GST - Page 28

Iron scrap supply under invoices of bogus firms detected

D.O.No.77/CH(IC)/2020 05/07/2021

On the GST front, by innovating and using the recently introduced `RFID-Vehicle related Report', an analysis of risky vehicles was undertaken by the officers of DGGI (SZU). The verification revealed that iron scrap was being supplied by existent but un-registered firms under the invoices for GST ITC of non-existent and bogus firms. Envelo...

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Recovery Order of ITC due to mis-match in Form GSTR-3B and GSTR-2A stayed

HC has granted stay on Recovery Order passed by the Revenue Department, denying Input Tax Credit (ITC) to the Company due to mis-match in two return forms i.e. Form GSTR-2A and Form GSTR-3B, on a condition of deposit of 5% of the demand by the Company....

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Recent Updates In GST till 05th July 2021

Recently Moody’s Investor Services has lowered its India’s growth projections for calendar year 2021 from 13.9% to 9.6%. Faster vaccination progress is going to be paramount in restricting economic losses in June quarter. It states in a report that economic shocks from second Covid wave will not be as severe as in 2020. The virus [&he...

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Several Sales Promotion Schemes under GST & clarification on their taxability

[Ref: Circular No. 92/11/2019-GST dated 07th March, 2019] There are Several Promotional Schemes (like Free Samples, Buy One Get One free offer, Discounts including ‘Buy More, Save More’ offer, Secondary Discount) which are offered by taxable persons to increase sales volume and to attract new customers for their products. Generally, t...

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Appeal – Limitation – Liberal approach to be followed during Covid

Shree Jagannath Traders Vs Commissioner of State Tax Odisha (Orissa High Court)

Shree Jagannath Traders Vs Commissioner of State Tax Odisha (Orissa High Court) Mr. Narasingh, learned counsel for the Petitioner, points out that while the appeal was accompanied by the downloaded printed copy of the order appealed against at the time of filling of the appeal, it was not accompanied by the certified copy thereof at [&hel...

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Electronic credit ledger cannot be blocked for any period in excess of one year

M/s Vimal Petrothin Private Limited. Vs Commissioner, CGST and others (Uttarakhand High Court)

M/s Vimal Petrothin Private Limited. Vs Commissioner, CGST and others (Uttarakhand High Court) Petitioner’s electronic credit ledger cannot be blocked for any period in excess of one year, in view of express provision contained in Sub-Rule (3) of Rule 86(A) of C.G.S. T. Rules. Thus, he submits that petitioner’s contention to this exte...

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Direct & Indirect Tax Updates June 2021

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT issues Notification extending various Income Tax due date extended to the 30th September, 2021) (including for imposition of penalty under Chapter XXI, Linking of Aadhhar with PAN, for assessment or reassessment completion under section 153 or sectio...

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Foriegn crypto exchanges may face GST Liability

Overseas cryptocurrency exchanges that have a customer base in India may have to pay goods and services tax (GST) as their services are covered under OIDAR rules. How they being taxable as OIDAR service?  OIDAR services are any digital or data services provide to Indian citizens or residents living in India. Indian law stipulates that [&...

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Section 62(2) GST- Statutory time limit has to be strictly construed

Mangomeadows Agricultural Pleasure Land (P.) Ltd. Vs State Tax Officer (Kerala High Court)

Statutory prescription of 30 days from the date of receipt of the assessment order passed under sub-section (1) of Section 62 has to be strictly construed against an assessee and in favour of the revenue, since this is a provision in a taxing statute that enables an assessee to get an order passed against him on best judgment basis set as...

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Issues in GST-After 4 years of Completion

Issues in GST- completion of 4 years of GST- Today I am discussing some burning issues related to GST even after 4 years of completion of GST- Issue No 1- Denial of ITC in hands of recipient in case of non-payment of taxes by Supplier- Above issue is very sensitive issue since implementation of GST […]...

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