goods and services tax

Practical Implementation of Rule 36(4) (5% ITC Rule) By GST Return Preparer

Goods and Services Tax - Rule 36(4) of CGST Rules, 2017 inserted vide Notification No. 49/2019 dated 09th Oct, 2019 and it was made applicable w.e.f. 09th Oct, 2019. Enough hue and cry had taken place ever since application of this Rule came in existent. The issue was mainly due to quarterly GSTR-1 filers. According to my opinion very few taxpayers were fol...

GST Audit by Department: Are You Prepared?

Goods and Services Tax - India has completed more than 3 years of GST regime. GST has been one of the landmark tax re- forms in the country and though it has stabilized to a large extent, the business entities are still grappling with some issues and compliances required to be carried out. It has been quite a time since […]...

QRMP Vs. Monthly GST Return System for Turnover below Rs. 5 Cr

Goods and Services Tax - Articles makes Comparison of Optional Quarterly GST return filling system (Payment is Monthly Only) for Turnover below Rs. 5 cr with Monthly GST Return and Payment System. CHOOSING Quarterly GST Return and Monthly Payment System (QRMP – NEW SYSTEM ) Monthly GST Return and Monthly Payment System System OF RETURN FILLING Quarterly...

Taxpayers! Furnish GSTR-1 in time, or pay late fees

Goods and Services Tax - Many GST taxpayers are getting notices for liability of late fees for delay in filing of GSTR-1. Why are such notices being issued by the GST department?...

GST would be levied on recovery of canteen services regardless of “profit-making” aspect

Goods and Services Tax - The Hon’ble Gujarat AAR, in the matter of M/s Amneal Pharmaceuticals Pvt. Ltd. [Advance Ruling No. GUJ/GAAR/R/50/2020, dated July 30, 2020] held that GST would be levied on recovery of amount from employee on account of third party canteen services provided by a company to their employees which is obligatory under Factories Act 1948 (Fa...

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Webinar on Career Growth in GST related Litigation Management

Goods and Services Tax - Webinar on Career Growth in Litigation Management & GST (Indirect Taxes) – Best Practices In today’s era we all are looking forward to maximize our returns, may be in the form of fees from our clients or in form of Salary & Perks from our organization. In this tech-savvy world also, the maxim still holds […]...

CAIT raises concerns on Maha Govt decision on applicability of GST Circulars

Goods and Services Tax - In a communication sent to PM Shri Narendra Modi today, Confederation of All India Traders (CAIT) has raised serious concerns about an arbitrary decision of Maharashtra Govt which violates the very fundamental of GST being ‘one nation- one tax’. We urge the State Govt to immediately withdraw the circular. “Vyapur Bhawa...

One held for fraudulently passing on fake ITC of Rs 14.30 crore

Goods and Services Tax - The syndicate was being operated by Sh. Nitin Jain, C.A by floating three firms i.e M/s Anshika Metals, M/s N.J Trading Co. and M/s A.J Enterprises using the identity of his family members, with the intent of passing of inadmissible ITC....

Extend Due Dates of Compliances under Companies Act, 2013

Goods and Services Tax - Direct Taxes Professionals’ Association has Requested FM for extension of validity of LLP settlement scheme, 2020, companies fresh start scheme, 2020 and scheme for relaxation of time for filing forms related to creation or modification of charges. It requested that all the deadlines of ROC compliances be extended to 31st March, 2021 or...

Declaration of HSN Code for Goods and Services

Goods and Services Tax - For Taxpayers (with aggregate Annual Turnover more than 5 Crore during the FY 2020-21)- 6 Digits of HSN Code for Goods and Services to be mentioned mandatorily in all Tax Invoices. For Taxpayers (with aggregate Annual Turnover up to 5 Crore during the FY 2020-21)- 4 Digits of HSN Code for Goods and m Services to be mentioned mandat...

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No RCM Mechanism applicable on import of services if location of supplier is from a fixed establishment

Question on which AAR sought and discussions made -The applicant sought ruling on requirement of registration under Odisha Goods and Services Act,2017 & CGST ACT, 2017 for the consultancy services provided to Odisha Power Transmission Corporation Limited -Whether GST is payable on RCM basis by...

Value of All Invoices in a Consignment Relevant For E-Way Bill Generation

Bon Cargos Private Limited Vs Assistant State Tax Officer (Kerala High Court) - Bon Cargos Private Limited Vs Assistant State Tax Officer (Kerala High Court) Explanation 2 to Section 138 defines the consignment value of goods to be that declared in an invoice, a bill of supply or a delivery chalan including the goods and services tax payable with any Cess charged. Sub-Rule (1) ...

Bail granted to person accused of availing Fake ITC of ₹ 13.90 Cr

Pawan Kumar Singla Vs. DGGI (Patiala House Court) - Pawan Kumar Singla Vs. DGGI (Patiala House Court) In the given facts, accused is a old man of 66 years of age apparently having clean antecedents as no evidence has been brought forth by the department to show that he has previously been involved/engaged in similar offences. Further, the conduct of ...

Patiala House Court rejects bail in alleged ₹ 25 Cr fake ITC claim case

Naresh Mittal Vs. DGGST (Patiala High Court) - Naresh Mittal Vs. DGGST (Patiala High Court) It appears from the facts that applicant alongwith Chhedi Lal Mittal created fake firms and availed fake ITC to the tune of Rs. 25 crore. Further it is brought to the fore that applicants firm could not have any business transactions with the firms he was...

No bail to person accused of fraudulently availing ITC of Rs.7 Cr from Patiala House Court

DGGI Vs Abhit Manohar (Patiala House Court) - DGGI Vs Abhit Manohar (Patiala House Court) Applicant/accused is Masters in Business Administration. He is reported to be the sole proprietor of M/s Sri Siddhivinayak Ventures and reportedly raised taxable invoices to the tune of Rs.150 crores without any movement of goods. During the course of inve...

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CBIC amends Jurisdiction of Commissioner Appeals for New Delhi & Mumbai

Notification No. 02/2021-Central Tax [G.S.R. 18(E)] - (12/01/2021) - CBIC vide Notification No. 02/2021-Central Tax amends Jurisdiction of Principal Chief Commissioner/Chief Commissioner of Central Tax in terms of Commissioner (Appeals)and Additional Commissioner (Appeals) for New Delhi & Mumbai. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIR...

MGSTD will issue its own separate GST circular after CBIC Circular

Circular No. JC H01-1/GST/2021/ADM-8 - (12/01/2021) - Henceforth, whenever CBIC issues any circular, MGSTD, on its examination, would issue a separate circular regarding its applicability for the implementation of the MGST Act....

11th Instalment of GST compensation shortfall released to States

Release ID: 1687654 - (11/01/2021) - 11th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall. A total amount of Rs.66,000 crore released so far to all States and UTs with legislation. This is in addition to additional borrowing permission of Rs.1,06,830 crore granted to the S...

Weekly newsletter from Chairman, CBIC, Dated: 11.01.2021

D.O.No.49/CH(IC)/2020 - (11/01/2021) - DG Vigilance has assisted the Board in ensuring the monitoring of disciplinary matters and in advising it on the suitability of officers at times of promotions, deputations, etc. DG Export Promotion, has been helpful in sorting out the difficulties being faced by genuine exporters....

DGGI Gurugram arrests one for fraudulently availing ITC of Rs 8 crore

Release ID: 1687151 - (08/01/2021) - The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Shri Sanjay Goel, resident of New Delhi on charges of illegally availing and passing on input tax credit (ITC) on goods-less invoices....

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