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India is reportedly considering a substantial increase in the threshold for arrests and criminal prosecutions regarding Goods and Services Tax (GST) evasion, aiming to raise it from ₹2 crore to ₹3 crore, according to sources. This proposed change is part of an initiative to stop the specific aspects of GST evasion, encouraging businesses to stop […]
Here are three important changes under GST law that have come into effect from 20th October 2023 that will affect your input tax credit availability. Cab Rental Services for Passengers In the services, the condition has been inserted via renting any motor vehicle designed to carry the passengers in which the fuel cost is been […]
The Indian government enacted the Goods and Services Tax Act on March 29, 2017, which took effect on July 1 of the same year. This act stands as the singular domestic indirect tax law applicable across the country, known as the Goods and Services Tax (GST). GST is a comprehensive tax imposed on both goods […]
Since GST is a new taxation system in India, and it has been in existence for the last seven years. Therefore, there are so many revenue leakage activities happening and the authorities are still on their way to improving their measures. GST Input Tax Credit (ITC) fraud has also emerged as a significant concern in […]
More than 100,000 small and medium-sized enterprises currently fail to adhere to e-invoicing regulations established under the Goods and Services Tax (GST) Framework, which is obligatory for businesses with an annual turnover exceeding Rs 5 crore. E-invoicing facilitates instantaneous access to GST invoices generated by suppliers during the purchase of goods, enabling quicker availability of […]
When comparing the data shown in GSTR 9/9C Vs GSTR 3B, the council has initiated issuing the notices and has urged for the data. This blog acknowledging different changes in the GST law has the objective of furnishing clarity on the filing of the annual returns (Form GSTR 9) and the reconciliation statement (Form GSTR […]
This post discusses some of the basic effective strategies which are helpful for GST officials. They can be used to prevent input tax credit fraud. This technique provides a complete process for handling and determining possible fraudulent actions related to claiming ITC, which can assure tax compliance and save the integrity of the GST system. […]
The Delhi GST Department has recently issued important instructions (F.3/432/GST/Policy/2023/1048-1053 dated October 31, 2023) concerning the scrutiny of GST Returns for the Financial Year 2017-2018. As per the aforementioned subject, show cause notices (SCNs) have been issued by the Proper Officer for the year 2017-18. A period of 30 days is provided to taxpayers to […]
The Goods and Services Tax (GST) department is introducing a registration system on November 7th, starting from Vapi, Gujarat and a formal event will also take place. This system will be the country’s first implementation of biometric data-based registration for GST numbers. During the registration process for a new GST number, the department will now […]
