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Before July 1, 2023, the GST Network would be linked to India’s ambitious Accountant Aggregator (AA) financial data exchange network. Government personnel who were in knowledge of the development reported it. The technological link between taxpayers and the government is the GST Network or GSTN. The change enables taxpayers to grant lenders or credit providers […]
The Income Tax Appellate Tribunal (ITAT), the Mumbai bench has argued the Income Tax Scrutiny Assessment under section 143(3) on account of this issuance of a manual assessment directive lacking a Documentation Identification Number (DIN). The assessee, Teleperformance Global Services Pvt. Ltd. was in the business of offering IT-enabled services. The return of income was […]
The option to submit final annual returns (GSTR 9) and reconciliation statements (GSTR-9C) through the GST Portal has been enabled by the Goods and Services Tax (GST). The deadline for submitting the FY 2023-2024 returns and statements is December 31, 2024. Regular taxpayers in India who are registered for the Goods and Services Tax (GST) […]
This week, The Central Board of Indirect Taxes and Customs (CBIC) introduced a new module to check GST returns automatically. This system is able to identify mistakes or differences between various types of tax returns. If such discrepancies are found. assessees will receive a notice informing them about errors. It works by correlating different returns […]
Definition of GST Section 62 Section 62 of CGST ACT 2017 noted for the assessment of those enrolled assessees who do not file their GST returns on the specified last dates. The proper officer evaluates the liability of tax including the required interest and penalties that will get deposited through the registered assessee on the […]
The Bombay High Court (HC) chaired by Justice Abhay Ahuja and Justice Nitin Jamdar ordered the Sales tax department to review the Goods and Services Tax (GST) Input Tax Credit (ITC) application for refund. It was also ordered by the High Court to assess the evidence that the petitioner presented along with the invoices and […]
Following the Karnataka state elections, the Goods and Services Tax Council will need to nominate a new chairperson for the important group of ministers (GoM) on rate rationalisation. Basavaraj S. Bommai, the former Chief Minister of Karnataka who resigned after the BJP was defeated in the assembly elections, served as the convener of the GoM […]
Throughout this post, we have explained all of the government GST Reward Schemes for fraud informants. Informers and government employees can get rewards for disclosing and reclaiming assets and properties connected to unpaid taxes, duties, fines, and penalties in order to comply with the provisions of the Central Goods and Services Tax Act, Customs Act, […]
While upholding the addition, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that A.O. did not reject the books of accounts under Section 145 but instead assessed the income on the basis of the Profit Margin Method. While dismissing the department’s arguments, the T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant […]
