In the recent times, the CGST Department has been aggressively issuing notices and advisory related to section 16(4) for late filing of GSTR 3B upto the March month of FY 2018-19, after due date of GSTR 3B of September Month. The Notice and advisory sent by the department is related to Reversing the ITC claimed […]
Understanding the New GST Diwali Bonanza-Quarterly Return Monthly Payment (QRMP) Scheme with Practical Illustrations The Goods & Service Tax (GST), inspite of its PAN India roll-out as ‘One Nation One Tax’, w.e.f. 1.7.2017, has been looked upon with some reservations and apprehensions by the small and middle level businesses and traders on account of its […]
It is held by Appellate Authority – GST, ANDHRA PRADESH in case of Sri Kali Krishna Industries Vs Assessing Authority AP that mere mismatch in GSTR 3B & GSTR 1 is not conclusive for any suppression of tax. The contentions submitted by the taxpayer need to be examined before issuing an order. Brief Fact of […]
FROM 01-01-2021 , GST RETURN FILING SYSTEM will see complete change. (We call it version 3.0) . Intention to Overhaul GST return filing system, But is it the correct solution in reality??? We will find out that in future . FYI, NOTIFICATION 82 TO 85 to notify/amend rule 60/61/62/61A. Also Circular No. 143/13/2020 is issued […]
In the previous part of this article, we had discussed the updates pertaining to GSTR-3B and R-1. To read the same, kindly refer to the link – (https://taxguru.in/goods-and-service-tax/forthcoming-amendments-gst-returns-part-1.html) In this article, we would be discussing the important aspects to be considered by the taxpayers due to the implementation of Form GSTR-2B w.e.f. 01st January 2021. […]
Recent notifications from CBIC dated 10th November 2020 tend to implement several amendments pertaining to returns to be filed by the registered persons. Being most of the taxpayers are choked with GST – annual returns, ITR filing, day-to-day business chores, etc. This article summarizes the amendments notified in a lucid way. For the better purpose […]
DCIT Vs B. E. Billimoria & Co. Ltd. (ITAT Mumbai) The material on record would show that the assessee being resident corporate assessee was assessed for the year under consideration u/s. 143(3) on 27/10/2017. During assessment proceedings, it transpired that the assessee sold an office premises vide agreement dated 31/03/2015 for a consideration of Rs. […]
The Government recently had stated that e-invoicing or electronic invoicing in s going to be mandatory for any business that has a turnover of above Rs 100 crore. The limit was Rs 500 crore according to the previous regulations. The small businesses previously who were not required to bother regarding e-invoicing under the Goods and Services […]
Imperia Structures Ltd. Vs Anil Patni and Another (Supreme Court) Section 79 of the RERA Act bars jurisdiction of a Civil Court to entertain any suit or proceeding in respect of any matter which the Authority or the adjudicating officer or the Appellate Tribunal is empowered under the RERA Act to determine. Section 88 specifies […]
CONCEPT OF REINSURANCE The Insurance companies generally take risks of insured in return for the premium. We know that these insurance companies are also prone to various types of risks. Since they are engaged in Financial Services and hence risks related to finance is huge in modern scenario. These risks increase more and more after […]
