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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 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
Shubham KhaitanMay 29, 2021
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
Advocate Shailesh ShethMay 29, 2021
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
Pritam MahureMay 29, 2021
GST LitigationMadhya Pradesh HC in the case of Palak Agarwal Vs Central Board Of Direct Taxes
Case Covered: Palak Agarwal Vs Central Board Of Direct Taxes Order of the Hon’ble Court: Heard through Video Conferencing. Shri Milind Sharma learned counsel for the petitioner. Shri Sanjay Lal learned counsel for the respondent. Heard. In this petition, the grievance raised by the petitioner
Income Tax ComplianceSection 206AB changes as applicable from July 1, 2021 – Declaration on the filing of the tax return for past years and linking of PAN with Aadhaar
Government of India vide Finance Act 2021, has introduced a new section 206AB under the Act wherein a buyer is responsible to deduct TDS at a higher rate (i.e., twice the rate as specified under the relevant provision of the Income Tax Act or
Nitin BhutaMay 28, 2021
Import / ExportTrade Notice No. 07/2021-22
Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Dated: 26th May 2021 Trade Notice No. 07/2021-22 To, 1. Exporters, Importers, and other Members of Trade 2. Regional Authorities (RAs) of DGFT 3. Export
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
Advocate Shailesh ShethMay 27, 2021
Income Tax ComplianceCircular No. 10/2021: CBDT
Circular No. 10/2021 F. NO. 225/49/2021/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 25th May 2021 Subject: Clarification regarding the limitation time for filing of appeals before the CIT(Appeals) under the Income-tax Act, 1961 (the
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
TaxTru Business AdvisorsMay 26, 2021
GST LitigationSupreme Court Order in the case of Uttar Pradesh Power Transmission Corporation Ltd.
Case Covered: Uttar Pradesh Power Transmission Corporation Ltd. Versus CG Power And Industrial Solutions Limited Facts of the Case: This Special Leave Petition, under Article 136 of the Constitution of India, filed by the Petitioner, hereinafter referred to as the UPPTCL, is against a final
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
Advocate Shailesh ShethMay 26, 2021