Arjun, for breaking the Dahi Handi taxpayers are required to overcome 10 difficulties i.e. 10 layer pyramid. These layers are as follows: To have a stable pyramid, a strong foundation is required. The biggest hurdle of forming this in GST is calculation of net liability through Annual return and Audit Report, as both the forms provides no information regarding it.
Arjuna (Fictional Character): Krishna, GST department has come out with statistics that only 1% of GST Audit Report for financial year 2017-18 has been filed. As the due date for filing such Audit report is approaching which is 31st August, 2019. Even Government is worried for such statistics of uploading. So, what are reasons for […]
rjuna, Rakshbandhan is celebration of the purest form of brother and sister bond. On this day sister ties Rakhi to brother’s Wrist, in return of the promise of her safety. Similarly in GST matching and mismatching of purchase/sale bond needs to be done to ensure the promise to claim ITC between supplier (brother) and recipient (sister). This can be done by matching the details of GSTR-2A with purchases as shown in the Books of Accounts.
What do you mean by charging incorrect rate of GST? Charging incorrect rate of tax refers to short or excess collection of tax amount by the taxpayer other than the rate actually applicable.
In 36th GST Council Meeting the GST rates related to supply of few goods and services were proposed to change. Even extension of due dates were recommended.
Due date of filing income tax return is 31st July 2019 for those assessees whose accounts are not required to be audited such as assessees having salary income, rent income, capital gain, income from other sources or income from business/profession under presumptive taxation scheme (individuals, HUFs, Association of Persons, Body of Individuals etc.).
A very unique and substantial relief scheme named as SABKA VISHWAS LEGACY DISPUTE RESOLUTION SCHEME has been proposed. The focus of the government will be to reduce the pending litigations of 28 plus pre-GST laws, the government has proposed a Dispute Settlement Scheme for speedy settlement of pending litigations and to remove the funds blocked in the litigations. Approx 3.75 Lakhs Crore of revenue is blocked in this litigations. This is one of the most beneficial scheme ever made in the history of Indirect tax by Central Government.
Union Finance Minister Nirmala Sitaraman has presented Union Budget for the year 2019-20. This budget is the modest budget with more of sense than sensation. Let’s study the major proposals of GST and Amnesty Schemes under old indirect taxes.
Krishna,monsoon has arrived in India with all it’s glory. Similarly it’s raining in GST,with downpour of various notifications and circulars by CBIC, what are they about?
It was recommended to extend the due date of furnishing of FORM GSTR-9, FORM GSTR-9A, and FORM GSTR-9C due to difficulties being faced by taxpayers in furnishing the annual returns till 31.08.2019. Official notification would be released soon. This recommendation was much needed by the trade and industry.
