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The Calcutta High Court in a landmark judgment stated that ITC under GST could not get refused over the mismatch in GSTR-2A and GSTR-3B without any investigation into the supplier. The decision offers significant relief to businesses that have received demand letters because a supplier failed to disclose or pay taxes. If the seller doesn’t […]
The Madras High Court stated that it cannot expect certain conditions to fall under the Goods and Services Tax Law. Particularly, what to expect if the input tax credit to the buyer is disapproved by the government for the reason that the GST has not been paid by the seller but then recovers the tax […]
The supply of machinery, mechanical appliances, parts, etc including the erection, commissioning, and installation is being supplied by the applicant. The GST returns in Form GSTR 3B for the FY 2017-18 (for short, “the FY”) would have been submitted by the applicant. Asking for the books of accounts for conducting the desk audit and rendering […]
Scrutiny notifications and intimations have been circulated recently, suggesting that the department is requiring taxpayers to reverse the excess input tax credit claimed in Form GSTR 3B as compared to credits shown in GSTR 2A. How reliable are such communications? Is the taxpayer compelled by law to reverse such credits? We shall go over the […]
What is GST Rule 88C? The Achilles’ heel of GST has always been the mismatch in GSTR-1 and 3B. There have been several cases when ITC was transferred by the supplier via GSTR-1 even though taxes had not yet been refunded via GSTR-3B. While some of the discrepancies in GSTR-1 and 3B relate to tax […]
Central Board of Indirect Taxes and Customs (CBIC) has postponed the due date to avail the ITC for FY22 from October 20 to November 30, the same is decided towards the relief of the Goods and Services assesses during the festival season. The last date to provide the credit notes along with the declaration in […]
To restrict the fake ITC claim and tax evasion, the CBIC would reveal nearly 40,000 GST returns for 2018-19 relying on the risk parameters for the scrutiny. The same shall be the 2nd batch of GST returns that will be liable for investigation post to CBIC has shown 35000 GST Identification Number (GSTINs) (allocated to […]
Inside the indirect tax system, the GST began to remove the inefficiencies. The GST has been able to achieve some of its goals while there is much more yet to be done, particularly when it is being the question of the smaller business entities. This new system has thrown up prior to facing the challenges, […]
India stands in the fifth year of the Goods and Service Tax regime, while the assessees and CFOs are still facing problems. GST was executed to draw clarity to the system and prevent cascading effects of the taxes and seamless flow of the ITC. One of the bigger problems beneath GST is the process of […]
