Learn practical steps to align GSTR-1, GSTR-3B, RCM, ITC, and third-party data. Key takeaway: Regular reconciliation reduces notice risk and strengthens compliance.
Learn the legal framework, authorized forms, and procedural safeguards for GST inspections and seizures. Key takeaway: Compliance knowledge protects taxpayers from unlawful actions.
The Tribunal held that additions made without issuing a mandatory show-cause notice violate CBDT instructions and natural justice. Key takeaway: Procedural compliance is essential for valid assessments.
Mandatory registration, declarations, monthly payment by the 7th, and returns by the 20th are prescribed. The Rules emphasise strict timelines and system-driven compliance.
The Tribunal ruled that advisory and consultancy services could not be taxed as Fees for Included Services because no technical knowledge was transferred to clients.
The Tribunal held that reassessment initiated after three years was void because approval was taken from an incompetent authority. The key takeaway is strict compliance with section 151(ii) is mandatory and jurisdictional.
Incorrect disclosure of promoter and public shareholding in a statutory return was penalised under the Companies Act. The key takeaway is that even clerical errors in MCA filings can trigger liability.
The regulator examined filing of statutory forms with incorrect financial figures. It held that later correction does not erase liability for filing defective information.
Import IGST posted nearly 20% growth, boosting overall GST collections. Net GST growth remained moderate after accounting for refunds.
The amendment allows select infrastructure loans to be treated as high-quality exposures if strict operational, contractual, and security conditions are met. The key takeaway is enhanced lender protection within concentration risk norms.
