"12 December 2020" Archive

Merchant Export Under CGST Act 2017

Merchant Export means an activity by a trader who exports or intends to export goods. The person engaged in trading activity and export or intend to export goods is a Merchant Exporter. A merchant exporter is mainly engaged in the export of goods and not services....

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Deemed Export Under CGST Act 2017

(a) Deemed Export is not a ZERO RATED SUPPLY (b) Applicable only for the supply of Goods (not applicable to the services) (c) Goods are not required to be taken outside India. (d) Such supply of goods must be notified by the Government as Deemed Export. (e) Goods must be manufactured in India (f) Payment received in Indian Rupee or in  c...

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Extend due dates for Tax/Transfer Pricing Audit & ITR for AY 2020-21

The Chamber Of Tax Consultants has requested to extend the due dates for Tax Audit and Transfer Pricing Audit to February 28, 2021 and Income Tax Return filing to March 31, 2021. Relevant Text of their representation to Smt. Nirmala Sitharaman, The Hon’ble Union Finance Minister, Government of India, North Block, New Delhi is as [&h...

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6 GST Portal Updates / Enhancements in November 2020

1. Update on auto-population of e-invoice details into GSTR-1 The auto-population of e-invoice details pertaining to the period December, 2020 into GSTR-1 will start in the first week of December, 2020.The details of e-invoices pertaining to periods of October and November, 2020, would be processed and made available in incremental manner...

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Service of Notices & Orders on “Common GST Portal”- But where is the “Common Portal?

Recently in Writ Petition filed before the Hon’ble High Court of Madhya Pradesh in the case of M/s Shri Shyam Baba Edible Oils vs The Chief Commissioner and another (W.P. No. 16131/2020) a grievance was placed by the Petitioner that a Show Cause Notice for proceedings under Section 74 of the CGST Act 2017 (Act) […]...

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Mystery of Suo-Moto GST Registration Cancellation & FAQ’s

Dear friends, as we all know, now GST Department is taking very strict action against GST Defaulters. Now a days, GST Department has caught many persons for issuing fake GST Credit invoices. And GST Credit of all dealers who has taken credit of GST Input on the basis of fake Invoices has been blocked. As […]...

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Advisory on timely amendment of registration particulars in GST

All registered GST taxpayers are advised that whenever there is any change in premises, constitution of business or any other particulars, such changes should be amended in the GST registration within the prescribed time....

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Notice For Empanelment of Stock Auditors For Surat Zone with UCO Bank

Applications in prescribed format are invited from reputed individuals/ firms for empanelment as stock auditors (Maximum 10 auditors) with our branches under Surat Zone. Prescribed form, eligibility criteria and code of conduct of stock auditors are enclosed....

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Provisions of Section 44AA – Maintenance of Books of accounts

Section 44AA of the Act requires certain persons to maintain books of account. The provisions of this section read with Rule 6F of the Income Tax Rules, 1962 relate to maintenance of books by assessee as well as prescribe the list of books to be maintained. The provisions of Sec 44AA are as: 44AA. (1) […]...

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GST Officials Arrest CA for availing Fraudulent ITC using Fake GST Invoice

Release ID: 1680234 (12/12/2020)

Central Goods and Services Tax, Mumbai West, Investigation team has announced the arrest of Mr. Chandraprakash Pandey, Partner of M/s. C.P. Pandey & Associates. He was arrested on account of indulging in circular trading by way of issuing fake invoices, availing and passing on fraudulent Input Tax Credit (ITC) involving GST of Rs 10.63 Cr...

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March 2021