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
Case Covered: R.R. Distributors Pvt. Ltd. Versus Commissioner Of Central Tax, GST, Delhi North Facts of the Case: The present petition was heard on 21st December 2020 along with other batch matters relating to difficulties faced by taxpayers in filing form GST TRAN-1 (hereinafter “TRAN-1
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
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
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
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
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
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
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
“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
