GST has introduced five years ago. Ever since there was seen an effective change in the system of taxation. With the introduction of GST, a new tax regime was inaugurated which bought a lot of difficulty and challenges for the citizens in understanding its concept and also in finding the appropriate forum in which people…
Compliance with the tax regulations drafted by the government of India is mandatory for taxpayers in India. Such compliance also leads to compliance with GST return due dates Check the revised GST return due dates GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-9, and so on. This article focuses on GST updates and the compliance calendar for August…
GST Investigation Wing issued Instruction No. 01/2022-23[GST-INV] dated 25 May 2022 on deposit of tax during the inspection, inspection, or investigation. This was issued in light of complaints and allegations of coercion by GST officials during the search for tax refunds. Table of content Short Glimpse Inspection and Search under GST Who can order search…
Tax arrears recovery from defaulters has always been a difficult area for tax authorities. Such recovery becomes even more difficult if the company/firm goes into receivership, is dissolved, lacks paying capacity, is untraceable, or the proprietor has died. In the indirect tax case, remember that the tax amount defaulted by business entities was already collected…
Every GST Registered Taxpayer is required to file GST Returns on time and accurately. Otherwise, concealing transactions, providing false information, or making small mistakes may result in GST Returns being scrutinised. Scrutiny Notice will also have a significant influence on your business. As a result, if you get a Scrutiny of GST Returns Notice, you…
Arrest provisions were added to the GST regime to address specific situations brought to the attention of tax evaders when a person is involved in specific arrestable offences and the amount of tax involved in such offence exceeds a specified limit. Arrest provisions may appear very strict, but they are necessary for effective tax administration…
Returns might be amended if there were mistakes under the previous Service Tax and VAT systems. GST does not, however, currently allow for the revision or amendment of a submitted return. A new mechanism for updating GST Returns is being discussed, although it has not yet been implemented. A taxpayer cannot modify his returns before…
The e-invoicing system is now applicable to more businesses through CBIC Notification CGST 01/2022 dated 24 February 2022. Indian businesses with an annual aggregate turnover of more than Rs 20 crore to Rs 50 crore as calculated in any previous financial year from 2017 onwards -18 to 2021-22, must start generating e-invoices from April 1,…
Understanding the taxation of goods and services include knowing that the goods or service is free to register with GST. Knowing this, applicants can find clarity on a few other things. The GST release threshold for businesses depends on their combined annual revenue. Previously, businesses with an annual turnover of Rs.20 lakhs did not need…
The Composition Scheme was introduced by small taxpayers with the aim of providing relief from the complex and difficult process imposed by ordinary taxpayers. Section 10 of the CGST Act defines the eligibility criteria for registration as a taxpayer. A clear reading of section 10 and appropriate rules that have been revised several times will…