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It was held by the Jharkhand High Court that the Goods and Services Tax ( GST) Input Tax Credit ( ITC ) is permissible even on the late filing of the Goods and Services Return GSTR-3B for the FY 2017-18 while asking for a Refund of Penalty & Interest to the petitioner. M/s. Ram Constructions, […]
All taxpayers registered under GST are required to file their annual return for the financial year 2023-24 by December 31, 2024, except for certain exempted categories. Before completing the annual return filing, taxpayers must first submit all monthly returns or quarterly returns, depending on whether they are part of the QRMP scheme. This is because […]
The Goods and Services Tax (GST) department typically initiates an audit when it detects discrepancies or suspicious activities, such as inconsistencies in GST returns or a significant mismatch between input and output tax credits. After completing the audit, a report is prepared, and a notice is issued to the taxpayer based on the findings. For […]
Recently, some reports have been received from the taxpayers regarding problems generating the GSTR-2B for October 2024, noting that it was unavailable on the GST portal as of November 14, 2024. In response, GST authorities clarified that the issue arises from the system’s design and specific compliance requirements. Why is the Auto-populated Form GSTR-2B Not […]
Biometric Aadhaar authentication is set to be introduced at 46 GST service centres across Madhya Pradesh to address issues of fraudulent GST registrations at the initial stages. The objective of this initiative is to improve the registration process by identifying and stopping activities of fake taxpayers, to cease the revenue leakage for the government. These […]
A Goods and Services Tax ( GST ) demand notice and order issued u/s 74 of the Central Goods and Services Tax Act, 2017 has been quashed by the Punjab and Haryana High Court, following the earlier closure of proceedings u/s 61 of the Central GST Act. The case concerned JSB Trading, a firm dealing […]
The recently introduced Invoice Management System (IMS) on the GST portal is expected to decrease the volume of notices related to Input Tax Credit (ITC) discrepancies in returns and reduce tax-related litigation, as noted by tax experts and chartered accountants. According to experts, about 10% of total notices from the GST department are concerned with […]
On the GST portal, an updated feature called IMS (Invoice Management System) has been introduced. As it isn’t feasible to approve every invoice or take action after reconciliation with the records on the portal, SAG Infotech has implemented the new IMS dashboard feature in Gen GST Software for registered taxpayers to ease compliance. The receiver […]
Amendments have been introduced by the Central Government to the Central Goods and Services Tax Act, 2017, under the Finance (No. 2) Act, 2024, which has the objective of improving tax compliance and facilitating the load on taxpayers. the Gujarat government has furnished an ordinance revising the state GST act to extend these relaxations in […]
