPF scheme, members have the opportunity to avail themselves of various benefits to ensure their well-being and that of their families.
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By Krishna
Fake GST Registration May Affect Small e-commerce Businesses
Starting from May 16th, both central and state indirect tax authorities have initiated a two-month campaign aimed at identifying and removing entities that obtain GST registrations through fraudulent means.
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By Krishna
GST Campaign Under way 4,000 Firms In District Tagged Suspicious
Around 4,000 firms based in Ludhiana have been flagged as doubtful by the online system of the Goods and Services Tax Network (GSTN).
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By Krishna
Understanding Sections 90, 90A, and 91 of the Income Tax Act
The Income Tax Act is a vital legislation that governs the taxation system in many countries, providing the framework for determining tax liabilities and obligations. For individuals or entities involved in international transactions or earning income from foreign sources, it becomes crucial to comprehend the provisions related to cross-border taxation. Sections 90, 90A, and 91 of the Income Tax Act play a significant role in addressing international taxation's complexities and providing relief measures to prevent double taxation.
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By Krishna
BE AWARE! The income tax department can Deliver Notice even on your friend’s transaction
Receiving notices from the Income Tax Department is a common occurrence, and sometimes these notices are issued for transactions that you haven't actually made. This can happen to anyone, causing a sense of anxiety. However, there's no need to panic excessively. In a special program called CNBC Awaaz Tax Guru, tax expert Sharad Kohli shared valuable insights on how to address this issue. Let's find out what steps you need to take to resolve the situation.
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By Krishna
Company Directors Get 3 Months Jail For Income Tax & Liability Delay
Yash Patnaik, Mamta Patnaik, and their television production company have been convicted by a metropolitan magistrate court for failing to submit income tax amounting to Rs. 8.37 crore. The court has sentenced the directors to three months imprisonment in three separate cases filed by the Income Tax department. Additionally, a fine of Rs. 5,000 has been imposed in each of the three cases.
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By Krishna
FADA Urges GST Council to Reduce GST Rates on Two Wheelers to 18% From 28%
The Federation of Automobile Dealers Associations (FADA) has made an appeal to the GST Council, urging a decline in the GST rate on two-wheelers. FADA is urging for an immediate reduction of the GST rates from the existing 28% to 18%.
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By Krishna
ITR-1 and ITR-4 forms are Available Online mode
The income tax department has made ITR forms 1 and 4 available on the e-filing website. These forms were enabled for online filing almost a month after the department released the Excel utility for them.
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By Krishna
ITR Filing AY 2023-24 Tax Helplines Latest Updates
According to information from the Income Tax Department, the helpline numbers for Aaykar Sampark Kendra (ASK), which are 1800 180 1961, and 1961, are scheduled to be discontinued from June 1st, 2023. This change will take place after a period of nearly 11 months from now.
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By Krishna
Steps to handle the Show Cause Notice (SCN) In GST
Handling a Show Cause Notice (GST) is a crucial aspect of compliance and legal procedure. When an authority suspects non-compliance or irregularities in GST filings, they issue an SCN to the concerned taxpayer. This notice outlines the alleged violations and provides an opportunity for the taxpayer to present their case and provide explanations or evidence to refute the allegations.
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By Krishna
GST Authorities Broadens Investigation Against Insurers, 10 More Firms to Get Notices Soon
DGGI has uncovered a tax evasion amounting to Rs 2,500 crore by insurers. Out of this sum, the companies have voluntarily paid nearly Rs 750 crore.
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By Krishna
Physical Verification in Indian GST
The Indian GST Department has recently released a new advisory titled "Guidelines for Special All-India Drive against fake registrations" (Instruction No. 01/2023-GST dated 04-May-2023). This advisory aims to address tax evasion and verify the authenticity of businesses.
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By Krishna
File GSTR-10 Final Return Before 30/06/2023 To The Avail of GST Amnesty
Since its implementation, the Goods and Services Tax (GST) has transformed the indirect tax landscape in India. Nonetheless, numerous businesses have encountered difficulties in adhering to the GST regulations, resulting in the non-filing or inaccurate filing of returns.
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By Krishna
Government to launch a special TWO-Month nationwide Drive Against GST frauds w.e.f. 16th May
Starting on May 16, the government will initiate a two-month special drive to combat fraudulent practices involving input tax credits within the Goods and Services Tax (GST) system. This drive aims to target individuals, professionals, and firms who unlawfully claim input tax credits by using fake identities and forged documents, despite not actually supplying any products.
