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The coming 20 days will be so heated for the finance and the tax professionals in distinct companies since many GST-related compliance are required to get finished on September 30 or prior to that. Some of these consist of creating the new e-invoices process, total usage of ITC of the former financial, and fixing invoices. […]
Laying on the current circular on 6th July 2022 in which the Central Board of Indirect Taxes and Customs (CBIC), the refund beneath the inverted duty structure in which the supplier is supplying goods under the concessional notification, the Telangana High Court has rendered the tax department to acknowledge a GST refund claim via the […]
Revision of Table 4(B) & (D) of form GSTR 3B vide notification number 14/2022 and clarification given concerning reporting of the identical vide Circular 170/02/2022, the assessees obligated to visit again their way of recording ITC in their books to ensure true reporting according to the revised form GSTR 3B. Below is our update we […]
18% GST would be imposed from 18th July 2022, on the lease rent furnished for the rental residential dwellings to enrolled individuals beneath GST. The amendment is on the suggestions of the 47th GST council meeting, conducted on 29th June 2022. For learning the revisions for the common man on the basis of the change, […]
A show cause notice was issued to the assessee for running a bogus company and missing a bogus ITC of Rs 26.53 cr. on 1st June 2018, the related dept refused the same enrollment. The assessee gives his statements on the date of 7th June 2018 and 6th July 2018 to the Directorate of Revenue […]
The Telangana Authority of Advance Ruling (AAR) held that the manpower supply or labor supply services by the manpower supply agency come beneath SAC 98519 and would be taxed at an 18% GST rate. The tax would be required to be paid via a manpower supply agency. The two-member bench of B. Raghu Kiran and […]
GST e-invoice compliance: Wef October 1 the e-invoicing for businesses with an aggregate turnover of Rs 10 cr or more, under the goods and services tax, or GST regime would become essential. The government has reduced the limit from Rs 20 cr at the current time in a bid to manage the revenue leakage and […]
The Goods and Services Tax Network (GSTN) has issued an advisory on the forthcoming revisions in the GSTR-3B return for the assessee. On 5th July 2022, the government vides notification no 14/2022 – Central Tax would be notified with some amendments in Table 4 of Form GSTR-3B needing the assessee to notify the details on […]
To restrict the fake ITC claim and tax evasion, the CBIC would reveal nearly 40,000 GST returns for 2018-19 relying on the risk parameters for the scrutiny. The same shall be the 2nd batch of GST returns that will be liable for investigation post to CBIC has shown 35000 GST Identification Number (GSTINs) (allocated to […]
