Demand for interest payable on delayed payment of GST dues being raised on the Gross amount of tax payable before the availment of Input Tax Credit (ITC) One of the present acute problems being faced by many taxpayers is the flurry of demands being initiated by the GST departments of several states where demand for […]
Rule 86A, inserted vide notification no. 75/2019 – Central Tax dated 26.12.2019 empowers the authority to block the ITC available under electronic credit ledger. As per rule 86A, authorities, if they have reason to believe credit of ITC available in electronic credit ledger has been fraudulently availed or is ineligible, may block the credit available […]
As we know when we need for PAN, we apply for it through UTI / NSDL or any other media. But recently on 13th Feb. 2020, the Income Tax department brings a facility for Instant PAN allotment in near to real-time which is available free of cost. This facility is based on Aadhaar, which is […]
In this article Author has compiled detailed reply to be submitted to GST department against Notice demanding interest on Gross GST Liability without giving Input Tax Credit for Late Submission of Form GSTR 3B under Section 50(1) of CGST Act, 2017. Text of the Submission is as follows:- Dear Sir, R: M/s. _____________ GSTN : […]
Interest is levy on delayed payment. The intention of the legislature is also evident from the agenda of the 31st GST Council meeting and the various precedents. It is worth asking that when the amendment has been put in the Act what are the reasons for not making the amendment effective till date?
BRIDGING THE DISPUTE-TRUST DIVIDE for Minimizing Tax-related Litigation Avail this golden opportunity … Settle your Income Tax disputes KEY DATE Pay by 31st March, 2020 to avoid higher payment ELIGIBILITY Appeals/ writs filed on or before 31.01.2020 and pending. Orders for which lime for filing appeal has not expired on 31.01.2020. Cases pending before Dispute […]
Article explains Direct Tax Vivad Se Vishwas Bill, 2020 alongwith Further amendments proposed in the same in Cabinet Meeting on 12th February 2020 for which Notice also been given to Parliament subsequently. Article explains Key Dates under the Scheme, Definition of Appellant under Direct Tax Vivad Se Vishwas Scheme, Designated Authority, Declarant under the Scheme, […]
As you are aware, Rule 36(4) of the CGST Rules 2017 notified w.e.f. 09.10.2019, restricts availment of credit to 120% of the eligible credit based on invoices/debit notes uploaded by the supplier in their GSTR-1. From 1st January 2020, the eligibility has got reduced to 110% of such eligible credit.
Part-1 GST is new tax and the dealers who followed it from the initial stage have made some technical mistakes which were not noticed by them within time or they were not rectified by the dealers since the facility of revision of such mistakes was not there. These were innocent mistakes and not the fraud […]
The next GST Council meeting is scheduled for 14 March, 2020 at New Delhi. It will, inter alia, take up the issue of compensation to states in the backdrop of revenue shortfall. States are already concerned over delayed release of compensation cess to them. Meanwhile, centre has already released a total of Rs. 1.20 lakh […]
