"16 September 2021" Archive

GST Audit – Planning & Strategy to steer clear of audit

Audit, Investigation and Scrutiny as such sends shivers down the spine irrespective of well preparedness on the part of the assessees. This one aspect remains the same be it erstwhile IDT system – Excise, Service Tax, VAT, Customs, etc. or GST. GST is not the tested water, hence the apprehensions are more. The best action […]...

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Would Purchaser be liable for GST payment, if not been paid by supplier

Would Purchaser be liable for GST payment to the Government, if the same has not been paid by the supplier This article is with regard to the one of the boiling issues related to the GST due to which the taxpayers are facing problems on day-to-day basis. Actually, GST brought so many benefits for the […]...

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GST on Restaurants, Hotels, Fine-Dining Restaurants & Cloud-Kitchens

Applicability of GST on Restaurants, Hotels, Fine-Dining Restaurants And Cloud-Kitchens In this article we will talk about how GST affected the bills of restaurants, hotels and other places where we usually go out for eat something. According to the National Restaurant Association of India’s 2019 India Food Service Report, the size of t...

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Representation on Non acceptance of 115BAC cases on IT Portal

Rejection of ITRs specifically claiming option u/s 115BAC by filing of Form 10-IE Possibility of major bug in new IT Portal specific to cases u/s 115BAC – Regarding...

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Bombay High Court allowed Manual Filing of TRANS-1 FORM

Gayatri Agro Agencies Vs Union of India and Ors. (Bombay High Court)

Para 13 We permit the petitioner to tender the revised form GST TRAN-1, online as well as by tendering a copy manually to respondent No.4 within two (2) weeks' time. We are permitting the petitioner to submit the revised form manually....

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GST on Petrol & Diesal

What happens if GST implement on petrol & diesel GST was introduced on 1st April 2017, at that time petroleum products were kept out of the preview of GST u/s 9(2). Central & State government are taking Excise & Vat  Tax respectively on petrol & Diesel. Analysis of GST on petrol & Diesel Nowadays petrol […]...

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Allow Input Tax Credit due to Recipients by way of belated filing of GSTR 1

It is prayed that suitable amendments may be made in the GST Act and Rules, so that the Input Tax Credit due to the Recipients by way of belated filing the GSTR 1, as per the Amnesty Scheme, is made available to them and thus those tax-payers who opted the Amnesty Scheme, are saved from the unaffordable and unbearable financial loss, and ...

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Form 10-IE not to be filed if no Business/Profession Income

No Requirement To File Form 10-IE For Persons Not Having Business/Profession Income Section 115BAC- NEW TAX REGIME (applicable from AY 21-22) As all of you are aware, the Budget 2020 introduced a new tax regime under section 115BAC to Individuals and HUF to pay income tax at lower slab rates when compared to normal slab […]...

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Late deposit of ESI & EPF by Assessees us 36(1)(va)

Analysis of Issue of late deposit of ESI and EPF by Assessees us 36(1)(va) of Income Tax Act, 1961 1. Provision of Section 36(1) (va) any sum received by the assessee from any of his employees to which the provisions of sub-clause (x) of clause (24) of section 2 apply, if such sum is credited […]...

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New definition of Small Company is applicable from Financial Year 2021-22 onwards

In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (CA, 2013), the Central Government, vide Notification GSR 92(E) dated 01st February, 2021 has amended the Companies (Specification of Definitions Details) Rules, 2014 which shall come into force on the 1st day of April, 2021. The [&he...

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October 2021