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GSTR 9C is an annual audit form under goods and services tax which has been released for all the business units having turnover more 2 crores annually. The form undertakes auditing part of such business transactions.
The Central Bureau of Investigation (CBI) has witnessed a huge difference in the income tax returns and service tax returns which led them to command the tax officers to dig the situation deeper.
As per the sources, the service providers with an annual turnover of up to INR 50 lakh has been given the time till April 30 to opt for the composition scheme and pay 6 per cent GST by the tax department.
Tax sleuths have planned a fresh crackdown on traders practising tax evasion of Goods and Services Tax (GST) by pursuing new registration for their businesses without dismissing a prior one.
The GST authorities have clarified that transfer or change in the ownership of business would happen in the case of death of the sole proprietor and would include the transfer or change in the ownership of a business.
Clarity regarding GST & ITC is much required by any Company and industry, Big or small, as it touches the Economy part of the Businesses. GST Council has constantly endeavoured to make the process crystal clear and gave proper clarification regarding any discrepancy.
GST CMP-01 or GST CMP-02 are the Forms, supposed to be filed by the dealers in order to make the Government aware of his/her opting the Composition Scheme.
The Central Board of Indirect Taxes and Customs (CBIC) has declared that now TCS (Tax Collected at Source) would not be subsumed in the value of goods while calculating the GST (Goods & Service Tax).
In a recent notification by the government, it was announced that the extension of GST registration limit i.e. up to 40 lakhs will be applicable form coming 1st April 2019.
