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This summary highlights four important circulars issued in July 2023 regarding tax compliance. The first circular addresses the reconciliation of Input Tax Credit (ITC) between GSTR-3B and GSTR-2A, outlining how changes in rules have impacted ITC claims. The second circular discusses refund-related issues, clarifying that refunds are now limited to the ITC amount shown in […]
The implementation of the Goods and Services Tax (GST) system in India has brought some significant transformations in how businesses handle their tax compliance responsibilities. Given the range of requirements including e-invoicing, e-way bills, invoice management, credit and debit notes, input tax credits, tax payments, annual return filings, and reconciliations, it is crucial for businesses […]
ITC could not be restricted to the purchaser only on the basis of the non-reflection of transaction in the GSTR-2A form, Kerala High Court ruled. Justice Dinesh Kumar Singh ordered the issue to be sent back to the Assessing Officer so that the purchaser, who is the petitioner here, could have a chance. “If on […]
Real businesses are suffering despite the taxmen busting the networks of bogus entities and fake ITC claims that proceeds with hundreds of crores of rupees. Between the filings of the buyer and seller, the GST data mismatch restricts the buyers to claim the input tax credit. ITC stands for Input Tax Credit, a credit for […]
The Authority of Advance Ruling (AAR), the Telangana branch has ruled that there will not be any ITC available on test-drive vehicles when kept in a workshop as a replacement vehicle. The two-member bench comprising S.V. Kasi Visweswara Rao and Sahil Inamdar has noted that the applicability of Input Tax Credit (ITC) relies on the […]
To tighten GST compliance, tax authorities would have planned to bridge the gaps, they would have fetched nearly 15,000 entities and would have fetched the evasion of exceeding Rs 38,000 cr in past years. The same comprises the bogus GST registration cases through misusing PAN and Aadhaar information of other people for ITC claiming along […]
In just six years, the Goods and Services Tax (GST) has increased significantly. From around 68 lakh in 2017 to around 1.4 crores the number of assessees would have twice, indeed the average monthly revenue has also climbed approx to the identical rate from near to Rs 90,000 crore in 2017-18 to Rs 1.69 lakh […]
The nationwide campaign against fraudulent GST registration has caused problems for e-commerce businesses, that run virtual offices across several states with little staff and no books of accounts. Tajinder Singh, vice president of taxation at MakeMyTrip Group, told PTI that the GST officials should consult the head offices about virtual offices before labelling the state […]
In an effort to combat the pervasive issue of fake GST registration, the Central Board of Indirect Taxes and Customs (CBIC) is considering the implementation of biometric authentication and geo-tagging for high-risk entities operating under the GST system. Additionally, tax authorities are contemplating the reinforcement of regulations within the GST return filing framework to restrict […]