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By Krishna
Big Update For E-filing of Income Tax Return Form 2 For FY 2022-23 (AY 2023-24) Available Via Offline Method
The income tax department has recently made available the offline form ITR-2 for filing income tax returns (ITR) for the financial year 2022-23 (AY 2023-24). In the previous month, the CBDT had announced the availability of offline forms for ITR-1 and ITR-4.
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By Krishna
Mandatory e-invoicing for Taxpayers having aggregate turnover INR 50mn
As per Notification no: 13/2020-Central Tax dated 21 March 2020, the Indian government mandated the use of e-invoicing for specified individuals or entities with an annual turnover (ATO) exceeding INR 100 Mn in any financial year from 2017-18 onwards.
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By Krishna
Automated GST Scrutiny to Result In Notices For Data Discrepancies
According to experts, the recent implementation of automated scrutiny of Goods and Services Tax (GST) returns by the central government may result in taxpayers receiving notices when there are discrepancies between various types of tax returns.
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By Krishna
How to Handle GST Return Scrutiny Notice-ASMT-10
If you are registered under GST, it is mandatory for you to submit GST returns as per the regulations of GST law. Nevertheless, there might be situations where you receive a scrutiny notice, specifically ASMT-10, to examine the correctness and comprehensiveness of your GST returns.
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By Krishna
CBIC reduces E-invoicing limit 5 cr from existing limit of 10 cr w.e.f. August 01, 2023
The CBIC issued Notification No. 10/2023–Central Tax dated May 10, 2023 to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020 to decrease the E-invoicing aggregate turnover limit from 10 crore to 5 crore w.e.f. August 01, 2023.
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By Krishna
How to Check Outstanding Tax Demand Status
The process of filing an Income Tax Return (ITR) is mandatory for individuals and businesses as it involves reporting income and fulfilling tax obligations to the government. This procedure necessitates submitting essential financial details and relevant documents to the Income Tax Department.
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By Krishna
CBIC rolls out Automated Return Scrutiny Module for GST returns
During a performance review of the Central Board of Indirect Taxes & Customs (CBIC), Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman instructed the swift implementation of an Automated Return Scrutiny Module for GST returns.
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By Krishna
Electronic E-Invoice under GST – Process of E-Invoicing & Benefits
E-invoicing involves the electronic creation of invoices and their submission to the government's GST portal for the purpose of maintaining records and ensuring compliance. The threshold for the implementation of E-invoicing has been reduced from INR 10 Crores to INR 5 Crores.
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By Krishna
An Illustrative Checklist For Verification of Items of Investments to be Followed By the Auditor
Auditing financial statements encompasses a crucial component known as the audit of investments. The primary aim of the auditor is to validate the presence and valuation of investments. To achieve this, the auditor employs diverse procedures such as transaction verification, physical inspection, assessment of valuation and disclosure, and analytical review procedures.
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By Krishna
Time Barring of Scrutiny of GST Returns of Delhi Taxpayers For The FY 2017-18, 2018-19 & 2019-20
The Delhi GST Department said in a Circular vide F.3/432/GST/Policy/2022/582-89 on 08 May, 2023, regarding the time barring of Scrutiny of GST Returns of Delhi taxpayers for the FY 2017-18, 2018-19 & 2019-20.
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By Krishna
Time Limit To Exercise The Option of Forward Charge Relax Till 31 may 2023
Great news for Goods Transport Agencies (GTAs) is that the deadline for utilizing Forward Charge under GST has been extended until May 31st, 2023, instead of the previous deadline of March 15th, 2023.
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By Krishna
Karnataka HC Directs To File a Revocation Application: Cancellation of GST Registration on Non-Filing of Tax Returns
In the recent GST notification regarding the revocation of GST registration, the Karnataka High Court has granted permission to file cancellation applications. Applications filed outside the time limit can now be resubmitted if the cancellation of registration occurred before December 31, 2022.
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By Krishna
Common GST Audits norms For Centers & States From This Financial Year
The Centre and state tax officials have finalized a Model All India GST Audit Manual 2023, which is anticipated to benefit businesses and decrease litigation.
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By Krishna
Gujarat AAR No GST Exemption On Accommodation To Pilgrims Outside Religious Places By Charitable Trust
A charitable trust providing accommodation to pilgrims visiting Ambaji Temple in a building outside the religious place's boundary will not get GST exemption, rules Gujarat’s Authority for Advance Rulings (GAAR).
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By Krishna
GSTN Advisory To Taxpayers: The Timely Filing of GST Returns
The goods & services tax network issued an advisory on 4th May 2023 on the context of timely filing of GST returns
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By Krishna
GST Payments Can Now Be Made Through 23 Banks
Indusland Bank Limited and South Indian Bank Limited are the two additional banks that GSTN has added, raising the total number of banks that accept GST payments to 23.
