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GST ComplianceNotification No. 16/2021 – Central Tax
Notification No. 16/2021 – Central Tax [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (ii)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 16/2021 – Central Tax New Delhi,
GST ComplianceBrief on Recommendations of 43rd GST Council Meeting Held On 28th MAY, 2021
Measures for Trade Facilitation 1. Easing compliance of Annual Return for FY 2020-21 Taxpayers having aggregate turnover above 5 crores are required to file GSTR-9C for FY 2020-21 and can self-certify the same. However, Team Athena understands the complexity involved in certifying GSTR-9C and is
GST Compliance43rd GST Council Meeting Things You Must Know!
Overview No. of GSTC Meetings 18 Meetings→ Pre–GST(Before 01.07.17) 8 Meetings→ 2018–2019 3 Meetings → 2020–2021 2017–2018→ 8 Meetings 2019–2020→ 5 Meetings Reducing Frequency? 40th Meeting→ 12th June 2020 After 89 days 41st Meeting→ 27th August 2020 After 75 days 42nd Meeting→ 5th October 2020
GST ComplianceMonthly End To End Indirect Taxes Updates
Will ITC be reversed on Mismatch between the supplier and recipient? Critical Provisions for Denial of ITC Mismatch As per Sec 16(2)(c) of CGST Act, ITC shall be claimed only in case, the tax charged in respect of such supply has been actually paid to
GST ComplianceTax Connect’s Analysis of The Recommendations of 43rd GST Council Meeting Held On 28th May 2021
A. Annual Return For The Financial Year 2020-21: The following changes will apply for Annual Return for FY 2020-21: The filing of annual return in FORM GSTR-9 / 9A to be optional for taxpayers having aggregate annual turnover up to Rs 2 Crore; The reconciliation
GST Compliance43rd GST Council Meeting Recommendations
Following is our analysis of the recommendations made in the 43rd GST Council meeting: Reduced late fees for taxpayers filing GSTR-3B between 1st June 2021 -31st August 2021 ➢ Late Fees for GSTR-3Bof the tax periods from July’17 to April’21 has been capped as below
GST ComplianceCan the post-supply reduction in price impact the ITC claim?
Input Tax Credit’ (‘ITC’) is the ‘soul’ of the ‘Goods and Services Tax Act’ (‘GST’), an Indirect Tax policy. The mechanism of ITC plays a significant role in mitigating the adverse impact of ‘Tax on tax’ by enabling the taxpayers to pay the tax
GST ComplianceIGST exemption on Imports –Does it require GST Council recommendation?
“Nobody has a more sacred obligation to obey the law than those who make the law.” [Sophocles] Introduction The question posed in the title of the article may startle readers and some may even consider it outlandish, if not absurd! After all, who, in
GST ComplianceGST Documentation Common Errors
Accounts and Records – Statutory Provisions Section 35 – Accounts and other records Section 36 – Period of retention of accounts and records Rules 56 – Maintenance of accounts by registered persons Rule 57 – Generation and maintenance of electronic records Rule 58 – Records
GST ComplianceA complete approach on how to deal with Show Cause Notice & Summon
Show Cause notice “Tax laws are the most imaginative fiction being written today. Audi Alteram Partem It is a time-tested principle of natural justice i.e. Audi alteram partem meaning ‘let the other side be heard’ that no person can be adjudged guilty without being given
GST Compliance“Supplier sins & Recipient repents…! Part-IV
[In Part I, we had a brief look at the 4 (four) conditions prescribed in clauses (a) to (d) of S. 16(2) of the CGST Act, 2017 which are in force as of the date and which a taxpayer is required to fulfill so
GST ComplianceGuidelines regarding cancellation of Registration under Rule 22(3) of CGST Rules, 2017
To, The Principal Chief Commissioners / Chief Commissioners of Central Tax Madam / Sir, Subject: Guidelines regarding cancellation of Registration under Rule 22 (3) of CGST Rules, 2017- Reg. Kind attention is invited to Rule 22 (3) of CGST Rules, 2017 regarding the procedure