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A ‘NIL’ refund claim was filed by numerous registered persons for a certain period of time in form GST RFD-01A/RFD-01 on a common portal. Many of them filed it unintentionally despite the fact that they were eligible for claim for that particular period and under that particular category. This might have happened because of a […]
Refund application goes online and the authority for the payment of these refund goes in a single hand. Now the taxpayers shall file refund application online/ electronically in form RFD-01 whereas the disbursement of GST refund will be done through the Public Financial Management System (PFMS) by the certified bank of Central Board of Indirect […]
Filing GST is a massive task involving document compilations, computations, GST calculations, verification and so on. People with deficit knowledge are often seen struggling with GST filing and reviewing documents for accuracy. GST invoice is one of the major components used while computing tax, one wrong invoice will affect the figures in GST returns leading […]
Seeing the increasing corporate tax concerns in the country, the finance minister, Nirmala Sitaraman has announced some amendments to the Income Tax Act, 1961 and the Finance (No.2) Act 2019 on 20 September 2019 via The Taxation Laws (Amendment) Ordinance, 2019. The changes have been made to ease out the liquidity concerns of corporate and […]
All the taxpayers are warned by the Income Tax Department of India that they did not disclose their Permanent Account Number on social media. Revealing their ten-digit alphanumeric PAN publicly can lead to its misuse. The IT Dept is warning taxpayers or assessees owing to mentioning of PAN from a number of taxpayers in the […]
It is vital for NRIs to file their income tax returns on time while living in India. As NRI citizens can make investments, and hold their own bank accounts, house property & other assets in India, they should keep in mind that filing annual returns helps them stay away from any tax penalty and prosecutions. […]
Taxpayers are compiling various documents to file an ITR with the correct figures. Most of the businessmen have hired professionals and purchased taxation & accounting software for e-filing ITRs effortlessly. Salaried individuals are also under an obligation to file ITRs by using Form 16. Form 16 is not only a basic document but an ad […]
Recently, the central government has announced that it is looking for the options to pre-empt GST dodging by taxpayers based on their risk profile. The motive behind this initiative from the government is to prevent the tax evasion under Goods and Services Tax (GST). The assessee, whose profile would appear as “risky” under this scheme […]
In the case of M/s. Saraf Natural Stone Vs Union Of India, the Gujarat High Court has passed the judgement that Department will have to pay simple interest at the rate of 9% per annum on the delayed payment of IGST to the exporter. Ever since the launch of GST, the problem of delay in […]
