SCN is vague and cryptic in nature and order in original has been passed beyond the scope of SCN, both are liable to be quashed and set aside.
NEW Rule 37A prescribe mechanism for reversal of ITC by a registered person in event of non-payment of tax by supplier by a specified date and mechanism for re-availment of such credit
Main source of FORM GSTR-2B is Rule 60(7) of CGST Rules which specify that an auto-drafted statement containing details of input tax credit shall be made available to registered person in FORM GSTR-2B, for every month electronically through common portal.
Understand the provisions and notifications of Reverse Charge Mechanism (RCM) under GST. Learn how it affects the liability to deposit tax and widens the scope of levy.
Explore Reverse CIRP in Real Estate: No provision in IBC, Umang Realtech case introduction, non-precedent status, challenges, and recent project-wise resolutions in Supertech & Ansal Properties cases.
Under the IBC, Homebuyers can now initiate CIRP against defaulting Builders & join the COC. Home Buyers under IBC protected by the court in Chitra Sharma Case to ensure liquidation value of their financial interest.
Understand the implications of non-payment of tax by suppliers and the new Rule 37A introduced by CBIC. This rule, effective from December 26, 2022, mandates the reversal of input tax credit (ITC) by a registered person if the supplier fails to file the GSTR-3B for the corresponding tax period.
Unravel the complexities of GST on let-out residential properties. Explore exemptions, changes post the 47th GST Council Meeting, and the impact on registered tenants. CA insights, legal clarifications, and recent amendments bring clarity to GST obligations.
Menace of fake billing whereby seller was showing higher sales in FORM GSTR-1 to enable a purchaser to claim ITC but report suppressed sales in FORM GSTR-3B to lower GST liability.
HC directed the petitioner to file the pending GST returns thereafter the GST registration cancelled, on account of non-filing of GST return for continuous period of 6 months, will be restored.
