Applicability of tax audit and presumptive taxation in case a person is carrying on both Business and Profession The limits specified for getting your accounts audited are different in case of business and profession. Some persons are engaged in carrying on both business and profession at the same time. Now a question may arise in […]
The necessary provisions regarding filing an appeal to Appellate Authority has been provided under CHAPTER XVIII- APPEALS AND REVISION [SECTION 107 TO 121] of the Central Goods and Services Tax Act, 2017 (‘CGST Act, 2017’) supplemented with CHAPTER XIII- APPEALS AND REVISION [RULE 108 TO 116]. Pursuant to the provisions of Section 107(1) of the […]
From 01/09/2021 Registered person shall not be allowed to furnish FORM GSTR-1/IFF If he has not furnished FORM GSTR-3B for preceding 2 months (Non QRMP) OR If he has not furnished FORM GSTR-3B for preceding quarter (QRMP). Implementation of Rule-59(6) on GST Portal Date : 26th August 2021 1. Rule-59(6) of CGST Rules, 2017; inserted […]
The doctrine of ‘Lex non Cogit Ad impossibilia’ is an age-old maxim used globally as a measure of defense in various legal matters. In our Country also various judicial forum has appreciated this maxim from time to time and provided relief. Of late, this concept has been used extensively in the taxation matters as well. […]
Suppose there is only one bank in your area. That bank has a Rule that the depositors can’t directly deposit the amount, rather they are required to pay the amount to someone else (Say Mr. X). If Mr. X doesn’t deposit your funds specifying your account number, then the bank will not give you the […]
An interesting tug-of-war between the taxpayer and Government is already emerging and likely to escalate over coming years on the issue of applicability of interest rate @18%/24% p.a for non-reflection of Input Tax Credit in GSTR-2A/GSTR2B.
Government of India / CT and GST authorities of the Government of Odisha to do the needful at an early date to save the non-filers / Taxpayers, those who would not be able to take the advantage of the Amnesty Scheme as approved by the GST Council and the Government Notification dated-01/06/2021 due to the procedural constraints and this is going to affect the employment and economy of the country at large.
As per section 61 – Scrutiny of returns read with rule 99, Officer may scrutinize the return furnished by the registered person to verify the correctness of the return and inform him of the discrepancies noticed (Form GST ASMT-10) and seek his explanation thereto.
The government has issued the notifications providing the details for filing of annual return in Form GSTR-9 and reconciliation statement in Form GSTR-9C for FY 2020-21. In its continued endeavor to reduce the burden on small taxpayers, the government has issued Notification No 29/2021-Central Tax, Notification No. 30/2021-Central Tax and Notification No. 31/2021-Central Tax dated […]
Is ministry of cooperation by Government of India all set to implement one nation one housing policy and start housing revolution. Like we saw in Agriculture, Dairy and Sugar Cooperative societies, Housing Cooperative societies will penetrate up to every ration shop registration and postal code and street wise and create an orderly housing available to […]
