The department has initiated scrutiny of GST returns and most of the taxpayers are in receipt of various notices and orders from GST authorities in form GST ASMT-10, GST DRC-01, Notice from Anti-evasion etc.
GST Department keeps on issuing advisory on various practical or technical issues faced by taxpayers to smooth the tax compliance processes. Recently the department has issued an advisory on various issues such as the Time limit imposed on the generation of e-invoices, HSN Wise reporting is made mandatory in e-invoices, GST registration by One Person Company, etc.
The indirect tax imposed on goods or services forms a significant part of government revenue and it also has a direct impact on inflation as it increases or decreases the cost of products. Therefore, changes in indirect tax form a significant part of the Union budget, and the entire industry keeps a close watch on the same.
This budget focused toward capex expenditure wherein priority was given to building roads, railways and highways. This budget also brought relief for the middle class in form of higher exemption slabs, more clarity on the new regime and the old regime. Also, the highest slab of surcharge has been reduced from 37% to 25% thereby reducing the maximum rate of income tax from 42.744% to 39%. Also, some products were made more economical and some were made more expensive.
Finance Act, 2022 introduced various amendments under GST Law. However, most of the amendments were not implemented till date. Now, with effect from 1st October 2022, the following amendments are made applicable.
With effect from January 01, 2022 mismatches between GSTR 1 and GSTR 3B can have an impact on your working capital. GST officers can initiate various measures such as withholding your GST refunds, reaching out to your debtors to pay them instead of paying you, etc.
On 11th November 2021, vide F.No.12 (142)/02/MW/VIII/Part file 4456, the Government of National Capital Territory of Delhi had revised the rates of minimum wages which shall be applicable w.e.f 1st October 2021. The revised rates in respect of unskilled, semiskilled, skilled and clerical and supervisory staff categories in all schedules employment.
Under Goods and Service Tax (“GST”), refund is admissible on various grounds. Refund application is filed in form GST RFD-01 and different supporting documents are required to be filed along with refund application for different type of refund applications. Any deviation in supporting documents can lead to rejection of a refund application.
Form GSTR-2A is a form of a dynamic statement. Its input tax credit is updated on a continuous basis. On the other hand, Form GSTR-2B is a form of a static statement. It is updated on a constant basis.
Central Goods and Service Tax Act, 2017 provides power to attach property of the defaulting taxpayer to protect the interest of the revenue. However, in many cases such power is exercised by the government official in undue cases or property is kept attached for a long time causing undue hardship to the taxpayers.
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