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GST ComplianceINPUT TAX CREDIT: Mismatch in GSTR-3B Vs. GSTR-2A/2B: Rule 36(4)
Whether ITC can be denied merely on the ground of mismatch between ITC claimed in GSTR-3B and reflected in GSTR-2A/2B? 1. From last one year, discrepancy notices in GST ASMT-10 have been issued by the GST department of almost all States. The said Notice
GST Compliance“Supplier sins & Recipient repents…! – Part-II
Ngakyaw ate it, but it was Ngakyi who had to pay.” [From “Hill Proverbs of the Inhabitants of the Chitagong Hill Tracks’ by Capt. Thomas Herbert Lewin] Before we discuss the provisions of S.16(2)(c) and (aa) of the CGST Act, 2017 and their implications
GST ComplianceNew Functionalities made available for Taxpayers on GST Portal (April, 2021): GSTN
1 – Returns Sl No. Form/ Functionality Functionality made available for Taxpayers 1 Auto Generation of Form GSTR-2B, for the taxpayers under QRMP scheme Taxpayers can now view and download their system generated Quarterly Form GSTR-2B, for Jan-March, 2021 quarter, by clicking on the Auto-drafted
GST ComplianceFinance Minister’s view on West Bengal’s Letter seeking exemption on Covid-19 related items.
In a series of tweets, Finance Minister explained that GST exemption to domestic supplies and commercial import of COVID drugs, vaccines, and oxygen concentrators would make these items costlier for consumers as manufacturers would not be able to offset the taxes paid on inputs.
GST Compliance“Supplier sins & Recipient repents…!
Part-I Background “It is no doubt fair and in the national interest to check tax evasion with a firm hand, but it is neither fair nor in the national interest that the law should be made to bear hard on a large number of honest
GST ComplianceValidity of recovery without show cause notice
Can the department recover the tax on any pretext without the issue of the show cause notice? Is a taxpayer compulsorily liable to make the payment on receipt of the Statement in Form GST DRC-01A? Is a taxpayer obliged in law to honor the demand
GST ComplianceNeed for a Serious Midterm Correction in GST.
Introduction: Punjab FM writes to Union FM Nirmala Sitharaman regarding the need for serious midterm correction in GST. Raises issue of rules surpassing limits of act & need of amnesty scheme Subject: GST: Need for a Serious Midterm Correction. Dear Nirmala Sitharaman Jee “Jai Hind”
GST ComplianceRelief Measures – GST Law
Finally, CBIC also comes up with certain reliefs relating to statutory and regulatory compliance matters under various provisions of GST Law due to the Lockdown situation at multiple locations of the Country. A brief analysis of the Notifications 08/2021 to 14/2021 dated 01.05.2021 are summarized
GST ComplianceGST Due Dates List Updated
Notification No 08/2021 to 14/2021 CGST, 01/2021 of IGST & 01/2021 of UTGST Sr No. Particulars Due Date Late fee applicable from Interest Month/Quarter 1. 3B Monthly for Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year 20th
GST ComplianceWaiver of Interest and Late fees for taxpayers
Taxpayers having turnover exceeding 5 Crore: Period Return Due Date Late Fees Return Filing Date Interest Mar-21 GSTR3B 20/04/2021 NIL By 05/05/2021 9% from 21/04/2021-05/05/2021 Rs. 20/50 (CGST+SGST) After 05/05/2021 9% from 21/04/2021 -05/05/2021 18% from 06/05/2021 onwards. Apr-21 GSTR3B 20/05/2021 NIL BY 04/06/2021 9%
GST ComplianceGST update on various extensions/relaxations on account of pandemic
Relaxation in the interest rate and late fees – NN 8/2021-CT & NN 9/2021 dated 1st May 2021 respectively • The NN 8/2021-CT comes from retrospective effect i.e. 18-4-2021 • The NN 9/2021-CT comes from retrospective effect i.e. 20-4-2021 • Chances of refund arise
GST ComplianceRelief given by Government in GST Compliance Work
All the following notification were issued late night, on 01.05.2021 Words highlighted in Red and Purple may give you the brief. I. Notification No. 08/2021- Central Tax—Relief in Interest Provisions. II. Notification No. 09/2021- Central Tax—Relief in levy of Late Fees. III. Notification No. 10/2021-
CA Ashutosh Sharma