GSTR-3B Versus GSTR-9 Versus GSTR-1: How do three business returns differ from each other? Every GST Identification Number holder is mandated to file a Goods and Services Tax (GST) return. There are approximately 22 different kinds of Goods and Services Tax returns, four of which are suspended and eight of which are view-only in format. …
Maharashtra Amnesty Scheme 2023 for Maharashtra GST Dept announced As part of Maharashtra Budget announcements, the Maharashtra govt on March 9 announced a ‘Amnesty scheme ‘ known as ‘Maharashtra Amnesty Scheme of Arrears of Tax, Interest, Penalty or Late Fee , In Budget speech, it is important to note, This New Amnesty Scheme, i.e Maharashtra …
49th GST council meeting – Proposed GST Amnesty Scheme : Goods and Services Council held its 49th Goods and Services Council Meeting at New Delhi on 18th Feb 2023 which was chaired by Nirmala Sitharaman -Finance Minister. What was the agenda of the 49th GST council meeting? Goods and Services Council Meeting held on 18th February 2023 recommended various Goods …
Normal GST Tax Evasion instances observed during the GST law Fake invoices with fake GST number raised to collect Goods and services tax, but not deposited with government. Making sales of services to GST registered persons not in line of same business, and thereby transfer the balance/unutilized Input tax credit and receive cash against the …
Now Negative figure will be allowed in GSTR-3B -Table 4(eligible Input Tax credit) GSTN will soon allow negative values in Table 4 of GSTR-3B return (i.e. eligible Input tax credit, which will allow users to disclose the Input tax credit available net off the credit notes values in Table 4A of GSTR-3B return. This will …
Inverted Duty Structure is applicable under the GST Understanding of Inverted Duty Structure Inverted duty structures arise when the tax rate on input credits used surpasses the tax rate on output supplies. Simple terms, the GST paid on inputs purchased exceeds the GST due on sales. As a result, the registered person’s electronic credit ledger …
We cannot claim input tax credit even if it is within GST portal Now Due to the severity of Input tax credit fraud involving fake entities and invoices, Revised Section 38 was suggested in an attempt to further impose restrictions on Input tax credit claims. Input tax credit cannot be claimed if it is restricted …
Composition rules under GST Chapter II Rule 3 – Intimation for composition levy Any person who has been granted registration on a provisional basis under Rule 24(1)(b) and who opts to pay tax under section 10, shall electronically file an intimation in FORM GST CMP- 01, duly signed or verified Via EVC, on the common …
Input Tax Credit (ITC) Rules Change under GST Law from 1 Oct 2022 Strict Conditions to use the GST Input Tax Credit as of October 1, 2022. Central Board of Excise and Customs Allowed GST refund claim of any balance in the e-cash ledger w.e.f. Octob 1, 2022 Time Limit to avail GST ITC extended …
What Happened when Goods Vehicle Stopped during Transit? In case company truck loaded with goods can be stopped and intercepted midway during transportation by a Officer? The GST officer can demand the driver to Disclose Company Goods in Transit e-way bill copy. It is enough to have the e-way bill No & show that it …