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By Krishna
The Amnesty Scheme For Revocation of Cancellation of GST Registration
The Commissioner of State Tax of Maharashtra has issued Instructions regarding the Amnesty scheme for revocation of cancellation of GST registration vide Internal Circular No. 4A of 2023 dated April 28, 2023.
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By Krishna
All About The GST Amnesty Scheme 2023 For Non-Filers
The GST department issued a number of notices on March 31, 2023, to begin this programme, which started on April 1, 2023.
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By Krishna
Finance Minister Instructed CBIC To Implement Its Automated GST Return Scrutiny
The Finance Minister instructed the CBIC to introduce an automated GST return scrutiny system by the following week & and to develop an action plan that utilizes technology to expand the taxpayer base..
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By Krishna
How to handle GST Scrutiny/Assessments with a practical approach
The department is now better prepared to identify any mistakes or omissions in GST returns, which may have a big impact on which GSTINs are chosen for inspection, investigation, or audits.
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By Krishna
All About New GST Amnesty Scheme w.e.f. 01-04-2023
The 49th GST Council Meeting introducing a new Amnesty Scheme for taxpayers issued notifications on 31st March 2023, held on 18th Feb 2023…
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By Krishna
Analysis of 8th GST Notifications on 31st March 2023
On the 31st of March, 2023, when the fiscal year 2022–2023 was close to an end, we were awakening into the night to uphold the discussions reached at the 49th Council meeting, which was held on 18th February, 2023.
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By Krishna
Statutory & Compliance Calendar For April 2023
The new financial year has started and the statutory and compliance calendar for April 2023-24 is here. April is a significant month for all taxpayers and businesses to complete all the vital compliance filing before the due dates.
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By Krishna
The Online Gaming Industry Attracts 28% GST on Gross Gaming Revenue
There are commentaries stating that the upcoming GST Council may view imposing a 28% Goods and Services Tax (GST) on the net amount in place of 18% on gross gaming revenue.
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By Krishna
Statutory & Compliance Calendar For January 2023
All businesses, regardless of the business structure held onto statutory compliance and complete all the vital filings before the due dates. For all business transactions, there are some essential compliances that a business owner must fulfill as a moral duty. These compliances are timely framed and must be completed within the prescribed time by the Government.
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By Krishna
Analysis of New Disclosures in GSTR-3B
The 47th meeting of the GST council was held on 28th, and 29th June 2022. The GST council advised clarifying the furnishing of correct and relevant information on supplies of inter-state and the amount of blocked input tax credit as well as inverted thereof in form GSTR-3B.
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By Krishna
Relief By Waiver Of Late Fee For Delay
Relief By Waiver Of Late Fee For Delay In Furnishing Outward Statement In FORM GSTR-1 For Tax Periods For Months From March, 2020 To June, 2020.
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By Krishna
CBIC to Provide Big Relief for these GST Small Taxpayers
CBIC will provide significant relief to these GST small taxpayers by lowering interest rates for a specified period of time for tax periods ranging from February to July 2020.
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By Krishna
GST Dates Extended - Notification no 57/2020
GST DATES EXTENDED AGAIN TILL 30.09.2020 FOR ALL ASSESSEE Notification No 57/2020 30.06.2020
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By Krishna
GST Small Taxpayers Provided Facility Of Filing NIL Form GSTR-1
Big Relief For These GST Small Taxpayers Holders Provided Facility Of Filing NIL Form GSTR-1 Through SMS On GST Portal.
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By Krishna
Auto Drafted ITC Statement Launched From July 2020
The Goods and Service Tax Network (GSTN) released GSTR-2B on Saturday as an automatically generated input tax credit (ITC) for the month of July 2020.
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By Krishna
Statutory Compliance Calendar for October 2020
Calendar for Corporate Compliance in October 2020... This page lists several statutory law compliance requirements for the month of October 2020.
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By Krishna
Recommendations of the 42nd GST Council Meeting
The 42nd GST council meeting was held on 5th October 2020 as well as on 12th October 2020. The meetings were chaired by Finance Minister.
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By Krishna
What is a GST Audit
The records, returns, and other related documents must be allocated or maintained under GST or more laws.
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By Krishna
All Statutory Compliance Calendar for September 2020
The taxpayers are now required to report their input tax credit input tax credit (ITC) availment, inverted of input tax credit (ITC) and ineligible/blocked (ITC) carefully according to the new format of table 4 mentioned in the GSTR-3B at the GST portal.
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By Krishna
Compliance Calendar for the Month of October, 2022
Observance requirements under the 1961 Income Tax Act. Statement for the period ending September 30, 2022, of TCS deposits.
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By Krishna